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| FASB
Forum Outlines IFRS Challenges in U.S. |
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Patricia
O’Malley, an International Accounting Standards
Board member between 2001 and 2007, talks to roundtable
members about U.S. cultural issues in a world heading
toward International Financial Reporting Standards,
at a Financial Accounting Standards Board (FASB)
forum at Baruch College in Manhattan on June 16.
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By
Colleen Lutolf, Trusted
Professional Staff
NEW YORK—America’s
financial regulators seemed to have already sealed the fate
of hundreds of thousands of CPAs practicing in the U.S. by promising
them that the United States will forego the use of U.S. generally
accepted accounting principles (GAAP) in favor of a single,
global set of standards, sometime within the next few years.
Continue...
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| Audit Finds
Iraq Funds Mismanaged |
| By
Melissa Hoffmann Lajara, Trusted
Professional Staff
NEW YORK—Two
recent audits of reconstruction contracts in Iraq paint a disturbing
picture: more than $8 billion in taxpayer funding and seized Iraqi
assets spent with no regard for federal rules and little, or no,
recordkeeping. Continue...
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| Barry
Named Deputy Executive Director |
By
Colleen Lutolf, Trusted
Professional Staff
The NYSSCPA’s
29,000-plus members now have a deputy executive director. Joanne
S. Barry, previously the NYSSCPA’s managing director of communications,
was promoted to deputy executive director in May. Continue...
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| Too
Cozy with Clients? Expo Ethics Keeps CPAs Current |
| By
Melissa Hoffmann Lajara
and Valerie Lum, Trusted Professional
Staff
Ernest
Patrick Smith, an internal auditor, financial investigator
and member of the Society’s Professional Ethics Committee,
held the AICPA’s Code of Conduct book up over his head.
Continue...
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