Public Companies Section

Legislative and regulatory reforms have increased the compliance burden and level of scrutiny on public companies. To help our members meet these challenges, OSCPA is launching a Public Company Special Interest Section. Members will get the latest developments on pubic company requirements from the SEC, FASB and Congress, among others, and find out the developing issues that public company CPAs need to know.

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Public Companies section news

  • Ohio worst in U.S. for corporate relocations
    Ohio is losing more corporate citizens than it’s gaining, according to a recent study. In 2010, 59.5% of the moves by corporations were out of Ohio, rather than into the state, according to Atlas Van Lines ’ annual Migration Patterns study. Ohio had the highest percentage of outbound moves in the country. 

  • U.S. needs to reform corporate tax, GE CEO says
    The United States needs to reform its corporate tax code and should consider eliminating all loopholes that allow companies to pay less than the statutory rate, General Electric Co's chief said. The largest U.S. conglomerate would accept the elimination of loopholes "in a heartbeat" if it was coupled with a lowering of the statutory 35% rate, Jeff Immelt said. 

  • PCAOB expected to release mandatory auditor rotation proposal soon
    The PCAOB could consider mandatory auditor rotation under a "concept release" expected soon, addressing some companies' practice of maintaining relationships with the same audit firms, often for decades. 

  • CFOs expect big raises this year
    Pay for CFOs is set to rebound this year after two years of declines, according to a new AICPA member survey. Predicting “a substantial improvement in 2011 at both private and public companies,” the survey says bonus-driven compensation should be buoyed this year by rapidly improving corporate performance. 

  • In volatile times, traditional planning and forecasting falls short
    In a period that has been described as "seemingly endless volatility," it is an open secret that the traditional planning, forecasting and budgeting process is in need of an overhaul. A once-static process of collecting and aggregating forecasts and creating an annual budget is in the midst of major transformation, and, in the minds of many CEOs and CFOs, this can't happen soon enough. 

  • AICPA issues exposure draft of principles and criteria for XBRL information
    The XBRL Assurance Task Force of the AICPA Assurance Services Executive Committee issued an exposure draft titled Proposed Principles and Criteria for XBRL-Formatted Information, which includes a set of principles and criteria for preparers, reviewers and practitioners to use in evaluating information formatted in XBRL. The exposure draft presents the principles and related criteria to be used for XBRL-related services and provides the basis for ASEC's conclusions about the suitability of the criteria. Comments on the exposure draft are requested by July 15. 

  • Report: S&P 500 companies expected to pay more taxes in 2011
    New research from Standard & Poor’s estimates that companies on the S&P 500 will essentially pay the same amount in taxes this year as they did in 2008, the year the financial crisis hit.