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.

I believe there are some important points that should be addressed in response to the author's perspective of the life settlement industry ("Be your own life settlement broker," Accounting Today, Aug. 4-17, 2008, page 16).A provider's No. 1 objective is to have the least amount of competition possible on any policy that they're reviewing, so they can pay the least amount for that policy. The provider is representing the institutional buyer, and their responsibility is to protect that fund's rate of return on its portfolio.

SURVEY: EMPLOYEES WORK HARDER WITH STOCK PLANSSome 76 percent of employees participating in a Fidelity Investments survey indicated that they work harder for a company that offers employee stock purchase programs and employer-sponsored stock plans.

New Jersey made the bottom of the list in a ranking of business-friendly state tax systems, while Wyoming ranked as the most friendly.

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

A case currently on appeal to the Supreme Court could affect the tax-exempt status of thousands of nonprofit health maintenance organizations.Vision Service Plan, the largest not-for-profit vision benefits and services company, was initially granted a tax exemption in 1960 as a social welfare organization under Section 501(c)(4).

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.

Fees and partner income grew at CPA firms last year, but the declining economy is likely to take a toll this year, according to a new survey.

The Internal Revenue Service said it would send compliance questionnaires to about 400 colleges and universities asking about their unrelated business income, endowments and executive compensation practices.

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 House approved the $700 billion financial industry rescue package by a 263-171 margin on Friday, after defeating it on Monday.

What's the future of CPAs in the financial planning area?The answer has been the same for the past 100 years.

After failing to clear a House vote on Monday, the $700 billion rescue plan for Wall Street passed the Senate by a comfortable margin of 74-25 and now awaits a House vote, which could come Friday.

Congress should consider making all taxpayers reporting rental real estate activity subject to the same information reporting requirements as other taxpayers with a trade or business, according to the Government Accountability Office.

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 Senate voted to reaffirm the Securities and Exchange Commission's authority to suspend mark-to-market accounting as part of its approval of the financial rescue plan, as fair value measurement comes under fire from banking groups.

The Treasury Department said it has opened its Temporary Guarantee Program for Money Market Funds, whereupon the Treasury will guarantee the share price of any publicly offered eligible money market mutual fund – both retail and institutional – that applies, and pays a fee, to participate in the program.

Senate leaders were expected to vote Wednesday evening on their version of the $700 billion financial bailout package after compromising on a series of tax breaks and increasing the limit on insured bank deposits.

A majority of tax and financial executives favor the research and development tax credit simplification proposed by the Senate, according to a survey by Grant Thornton.