AccountingWEB News Wrap-Up - Issue 215

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THIS WEEK'S NEWS

  1. Sarbanes-Oxley Nets Arrest of Former EY Partner
  2. Sun CEO: Accountants Gone "Wacko", Investors Should "Go Nuts"
  3. FASB Proposes Improvements to Pension Accounting
  4. Amex Exchange Accused of Lying to SEC
  5. PCAOB Adopts Rules on Investigations, Registration Withdrawal
  6. U.S. Companies May Receive Tax Windfall
  7. NY Society of CPAs to Disclose Ethics Violations to Authorities
  8. SEC Looks at Hedge Funds, Amex Irregularities
  9. Former Deloitte Consulting Partners Form Consulting Practice
  10. IRS May Start Sharing Data With Other Government Agencies
  11. IRS Announces Changes to Tax Return Centers For Ten States

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*** PLATT'S PERSPECTIVE ***

Operating a business with too much debt is a tell-tale sign of trouble – everyone knows that. But do those who run our government have the same perspective on running their business the way that small business owners do? We all know the answer to that question.

This week marks a rather bizarre anniversary – that of the first time the U.S. government borrowed money. The year was 1776, and the Revolutionary War needed financing. The new Congress gave its approval for the government to borrow $5 million at 4% interest to fund the war.

So today, 227 years to the day after that first loan was taken out, the national debt has grown just a bit. It currently stands at $6.7 trillion, according to the National Debt Clock, and is increasing by over $1 billion each day. (
Just go to the Web site
and hit your refresh button every couple of seconds to see for yourself!)

Michael Platt, CEO
AccountingWEB, Inc.
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THIS WEEK'S NEWS

1. Sarbanes-Oxley Nets Arrest of Former EY Partner

In one of the first document destruction cases brought under Sarbanes-Oxley, Thomas Trauger, 40, faces federal charges of obstructing an investigation by destroying or tampering with audit work papers.

2. Sun CEO: Accountants Gone "Wacko", Investors Should "Go Nuts"

Scott McNealy, the Sun Microsystems CEO who is known in the industry as being rather colorful and blunt, reappeared on the stage of controversy by lamenting about 'wacko' accountants and calling for a return to simplicity in financial reporting.

3. FASB Proposes Improvements to Pension Accounting

The Financial Accounting Standards Board (FASB) has issued an Exposure Draft, "Employers' Disclosures about Pensions and Other Postretirement Benefits," that would improve financial statement disclosures for defined benefit plans.


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4. Amex Exchange Accused of Lying to SEC

The American Stock Exchange, the nation’s third largest exchange, has been charged with failing to adequately supervise options trading, violating an SEC order that it tighten up its enforcement.

MORE NEWS. . .

5. PCAOB Adopts Rules on Investigations, Registration Withdrawal

6. U.S. Companies May Receive Tax Windfall

7. NY Society of CPAs to Disclose Ethics Violations to Authorities

8. SEC Looks at Hedge Funds, Amex Irregularities

9. Former Deloitte Consulting Partners Form Consulting Practice

10. IRS May Start Sharing Data With Other Government Agencies

11. IRS Announces Changes to Tax Return Centers For Ten States

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LAST WEEK'S HOT TOPICS

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1. Enron Deal Reached, Andersen Attorney Says "What About Us?"

2. New Association Helps Lower Costs of Sarbanes-Oxley

3. PCAOB to Look at Reasons Behind Audit Firm Firings

4. California Enacts Strict Anti-Spam Law

5. Forbes Annual Wealthiest People List 2003

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