The spending bill before Congress contains 9, 000 earmarks, accounting for a tiny fraction of the bill's total cost.
Congress is threatening to pass a bill creating a new Federal Accounting Oversight Board if FASB does not provide a change in fair value application by early April.
The Senate bill would establish the Public Company Accounting Oversight Board to conduct regular inspections of public accounting firms.
The cost to companies of these unplanned absences can be staggering, especially in businesses like law or accounting, where professionals bill hourly.
Not a week goes by without seeing some headline about deficits pushing municipalities to desperation or Bill Gates describing state budgets using accounting techniques that would make Enron blush.
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Indeed, the latest investigation into Tyco's accounting practices gives it a surprisingly clean bill of health.
LDP's powerful committee on anti-deflation policies, and Taro Aso, the party's policy chief, they are putting the finishing touches to a bill that temporarily suspends mark-to-market accounting for banks, life insurers and 10, 000-odd listed companies.
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The bill introduced March 9 by Fletcher Hartsell, a Republican and lawyer, would allow non-lawyers to buy up to 49% of a firm, leaving it in control of licensed attorneys. (It came to my attention via AmLaw.) The bill, which would also allow outside investors to buy into accounting firms, includes language designed to prevent non-lawyers from interfering with the relationships between attorneys and their clients.
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The Senate bill would also include a boost for businesses by allowing firms to adjust their accounting to make it easier to swallow losses.
AbbVie will likely pay the larger dividend, but with overseas markets accounting for a significant portion of operations, the company could incur a tax bill to repatriate profits to cover the distribution.
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It is an angry book because Bill Isaac is by no means pleased with the string of policy blunders (mark-to-market accounting, pro-cyclical regulatory regimes from FASB and the SEC, the repeal of Glass-Steagall, etc.) that led to a global financial meltdown in the fall of 2008.
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