AccountingWEB Weekly News Wrap-Up - Issue 191

This News Wrap-Up Brought To You By:

PPC's Guide to Fraud Risk Assessment

THIS WEEK'S TOP NEWS

  1. While You Were Out - Tax Season Developments Across The Profession
  2. William McDonough Selected to Head PCAOB
  3. Era of Accounting Self Regulation Comes to an End
  4. Proposed House Legislation Promises Work Flextime
  5. Top Executives'Pensions Protected in Bankruptcy Filings
  6. ABA President Objects to Proposed SEC Rule
  7. U.C. Sues Ernst & Young Over AOL-Time Warner Actions
  8. Some Taxpayers Withhold Payment in Protest of War
  9. Just For Fun: April 15 - A Lighthearted Look at an Infamous Date
  10. EU Strikes Back Against Proposed PCAOB Rule
  11. Workers Seek Pension Plan Protections

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EDITORIAL

With a quick determination to bring the responsibility for setting auditing standards in house, the members of the Public Company Accounting Oversight Board this week essentially ended 60+ years of self-regulation of the accounting profession.

The practical effects of this decision may not be seen for many months, but the psychological effects on ractitioners, and the perception of the profession in the marketplace may be seen much sooner.

The standard setting process will be an open one, directed through an advisory panel set up by the PCAOB. Whatever the final structure looks like, you should continue to find ways to participate in the process, whether through public comments, organized committees or other vehicles that may be established.

Michael Platt, CEO
AccountingWEB, Inc.
editor@accountingweb.com

THIS WEEK'S TOP NEWS

1. While You Were Out - Tax Season Developments Across The Profession

Many of you have been "nose to the grindstone" for the last few months preparing client tax returns. Now that the crunch is over, don't miss AccountingWEB's recap of developments around the profession over the past few months.

2. William McDonough Selected to Head PCAOB

The wait is over to find out who will lead the accounting reform charge at the Public Company Accounting Oversight Board.

3. Era of Accounting Self Regulation Comes to an End

In a public meeting held April 16, the members of the Public Company Accounting Oversight Board voted to take control of the accounting standard setting process, effectively ending the 60+ year era of self-regulation of the profession.

4. Proposed House Legislation Promises Work Flextime

The Family Time Flexibility Act, would amend the Fair Labor
Standards Act (FLSA) and allow employees to receive compensatory time off in place of overtime pay.

5. EU Strikes Back Against Proposed PCAOB Rule

In a letter to the SEC, the EU financial services commissioner wrote that if the United States moves ahead with the proposed rule, the EU would require U.S. firms to register with all 15-member EU nations.

MORE TOP NEWS. . .

6. ABA President Objects to Proposed SEC Rule

7. U.C. Sues Ernst & Young Over AOL-Time Warner Actions

8. Some Taxpayers Withhold Payment in Protest of War

9. Just For Fun: April 15 - A Lighthearted Look at an Infamous Date

10. Top Executives' Pensions Protected in Bankruptcy Filings

11. Workers Seek Pension Plan Protections

Visit the AccountingWEB News page for all of this week's headlines.

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How Casual Is Your Business...Clothes Do Make The Person

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Helpful Post Tax Season Tips to Organize Your Office!

Tax season has ended and that means time to relax and enjoy
spring...Not so fast. Can you see the surface of your desk? Do you have papers on the floor, in piles on your desk, everywhere in your office? April 13- 19 is National Organize Your Files Week, so set aside some time to clean out your files and office. Find Out More Now!

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Visit the Q&A Forum "Member Questions" Page for the most recent questions/answers posted by our subscribers. Add your comments and lend a hand!

Does anyone have any idea how a company might account for junk bond restructuring using a leveraged buy out?

I would appreciate it if someone could assist me with taxability of Social Security Benefits received by a child.

2003 TAX CALENDAR

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TOP NEWS

Visit the AccountingWEB news page for the latest news and happenings around the profession.

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