AccountingWEB Weekly News Wrap-Up - Issue 193
- Enron Criminal Case Includes Ten New Defendants
- IRS Wants Proof From Earned Income Credit Recipients
- SEC Stops Executives From Quietly Selling Stock
- AccountingWEB Interviews...Barry Melancon, AICPA President
- FASB Approves Expensing of Stock Options
- SEC Formally Reaffirms FASB, Approves PCAOB
- Two E&Y Partners Suspended by SEC For Failure to Catch Fraud
- Tyco Audit Uncovers New Accounting Errors
- H&R Block Readies Refund to Peace-Seeking Taxpayers
- AFL-CIO Launches Anti-E&Y Campaign
- IRS Amnesty Plan Nabs 1,200 Taxpayers, $100 Million
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Leaders of the profession gathered this week in Washington for the AICPA Spring Council Meeting. Among the topics of discussion was the future of the various AICPA-led specialty designation programs, which were in danger of being eliminated.
Rumors and speculation about the possible demise of the
designations - including Accredited in Business Valuation (ABV), the Certified Information Technology Professional (CITP), and the Personal Financial Planning Specialist (PFS) - were rampant in the weeks leading up to the meeting.
In the end, calmer heads prevailed, and the Council has resolved to not act in haste, to listen to the membership concerns, and to further explore strategies to enhance the credentials. It's refreshing to finally see the debate process within the profession work so effectively. Read the full story.
Michael Platt, CEO
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Criminal charges were filed this week against ten former Enron executives, including the wife of ex-Chief Financial Officer Andrew Fastow. From wind farms to online movies to floating power plants in Nigeria, the number of schemes the defendants were allegedly involved in is staggering.
The Internal Revenue Service has devised a new program whereby certain recipients of the Earned Income Credit will be required to offer proof of their relationship to the child that qualifies them for the credit as well as proof of the fact that the child lived with them for more than six months during the tax year. Find out how this will affect your clients.
Beginning June 30, corporate insiders have two days to electronically report their transactions to the Securities and Exchange Commission Web site and to post the actions on their company Web site.
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Supporters and critics of AICPA President Barry Melancon agree on one thing - as the head of a profession in the midst of unparalleled change, Mr. Melancon has experienced a leadership perspective not often experienced by many others. AccountingWEB sits down with Barry Melancon to get his views of the profession and to get a rare personal insight into the man charged with the responsibility of advocacy of a profession in the throes of change.
The debate on mandatory expensing of stock options moved center stage last week when the Financial Accounting Standards Board voted unanimously to require companies to expense employee stock options.
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