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ACCOUNTING FOR INCOME TAXES

– Business combinations, FAS 141(R) significantly changes accounting and reporting rules, analysis, 705 et seq.
– Comprehensive income financial statement, FASB reaffirms tentative decision on income tax allocation, 936; proposal to be issued requiring single statement, 971; disaggregation of remeasurements discussed at joint IASB/FASM meeting, 972
– Deferred tax assets stemming from losses on debt securities, FASB to work on guidance sought by Fannie Mae and Freddie Mac, 205; guidance to be wrapped into financial instruments project, 938; IASB agrees to transition options for classifying financial instruments, 979
– Financial instrument tax reporting, IASB and FASB close to convergence, approaches to overall project differ, 835
– IASB declines to address discount of current tax liabilities and assets, staff working in revised version of IAS 12, 131; new version proposed to provide more clarity, consistent reporting, 314; uncertain tax position proposal, inconsistency with FASB position likely to bedevil preparers, 415; convergence with U.S. GAAP defended by IASB member, 538; comments criticize proposed revision, feature report, 761; interim reporting improvements to take place of major project, 972
– IFRS, income tax accounting under, overview, SplRpt (6/26/09)
– Restatements

See FINANCIAL RESTATEMENTS

– Share-based compensation

See SHARE-BASED COMPENSATION

– UK, personal tax accountability to be imposed on CFOs, accountants and attorneys express concern over plan, 417; draft guidance published imposing Sarbanes-Oxley style tax duties on CFOs of large companies, 631
– Uncertain tax positions

See UNCERTAIN TAX POSITIONS, FIN 48

ACCOUNTING METHODS

– Pensions, method changes to smooth out losses from financial crisis, SEC to look at closely, 522

ACCOUNTING MISCONDUCT

– Auditor liability

See AUDITOR LIABILITY

– BearingPoint, class action suit alleging accounting system fraud, scienter inadequately alleged, investors may amend complaint (4th Cir.), 736
– Insurance

See INSURANCE

– Internal controls

See INTERNAL CONTROLS

– Mortgage fraud

See MORTGAGES

– Revenue recognition issues

See REVENUE RECOGNITION

– Sentinel Mgmt. Group, bankrupt asset management firm's accountants charged with fraud (Ill. Cir. Ct.), 774
– Settlements

See SETTLEMENTS

– Tax evasion

See TAX EVASION

– Whistleblower protections

See WHISTLEBLOWERS

ACCOUNTING OVERSIGHT

See OVERSIGHT OF ACCOUNTING

ACCOUNTING STANDARDS

See also GENERALLY ACCEPTED ACCOUNTING PRINCIPLES (GAAP); specific subjects
– Convergence of GAAP and international standards

See CONVERGENCE

– FAF

See FINANCIAL ACCOUNTING FOUNDATION (FAF)

– FASB

See FINANCIAL ACCOUNTING STANDARDS BOARD (FASB)

– Federal Accounting Oversight Bd.

See LEGISLATION, FEDERAL, HR 1349

– GASB

See GOVERNMENT ACCOUNTING STANDARDS BOARD (GASB)

– IAASB

See INTERNATIONAL AUDITING AND ASSURANCE STANDARDS BOARD (IAASB)

– IASB

See INTERNATIONAL ACCOUNTING STANDARDS BOARD (IASB)

– IASCF

See INTERNATIONAL ACCOUNTING STANDARDS COMMITTEE FOUNDATION (IASCF)

– IFRS

See INTERNATIONAL FINANCIAL REPORTING STANDARDS (IFRS)

– N.Y., state Senate approves first major legal reform of profession in 60 years, 42; governor signs bill, 131; CPAs must resister with state, take classes, 725
– Regulatory system reform

– – Critical flaws in system warrant significant reform, GAO declares, 98
– – Politicization of standards setting, market transparency, infrastructure supporting markets, discussed by FASB chair, 618

ACQUISITIONS

See BUSINESS COMBINATIONS
– Assets

See ASSETS

– Nonprofit organizations

See NONPROFIT ORGANIZATIONS

AGENCY

– BDO Intl. not liable as agent for U.S. member firm's loan-fraud scheme (Fla. Cir. Ct.), 588

ALTERNATIVE INVESTMENTS

– AICPA seeks comment on draft advice on fair valuation challenges, 91
– FASB to issue draft fair value guidance soon, 439; net asset per share valuation guidance proposed by FASB, 527; final guidance expected soon, 717; new guidance issued, 891
– Venture capital consolidations, fair value guidance requests turned down by IFRIC, 442

