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Accounting & Auditing

Business Economists Opposed US Deep Spending Cuts
Many business economists in the U.S. opposed the deep spending cuts that took effect Friday amid the partisan fighting between President Barack Obama and Congress, but they overwhelmingly support efforts to reduce the country's massive deficit over the next 10 years, according to a survey released recently. 


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Updated 12/15

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This Week in the SmartPros News & Insights Newsletter
Newsline: IRS sets Penalties for Not Getting Healthcare Insurance Under ACA CPE: The Lesson from Financial Literacy: Frugality Isn't Cheap Book Pick: Make Change Work: From Smart to Wise: Acting and Leading With Wisdom

FASB Responds to Financial Accounting Foundation's Post-Implementation Review Report on Statement 131 on Segment Reporting
The Financial Accounting Standards Board (FASB) will review the issues raised by the Post- Implementation Review of its business segment reporting standard with its stakeholders and the staff of the U.S. Securities and Exchange Commission to determine whether further review of the standard is warranted, the Board said recnetly.

SEC Clears Ford's Mulally to Cash In on Nearly $12M in Bonuses
Ford CEO Alan Mulally can cash in on almost $12 million in performance bonuses owed him, according to documents filed with the Securities and Exchange Commission.

Financial Accounting Standards Board Appoints New Members to Its Task Force and Advisory Groups
The Financial Accounting Standards Board (FASB) recently announced the appointment of new members to its task force and advisory groups.

FAF Releases Updated Print Edition of FASB Accounting Standards Codification
The Financial Accounting Foundation released an updated print edition of the Financial Accounting Standards Board's Accounting Standards Codification, the single, authoritative source of U.S. Generally Accepted Accounting Principles for public and private companies, and not-for-profit organizations.

Heinz Executives' Severance Figured at a Total of $436M
H.J. Heinz Co. CEO William Johnson could reap a $212.7 million payday if he leaves the company after it is taken private in a $28 billion buyout by Warren Buffett and a Brazilian investment firm.

FAF Review Team Concludes GASB Statements on Deposit and Investment Risks Achieve Their Purposes
Two accounting standards established to improve the way state and local governments report deposit and investment risks, and repurchase and reverse repurchase agreements have achieved their purpose and provide decision-useful information to creditors and other financial statement users.

Forecasting the Future of Cloud Computing
A standard setup of computing on a business' premises -- a server in a closet or basement, and software loaded on individual machines -- is a model that's likely to drift into obsolescence, according to several local computer experts.

Chesapeake Energy Reveals SEC Probe into CEO Perks
Chesapeake Energy Corp. and outgoing CEO Aubrey McClendon are being investigated by the Securities and Exchange Commission about a perk that allows McClendon to invest personally in the company's oil and gas wells.

SEC Chairman Shuns the Mantle of Caretaker
Anyone who tracks the Securities and Exchange Commission already knows that President Obama wants New York lawyer Mary Jo White to be the agency's next leader. But the person currently holding that position has no intention of simply keeping the seat warm until the White House pick gets there.


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