News Wrap-Up - Issue 257

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THIS WEEK'S NEWS
  1. Auditor Turnover: SEC Seeks "The Rest of the Story"
  2. SEC May Give Companies a Break from New Accounting Rules
  3. KPMG Faces Yet another Suit over Tax Shelters
  4. Parmalat Seeks $10 Billion from Ex-Auditors
  5. Uniform Trust Code Sparks Privacy Concerns
  6. Equity Wins Out over Liability in FASB Debate over Options
  7. Ernst & Young's Survival Threatened by Equitable Life Case
  8. FASB Addresses Merger Reserve Liability Funds
  9. Professional Fees in WorldCom Case Top $600 Million
  10. MBA Students May Lose Tax Deduction
  11. IRS Gives Capital Gains Break in "Unforeseen Circumstances"
  12. IRS' New Schedule Helps Resolve Employment Tax Discrepancies

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THIS WEEK'S NEWS
  1. Auditor Turnover: SEC Seeks "The Rest of the Story"

With the big increase in the number of breakups between corporations and their auditors, the Securities and Exchange Commission is looking for the reasons why.

  1. SEC May Give Companies a Break from New Accounting Rules

The top accountant of the Securities and Exchange Commission, Donald Nicolaisen is worried that companies are overwhelmed with the frantic pace of implementing new accounting requirements. Mr. Nicolaisen told a group of educators last week that he
supports delaying some rules stemming from the 2002 Sarbanes- Oxley Act.

  1. KPMG Faces Yet another Suit over Tax Shelters

KPMG's tax shelter woes expanded when the investors and officers of a Boca Raton web-hosting company filed an eight-figure lawsuit over tax shelter advice they received in the 1990s from the Big Four firm.

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  1. Parmalat Seeks $10 Billion from Ex-Auditors

Failed dairy giant Parmalat continued efforts to save itself
Wednesday by filing suit against its former auditors for more than $10 billion. Wednesday's suit was filed against Deloitte & Touche Tohmatsu International and Grant Thornton International in Circuit Court of Cook County, IL.

  1. Uniform Trust Code Sparks Privacy Concerns

The Uniform Trust Code is designed to clarify sometimes- confusing trust laws, which differ from state to state. Legal observers said a national codification of the trust laws should simplify matters for trust creators, trustees and heirs. However, state-by-state actions to adopt an updated, standardized set of trust rules are triggering fears of privacy violations.

MORE HEADLINES...

  1. Equity Wins Out over Liability in FASB Debate over Options
  2. Ernst & Young's Survival Threatened by Equitable Life Case
  3. FASB Addresses Merger Reserve Liability Funds
  4. Professional Fees in WorldCom Case Top $600 Million
  5. MBA Students May Lose Tax Deduction
  6. IRS Gives Capital Gains Break in "Unforeseen Circumstances"
  7. IRS' New Schedule Helps Resolve Employment Tax Discrepancies

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  3. Ex-IRS Agent Pleads Guilty to Tax Scheme
  4. Executives Reveal Their "Dream Jobs" In Recent Survey
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