AMERICAN INSTITUTE OF CERTIFIED PUBLIC ACCOUNTANTS (AICPA)

– Alternative investments, AICPA seeks comment on draft advice on fair valuation challenges, 91
– Auditing standards convergence

See CONVERGENCE

– Economic Crisis Resource Center, website launched, 132
– Independence of standard setters

See INDEPENDENCE

– Standards

See generally AUDITING STANDARDS

– Summary of official actions, Jan., 101; 148; Feb., 185; 233; Apr., 419; May, 508; June, 554; 599; Sept., 864; Oct., 958; Oct., 1002

AMERICAN RECOVERY AND REINVESTMENT ACT (ARRA)

– Executive pay, say-on-pay guidance for firms receiving TARP money issued by SEC, more guidance needed, 203
– FBI focus on TARP and ARRA as possible “next wave” of financial crimes, 548

ANNUITIES

See INSURANCE

ARBITRATION

– E&Y tax malpractice claim brought by ex-clients, trial court abused discretion in denying arbitration (Tex. Ct. App.), 176
– PwC appeal upheld by Presidium of Russian Supreme Arbitration Court in dispute with Russian tax agency over deduction of consultancy fees, 137

ASSETS

– Business combinations, assets acquired arising from contingencies, fair value recognition requirement amended in proposed FASB guidance, 30; IASB issues similar guidance, 34; FASB-sponsored investors' group says guidance flawed, 88; plug pulled by IASB on project in light of opposition, 125; FASB steps back from fair value in FSP on acquired contingency accounting, 207; FASB roundtable members seek middle ground for contingencies disclosures, 263; FASB publishes final staff guidance, 300; FASB considers delaying effective date, 771
– Conceptual framework

See CONCEPTUAL FRAMEWORK

– Decreases in ownership of business or nonprofit activity, inconsistencies clarified in FASB ASC 810 proposal, 806
– Deferred tax assets stemming from losses on debt securities, FASB to work on guidance sought by Fannie Mae and Freddie Mac, 205; guidance to be wrapped into financial instruments project, 938
– Fair value standard

See FAIR VALUE

– Financial instruments

See generally FINANCIAL INSTRUMENTS

– IASB added project to agenda on rate-regulated industries re recognition of assets and liabilities, 36; qualified approval given to staff scope proposal, 172; comments sought on varied proposals addressing differing practitioner views, 722
– Impairments

See IMPAIRMENTS

– Joint work plan for consolidation and derecognition projects fleshed out by IASB and FASB at joint meeting, 307; IASB to hold roundtable discussions, 401; IASB derecognition proposals discussed in IASB webcast, 489
– Pension plans

See PENSIONS

– Public-Private Investment Program (PPIP)

See ECONOMIC STIMULUS

– Research and development asset acquisitions, EITF reaches accord on main tenets of proposed guidance, 845

– – draft ASU published for comment by FASB, 891

ASSUMPTION OF LIABILITIES

See BUSINESS COMBINATIONS

ATTORNEY-CLIENT PRIVILEGE

– Bank of America/Merrill merger, BoA agrees to waive attorney-client privilege, disclose proxy information to N.Y. attorney-general and regulators, 954
– Broadcom's ex-CFO's statements to outside counsel in internal review of stock backdating scheme not privileged (9th Cir.), 955
– Draft Form 10-K sent by e-mail to various employees protected (N.D. Ill.), 182
– Textron, tax accrual work papers protected from IRS discovery, waiver question remanded (1st Cir.), 142; decision vacated, en banc hearing scheduled, 325; amicus brief filed in support of in-house counsel, 417; en banc pane refuses to give protection (1st Cir.), 775; for use in possible litigation test may have far-reaching implications, analysis, 799; SEC comments on decision, 993

ATTORNEYS

– KPMG and law firm, complaint rising out of illegal tax shelter partially dismissed (S.D.N.Y.), 96
– KPMG ex-executives and lawyer convicted, ex-partner dismissed of charges related to marketing and selling of illegal tax shelters (S.D.N.Y.), 52; sentencing announced, 371
– Refco

– – Ex-lawyer criminally indicted on securities fraud, false filings with SEC, wire and bank fraud, faces 100 years in prison (S.D.N.Y.), 55
– – Litigation trustee lacks standing to sue investment banks, law and accounting firms, and others who allegedly assisted ex-execs' fraud (S.D.N.Y.), 445
– – Primary liability elements misread by lower court in Refco investor suit, SEC argues in amicus brief (2d. Cir.), 783

