The Securities and Exchange Commission (SEC) recently announced it voted to publish for public comment a proposed Roadmap, or series of benchmarks, that will guide the United States through the process of convergence from U.S. GAAP to International Financial Reporting Standards (IFRS). The move could ultimately unite the global business community and move all U.S. [...]
Fannie Mae has announced a major shakeup among the ranks of its senior management. This comes amid rising costs stemming from defaults by homeowners and mounting concerns the government-sponsored enterprise would soon need a government bailout. Fannie Mae President and CEO, Daniel H. Mudd, made a series of senior executive appointments, effective immediately, to oversee [...]
Presidential hopefuls, Barack Obama and John McCain, have starkly different plans on how to reverse the year-long slide in workers’ incomes, reports Money.com. The report notes that Democratic contender, Barack Obama’s proposals of creating jobs through government investments (such as a $150 billion investment in clean energy projects and infrastructure projects he says will create [...]
Enterprise risk management (ERM) is a growing concern and the biggest challenge for Chief Financial Officers, Audit Committee Members and Chief Audit Executives (CAEs). That’s according to three new surveys conducted by Crowe Chizek and Company LLC - one of the top 10 public accounting and consulting firms in the U.S. “The common theme in [...]
Almost 60% of European and U.S. institutional investors believe another large financial firm will collapse within the next six months, according to a survey by Greenwich Associates. The study also finds that more than 75% of those polled see counterparty risk in credit default swaps as a serious threat to global financial markets.
The Counterparty Risk [...]
U.S. Accounting firm BDO Seidman recently announced its annual revenue jumped 12% percent in 2008, helped by strong growth in its consulting business. BDO - one of the largest U.S. accounting firms after the “Big Four” auditors - says revenue for the fiscal year ended June 30, 2008 increased to $659 million, an 11.9% percent [...]
Risk management has become an offensive field. Corporate boards today face unparalleled levels of business complexity, new regulations and mounting shareholder demands. As a result, executive search firm, A.E. Feldman, says risk management jobs are evolving to better manage initiatives to ensure that business objectives are met, losses are minimized, business processes are improved and [...]
Deloitte’s forensic accounting and tax units have enjoyed a big boost in business. The Big Four accounting firm reports that annual revenue at its member firms rose 18.6% in fiscal 2008, spurred by growth in Asia and demand for its financial advisory services, according to Reuters. Amid the slowing economy, the firm’s business transformation services [...]
Risk continues to top the list of corporate priorities among companies in the financial sector as well as a growing number of non-financial businesses. A recent survey of leading figures in the financial services industry from global service provider, Omgeo, shows that nearly 90% of respondents are taking increased measures to protect their firms against [...]
U.S. companies need to prepare for the convergence of global accounting standards. A mid-year update of the Financial Accounting Standards Board’s agenda left no doubt that the group is actively planning for U.S. GAAP to be replaced by International Financial Reporting Standards (IFRS), reports CFO.com. Moreover, a large majority of accounting leaders from around the [...]
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