Securities and Exchange Commission Chief Accountant Conrad Hewitt announced that he will leave the regulator as the Obama administration takes over. Also leaving will be John White, the director of the Division of Corporate Finance.SEC Chairman Christopher Cox had said previously that he will leave upon the change in administration.

The Financial Accounting Standards Board by its own accounts had a very productive 2008, and it looks like its output will be even higher in 2009.Though much of 2008 was dedicated to issuing discussion papers that may eventually lead to standards and documents in 2009, the past year saw new standards on accounting for financial guarantee insurance contracts, the hierarchy of generally accepted accounting principles, and disclosures about derivative instruments and hedging activities.

It looks as though many Americans are cashing in their 401(k)s prematurely. So says Take Charge America, one of the nation’s largest non-profit financial education, credit counseling, and debt management companies-- based upon a recent survey. According to Take Charge America, more than one-third of the individuals polled said they would consider meeting current financial obligations through their 401(k) and retirement savings. Of course, add to this that pursuant to a recent AARP study, more than 10 percent of people 50-70 years of age had already retired and are going back to work because of the economy. “The age at which Americans can retire will continue to increase as many individuals look for quick fix solutions for current financial woes,” says Mike Sullivan, director of education for Take Charge America. The company offers certified credit counselors to provide financial advice for those dealing with the financial crisis and Sullivan has some good advice to navigate retirement planning: 1) Don’t Consider Cashing Out a 401(k) Early. He says this is almost always a bad idea because the individual is slapped with large penalties and taxes. He notes that if the person is under 59 ½, there is likely to be a 10 percent penalty plus taxes owed on the funds. “The government requires that 20 percent of the amount payable is automatically withheld on the taxable portion of the withdrawal and that could mean a total of 30 percent of the investment paid in taxes and penalties.” 2) Don’t Retire, Hold onto the Paycheck. Sullivan adds that postponing retirement can provide larger benefits. In fact, he notes that the government is now looking at age 67 as the new retirement age although many people are targeting 69 or 70. 3) Take Care of Health. Sullivan points out that staying healthy helps avoid medical costs and though its sounds simple, he says that keeping weight in check by eating less and avoiding fats and sweets can pay dividends in the future. Plus, exercise regularly and vigorously, and avoid alcohol and tobacco. 4) Change the Lifestyle. Although he admits it may seem drastic, Sullivan says that the best response to credit issues is to stop charging, put away credit cards, and get on a budget. He concludes that it is tempting to look at the 401(k) as a resource to alleviate current financial burdens but that changes in lifestyle, including spending habits, taking care of health, and eliminating excess expenditures can help secure financial independence “without jeopardizing” the future. Take Charge America can be reached at (888) 822-9193. Their Web site is www.takechargeamerica.org.

The Financial Accounting Standards Board has released a staff position officially deferring the effective date of FASB Interpretation 48, "Accounting for Uncertainty in Income Taxes," for nonpublic pass-through entities and nonprofit organizations, and released guidance on accounting for the assets in postretirement plans.

Susan G. Markel, chief accountant of the Securities and Exchange Commission's Division of Enforcement, is stepping down after 14 years at the agency.

The Center for Audit Quality has released a paper to provide guidance on applying accounting standards to residential mortgage modifications.

The court-appointed trustee for the liquidation of Bernard Madoff's investment securities firm has received $29 million from the disgraced asset manager's bank account that he plans to distribute to defrauded investors.

The Treasury Department plans to purchase $5 billion in equity from GMAC, and lend another $1 billion to the automobile-financing company.

The Treasury Department released a letter with responses to 10 questions posed by a recent report that criticized its management of the Troubled Asset Relief Program.

The International Accounting Standards Board and the Financial Accounting Standards Board have attracted a set of high-profile members from around the world to form an advisory group on the financial crisis.

Once again it’s the time of year for me to make resolutions that I probably won’t keep for five minutes.

The Securities and Exchange Commission has released its eagerly anticipated report on mark-to-market accounting calling for improvements in fair value accounting standards, but not suspension of them.

The Securities and Exchange Commission has modernized its oil and gas company reporting requirements for the first time in more than 25 years.

The majority of banks and financial services companies bailed out by the Troubled Asset Relief Program are probably in worse condition than publicly disclosed, according to an new study.

An analysis of charitable foundations set up by professional basketball players found that many of them spend only a fraction of their money on charitable activities.

Hopefully there will be many lessons learned from the Bernard Madoff scandal once there is a better understanding of exactly what happened. I am sure there will be a number of in-depth books written on the subject. There will be chapters on asset allocation, due diligence, risk management, the SEC, internal operations of investment companies, compliance officers, investment advisors, fund of funds, hedge funds, auditors, peer review, whistleblowers, independent custodians, lawsuits, transparency, and regulatory change. All of the above are very interesting, but the chapter that I am most interested in is the one on human nature.

A group of 61 members of Congress has written to President Bush asking him to suspend rules that require senior citizens to withdraw money from their severely depleted retirement accounts by the end of the year.

CEOs at many companies are earning a greater proportion of their compensation in the form of stock, but they're still getting more cash than ever, according to a new study.

PricewaterhouseCoopers believes that M&A activity will be dominated in 2009 by "mergers of necessity" as distressed companies seek the protection of more stable parents.

Members of the Financial Accounting Standards Board came under pressure to relax fair value accounting rules when banking regulators would not change their capitalization requirements. FASB decided to loosen rules that kept banks from accounting for the cash flows they expected from mortgage-backed securities and other assets during impairment tests when they are categorized as available for sale, rather than just as held to maturity.