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.

Practitioners and industry observers concur with the call by Taxpayer Advocate Nina E. Olson for tax simplification.Although legislation calls for the Taxpayer Advocate to list at least 20 of the most serious problems facing taxpayers, Olson went a step further and included a major section on tax simplification.

The Internal Revenue Service has come out of the gate in 2006 with a shiny new employment tax form for small employers.Effective January 1, employers who expect to owe no more than $1,000 in federal employment taxes for the 2006 calendar year will be required to file Form 944, Employer's Annual Federal Tax Return, replacing the quarterly Form 941.

Twenty-five different sets of contract law - one for each of the EU's individual member countries - looked recently as if they might soon be joined by a "26th Regime" applicable for certain areas in financial services.However, that proposal has now been put on the back burner by the European Commission's Internal Market Division, which oversees the EU's financial legislation.

Many of the 19 former tax professionals facing trial over the sale of KPMG tax shelters, whose legality has been questioned by the federal government, have asked for the dismissal of the charges in a variety of joint motions.More than 25 motions were filed in Manhattan's U.S. District Court, several requesting that the charges against the professionals be dropped entirely, as no court has ever actually ruled the shelters to be illegal. Many additional motions asked for the dismissal of charges because the defendants said that they were being unfairly singled out from other KPMG officials who sold similar shelters.

The overriding objective of the Sarbanes-Oxley Act is to strengthen the public securities market by holding management accountable for material information filed with the Securities and Exchange Commission and released to investors. To help achieve this overall goal, Sarbanes-Oxley includes several underlying objectives, specifically improving corporate governance, promoting ethical business practices, enhancing the transparency of financial statements and disclosures, and ensuring that company executives are aware of material information emanating from their business.Sarbanes-Oxley is not law for nonprofit organizations, but its guidelines for achieving its underlying objectives can be applied to all organizations, including nonprofits. By adopting the principles and best practices promoted by Sarbanes-Oxley - customized to meet an organization's unique nature and needs - a nonprofit organization can better realize its mission and meet the expectations of its key stakeholders.

The Roth 401(k) contribution option, even with almost five years of advance warning, is taking a while to catch on.Reports are that fewer than 20 percent of eligible 401(k) plans now have them, with the rest sticking with tried-and-true pre-tax deferral contributions. If field data is accurate, however, this tepid reception is about to change. When employers, especially those also wearing the hat of the highly paid employee, begin to run the numbers, Roth 401(k) accounts are looking very attractive. This view is especially true following the recent release of favorable final regulations on Roth 401(k) contributions.

The Governmental Accounting Standards Board's agenda for 2006 will rank among its most ambitious ever.Within the first few months of the year, it may have six or more projects underway, with exposure drafts going out the door as comment letters are coming in.

On Dec. 6, 2005, Financial Accounting Standards Board Chairman Robert Herz addressed the American Institute of CPAs National Conference on Current Securities and Exchange Commission and Public Company Accounting Oversight Board Reporting Developments in Washington.The chair traditionally speaks at this venue, but often the remarks are only perfunctory. This time, though, Herz showed his leadership by calling on capital market participants to lay aside their self-interest and work together to achieve "progress ... in improving the quality and transparency of financial reporting."

Canada's Accounting Standards Board has agreed to adopt international accounting standards for the country's public companies over the course of the next five years.The accounting rules known as Canadian GAAP will cease to exist as a separate basis of financial reporting after the end of the implementation program. The 25-member board also agree to pursue separate strategies for three major categories of reporting entities, including public companies, private businesses and not-for-profit organizations.

The Securities and Exchange Commission named John W. White to the post of director of the regulator's division of corporate finance.

The heads of the investor protection agencies for the United States and the European Union both said that they expect U.S. GAAP will ultimately be deemed equivalent to the E.U.'s International Financial Reporting Standards.

In one of the largest regulatory settlements ever, American International Group Inc. will pay more than $1.6 billion to settle allegations that it used deceptive accounting practices to mislead investors and regulators.

Joining an anti-tax group in questioning the constitutionality of the Public Company Accounting Oversight Board is a one-partner Law Vegas auditing firm, Beckstead and Watts LLP.

The American Institute of CPAs has released two new standards, one on auditing professional requirements, which includes a section on attestation engagements, and a second dealing with audit documentation.

The general counsel of the Public Company Accounting Oversight Board will leave his post in late March.

More than three years after its passage, and months after the largest players in the auditing field have had to face the new meaning of internal controls, the centerpiece of the Sarbanes-Oxley Act -- the creation of the Public Company Accounting Oversight Board -- looks to be facing a court battle that carries some weight.

In a case that may wind up in the Supreme Court, an unnamed accounting firm is poised to lodge a legal challenge questioning the constitutionality of the Public Company Accounting Oversight Board.