News Wrap-Up - Issue 292

This News Wrap-Up Brought To You By:

Practationer Publishing Company

THIS WEEK'S NEWS
  1. The Fed's Gramlich Says New Law May Not Fix Predatory Lending
  2. Committee Starts Hearing on Social Security
  3. Gearing Up for 'Creditor-Friendly' Bankruptcy Law
  4. 11th Annual XBRL International Conference Underway in Boston
  5. European Companies Applaud Move Toward Global Standards
  6. Too Many Tax Breaks? Commission Says: Yes!
  7. Can Software Replace You?
  8. Survey Asks Finance Departments to Identify Challenges
  9. Outback CFO Cites Accounting "Lunacy" for Retirement
  10. Internet Yellow Pages Good Deal for Businesses

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

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*** PLATT'S PERSPECTIVE ***

The accounting principle of "materiality" measures the relative importance of a particular matter in the context of the organization as a whole. So, is a $50 million settlement by Deloitte announced this week concerning fraud allegations at Adelphia a material amount? Not for a $17 billion company. Is the $65 million also announced by the now defunct Andersen in a settlement over alleged Worldcom fraud a material amount? Not in the big scheme of things.

And where will the money go? Clearly those numbers will be material to the law firms handling the cases. But what about individual investors - will the paltry settlement checks for $4.22 or some similarly absurd amount per investor be a material amount?

I say let's make these settlements really meaningful. Why not take the $50 million from Deloitte, and endow a $1 million business ethics curriculum at each of the top 50 accounting university programs in the country. Take Andersen's $65 million and drop $500k into high schools in the top 130 inner city school districts to teach financial literacy. If these kinds of settlements are going to be made by CPA firms in alleged fraud cases, then let's at least try to make the outcomes material!

Michael Platt
AccountingWEB Founder
editor@accountingweb.com

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THIS WEEK'S NEWS
  1. The Fed's Gramlich Says New Law May Not Fix Predatory Lending

Legislation that would create a federal standard to curtail predatory mortgage lending may not result in system that is more friendly to consumers, says Federal Reserve Governor Edward Gramlich.

  1. Committee Starts Hearing on Social Security

Saying that a do-nothing approach to Social Security will mean a big cut in benefits down the road, Sen. Charles Grassley slammed critics of a proposed overhaul of the system at a Tuesday hearing of the Senate Finance Committee.

  1. Gearing Up for 'Creditor-Friendly' Bankruptcy Law

The new bankruptcy law will make it easier for small-business owners to collect debt, but they will have a tougher time if they end up on the other side of the fence - facing bankruptcy and trying to save their companies.

  1. 11th Annual XBRL International Conference Underway in Boston

The 11th Annual XBRL International Conference is underway this week at the Westin Copley Place in Boston, Massachusetts. Attendees will hear from an unprecedented lineup of speakers focusing on the ways the eXtensible Business Reporting Language (XBRL) improves the business and financial reporting process. The conference began on Tuesday, April 26 and concludes Friday, April 29.

  1. European Companies Applaud Move Toward Global Standards

The Securities and Exchange Commission has released a so-called "road map," that would allow European companies to sell securities in the U.S. without having to rework their financial statements.

MORE HEADLINES...

  1. Too Many Tax Breaks? Commission Says: Yes!
  2. Can Software Replace You?
  3. Survey Asks Finance Departments to Identify Challenges
  4. Outback CFO Cites Accounting "Lunacy" for Retirement
  5. Internet Yellow Pages Good Deal for Businesses

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  1. President Bush Signs New Bankruptcy Bill
  2. New Accounting Graduates Paid More
  3. PCAOB Cautions Against Over Auditing
  4. Logging On To AccountingWEB as a Registered Member
  5. Accounting on the Big Screen

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