AccountingWEB Weekly News Wrap-Up - Issue 154
- Congress Pledges Decision Next Week on Accounting Reform
- IRS Names Names of Tax Shelter Participants
- SEC Widens Its Net to Include 'Channel Stuffing'
- Lawmakers Advance Anti-Fraud Rules and FASB Act
- Deloitte Consulting To be Rebranded as 'Braxton'
- House Rushes Penalties, Mulls Delay in Accounting Reforms
- Coca-Cola Satisfies Wall Street by Expensing Stock Options
- PwC Settles Rash of Auditor-Independence Violations
- SEC Won't Let Companies Modify Financials
- Corporate CEOs, CFOs Voluntarily Certify SEC Filings
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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.
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.
"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.
Trends, ratios, significant developments, resource links and aggregate company statistics are now available for over 130 industries through Industry Profiles on AccountingWEB, with several new industries being added this week. Find out what hundreds of your peers are discovering - how you can use these profiles to generate new business with your top clients.
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.
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.
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.
We want to hear from you! The topics below and located on the SpeakOUT Page, are ones that represent some of the current issues across a wide spectrum of the accounting profession. Visit the SpeakOUT Main Page and just click on any of the topics to SpeakOUT! Recent topics include, Accounting Reform Proposals and Multi-Disciplinary Practices. Just go to SpeakOUT!
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.
The Securities and Exchange Commission (SEC) announced it has reached a settlement with PricewaterhouseCoopers involving another rash of auditor-independence violations.
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.
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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Voice of the Editor
Which isn’t completely true. I mean, occasionally I drop by when I manage to sneak out of the nonstop frat party over at Going Concern, but I’m mostly a wallflower over there. I’m happy to say that I’ve been given express permission (or explicit orders, if you like) to wander over here to AccountingWEB more often.
Why is that, you might ask? My job is to replace the irreplaceable Gail Perry as Editor-in-Chief. What does that mean? I don’t really know! I think it’ll be fun getting a feel for things, throwing in my own thoughts here and there, and listening to the discussions you’re having about the accounting profession.