Legislation

Congress Should 'Butt Out' of FASB Issue

J. Edward Katz, an accounting professor at Penn State University, claims members of Congress don’t understand the accounting issues at hand in the recent controversy over a proposed Financial Accounting Standards Board (FASB) ruling regarding the accounting treatment of merging companies.FASB is proposing doing away with the pooling of interests method of accounting when companies merge.

Clinton and Gore Try to Side-Step Congress

Congress has been passing health care reform back and forth, but no agreements have been reached. Now that the legislative session is about to come to a close, it is clear no new laws will be passed in the area of health care reform this year. But that isn’t stopping President Clinton.The New York Times yesterday revealed Clinton’s plan to release a new set of health care rules for patients in time for the November election.
Tax

Roth Risk-Takers Rebuked by Regulators

Remember the confusion when the Roth IRA first surfaced?
Community News

Summers Warns Senators About Impeding SEC Plan

Treasury Secretary Lawrence Summers claims he has knowledge that some Senators, who are remaining unnamed, are attempting to use government spending legislation to thwart the SEC proposal to issue auditor independence guidelines.
Community News

Senate Asks Levitt for Smoking Gun

Arthur Levitt, SEC Chairman, presented his case for new guidelines for auditor independence to the U.S.
Community News

Mr. Levitt Goes to Washington

Undaunted by days of public pleas for more time and less restrictive guidelines from members of the accounting profession, Chairman of the SEC, Arthur Levitt, will appear in Washington today to make his case for auditor independence before Congress.Mr. Levitt is expected to meet with heavy opposition from Republicans and other members of Congress who have complained that the strict guidelines would "force dramatic changes in the structure and business practices of accounting firms" and would require corporations "to pay increased costs for some types of accounting services."Mr.
Tax

Clinton Opposes 5-Year Internet Tax Moratorium

Earlier this year the House passed a measure to freeze any attempts at an Internet tax for five years.
Community News

Complete Transcripts - all SEC Testimony

Read what all of the witnesses have had to say about the SEC's proposed auditor independence guidelines. The SEC has published all of the transcripts of all testimonies from public hearings held on July 26, September 13, September 20, and September 21.The SEC has suggested guidelines to limit the scope of services that accounting firms conducting audits of publicly held companies can perform.
Community News

THERE'S STILL TIME ! ! !

Are you concerned about the SEC proposed guidelines to limit the scope of services performed by accounting firms? It's not too late to voice your opinion.The SEC is still accepting written responses to the proposed guidelines, until September 25.
Community News

Accounting Professionals Speak Out in Online Forum

Members of the accounting profession joined together Tuesday in an Open Forum sponsored by AccountingWEB and voiced their views on the proposed SEC hearings on auditor independence.
Community News

SEC Hearings, Final Day: Schedule of Witnesses

In response to requests for additional time to present views, the SEC has added an additional day of testimony to its Day Three schedule of auditor independence hearings. The final day of testimony will be Thursday, September 21, in Washington, D.C.The following people are scheduled to testify:8:30 am: Panel 1 Robert K. Elliott, ChairmanBarry Melancon, President and Chief Executive OfficerHarold L.
Community News

SEC Hearings, Day Three: Schedule of Witnesses

Schedule of Witnesses for Public Hearing on Auditor IndependenceSchedule of AppearancesPublic Hearing9:00 a.m. – 6:30 p.m.The Securities & Exchange Commission is holding a public hearing on Wednesday, September 20, in connection with its proposed rule amendments regarding auditor independence.
Community News

JOIN YOUR COLLEAGUES TODAY: OPEN FORUM ON SEC HEARINGS

Members of the accounting and financial communities and others are invited to attend an Open Forum, Tuesday September 19, 2000 at 11:00 Eastern Time at the AccountingWEB workshop room, http://www.accountingweb.com/workshop.Leading the forum will be Gary Shamis, Chairman of the PCPS Management of an Accounting Practice Committee, representing the AICPA. Mr.
Community News

Levitt Castigates Big Five

After two days of public hearings, listening to members of the accounting profession voice their concerns about the proposed auditor independence guidelines which would limit the scope of services that can be performed by auditing firms, Levitt seems undaunted in his mission to change the face of public accounting.According to Levitt, the leadership of the Big Five has been "more concerned with expandi

Senate Finance Committee votes 'Yes' to Retirement Legislation

The Senate Finance Committee has unanimously voted to increase opportunities for individuals contributing to retirement savings. So what does this mean for retirement planning? Contributions into IRAs would increase from $2,000 to $5,000 while 401(k) contributions will increase from the current maximum of $10,500 to $15,000. Small businesses will find it easier to offer employee pension plans and workers over 50 will be able to increase contributions to make up for the inability to do so earlier.
Tax

Another Tax Bill Bites the Dust

House Democrats sided with President Clinton Wednesday in failing to override Clinton’s veto of the marriage tax penalty. The vote was 270-158 meaning the override vote failed by only 16 votes of the required two-thirds majority necessary for the veto override. Forty-nine Democrats voted with the Republican majority to override the veto and 157 Democrats voted with the President.House Majority Leader Dick Armey spoke out after the vote, saying, “Americans understand it is wrong to tax marriage.
Community News

SEC's Auditor Guidelines - What all the Fuss is About

Are you still confused about all the news of the SEC proposed changes to the auditor independence requirements?
Community News

SEC Gives Big Five One More Day

After complaints from members of the Big Five that their responses to the auditor independence issue have not been taken seriously, Arthur Levitt, chairman of the Securities & Exchange Commission, agreed to let them have their say. Leading the pack of vocal dissenters has been Stephen G.
Community News

KPMG Chairman's Unspoken SEC Testimony

KPMG Chairman and CEO Stephen G. Butler was scheduled to testify at the crucial SEC auditor independence hearings today, but was irritated at the skimpy amount of time that was allotted to him (30 minutes, to be shared with five other speakers), and distressed that he was not given a requested morning time slot.Mr. Butler's testimony was delivered in printed form to the SEC, and KPMG provided AccountingWEB with a copy of that testimony.As an auditor with KPMG for more than 30 years, and now as the Chairman and CEO of the company, Mr.
Community News

SHOWDOWN WITH THE SEC - September 2000 Hearings

SEC Issues Final Rules on Auditor IndependenceThe SEC voted unanimously to approve new guidelines for auditors. Four of the Big Five firms acquiesced in accepting the rules, KPMG being the hold out firm that still feels the rules are unnecessary.

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