The Latest

This issue of Generational Viewpoints features two individuals from Milligan and Co. (www.milligancpa.com), a Philadelphia-based multi-office firm with 50 employees. Generation X partner Jovan Goldstein, born in 1975, and Baby Boomer firm founder and managing partner John Milligan, born in 1950, shared their views regarding the following question:"What are the most important skills you look for in your young and up-and-coming leaders?"

London - The Prince's Accounting for Sustainability Project has teamed with the Global Reporting Initiative to form the International Integrated Reporting Committee, with the goal of creating a globally accepted framework for sustainability accounting to bring together financial, environmental, social and governance information in a clear, concise, consistent and comparable format. The committee will try to develop more comprehensive and comprehensible information about an organization's total performance, on a prospective and a retrospective basis.

Norwalk, Conn. - The Financial Accounting Standards Board has released a new set of standards aimed at improving the transparency of financial reporting by companies that hold financing receivables, which include loans, lease receivables, and other long-term receivables.

Charge hours have been a primary measure of performance in many accounting firms. However, the profession is moving from an efforts-based to a results-based economy, and charge hours are only one of many gauges that a firm pilot must watch.

FASB, IASB RELEASE NEW LEASING STANDARD PROPOSALS

Washington, D.C. - The Securities and Exchange Commission is asking the public for feedback on its plans for incorporating International Financial Reporting Standards into the financial reporting system for U.S. issuers.

I'll be the first to admit that I have little patience looking for things, a trait that has annoyed my better half for nearly a quarter-century. Whether it be missing socks, a screwdriver or last month's bill from Home Depot, I usually require the use of a GPS to locate it.

Washington, D.C. - A group of Democratic senators has written to the chair of the Securities and Exchange Commission urging the SEC to require more complete and accurate corporate accounting disclosures, especially of off-balance-sheet transactions.

California

The question, "What happens if the Bush tax cuts sunset?" may seem a little silly at first.