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International Accounting Merck Discloses Probe of Foreign Sales Practices Two federal agencies are probing drugmaker Merck & Co. for possibly violating anti-bribery laws in multiple foreign countries. Merck, the world's second-biggest drugmaker by revenue, has received inquiry letters from both the Department of Justice and the Securities and Exchange Commission, the company said in a regulatory filing.

News & Insights

This Week in the SmartPros News & Insights Newsletter Mortgage Summit to Revamp Financing ... Ketz: Lease Obligations ... CPE: Tax Changes China Reduces Holdings of Treasury Debt in June China reduced its holdings of U.S. Treasury debt for a second straight month in June while the holdings of Japan and Britain rose. IASB and FASB Publish Proposals to Improve Lease Reporting The International Accounting Standards Board (IASB) and the US Financial Accounting Standards Board (FASB) today published for public comment joint proposals to improve the financial reporting of lease contracts. IFAC Publishes New Quality Control Guide The Small and Medium Practices (SMP) Committee of the International Federation of Accountants (IFAC) today issued the second edition of its Guide to Quality Control for Small- and Medium-Sized Practices (QC Guide). GE Pays $23M to Settle Iraq Kickback Charges General Electric Co. will pay $23.4 million to settle federal charges that some of its subsidiaries paid illegal kickbacks to the Iraqi government in order to win contracts under a U.N. program. TRANSCRIPT: Thomas Gallagher on VAT Thomas Gallagher, Senior Managing Director at ISI Policy Research talks to BLOOMBERG-TV about VAT. U.S. Justices Strike Down Part of Anti-Fraud Law The U.S. Supreme Court has struck down part of the anti-fraud law enacted in response to Enron and other corporate scandals from the early 2000s. IASB Proposes Improvements to Disclosure Requirements for Level 3 Fair Value Measurements The International Accounting Standards Board (IASB) today published for public comment further enhancements to a disclosure proposal on Level 3 fair value measurements that formed part of the IASB's exposure draft Fair Value Measurement published in May 2009. FASB Issues Proposed Update on Fair Value Measurement and Disclosure The Financial Accounting Standards Board (FASB) has issued an Exposure Draft of a proposed Accounting Standards Update (Update) intended to develop common requirements for measuring fair value and for disclosing information about fair value measurements in U.S. generally accepted accounting principles (GAAP) and International Financial Reporting Standards (IFRSs). Geithner: Nations Won't Agree on Bank Tax at G-20 Treasury Secretary Timothy Geithner says the world's major economies disagree over taxing banks to pay for future bailouts. But he said the differences are narrowing in other areas of financial reform. G-20 Finance Chiefs Mull Deficits, Banking Rules Finance chiefs of leading economies tackled the thorny issue of reforming supervision of banks and other financial institutions Saturday, the urgency of their task sharpened by fears that Hungary's debt crisis could bring on a new round of financial disarray. Study: Oil & Gas Industry Not Immune to 2009 Economic Struggles Ernst & Young 3rd annual US E&P benchmark study released today Reserve growth amid significantly reduced profits. Swedish Think-tank: Global Arms Spending Soars Despite the global financial crisis, world military spending almost doubled in the past decade to reach $1.53 trillion in 2009, a Swedish think-tank said Wednesday.

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