– UnitedHealth Group Inc. and ex-lawyer settle stock option backdating scheme charges (D. Minn.), 54
– Work product privilege

See WORK PRODUCT

AUDIT COMMITTEES

– Nonpublic PCAOB key inspection issues should be shared with committee, PCAOB panel members says, 677

AUDIT FEES

– SOX §404 costs

See generally INTERNAL CONTROLS

AUDITING STANDARDS

– Accounting estimates including fair value, related party, and group financial statement audits, AICPA group proposes redrafted statements, 854
– Agenda for upcoming audit standards issued by PCAOB, 944
– AICPA Auditing Standards Bd. proposed revisions to subsequent events rule, ISA 560 used as base, 409
– AICPA proposes 3 standards as part of ongoing clarity project, 134; 7 additional redrafted documents proposed, includes risk assessment and fraud standards, 134; interim financial information revised standard, 2 other proposed changes issued, 175; audit sampling standard revisions proposed, comments sought, 225; quality controls, ASB proposes 2 exposure drafts as part of clarity project and alignment with international standards, 591; auditor reports and special reports, ASB proposes 5 exposure drafts as part of clarity project and alignment with international standards, 946
– Audit report engagement partner signature requirement, PCAOB concept release issued for comment, 726; comments indicate concerns over liability, audit quality, 910
– Auditor coverage by client benefit plans, AICPA ethics groups proposes tighter rules, 855
– Canada's auditing body issues standards implementing international rules, 729
– Confirmation standard, AU 330, concept release on possible updates to be issued by PCAOB, 363; advisory group discusses, 364; comment letters discussed, 678
– Convergence

See CONVERGENCE

– Engagement quality reviews (EQRs)

– – Draft standard reproposed to improve quality, 221; final standard adopted, details explained, 726
– – PCAOB advisory group discusses, 364

– European Comm'n study points out benefits of EU adoption of ISA, 590
– External audit evidence, ASB guidance on obtaining proposed, 541
– Financial instruments, IAASB seeks views on guidance for complex instruments, 992
– Financial reporting issues with renewed standards, PCAOB to update guidance, chief auditor says, 853
– Going concern

See GOING CONCERN

– IFAC clarity project completed, newly revised IAASB standards should aid convergence process, 224
– Insurance group suggests PCAOB intends to issue new guidance for auditors re FASB illiquid markets guidance, 310
– Internal controls

See INTERNAL CONTROLS

– Newly reproposed standard on engagement quality review still lacks clarity, commenters say, 407
– PCAOB issues Q&A on references to authoritative accounting guidance, 852
– Recodification of compilation and review of financial statement standards, AICPA exposure drafts issued, 500
– Risk assessment

See RISK ASSESSMENT

– Terms of engagement new standard proposed by AICPA, 991
– Written representations, successor to SAS 85 proposed by AICPA, 991

AUDITOR LIABILITY

– Adelphia case, ex-Deloitte partner challenge to sanctions imposed over audit rejected (D.C. Cir.), 728
– Aiders and abettors of securities fraud, liability for

See LEGISLATION, FEDERAL, S 1551

– Arbitration required for E&Y tax malpractice claim brought by ex-clients (Tex. Ct. App.), 176
– Atlas Mining, shareholder suit against outside auditor dismisses for failure to show materiality or adequately plead scienter (D. Idaho), 945
– Auditor firing case remanded to state court, no federal jurisdiction found (S.D. Fla.), 445
– BDO Intl. not liable as agent for U.S. member firm's loan-fraud scheme (Fla. Cir. Ct.), 588
– BDO Seidman, ex-partner pleads guilty to tax shelter fraud and conspiracy charges (S.D.N.Y.), 681
– BISYS investors securities fraud suit, PwC may not be re-included as defendant, no abuse of discretion found (2d Cir.), 95
– Doral Fin. Group, class action securities fraud suit against PwC over audits, dismissal affirmed (2d Cir.), 856
– Fiduciary duty, suit alleging breach by ex-AIG chief and inner circle of directors may proceed, suit against PricewaterhouseCoopers dropped, immunized under N.Y. law (Del. Ch. Ct.), 226
– Investment fraud and tax shelter fraud, ex-BDO Seidman partner pleads guilty (S.D.N.Y.), 729
– KPMG and law firm, complaint rising out of illegal tax shelter partially dismissed (S.D.N.Y.), 96
– Lender to now-bankrupt manufacturer may not recover on claims against outside auditor, not third-party beneficiary of audit contracts (4th Cir.), 323
– Litigation increase in light of subprime crisis, defending auditors at pleading stage, analysis and perspective, 753 et seq.
– Madoff Ponzi scheme, CPA sued by SEC and DOJ over audits, charged with securities fraud for not conducting legitimate audits (S.D.N.Y.), 272; aiding and abetting investment adviser fraud, securities fraud, filing false reports, additional charges filed, 680
– Misrepresentations about Schwab fund, putative class action suit allowed to proceed in part (N.D. Cal.), 176
– New Century

