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If the world had no accountants [The Indicator from Planet Money] As the unsung heroes of the financial world, CPAs (Certified Public Accountants) are responsible for a wide range of important tasks, from balancing the books to investigating fraud. So what happens when there’s not enough of them?
Meet the accountants who may become the new power brokers of taxes. [New York Times] Nearly 50 years ago, the Securities and Exchange Commission gave responsibility for writing and updating its “generally accepted accounting principles,” which determine how quarterly and annual profits are calculated, to the Financial Accounting Standards Board, a private organization funded by corporations and overseen by a nonprofit group, the Financial Accounting Foundation.
U.S. needs full access to Chinese company audit papers to resolve accounting dispute -watchdog [Reuters] The U.S. public company accounting regulator will not accept any restrictions on its access to the audit papers of Chinese companies listed in New York, its chair said on Monday, confirming a Reuters story published last week. Washington and Beijing are in talks to settle a long-running dispute over the auditing compliance of U.S.-listed Chinese companies. China authorities have long been reluctant to let overseas regulators inspect local accounting firms, citing national…
