Audit

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.

A long-awaited overhaul of accounting for business combinations and consolidations was recently completed by the Financial Accounting Standards Board.FASB issued a revised version of FAS 141, Business Combinations (FAS 141(R)) and the new FAS 160, Noncontrolling Interests in Consolidated Financial Statements, which is an amendment of ARB No. 51.

The Public Company Accounting Oversight Board along with regulators, audit firms and investor oversight groups are hailing a decision by an appeals court that upheld the constitutionality of the audit firm overseer.Ending a two-year legal battle, the U.S. Court of Appeals for the District of Columbia Circuit held that the manner in which the organization's board members are appointed and overseen under the Sarbanes-Oxley Act is constitutional. The decision was split 2-1 among the judges.

Before the SEC published its roadmap for the switch to International Financial Reporting Standards, we asked a large group of industry leaders if they thought the accounting profession was ready for the shift - and if not, what it needs to do to get ready.

KPMG plans to host a 48-hour worldwide recruiting fair over the Internet next week.

Nonprofit software provider Blackbaud Inc. said it has completed the integration of its flagship product Raiser's Edge with Sphere, the online marketing and fundraising application from its Kintera division, which it acquired in July.

In response to the aging of this country’s workforce and the most serious economic downturn in years, AARP says that it is broadening its online career services for 50+ workers through a new collaboration with RetirementJobs.com. The new service, it adds, will provide mature workers the opportunity to search for full time, part time, and flexible jobs from age-friendly employers, This new online venture (www.aarp.org/jobs) will allow AARP’s some 40 million members to have direct access to RetirementJobs.com’s search tools. Accordingly, as part of this new collaboration, both entities will identify employers that maintain policies, practices, and programs consistent with employment of those 50 and older based solely on their proficiency, qualifications, and contribution. Deborah Russell, AARP’s director of workforce programs, points out that the new collaboration will add “great breadth to AARP’s career site by proving our members opportunities to find job openings and transition into new jobs.” This new collaboration comes on the heels of an AARP economic survey done this past May in which it found that 81 percent of all Americans ages 45 and over say that the economy is in fairly bad, or very bad, condition. It also shows that more than one in four older workers say they postponed plans to retire because of the recent economic downturn and eight in 10 Boomers note that they plan to work into their retirement years. In fact, the survey unearths the fact that those planning to work into their retirement years are primarily doing so to earn needed, additional income, maintain health benefits, or in some cases to remain active and gain personal enrichment. Keep in mind that this all comes at a time when 50+ workers are playing an increasingly important role in the labor force. Actually, 50 and over workers already represent 28 percent of the workforce and projections show that by the year 2016 that figure will jump to 33.5 percent--more than one in three in the labor force. You can get a copy of the survey, “The Economic Slowdown’s Impact on Middle-Aged and Older Americans,” by going to http://assets.aarp.org/rgcenter/econ/economy_survey.pdf.

The Securities and Exchange Commission has issued an addendum to an earlier letter it has sent to the CFOs of some public companies asking them to provide additional information about their fair value measurements, including credit risks and broker quotes.

Cougar Mountain Software has released CMS Professional 2009 for its accounting, fund and point-of-sale software lineup, providing extra inventory, security and customer management features.

The Securities and Exchange Commission issued a statement clarifying the accounting treatment for money market mutual funds amid the growing turmoil in the financial markets.