The Institute of Management Accountants has welcomed the looming entry of the American Institute of CPAs into its arena with a proposed new designation for management accountants. The IMA said the AICPA's effort, in a proposed joint venture with the Chartered Institute of Management Accountants, shows the importance of management accounting.

 The American Institute of CPAs and the Chartered Institute of Management Accountants are proposing a joint venture to create a new designation for management accountants worldwide. However, to hold that designation in the United States, a person would also have to be a CPA, which appears to mean the proposal would put it into the same market as the Certified Management Accountant credential from the Institute of Management Accountants. Read more...

Jackson Hewitt has canceled its earnings conference call for the third quarter ended January 31 as the company and its lenders talked about restructuring its balance sheet. A document filed with the SEC said this could include a "pre-packaged bankruptcy." That statement came despite a return to profitability and a rise in revenue by the tax preparation chain. The SEC filing said the parties must execute the deal by April 29 or the lenders could declare the company in default on its loans.