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The Securities and Exchange Commission (SEC) has become interested in non-GAAP financial reporting metrics as a potential avenue for accounting fraud, according to the Wall Street Journal. Leading the probe is the commission's new Financial Reporting and Audit Task Force, the leaders of which were interviewed in the August issue of the Trusted Professional.
A recent study has revealed that 40 percent of public companies have at least one audit committee member with social ties to its CEO, according to Accounting Today, with about half the committee having these connections on average. Audit committee members tend to make these ties through local organizations which they and the CEO are both a part of, such as golfing clubs, charities, and private social clubs.
As noted in a recent Forbes blog, Congress is trying to slip in a special tax, which it is calling an "assessment," on live Christmas trees. It would amount to 15 cents per tree, with the possibility of an increase to 20 cents. It's not technically a tax, say its supporters, but rather an assessment to be used to help promote and market Christmas trees.
Shaving a half-cent off key rates, the IRS has posted standard mileage rates for the use of cars, vans, pickups or panel trucks for the calendar year beginning Jan. 1, 2014. The new rates are:
- 56 cents per mile for business miles driven
- 23.5 cents per mile driven for medical or moving purposes
- 14 cents per mile driven in service of charitable organizations
Reducing high unemployment rates, curbing entitlement spending, and reforming burdensome federal regulations are ways to resuscitate the U.S. economy, say senior executive CPAs in New York, New Jersey and Pennsylvania, according to a new survey.
Women can truly "make it" on Wall Street, though the ones that do it best tend to have spouses who can stay at home with the kids and take care of other domestic duties, according to the New York Times.
If you've been convicted of insider trading or embezzlement or fraud, you may be quaking in your boots at the prospect of going to federal prison and confronting the numerous indignities that may entail, but take heart: a new study argues that white collar criminals handle jail just as well as other types of inmates and aren't uniquely sensitive to the hardships of incarceration, according to The Atlantic.
The House and Senate are set to finish a relatively drama-free budget agreement compared to earlier fiscal brouhahas, mainly by avoiding any hot-button areas that might cause one side or another to suddenly walk out and call for a showdown, according to the Washington Post, a move that reflects not so much an armistice as much as a temporary ceasefire to