Audit & Accounting

China will adopt International Financial Reporting Standards by Jan. 1, 2007, the country's minister of finance announced.

Risk management and compliance software provider Movaris has joined XBRL International -- the nonprofit consortium of roughly 350 companies working toward the development and support of the Extensible Business Reporting Language.

The University of Maryland's Robert H. Smith School of Business will offer a weekend executive master of science in accounting, featuring a unique internal auditing focus.

The Public Company Accounting Oversight Board announced that the Securities and Exchange Commission has approved PCAOB Auditing Standard No. 4 -- "Reporting on Whether a Previously Reported Material Weakness Continues to Exist."

The Securities and Exchange Commission needs to make improvements to its hiring and personnel practices, according to a report from the Government Accountability Office.

TVIA INC. DISMISSES PWC: Tvia, a designer and marketer of semiconductor systems, has dismissed auditor PricewaterhouseCoopers and engaged BDO Seidman as its replacement.According to a federal filing, Santa Clara, Calif.-based Tvia had no disagreements with its former auditor on accounting issues, and no reason was given for the change in independent accountants.

TREASURY, IRS FINALIZE ROTH 401(K) RULES: The Treasury Department and the Internal Revenue Service have issued final regulations regarding Sections 401(k) and 401(m) related to designated Roth IRA contributions.Roth contributions were added to the code by the Economic Growth and Tax Relief Reconciliation Act of 2001, and are effective for taxable years beginning after Dec. 31, 2005.

Over the next decade, the majority of the 79 million Americans girding for retirement will begin to withdraw from their savings. This group is more likely to live longer, control their investment decisions, and be more active than any generation in history. These facts lead to the conclusion that setting up retirement spending plans is likely to become a service demanded of every financial advisor.The number of variables complicates the task.

Personal financial records are a necessary part of our lives, but it's easy for clients to get overwhelmed by the volume of papers.According to the New York State Society of CPAs, the beginning of the year is an excellent time to get financial records in order. Here is some advice to help clients determine what they should keep and what they should purge.

The Financial Accounting Standards Board has outlined a productive year that includes a host of projects coordinated with the International Accounting Standards Board, an exploration into the fundamental concepts of accounting, four substantive standards projects and a half-dozen implementation documents.Arguably, FASB's most far-reaching project is its work on the Conceptual Framework. Any decisions reached on this project - which is being developed in conjunction with the IASB - would impact virtually every accounting standard that will be set in the United States and around the world.