Former Law Firm Partner Facing up to 25-Year Sentence After Guilty Plea to Fraud Charges

Louis W. Zehil, a former partner of McGuireWoods LLP, pleaded guilty March 15 in the U.S. District Court for the Southern District of New York to charges he…

SEC’s New Market Abuse Unit Developing Technology to Analyze Trading Data

The Securities and Exchange Commission’s new Market Abuse unit is “actively developing” a sophisticated database to sort and analyze so-called “blue sheet” trading data to detect…

FASB Decides Planned Changes to Hedge Accounting in Financial Instruments Project

The Financial Accounting Standards Board plans to unveil a comprehensive proposal by March 31 making marked changes to long-standing hedge accounting…

SEC Sides with Investment Banks in Losing Bid to Lower Firewalls in 2003 Analyst Settlement

Notwithstanding the concurrence of the Securities and Exchange Commission, the U.S. District Court for the Southern District of New York declined March 18 to modify a…

FCC National Broadband Plan Recommends Role for Agency in Shaping Online Privacy Policy

The Federal Communications Commission March 16 released its national broadband plan that includes provisions calling for the commission to have a role in…

ANALYSIS: Issues Raised by Use of Open Source Software for Electronic Health Records

Despite the contentious nature of the recent debate on health care reform, most of the participants agree on one core fact: health care costs in the United States have been…

IRS’s Information Security Weaknesses Jeopardize Financial Data, GAO Reports

The Internal Revenue Service had a material weakness in internal controls over financial reporting related to information security in fiscal year 2009, the Government Accountability Office said in a…

FASB Expects to Issue Proposal on Financial Instruments in April

The Financial Accounting Standards Board and its staff outlined a rulemaking schedule March 19 for completing a closely watched, comprehensive proposal to revamp reporting of…

Second Circuit Finds Royalty Payments Need Not Be Capitalized Under Section 263A

The U.S. Court of Appeals for the Second Circuit March 19 ruled in a decision of first impression that royalty payments—calculated as a percentage of sales revenue from inventory—that are incurred only upon…

Three Senators’ Compromise Climate Proposal Could Expand Offshore Drilling, Impose Petroleum Taxes

Three senators are closing in on a compromise climate bill that would expand offshore drilling but could require oil companies to pay taxes on the carbon content of each barrel of imported and domestic oil…

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