PERSONAL FINANCIAL CENTER OFFERS ACCOUNT AGGREGATION SERVICE: Practitioners Publishing Co., a solutions provider for tax and accounting professionals, has partnered with Adhesion Technologies to incorporate Adhesion's account aggregation software - EA2 - within PPC's Personal Financial Center.
The alliance would provide clients of CPAs and other financial advisors with a broad picture of their personal financial balance sheet. Adhesion's EA2 software collects asset and liability information, including balances, transactions and holdings detail from an individual's banking and investment accounts, as well as balances and transactions from credit cards, mortgages and other consumer loans.
It is now available to PFC subscribers for $249 per firm location, plus $1.95 per client per month. PPC unveiled its PFC last fall. PPC is a unit of Thomson Tax & Accounting, a division of Thomson Corp., which owns the publisher of Accounting Today.
FEI FORMS TASK FORCE TO ADDRESS POST-ENRON REFORMS: Financial Executives International has formed a task force of members - financial executives from major multi-national corporations - to examine critical issues arising from the Enron bankruptcy.
The task force plans to make recommendations in four principal areas:
- strengthening financial management and commitments to ethical conduct;
- improving corporate governance and the effectiveness of audit committees;
- rebuilding confidence in the accounting industry and the effectiveness of the audit process; and,
- modernizing financial reporting and reform of the accounting standard-setting process.
The group will issue recommendations within the next 60 days and will forward them to Congress and the Securities and Exchange Commission, the FEI said.Task force members include: Phil Ameen, vice president and comptroller of General Electric; Fred Corrado, vice chairman and chief financial officer of A&P; John Jessup, vice president and controller of DuPont; Stephen Patrick, chief financial officer at Colgate-Palmolive; Dennis Powell, vice president and corporate controller at Cisco Systems; Pedro Reinhard, executive vice president and chief financial officer of Dow Chemical; Bryan Roub, senior vice president and chief financial officer at Harris Corp.; David Shedlarz, executive vice president and chief financial officer for Pfizer; David Sidwell, chief financial officer for JP Morgan Chase; and Frank Borelli, senior advisor of Marsh & McLennan Cos.
FEI also said that it will review and update its Code of Ethics. The group plans to publish this revised code within the next 60 days.
IESOC OPPOSES STOCK OPTION REFORM MEASURE: The International Employee Stock Option Coalition, a group of more than 70 associations and companies, has announced its opposition to S. 1940 - legislation that would reform the way in which companies account for stock options.
The group said that it opposes the bill, which was introduced in mid-February. "American companies of all sizes and types have found the use of broad-based stock options to be a key ingredient in developing innovation, commitment and entrepreneurship," the coalition said.
The IESOC said that if adopted, the legislation would likely end the use of stock options except for the most senior executives. The coalition maintained that implementing the measure would have dramatic consequences and penalize rank-and-file employees who, with increasing regularity, receive stock options.
The coalition further stated that the bill suggests "an unfounded and unprecedented link between financial accounting and tax accounting."
ISRAELOFF TRATTNER ENTERS ALLIANCE WITH AXA ADVIXORS: Regional CPA and financial and management consulting firm Israeloff Trattner has struck an alliance with financial products and services concern AXA Advisors.
The new entity will be called Israeloff Trattner Financial Services and will offer an array of financial products in the New York metropolitan region. Products offered will include: mutual funds, life insurance, annuities, disability income insurance Keogh and 401(k) plans and retirement planning services.
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