AccountingWEB Weekly News Wrap-Up - Issue 154

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THIS WEEK'S TOP NEWS

  1. Congress Pledges Decision Next Week on Accounting Reform
  2. IRS Names Names of Tax Shelter Participants
  3. SEC Widens Its Net to Include 'Channel Stuffing'
  4. Lawmakers Advance Anti-Fraud Rules and FASB Act
  5. Deloitte Consulting To be Rebranded as 'Braxton'
  6. House Rushes Penalties, Mulls Delay in Accounting Reforms
  7. Coca-Cola Satisfies Wall Street by Expensing Stock Options
  8. PwC Settles Rash of Auditor-Independence Violations
  9. SEC Won't Let Companies Modify Financials
  10. Corporate CEOs, CFOs Voluntarily Certify SEC Filings

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THIS WEEK'S TOP NEWS

1. Congress Pledges Decision Next Week on Accounting Reform

This landmark legislation could be the biggest milestone ever in the history of the accounting profession, and positions on the differences between the House and Senate accounting reform bills appear to be changing by the minute.

2. IRS Names Names of Tax Shelter Participants

The Internal Revenue Service filed suit against accounting
firms KPMG and BDO Seidman claiming the firms withheld
documents, including the names of participants, relating to
tax shelters that the IRS is investigating.

3. SEC Widens Its Net to Include 'Channel Stuffing'

"Channel stuffing" refers to the practice of building
inventories in distribution channels. On July 11, 2002
Bristol-Myers Squibb, one of the world's largest
pharmaceutical companies, confirmed that the Securities
and Exchange Commission (SEC) has launched an "informal
inquiry" into its sales practices.

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4. Lawmakers Advance Anti-Fraud Rules and FASB Act

On July 10, 2002, as capital market slides reflected a
continuing erosion of investor confidence, lawmakers in both the House and Senate made progress on accounting reforms. Senate overwhelmingly approved several elements of President Bush's plan, including harsh new penalties for corporate fraud, and a House subcommittee on consumer protection passed the Financial Accounting Standards Board (FASB) Act.

5. Deloitte Consulting To be Rebranded as 'Braxton'

Deloitte Consulting has announced its new name will be Braxton, a real name taken from the firm's heritage. Braxton will be the world's largest privately-owned, full-service consulting firm.

6. House Rushes Penalties, Mulls Delay in Accounting Reforms

In an election-year political scramble, the House of
Representatives rushed through H.R.5118, a tough reform bill containing criminal penalties for corporate fraud that are even harsher than the ones passed unanimously by the Senate a day before.

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7. Coca-Cola Satisfies Wall Street by Expensing Stock Options

The pause that refreshes just got a bit more refreshing -
Coca-Cola Co. announced Sunday it will lead the corporate pack by treating future stock option grants as employee compensation.

8. PwC Settles Rash of Auditor-Independence Violations

The Securities and Exchange Commission (SEC) announced it has reached a settlement with PricewaterhouseCoopers involving another rash of auditor-independence violations.

9. SEC Won't Let Companies Modify Financials

In light of the new Securities and Exchange Commission
requirement that corporate executives attest to the validity of their financial statements, there has been a wave of companies coming forward and asking to revise their financials before the August 14 SEC deadline.

10. Corporate CEOs, CFOs Voluntarily Certify SEC Filings

A growing number of companies that are not required to comply with the new certification order are doing so voluntarily. They include non-U.S. companies and those below the threshold set by the Securities and Exchange Commission.

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