The Public Company Accounting Oversight Board (PCAOB) gave its blessing to the latest Policy Statement on the Allowance for Loan and Lease Losses (ALLL), issued this week.The interagency policy statement on ALLL, developed by federal banking and credit union regulators, updates the 1993 statement and outlines expectations for banks and examiners in regards to the development and assessment of the ALLL estimate.“The policy statement outlines enhanced guidance on the sound management practices that are expected to be employed in the development of the allowance for loan and lease losses

Canada's move to international accounting standards is expected to get a big boost from an influx of international banking and financial services companies into Halifax, Nova Scotia. Peter Secord, an accounting professor at St.

Small businesses contribute much to the economy. Since these businesses finance themselves differently from larger entities, understanding trends in their financing methods and their sources of capital are important to both policy makers and economic research. The results of the 2003 Survey of Small Business Finances (SSBF) were released last month, according to the Federal Reserve Board (Fed).

The numbers of bankruptcies is again on the rise after the tough bankruptcy law of 2005, and they are returning in large numbers.Advertisement

The Fall 2006 Checking Account Pricing Study, a survey conducted by Bankrate.com, found that some customer fees and requirements hit record highs."What makes these fees especially irritating is that they're avoidable," according to Greg McBride, senior financial analyst for Bankrate.com.

With the 2006 congressional election less than a week away, President Bush is campaigning for his fellow Republicans on the strength of the economy and on his tax cuts. Democrats, who may gain a majority in Congress and with it some control over the nation’s purse strings, are weighing their options.

Last month new home prices fell in the largest year-over-year measure since September 2005. Although some buyers still say home prices are out of range, the Associated Press reports that the median price for a new home was $217,100 in September, according to the Commerce Department (DoC). The report, released this past week, announced that this was the sharpest decline in median home prices since December 1970. The Associated Press reports these numbers emphasized the slowdown in the housing market, while home sales increased by 5.3 percent.

Ron Riebe, vice president of KeyBank, has been award the 2006 Financial Executive of the Year Award from the Institute of Management Accountants (IMA) and Robert Half International (RHI). “The Financial Executive of the Year Award recognizes best-in-class management accounting and finance professionals,” IMA President and chief executive officer (CEO) Paul Sharman said in a statement announcing this year’s winner. “As a national winner, Mr.

Earl Ford McNaughton might never have realized the effect of his actions today, had anyone asked about his future several years ago. Back then he was the champion of the small Indiana town in Steuben County that his family had first settled in 1836. That year, KPCNews.net reports, his great-great-great-grandfather, Alexander McNaughton, built a water-powered grinding mill in his little town of Ray.