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Businesses Face Additional Paperwork: Health Care Legislation Modified Tax Rules A provision in new federal health care legislation could have a significant impact on the amount of paperwork businesses must complete to interact with one another. CPE of the Week: There's XBRL: Long Awaited, Finally Here Every spring, when we produce a program on XBRL, an expert commentator urges you to get ready for data-tagging your financial statements since "it is right around the corner." On our opening segment, R.R. Donnelley's John Truzzolino reports that, with both the SEC and FASB now firmly in charge, XBRL has officially arrived for corporate America's financial statements. Take this class     SmartPros:  First Quarter 2010 Financial Results SmartPros in the News Investor Relations Weekly Newsletter News Archives Online CPE Twitter: SmartProsEditor Last Week's Top Reads:   1. Financial Reform Bill Clears Senate 2. CalPERS Attacks Pension Truth in Orange County   3. Provisions of the Negotiated Financial Reform Bill   4. Small Business Financial Checkups Get Complicated   5. Consumers Expect Financial Reform to be Positive

News & Insights

This Week in the SmartPros News & Insights Newsletter Oil, Gas, Mining Firms to Report to SEC ... Hecht: When Ignorance Is Not Bliss ... Firms Go Green ... CPE: XBRL FASB Update: Disclosures about the Credit Quality of Financing Receivables The Financial Accounting Standards Board (FASB) has issued Accounting Standards Update (Update) No. 2010-20, Disclosures about the Credit Quality of Financing Receivables and the Allowance for Credit Losses. FDIC Coverage Permanently Increased to $250,000 On July 21, 2010, President Barack Obama signed the Dodd-Frank Wall Street Reform and Consumer Protection Act, which, in part, permanently raises the current standard maximum deposit insurance amount to $250,000. TRANSCRIPT: Thomas Gallagher on VAT Thomas Gallagher, Senior Managing Director at ISI Policy Research talks to BLOOMBERG-TV about VAT. Obama Signs Sweeping Financial Overhaul into Law Reveling in victory, President Barack Obama on Wednesday signed into law the most sweeping reform of financial regulations since the Great Depression, a package that aims to protect consumers and ensure economic stability from Main Street to Wall Street. What's Next? U.S. Finance Reform Leaves Many Open Questions Winning approval for the biggest overhaul of Wall Street in generations may have been the easy part. The real challenge lies in the implementation. Judge Approves $550 Million Goldman Settlement A federal judge on Tuesday approved the deal calling for Goldman Sachs & Co. to pay $550 million to settle civil fraud charges that the Wall Street giant misled buyers of mortgage-related investments. Financial Reform Law Promises Large Rewards for Wall Street Whistleblowers The promise of substantial rewards contained in the Dodd-Frank legislation will entice a large number of corporate insiders to report securities law violations to the Securities and Exchange Commission (SEC), adding a powerful weapon to SEC enforcement, predict whistleblower attorneys with Phillips & Cohen LLP. SEC Chief Appearing after Goldman Deal The head of the Securities and Exchange Commission is appearing before Congress days after the passage of a sweeping financial regulation bill that gives the agency new powers and a landmark settlement of civil fraud charges with Goldman Sachs & Co. SEC Chief Points to Stepped-up Enforcement The head of the Securities and Exchange Commission said Tuesday the agency has revamped itself and stepped up enforcement in the wake of the financial crisis. It is also ready to write numerous new rules for the sweeping financial legislation that is about to become law, she told House lawmakers. AIG Agrees to Pay $725M to Investors in Settlement American International Group Inc. and some of its directors and officers have agreed to a $725 million settlement to resolve allegations of wide- ranging fraud laid out in a class action suit led by three Ohio pension funds. After Goldman Settlement, SEC Puts Focus on Safeguarding Everyday Investors The new Securities and Exchange Commission unit that obtained a $550 million settlement from Goldman Sachs in a fraud suit is pressing ahead with investigations into wrongdoing during the financial crisis by big banks, but is also turning its attention to exotic financial products that might be used to harm average investors, officials said. Bill would Require Oil, Gas, Mining Firms to Report to SEC Publicly traded oil, gas and mining companies will be required to disclose their payments to foreign governments, according to a provision contained within the landmark financial reform legislation passed by the Senate on Thursday. Firm that Checks the 'Green' Goes Green Think "accounting firm" and one of the images that likely comes to mind is paper -- stacks and stacks of it. Not so, however -- at least anymore -- in the offices of the accounting firm Adams, Brown, Beran & Ball. KPMG 'Living Green' Program Exceeds Overall Goals SEC Adds Units to Oversee Institutions, Products and Trends The Securities and Exchange Commission's division that reviews public company filings is creating three specialized offices to enhance its disclosure review and policy operations. Americans Skeptical Financial Overhaul Will Avert Future Crisis Almost four out of five Americans surveyed have little or no confidence measure will prevent or soften future crisis. Further, almost half say bill will do more to protect financial industry than consumers.

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