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NASBA Offices Will Close in Observance of Independence Day

July 1, 2015 NASBA offices will close on Friday, July 3, 2015, in observance of the Independence Day Holiday. NASBA will re-open on Monday, July 6, 2015, at 8:00 a.m. (CT). First observed in 1776, Independence Day is a time to commemorate the adoption of the Declaration of Independence. From everyone at NASBA, have a…

June 2015 – Full Issue

Madoff’s CPA Sentenced

State Board Report June 2015 David G. Friehling, the outside auditor for Bernard L. Madoff Investment Securities LLC, the Ponzi scheme that came to light in 2008, was sentenced in May by Judge Laura Taylor Swain, in the Federal District Court in New York, to two years of supervised release, including one year in home…

SEC Chief Accountant Reports on IFRS

State Board Report June 2015 Since December the Securities and Exchange Commission’s staff has been hearing from preparers, investors, auditors, regulators and standard-setters about SEC Chief Accountant James Schnurr’s suggestion that domestic issuers be allowed to provide International Financial Report Standards (IFRS)- based information as a supplement to U.S. GAAP financial statements without requiring reconciliation.…

NASBA Praises PCC’s Performance

State Board Report June 2015 The accomplishments of the Private Company Council were given high marks in NASBA’s response to the Financial Accounting Foundation’s three-year review of the PCC. Besides recommending that the PCC continue being more than an advisory body to the Financial Accounting Standards Board (FASB), the letter from Chair Walter C. Davenport…

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