Financial reporting

Bank of America's audit committee has hired PricewaterhouseCoopers to replace KPMG as the auditor for its recently acquired Countrywide Financial unit.

The confidence of accounting and finance workers has plunged to a new low, according to a new survey.

Two-thirds of certified financial planners have seen an increase in potential clients as economic turbulence has increased in the past several weeks, according to a new survey.

The dispute between the American Bankers Association and the Financial Accounting Standards Board heated up as ABA president Edward Yingling called for a new accounting oversight board that would hold sway over FASB.

Proxy research and advisory concern Glass Lewis & Co. said it would expand its partnership with IW Financial, a provider of environmental, social, and governance research, to include a broader range of research offerings, including global security risk/terrorism and custom research.

Federal Reserve Chairman Ben Bernanke has given new life to calls for an economic stimulus package, but exactly what it will be is anybody's guess.

Barry Melancon, president and chief executive of the American Institute of CPAs, opened his annual remarks regarding the state of the profession at the Fall Meeting of Council and Members by addressing the current economic crisis and the controversy around fair value accounting.

If there were any doubt about Americans' urgent need for basic financial enlightenment, the economic meltdown that has been taking its heavy toll on Wall Street and Main Street of late should lay it to rest.But today's rocky environment was probably far from the imagination of the legions of CPAs who responded to the American Institute of CPAs' call in 2003, asking if they'd be willing to participate in a sweeping effort to raise Americans' financial literacy quotient.

The Census Bureau estimates that there are nearly 78 million Baby Boomers, many of whom are facing retirement in the next few years with little or no savings.These 40-, 50- and even 60-year-old late-starters have been too busy educating children, caring for parents and making ends meet to properly save for their own retirement. By taking the time to understand their personal needs and goals, and staying on top of changes in relevant plans and laws, advisors can give clients one more reason to rely on them and their financial guidance.

AMERIPRISE TO ADD 900 BLOCKERS

“Every day, we receive phone calls or e-mails that begin, ‘I just inherited (or acquired) a coin collection. What do I do?’ Unfortunately, all of us in the rare coin business have heard horror stories over the years about widows who sold their late husband’s collections at a fraction of the true value because they didn't have enough information. We've set up this new service so heirs can quickly get accurate information and find reputable dealers,” says Ron Guth, President of Professional Coin Grading Service (PCGS), one of the world’s largest, third-party rare coin authentication companies.

The Internal Revenue Service announced cost-of-living adjustments on the dollar limitations for pension plans and other items in tax year 2009, even as Social Security benefits are expected to rise next year.

The Financial Accounting Standards Board is considering delaying implementation of its controversial standard on accounting for uncertainty in income taxes for private entitiies.

The International Accounting Standards Board and its U.S. counterpart, the Financial Accounting Standards Board, plan to create a global advisory group to review financial reporting issues related to the credit crisis.

The Center for Audit Quality, the CFA Institute, the Council of Institutional Investors and the Consumer Federation of America have written to the Securities and Exchange Commission opposing demands for the SEC to override the Financial Accounting Standards Board's rules on fair value accounting.

The federal government plans to spend $250 billion to buy equity stakes in troubled banks to help them weather the credit crisis.

Presidential candidate Sen. John McCain, R-Ariz., and his rival Sen. Barack Obama, D-Ill., have proposed differing tax and retirement plan measures to deal with the economic downturn.

As more clients are confronted with shrinking retirement portfolios, layoffs and hardship getting bank loans for their business and personal needs, accountants are being asked for advice on how to survive through lean times.

The American Bankers Association has written to the Securities and Exchange Commission demanding that it override the Financial Accounting Standards Board's guidance on fair value accounting.

KPMG plans to contribute $1.5 million over the next five years to a village in Tanzania as part of a poverty relief project.