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Scott Adams on Board Governance: From Financial Rounds
January 19, 2008 4:40 PM
Corporate governance survey conducted (Pakistan): From Inside Sarbanes Oxley
January 19, 2008 12:13 AM
Enron-driven reforms are unraveling: From Inside Sarbanes Oxley
January 19, 2008 12:06 AM
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The Finance Institute

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Diverts

Dolphins With a Weight Problem: Dolphins at Kinosaki Marine World in western Japan are on a low fat diet after failing to jump as high as they had previously in their aquatic performances. [more]
Testosterone May Affect Financial Risk Decisions: Testosterone levels may influence men's willingness to make risky financial decisions, according to a new study. [more]
Forbes Finds 150 Cheap Places To Live: $100,000 goes a lot further in Bend, Ore., than in Manhattan. [more]
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Budgeting & Reporting Alerts

FASB Travels to Tokyo for More Convergence Discussions: More efforts were made toward convergence when the Financial Accounting Standards Board (FASB) met recently with representatives of the Accounting Standards Board of Japan (ASBJ) in Tokyo. [more]
A Guide to the New 404 Guidance: This white paper by James Hamilton, principal analyst with CCH, explores the new risk-based, principles-based regime for financial reporting under Sarbanes-Oxley Section 404. [more]
SEC Forges Ahead With IFRS Option: The SEC plans to issue a proposed rule that would eliminate the requirement for foreign private issuers that use International Financial Reporting Standards to provide a reconciliation of their financial statements to US GAAP, according to this report. [more]
IFRS and GAAP Collaboration Continues: SEC Chairman Christopher Cox and Committee of European Securities Regulators (CESR) Chairman Eddy Wymeersch recently met to further discuss the SEC-CESR joint work plan and upcoming initiatives. [more]
Extension of Small-Business 404 Filing Deadline Unlikely: Small-cap companies have been already given an extension for complying with Sarbanes-Oxley Section 404 and could conceivably receive another reprieve -- "but that’s not Plan A," said SEC chairman Christopher Cox in testimony before the Committee on Small Business & Entrepreneurship of the US Senate. [more]
PCAOB Shares Second Report on AS No. 2: After the second year of Auditing Standard No 2 implementation, the PCAOB released "An Audit of Internal Control over Financial Reporting Performed in Conjunction with an Audit of Financial Statements. [more]
IRS Retains Outside Experts for Corporate Tax-Evasion Cases: According to an internal IRS memo, the agency is beefing up its efforts around a major enforcement priority -- transfer-pricing arrangements -- by engaging independent auditors to conduct examinations. [more]
Ex CA CEO to Turn Over $52 Million for Accounting Fraud: Originally charged with reporting false revenue, fraud and coverup, Sanjay Kumar, former CEO of CA Inc., has been ordered to forfeit $52 million in personal assets to a restitution fund for aggrieved investors. [more]
Revenue Recognition Processes Elude Automation: Revenue recognition processes at most companies are not automated within financial/ERP systems, according to this survey of 685 senior finance executives. [more]
Combined Reporting Reform Proposed in More States: The combined reporting reform is emerging in more state budget planning -- including Iowa, Massachusetts, Michigan, New York, North Carolina and Pennsylvania legislation. [more]
Jackson Hewitt Accused of Tax Fraud: The Justice Department is trying to put more than 125 Jackson Hewitt tax preparation stores out of business after the IRS accused the franchises of involvement in "a pervasive and massive series of tax-fraud schemes. [more]
PCAOB Proposes New Restatement Standard for Auditors: The Public Company Accounting Oversight Board (PCAOB) has proposed a new standard that would require auditors to distinguish between a company’s financial restatements that are due to error and those that occurred because of changes in accounting principles. [more]
Get Ready for a Shakeup in Leasing Asset and Liability Reporting: Companies with significant leaseholdings could see a huge jump in recorded liabilities and assets if the FASB and IASB change lease accounting rules in a couple of years. [more]
Tax Strategy a Competitive Edge: Boards that consider tax a source of competitive advantage can get a leg up on their competition, according to audit, tax and advisory services firm KPMG. [more]
Tax Departments Face New Age of Global Tax Transparency: The globalization of business has challenged corporate tax departments, but charges of abuse, underreported income and questionable tax-arbitrage transactions are prompting countries' tax administrators to shift from acting unilaterally to cooperating across jurisdictions. [more]
Dell Delays 10-K Pending Probe: Dell Inc. will delay filing its annual results while it completes an investigation into accounting and financial reporting errors and evidence of misconduct. [more]
Playing Nice Has Its Rewards: It pays to achieve transparency in financial reporting and align management with corporate stakeholder interests, according to research and rating service Audit Integrity, which issued a report ranking the top 100 firms on accounting and governance risk dimensions. [more]
SEC Censures, Fines Ernst & Young for Auditor Independence Violations: For the second time in almost three years, the SEC has sanctioned Ernst & Young for alleged breaches of auditor independence rules. [more]
COSO Enlists Grant Thornton LLP for Monitoring Research: The Committee of Sponsoring Organizations of the Treadway Commission (COSO) has hired on Grant Thornton LLP to establish instruction to help companies both monitor internal controls and comply with the Sarbanes-Oxley Act. [more]
IFRS for Smaller Companies: Global accounting standards are not just for the big guys anymore. [more]