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Four former executives of re-insurer General Re and one former executive of insurer American International Group were convicted by a jury of fraud and conspiracy for manipulating financial statements.

I sat in on part of a meeting of the Financial Accounting Foundation and heard that many in Europe are taken aback at the swift pace of convergence in the U.S. with international accounting standards, but they are still waiting for us to set a deadline.

The many Boomers partners of firms who are planning to retire or slow down is being viewed as generating firm succession and staffing issues. Similarly, another expressed concern is the declining number of Ph.Ds. in accounting, which hurts the pipeline of incoming accounting graduates to the profession. A partner in a national firm also commented that he was alarmed by the many college professors teaching accounting who don’t have a familiarity with U.S. businesses.

The Internal Revenue Service has introduced an electronic filing system that allows small tax-exempt organizations to file Form 990-N "e-Postcards" to report their annual income.

House Democrats plan to reintroduce a bill this week that would shift tax breaks from oil and gas to renewable energy sources.

Germany has committed to sharing tax evasion information as a widening tax scandal involving its citizens and the tax haven of Liechtenstein spreads to other parts of Europe.

Fox Coaching Associates has launched a business development Web site for accountants, lawyers and service professionals to help attract more clients and generate additional business.

The International Accounting Standards Board said its Fair Value Measurement project team has begun a standard-by-standard review of existing fair value measurements in International Financial Reporting Standards to assess whether each standard's use of a fair value measurement basis was intended to be an exit price.

It's no secret that creating a firmwide disaster recovery plan helps ensure business continuity in the face of crisis, but having one in place could ultimately affect your insurance premiums as well.Gary Marchitello, managing partner and property practice leader at New York-based Integro Insurance Brokers, said that disaster recovery plans are not mandatory when negotiating premiums. But presenting one to your insurer can save you between 25 and 50 percent -- particularly if you are located in a catastrophe-prone area.

While Democrats and Republicans slug it out on the campaign trail, there's one issue of deep concern to accountants that all of the 2008 presidential candidates agree on: the need for reform of the federal tax system.That is where the consensus ends, however. None of the contenders agree on what changes are needed in the Tax Code, or even what constitutes reform. Adding to the confusion, at least some of the candidates have tailored their tax reform positions to their audience -- favoring one course of action while on the campaign trail, but voting the opposite way in Congress.