February 2010
Update: Daily News: Paterson Won't Run
[Updated, 3:43 p.m. The New York Times is reporting that Gov. David A. Paterson has officially dropped out of the 2010 race for New York state governor.]
After repeated statements to the contrary, it seems that embattled Gov. David A. Paterson will not be seeking a full term as governor of New York in the next election.
Health Care Summit Underscores Legislative Challenges
Democrats and Republicans spent the better part of yesterday engaged in a political sumo wrestling match as both parties tried to gain ground in the health care debate during an all-day summit held at Blair House.
Ministers Challenge C-Street House’s Tax Exempt Status
SEC Reaffirms Commitment to International Set of Standards
The Securities and Exchange Commission unanimously approved a 71-page statement reaffirming the agency’s support for a transition into a single, high quality set of international accounting standards. Commission staff will, as a result, begin to study how such a conversion would impact public companies and federal regulators.
SEC to Hold Free XBRL Compliance Seminar
XBRL got you down? Or perhaps you don't know what XBRL is?
Credit Card Reform Goes into Effect Today
The Credit Card Accountability Responsibility and Disclosure Act, a wide-reaching set of consumer finance safety reforms, went into effect today, ending a number of practices common in the credit card industry, such as retroactive rate hikes.
AICPA, State CPA Societies Respond to Ph.D. Needs
A dearth of Ph.D. professors of accounting casts a pall on what would otherwise be deemed good news for the profession: this year has seen a significant increase in enrollment in accounting programs at colleges and universities nationwide.
The problem: accredited accounting programs typically require roughly 50 percent of full-time accountancy faculty have a doctoral degree, and as enrollment spikes, there must be a corresponding increase in Ph.D.s.
This hasn't materialized.
SEC Will Discuss IFRS at Feb. 24 Meeting
The SEC has posted notice on its Web site that it will be discussing "whether to publish a statement regarding its continued support for a single-set of high-quality globally accepted accounting standards and its ongoing consideration of incorporating International Financial Reporting Standards into the financial reporting system for U.S. issuers."
The PCAOB Gets a New Look
The Public Company Accounting Oversight Board (PCAOB) has a new face: the agency launched a redesigned and expanded Web site earlier this month.
The new site incorporates Web usability practices aimed at helping users find information more quickly and easily, according to the agency.
CPAs on Tax Panels Offer Help to Communities
Busy season is here, but that hasn’t stopped CPAs from helping their communities as volunteers on the NYSSCPA’s annual tax panels.
CPAs cooperate with local newspapers on the call-in lines, answering tax questions from the public at several panels around the state. Newspapers cover the tax panels and the write about the questions received, often providing publicity for the CPAs who participate. Five panels are taking place at the following newspapers this year: