I am working on an article for the January issue of Practical Accountant on the risk assessment standards that apply to all non-public company audits. They are effective for audits of financial statements for periods beginning on or after Dec. 15, 2006.

The former chairman and chief executive of CNA Insurance Cos. has been named chairman of the Financial Accounting Standards Advisory Council.

Just a few days after receiving the Public Company Accounting Oversight Board’s proposed budget for 2007, the Securities and Exchange Commission unanimously approved the document, which includes a 4.2 percent increase in funds, setting next year’s outlays at $136.4 million.The board’s budget, less registration fees collected from accounting firms throughout 2006, form the basis for assessment of accounting support fees in 2007. The budget also includes a provision that the board will tap into an excess of its working capital reserve fund to reduce the overall accounting support fee by $10 million next year.

The Public Company Accounting Oversight Board approved a $136.4 million budget for the 2007 calendar year, an increase of 4.2 percent over last year.Under the Sarbanes-Oxley Act, which created the accounting regulator, the board’s budget, less registration fees collected from accounting firms throughout 2006, form the basis for assessment of accounting support fees in 2007. The board will agreed to tap into an excess of its working capital reserve fund to reduce the overall accounting support fee by $10 million next year.

Hitachi America Ltd. XBRL Business Unit announced the launch of its Xinba 2.0 Reader and Analyzer, a desktop-based Microsoft Excel add-in that gives users the capability to import, open and manipulate Extensible Business Reporting Language directly in the program.XBRL is a technology that tags financial information through disparate applications and carries it through the business reporting chain. Software that can actually manipulate the data into usable form is only just beginning to be introduced on a broad base.

The International Accounting Education Standards Board is seeking comment on an exposure draft of its strategic plan for 2007-09.

Scott Taub, the longest serving of the Securities and Exchange Commission’s deputy chief accountants, will leave the commission later this year.Taub, 38, had served as acting chief accountant for nine months beginning in late 2005 until Conrad Hewitt started in the position in mid-August. Prior to serving as a deputy, Taub spent most of career with Arthur Andersen and as a professional accounting fellow in the Office of the Chief Accountant between 1999 and 2001. He returned to the office in September 2002.