– – Bankruptcy trustees sue KPMG over bad audits, KPMG disputes allegations (Cal. Super.Ct., S.D.N.Y), 321
– – KPMG faulted for role in collapse of mortgage company, investor class action allowed to continue (C.D. Cal.), 50

– Parmalat case

– – Audit firms rethink liability threat as result of N.Y. case, lawyers say, 225
– – Investors may proceed with suit to hold Deloitte liable for subsidiary's audits (S.D.N.Y.), 136; court refuses to reconsider ruling (S.D.N.Y.), 225
– – Trustees bid to revive charges against Bank of America, Deloitte and related firms rebuffed, dismissal affirmed (2d Cir.), 226
– – Unclean hands state law defense topples Parmalat suit against auditor (S.D.N.Y.), 914

– Peregrine Sys. “parking” fraud, KPMG not liable over alleged scheme (9th Cir.), 137
– Priceline investors' securities fraud claims against auditor dismissed for failure to sufficiently allege scienter (2d Cir.), 540
– PwC appeal upheld by Presidium of Russian Supreme Arbitration Court in dispute with Russian tax agency over deduction of consultancy fees, 137
– PwC India partners questioned by police for role in Satyam Computer Services fraud case, 135; Indian overseer examines link between local and foreign audit firms, 499
– Refco, litigation trustee lacks standing to sue investment banks, law and accounting firms, and others who allegedly assisted ex-execs' fraud (S.D.N.Y.), 445
– Royal Ahold

– – Earnings overstatement, auditors also victims, investor complaint against Deloitte dismissed for failure to adequately plead scienter (4th Cir.), 96
– – KPMG auditors cleared of unprofessional conduct in audit of U.S. Foodservice Inc., SEC seeks to overturn decision, 727

– Russian arm of E&Y wins appeal against tax authorities, 138
– Sanctions imposed on accountants by PCAOB for violation of rules and professional auditing standards, 775
– Settlements

See SETTLEMENTS

– Tax evasion, KPMG ex-executives and lawyer convicted, ex-partner dismissed of charges related to marketing and selling of illegal tax shelters (S.D.N.Y.), 52; sentencing announced, 371
– Tax fraud conspiracy and other crimes arising out of shelters, BDO Seidman ex-CEO, 6 others charged (S.D.N.Y.), 542
– Tax malpractice case, PwC denied summary judgment in bank's suit re tax treatment of stock redemptions (N.Y. Sup. Ct.), 499
– UCAP Inc., securities fraud investor class action fails, loss causation by outside auditor not shown (8th Cir.), 992

AUDITOR OVERSIGHT

– Annual reports, new PCAOB rules take effect in Oct., 773; effective date changed, 913
– Audit inspections, U.S. hindering mutual recognition agreements, EU Comm'n says, 222; progress with U.S. noted by EU, agrees likely to be approved with Canada, Switzerland and Japan, 854
– Broker-dealers, auditors of nonpublic broker-dealers must register with PCAOB, PCAOB and SEC guidance issued, 223; SEC increasing focus on, 451
– European Comm'n panel says overwhelming majority of respondents support measures to boost competition among audit firms in EU, 680
– IAASB

See INTERNATIONAL AUDITING AND ASSURANCE STANDARDS BOARD (IAASB)

– International standards code clarified by IESBA to enhance auditor independence, 677
– Investment advisers, SEC IG recommends use of independent custodians, 637
– PCAOB data sharing with foreign authorities

See LEGISLATION, FEDERAL, HR 3346

– Practice alert issued by PCAOB staff in wake of FASB fair value and other-than-temporary impairment guidance, 405; summary, 564; advisers urge PCAOB to separate fraud risk from problematic fair value measurements, 990

AUDITS

– Audit committees

See AUDIT COMMITTEES

– False statements, liability for

See AUDITOR LIABILITY

– Independence of auditors

See INDEPENDENCE

– Internal audits, use of XBRL

See REPORTING REQUIREMENTS

– Internal controls

See INTERNAL CONTROLS

– Journal entries, guidance for detecting fraud issued by CAQ, 41
– Revenue recognition issues

See REVENUE RECOGNITION

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