The Securities and Exchange Commission plans to hold a roundtable discussion on Aug. 4 to compare the performance of International Financial Reporting Standards and U.S. generally accepted accounting principles during the recent period of market turmoil caused by the subprime loan crisis.

The Public Company Accounting Oversight Board has adopted rules and a related form to govern when a firm would be allowed to succeed to the registration status of a predecessor firm following a merger or other change in the registered firm's legal status.

Accounting firm Burr Pilger Mayer has introduced an employee stock ownership plan that it is offering to all of its 325 employees.

Conrad Hewitt joined the Securities and Exchange Commission as chief accountant in August 2006. Hewitt is charged with establishing and enforcing accounting and auditing policy to enhance the transparency and relevancy of financial reporting at the SEC. His office also aims to improve the professional performance of public company auditors in order to ensure that financial statements used for investment decisions are presented fairly and have credibility. Lately he has been much involved with planning for the transition from U.S. accounting standards to international standards. WebCPA talked with him and his department's chief legal counsel, Jeff Minton, about the convergence of U.S. generally accepted accounting principles and International Financial Reporting Standards.

The Public Company Accounting Oversight Board plans to consider adopting rules on succession to a predecessor's registration status. The PCAOB has scheduled an open meeting for Tuesday, July 29, at 9:30 am in the board's open meeting room at 1666 K St. NW, Washington, D.C. The board will consider adopting rules and a corresponding form that govern when a firm would be allowed to succeed to the registration status of a predecessor firm following a merger or other change in the registered firm's legal form. The meeting will be open to the public and Webcast via a link on the PCAOB's Web site (www.pcaobus.org) that will be made available the day of the meeting. The meeting also will be available via podcast later in the day.

The Securities and Exchange Commission and the Federal Reserve are each pushing to gain regulatory authority over investment banks. At a hearing on Capitol Hill, SEC Chairman Christopher Cox and New York Federal Reserve President Timothy F. Geithner each outlined plans for the monitoring of commercial and investment banks. Both laid blame for the "patchwork" of regulatory agencies in lieu of one overseer for much of the current roiling of the financial markets. Cox urged lawmakers to give his agency responsibility over investment banks pointing out that the commission currently has authority over the markets in which they operate. Earlier this year, the Treasury Department proposed merging the SEC and the Commodity Futures Trading Commission into a single entity while expanding the oversight capacity of the Federal Reserve.

It’s no secret that plenty of the 76 million Baby Boomers are tossing and turning every night, trying to calm down and get to sleep. Why? Clearly, they are concerned about whether they will have enough money to retire. But, add to that is the vital question of what they would like to do with their lives after such retirement. Joan Carter is the co-founder of Life Options Institute, an organization that is devoted to helping people plan for retirement life and she has come up with 10 rather interesting and admittedly, non-financial tips for the Boomers. 1. Life's About More than Money. Carter believes that one has to start thinking seriously about retirement some five years before quitting the workforce. 2. Make Life Plans. It’s important to plan for the non-financial aspect of retirement by considering what will make you happy. Carter gives some fascinating examples such as climbing Mt. Kilimanjaro, dog sledding in Alaska, or even having time to write the next great American novel. And then there is the possibility of working part-time. 3. Find a Purpose. She says that one must find something on an ongoing basis that provides joy and structure. This can involve travel, hobbies, or even new career training. 4. Keep Sharp. Many people say they feel the need to replace the intellectual stimulation of work. If so, remarks Carter, try learning a foreign language or musical instrument, or joining a retirement group that offers ongoing educational courses. 5. Volunteer. Getting involved in the community is, of course, a pretty good way to give back, as well as opening an opportunity to interact and meet new people. 6. Develop New Friendships. Carter firmly believes that a measurement of whether people have a successful retirement is the strength of their social network, and that includes family and friends. 7. Spousal Input. Retirement usually means a shared experience, especially if the spouse has retired, as well. Therefore, notes Carter, make time to share your dreams with your spouse. She says that you might be pleasantly surprised to learn that the spouse may want to join you on that Mt. Kilimanjaro climb. 8. Remain Healthy. There's an old adage: a lean horse for a long race. That means eating well, watching your weight, and remaining active. 9. Financial Stability. If you can't afford to a full-time retirement, consider partial retirement, which can include working part-time in your current job or even finding something new from which you can earn some money. 10. What's Next in Your Life? Go to the following aptly-named Web site, http://www.WhatsNextInYourLife.com to locate non-financial retirement planning tools.

The New York State Society of CPAs submitted comments to the Securities and Exchange Commission on the proposed requirement for filing financial statements in Extensible Business Reporting Language, saying it makes sense for the 500 largest companies to file in XBRL by the end of the year, but that smaller companies should not be held to any deadline just yet.

Small businesses are especially likely to fall victim to occupational fraud, according to a new report released by the Association of Certified Fraud Examiners.

The Financial Accounting Standards Board has decided to defer the development of a new accounting model for lessors, saying the project will now only address lessee accounting.

The Center for Audit Quality capped a 10-city tour focusing on the modernization of financial information with a stop in the nation’s capital.

The Securities and Exchange Commission has settled accounting fraud charges with ProQuest, a company that produces databases of archived information, and its former CFO.

The Social Security Administration unveiled a new online calculator to help people plan for their retirement.

Inflation at its highest levels in 27 years, screams one headline. Manufacturers pass price increases along to consumers, screams another. “Consumers make changes – but will they last?” asks another recent headline.

The trustees of the International Accounting Standards Committee have proposed changes in the International Accounting Standards Board that would expand the number of members, alter its geographic composition, and impose new oversight from government regulators.

More than 28 percent of large public companies are not fully meeting disclosure requirements for tax reserve estimates, according to a new report.

The Governmental Accounting Standards Board issued for comment a proposed technical bulletin to help government accountants determine the annual required contribution for post-employment benefits.

Consideration of any tax reform for small business must take into account the difficulties small-business owners face when deciding how to structure their business and comply with the Tax Code’s complex requirements, said Dewey Martin, a Hampden, Maine-based CPA.Martin, who testified at the recent hearings before the Senate Finance Committee on business entities and small-business tax reform, is a small-business owner himself, as well as an advisor to 200-plus small-business owners and chair of the Accounting Department at Husson College in Bangor, Maine.

While in India with an accountant and his client, I observed a classic “trusted advisor” moment. The client is the chief executive of one of the largest family-owned businesses in India. As an aside during our meeting, the CEO mentioned to his accountant that he would be going to Tokyo on a Thursday for some negotiations with the company’s most important potential business partner. The CEO would then be returning on Friday morning, little more than 24 hours after his arrival. The accountant listened carefully to the plan and said simply: “No. You will not come home Friday. You will instead spend the weekend in Tokyo with the executives of the other business.”Without hesitation, the CEO lifted his cell phone and said to his secretary: “Please change my return flight to Monday morning.”

Grant Thornton took first place in Public Accounting Report's second-quarter audit rankings, the first time one of the Big Four audit firms didn't get the top spot for the quarterly rankings.