Audit

The International Accounting Standards Board said it is taking steps in conjunction with the U.S.'s Financial Accounting Standards Board to address the crisis in the credit markets.

McGladrey & Pullen's Jacksonville, Fla., office has been chosen to provide audit services for the Jacksonville Transportation Authority.

What's "dumping?"Depends on whom you ask. It could be an intentional policy, or it could just be a matter of how manufacturers cost their products.

With literally millions of Baby Boomers moving rapidly toward retirement, the demand for retirement income planning is slated to grow dramatically, says the Financial Planning Association in a new study sponsored by Transamerica. The study, 2008 FPA Financial Planner Attitudes and Perceptions about Retirement Income Planning, concludes that the demand for retirement income planning, retirement income products, and services, is increasing quite a lot, driven by what the FPA says is a greater understanding on the part of Americans relating to the important differences between the two broad phases of retirement: the accumulation or preparation phase and the distribution or income phase. According to the Diversified Services Group, which conducted the study along with the FPAS and Transamerica, this trend is likely to continue as Baby Boomers get older and want to learn more about retirement issues and solutions. Actually, financial planners say that they expect retirement income planning to be a key foundation of both their short- and long-term business growth. In fact, some 25 percent of advisers surveyed report that more than 50 percent of their new clients and assets will come from IRA rollover activities alone over the next year. Moreover, the planners surveyed say that 50 percent of their clients will retire over the next five years. For financial planners, this study shows an urgent need for them to become experts in retirement income planning as well as the need for them to examine their practices and how their revenue, revenue mix, and profitability could change as their clients retire. “The findings in this report point out that there is a significant spike in consumers’ appetites for help in retirement income planning, and advisers who become the subject matter experts in this area are the ones who will continue to find success as the market shifts due to demographics and the changing reality of what retirees' need to do in their retirement years,” concludes Will Prest, chief marketing officer of Transamerica Retirement Management, Inc. The study, the third annual study of its kind, is available for purchase by FPA institutional members for $7,500. Nonmembers can purchase the study for $10,000. To learn more about this study, send an e-mail to ResearchCenter@FPAnet.org.

PricewaterhouseCoopers reported that total gross revenues for its worldwide network rose to $28.2 billion for the fiscal year ended June 1, 2008, an 8 or 14 percent increase, depending on exchange rates.

The Financial Accounting Standards Board has decided to shorten the comment period on its proposed guidance for determining the fair value of assets in inactive markets, even as Congress may allow banks to temporarily suspend mark-to-market accounting.

The Center for Audit Quality has joined with the Council of Institutional Investors and the CFA Institute to come out in opposition of suspending mark-to-market or fair value accounting.

The issuance of the so-called Final Report of the Advisory Committee on the Auditing Profession to the U.S. Department proves conclusively to me that many of the powers that be need to gain a better understanding of transparency. It isn’t what’s in the massive document that tells me this, but it is what is specifically left out of both the document and the press release announcing the report’s approval.

Barry Salzberg became CEO of Deloitte LLP in June of last year after serving four years as U.S. managing partner and has steered the firm toward increased revenues, better education, green consulting and even an employee video festival.

The Treasury Department's Advisory Committee on the Auditing Profession has approved and adopted a final report with recommendations on how to improve the sustainability of the profession, but not without some dissension.

iPro One said it has acquired a minority ownership interest in Tegra Financial Partners, an affiliate of the Georgia accounting firm Habif, Arogeti & Wynne.

A recent survey by Harris Interactive conducted for Charles Schwab and Age Wave asked some 4,000 Americans ages 21 to 83 what they thought of different generations. It was broken down into Generation Y (ages 13-31), Generation X (32-43), Baby Boomers (44-62), the Silent Generation (63-83), and the Greatest Generation (ages 84 and older). Some of the findings show that Baby Boomers (35 percent) are most widely viewed as having a positive effect on society followed by Generation X (25 percent), the Silent Generation (33 percent), and the Greatest Generation (30 percent). These are considered the most widely admired generations. Actually, the Silent and Greatest Generations are viewed as the most generous while the Bay Boomers and Generation X are deemed the most productive. Interestingly, Gen X is considered the most self-indulgent followed by the Baby Boomers and Gen Y. There is no consensus as to which generation is most socially conscious although Baby Boomers and Gen X appear at the top of the list. One fascinating aspect is that the results show that Gen Y would like to rename themselves the Internet Generation. The survey shows that 53% of respondents view Gen Y as the most self-indulgent generation. They really dislike being called Generation Y or Millennials. And Gen X says that it would rename to Generation Tech. From the survey, some 41 percent view Gen X as the most innovative generation. Only the Baby Boomers seem to like the name given to them. In fact, 45 percent of the respondents view them as the most productive, and The Silent Generation would re-name themselves the Responsible Generation. They strongly dislike being called Silent or Invisible. I can affirm that because it’s my generation. I was certainly not silent or invisible, and was downright responsible. Some 33 percent of respondents view them as the most admired. I like that. The survey is entitled “Rethinking Retirement.” For more information, see http://rethinkingretirement.schwab.com/survey.

The Financial Accounting Standards Board has decided to delay the implementation of a new standard on loss contingencies after receiving comments from organizations concerned that it would lead to increased litigation.

The Internal Revenue Service issued a revenue procedure that provides guidance on the treatment of taxpayers who accept certain types of settlements of potential legal claims relating to auction rate securities.

Wolters Kluwer Tax and Accounting has acquired CI Consultancy Limited, an Irish developer of operational risk control systems for financial institutions and corporations.

Neil Romano detests the word "accommodation" when it refers to people with disabilities.

The Rehmann Group plans to merge with MSW Group to create Michigan's second largest wealth management and consulting firm.

The labor supply may experience shortages in coming years as more Baby Boomers retire, according to a study by KPMG.

Below is a reproduction of the main portion of the opening page of a Web site that I visit quite often.

The American Bar Association is urging the Financial Accounting Standards Board to delay implementing a proposed standard for loss contingencies arising from business combinations, warning of harmful, unintended consequences.