Jere Shawver, the chair of the Private Company Council that advises the Financial Accounting Standards Board, is on a mission to increase awareness of the group, which represents the perspectives of privately held companies, and to attract greater participation from its constituents. Processing Content Shawver took over in 2024 as
The American Institute of CPAs submitted a letter in response to the U.S. Department of Education’s proposal to exclude accounting from its definition of “professional degree” programs, urging it to adopt a more expansive definition. Processing Content The letter, sent Friday to Secretary of Education Linda McMahon from AICPA president
Two of our longtime cherished colleagues at Accounting Today have passed away: Roger Russell and Jeff Stimpson. Processing Content Roger Russell We bid goodbye today to Roger at a funeral service in Lynbrook, Long Island. Roger had been covering tax for Accounting Today since 2000, bringing his legal expertise and
The Wisconsin legislature passed a bill that establishes an additional pathway to CPA licensure, and it awaits Gov. Tony Evers’ signature. Processing Content The bill, supported by the Wisconsin Institute of CPAs, keeps the existing pathways while also creating a third path to licensure: a bachelor’s degree, two years of
The Association of Certified Fraud Examiners has partnered with Grant Thornton to create an Anti-Fraud Blueprint to help organizations uncover fraudulent activity and avoid financial losses. Processing Content The guidance in the Anti-Fraud Blueprint, released Thursday, builds upon the principles in the second edition of the Fraud Risk Management Guide,
A 75-year-old CPA from East Naples, Florida, pleaded guilty in a federal fraud probe of Oakes Farms Food & Distribution Services. Processing Content Thomas Unsworth entered his plea on January 27 before U.S. Magistrate Judge Eric Rice to two counts of conspiracy for “blindly signing” and certifying federal documents, as
The Financial Accounting Standards Board has voted to add a project to its technical agenda on market-return cash balance plans. Processing Content During a meeting on Jan. 14, FASB decided to add the project based on the recommendation of its Emerging Issues Task Force. The project will address the discount
The Securities and Exchange Commission charged food processing company Archer-Daniels-Midland Company and its three former executives with accounting and disclosure fraud. Processing Content The SEC litigated action against former executive Vikram Luthar, alleging that he materially inflated the performance of ADM’s nutrition segment, which the company touted to investors as
The Illinois CPA Society named 39 students to the Mary T. Washington Wylie Internship Preparation Program Scholars. Processing Content The three-day virtual program, held Jan. 6-8, 2025, helps Illinois-based accounting students pursue careers in the profession through training, resources and mentorship to prepare them for internships. Fifteen recipients were selected
When discussing risk in accounting, the focus typically shifts to fraud, intentional misconduct and bad actors. However, many of the most damaging issues in financial reporting and tax compliance stem from ordinary accounting errors that go unnoticed in organizations that believe they are compliant. Processing Content These errors seldom make