In 1994, the Governmental Accounting Standards Board established standards for public employee pension plans. Government and public employers have to report and account for pension benefits costs.However, until recent years, there was no such standard in place for other post-employment benefits for state and local government workers.

The Certified Financial Planner Board of Standards has established a Jan. 1, 2009 enforcement date for its revised "Standards of Professional Conduct," allowing members more leeway before enforcement takes effect.

The American Institute of CPAs has introduced a new service called Financial Reporting Alerts to help financial managers and audit committees identify current accounting and regulatory developments that affect financial reporting.

The Securities and Exchange Commission has voted to propose a series of reforms to credit-rating agencies to curb practices that led to trouble in the credit markets.

The Public Company Accounting Oversight Board has adopted rules requiring public accounting firms to submit reports at least once a year on fees, disciplinary actions and other information that will be posted on the PCAOB Web site.

The timeline for adoption of International Financial Reporting Standards in the United States faces several hurdles, including the long-delayed appointment of several SEC commissioners.

Prosecutors unsealed indictments against former Broadcom CEO Henry T. Nicholas III and CFO William J. Ruehle on charges of stock options backdating, along with allegations that Nicholas spiked the drinks of technology executives with ecstasy and organized a lavish drug party at a warehouse.