Accounting education

DePaul University's College of Commerce has launched the Center for Global Accountancy Education, Benchmarking and Research, which will work to improve financial accounting in the developing world by policing three specific areas: international auditing standards, financial reporting and accounting education.The center will work closely with established international aid and development agencies, including the World Bank, the International Monetary Fund and the United States Agency for International Development.

For those unfortunate readers familiar with my writing, you know that, as a rule, I don't get sentimental in this space -- save for a somber column on the passing of my father-in-law in 2002 and his patient attempts to coach his all-thumbs son-in-law on home improvement projects.

The top-scoring candidates on the 2005 Uniform CPA Examination have been announced by the American Institute of CPAs.

In another lifetime, I lived and worked in Rome. It was quite an adventure and last week I returned to the city after an absence of some 30 years. Unfortunately for me, Thomas Wolfe is definitely right.

Thomson Tax & Accounting, a Thomson Corp. business, has acquired PassOnline, a provider of electronic continuing professional education.

The Employee Benefits Security Administration, part of the Labor Department, is seeking comment on its plans to update guidance on the independence of accountants who audit employee benefit plans.

H&R Block Inc., best known for its tax-preparation services, is expanding into banking.

Larry Swedroe is a first-rate analyst. He is the director of research and a principal of both Buckingham Asset Management and BAM Advisor Services in St. Louis. He is also a prolific writer of many, many books and articles on investment strategies and although he adds a disclaimer to everything he writes that his opinions and comments are his own and not of his two companies, his work is so well received that hardly anybody can find fault with it.

Now that hedge funds are getting crowded with institutions and smaller investors, the ultra-wealthy are getting crowded out.Not only have funds emerged that have initial investments as low as $25,000, but two of those new funds successfully raised initial capital through public sales of stock in early 2006.

DELOITTE SURVEY FINDS GOVERNMENTS NEED TO CLOSE LOOPHOLES ON UNDERFUNDED PENSIONS: As the number of underfunded public pension funds has risen dramatically over the past five years, state and local governments need to close loopholes, adjust the level of employee contributions and rethink overall fund management, or risk a crisis, according to a Deloitte Research study.The report, titled "Paying for Tomorrow,"' also warned that the pending crisis could be aggravated by the coming wave of Baby Boomer retirees tapping into their pension accounts, unless fund managers move quickly to adopt a solution. Among the areas of greatest concern cited are:

Many profitable small-business owners would like to have a retirement plan that can provide more than $50,000 of deductible contributions to the owners and other key employees.A defined-benefit plan is perhaps the only tax-qualified retirement plan that can achieve this. However, in traditional DB plans, the worker benefit costs are too high to make them practical. A cash-balance plan is the solution (see box).

A worker's Social Security benefits are reduced for each month that the worker starts getting the benefit before reaching full Social Security retirement age. The reduction is five-ninths of 1 percent of the primary insurance amount of that worker for each of the first 36 months before full Social Security retirement age, and five-twelfths of 1 percent for each additional month.Thus, if a worker retires exactly 36 months before reaching full Social Security retirement age, his benefit will be reduced by 20 percent (36 x 5/9 of 1 percent) of the PIA. If a worker retires 48 months before reaching full retirement age, the benefit will be reduced by 25 percent (36 x 5/9 of 1 percent plus 12 x 5/12 of 1 percent).

"The individual investor should act consistently as an investor and not as a speculator. This means that he should be able to justify every purchase he makes and each price he pays by impersonal, objective reasoning that satisfies him that he is getting more than his money's worth for his purchase."

CCH, a Wolters Kluwer business, announced that its acquisition of the assets of ATX/Kleinrock has been completed.

BNA announced that it will launch a new Accounting Policy & Practice Series for the accounting, legal and financial professions on Sept. 5.

After nine years, a federal report says that college tuition tax credits aren't necessarily providing the boon originally intended for poorer families.

The New York State Society of Public Accountants, the oldest state accounting association, representing approximately 30,000 CPAs, has offered certain suggestions regarding pending legislation in Congress affecting estate planning-- specifically emphasizing the pressing need for certainty and ease of administration with respect to the transfer tax.

In a continuing effort to assist victims of last year's hurricanes, the Internal Revenue Service has issued a new publication summarizing the tax incentives to rebuild the Gulf Coast, which are valued at almost $9 billion.

After spending most of 2006 talking to users and revamping its QuickBooks ProAdvisor Program, Intuit is looking to add another 15,000 accountants and small business consultants to the program over the course of the next year.

The International Federation of Accountants' Professional Accountants in Business Committee has released a publication summarizing key internal control frameworks, highlighting recent legislative and other initiatives, and discussing the role of internal control in enhancing corporate governance.