With all the recent brouhaha over the subprime controversy and claims that mark-to-market accounting contributed to or even caused problems for investors in collateralized debt obligations, lots of people have been commenting on the relative usefulness of original cost and estimated market/fair value.One of the recurring themes raised by the chorus of critics (who shall remain nameless) is that original cost is preferable because it’s more reliable than estimated value.

In 1994, the Governmental Accounting Standards Board established standards for public employee pension plans. Government and public employers have to report and account for pension benefits costs.However, until recent years, there was no such standard in place for other post-employment benefits for state and local government workers.

The Certified Financial Planner Board of Standards has established a Jan. 1, 2009 enforcement date for its revised "Standards of Professional Conduct," allowing members more leeway before enforcement takes effect.

The American Institute of CPAs has introduced a new service called Financial Reporting Alerts to help financial managers and audit committees identify current accounting and regulatory developments that affect financial reporting.

The Internal Revenue Service is falling short on inspecting the international tax transactions of small businesses for compliance problems, according to a new report.

The American Institute of CPAs has published the second edition of "Audit Committee Toolkit: Public Companies," a guidebook to help audit committees carry out their corporate governance responsibilities.

The Treasury Department has introduced a prepaid debit card for Social Security payments and other federal benefits.

Presidential hopefuls Sen. Barack Obama, D-Ill., and Sen. John McCain, R-Ariz., clashed over their tax plans, trading accusations of hikes in capital gains and Social Security taxes.

The Small Business Administration has created an online tax savings resource center to help small businesses understand the benefits of the economic stimulus package.

The American Institute of CPAs has chosen Paychex as its preferred provider for administering 401(k) plans for members who participate in the AICPA's firm retirement program.

The Securities and Exchange Commission has voted to propose a series of reforms to credit-rating agencies to curb practices that led to trouble in the credit markets.

Payroll-processing service Paychex has added an auto-enrollment feature that allows employers to automatically sign up employees to participate in a 401(k) plan.

No matter how much money your client has, it's crucial to have a basic estate plan simply because such a plan will then ensure that the financial goals of the client are met after the client dies.

The Public Company Accounting Oversight Board has adopted rules requiring public accounting firms to submit reports at least once a year on fees, disciplinary actions and other information that will be posted on the PCAOB Web site.

The timeline for adoption of International Financial Reporting Standards in the United States faces several hurdles, including the long-delayed appointment of several SEC commissioners.

Sage Software introduced new versions of three products in its MAS line, adding environmentally friendly enhancements and new business intelligence features.

No matter how much money your client has, it's crucial to have a basic estate plan simply because such a plan will then ensure that the financial goals of the client are met after the client dies.

Prosecutors unsealed indictments against former Broadcom CEO Henry T. Nicholas III and CFO William J. Ruehle on charges of stock options backdating, along with allegations that Nicholas spiked the drinks of technology executives with ecstasy and organized a lavish drug party at a warehouse.

No matter how much money your client has, it's crucial to have a basic estate plan simply because such a plan will then ensure that the financial goals of the client are met after the client dies.

The Financial Accounting Standards Board issued an exposure draft of a proposed standard on accounting for hedging activities.