Funding for the Securities and Exchange Commission would increase about $200 million, to $1.7 billion, under President Barack Obama's budget proposal for fiscal 2016. The increase likely would be challenged by the Republican-run Congress.
With various tax breaks expired or expiring and talk of lower tax rates dominating the presidential race, now is the time to help clients understand and plan for coming tax changes. Providing information on tax proposals provides a good starting point for tax planning discussions with clients. This article talks about how to get the ball rolling.
While President Barack Obama continues to urge unity to battle the economic downturn, French President Nicolas Sarkozy and German Chancellor Angela Merkel called for stricter regulations for financial markets. As the Group of 20 leaders meet in London, the differences in priorities among leaders are becoming more obvious. However, a common regulatory framework covering hedge funds, derivatives, risk management and executive compensation tops the agenda.
Board members of the Financial Accounting Standards Board will meet today to consider two fair-value accounting proposals. On Wednesday, the Center for Audit Quality, which is affiliated with the AICPA, and two AICPA technical committees issued comments and suggestions on the potential guidance.
Alan M. Jacobs, trustee for New Century Financial, has filed lawsuits in New York and California against KPMG. The lawsuits allege that KPMG had a role in the demise of New Century by failing to fulfill its public watchdog role. "Any claim that we acquiesced to client demands is unsupportable," said KPMG spokesman Dan Ginsburg. "KPMG acted in accordance with professional standards in New Century, and we will vigorously defend our audit work. Any implication that the collapse of New Century was related to accounting issues ignores the reality of the global credit crisis. This was a business failure, not an accounting issue."