News Wrap-Up - Issue 244

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THIS WEEK'S NEWS
  1. PCAOB Auditing Standard No. 1 Approved; Effective May 24
  2. Survey: SOX Compliance Pushing Some to Consider Going Private
  3. BDO Seidman Sued by Banco Espirito Santo over $170M Fraud
  4. FAF Chairman Responds to "The Stock Option Accounting Reform Act"
  5. FASB Issues Rule on Accounting for Medicare Subsidy
  6. IRS Victorious in Tax Shelter Battle, $75M Class Action May Begin
  7. Illinois Governor Seeks to Close Loopholes, End Tax Breaks
  8. Pentagon May Tap IRS Records to Find Missing Reservists
  9. AICPA Launches Program to Improve America's Financial Literacy
  10. Shareholders Become More Active in Executive Pay Debate
  11. Major Corporations Lobby for Enhanced Software Security

Check out the News Page for this week's news and more.

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THIS WEEK'S NEWS
  1. PCAOB Auditing Standard No. 1 Approved; Effective May 24

Bonanza for special interests or the jumpstart needed to create new jobs? A bill passed this week in the Senate is probably a little of both as it attempts to replace subsidies with tax breaks for corporate America.

  1. Survey: SOX Compliance Pushing Some to Consider Going Private

The rising and unpredictable costs of complying with the Sarbanes-Oxley Act is causing some companies to consider going private to avoid being forced to adhere to the law's provisions, CFO.com reported.

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  1. BDO Seidman Sued by Banco Espirito Santo over $170M Fraud

Chicago-based BDO Seidman is being sued by Banco Espirito Santo International Ltd. over an alleged $170 million fraud that the accounting firm allegedly failed to uncover. Banco Espirito claims that BDO signed off on "obviously false financial statements".

  1. FAF Chairman Responds to “The Stock Option Accounting Reform Act”

Robert Denham, Chairman and President of the Financial Accounting Foundation (FAF), expressed grave concern over the approval of H.R. 3574 “The Stock Option Accounting Reform Act,” by the Capital Markets, Insurance and Government Sponsored Enterprises Subcommittee of the Committee on Financial Services.

  1. FASB Issues Rule on Accounting for Medicare Subsidy

Companies are barred from booking a federal Medicare subsidy as a one-time boost to their earnings under a new rule issued Wednesday. The guideline will take effect for publicly traded companies for fiscal periods beginning after June 15 — the third quarter for companies on a calendar year.

MORE HEADLINES...

  1. IRS Victorious in Tax Shelter Battle, $75M Class Action May Begin
  2. Illinois Governor Seeks to Close Loopholes, End Tax Breaks
  3. Pentagon May Tap IRS Records to Find Missing Reservists
  4. AICPA Launches Program to Improve America's Financial Literacy
  5. Shareholders Become More Active in Executive Pay Debate
  6. Major Corporations Lobby for Enhanced Software Security

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  1. Stock Options Accounting Legislation Clears House Subcommittee
  2. Former MCI Executive Paid $8.1M Severance for Seven-Month Tenure
  3. Crowe Chizek Tops Competitors in Public Audits
  4. Bill Closes Loopholes, Includes Corporate Tax Cuts
  5. Defunct Arthur Andersen the Target of Lawsuit, Disciplinary Action

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