The Securities and Exchange Commission has filed enforcement actions against global advertising network McCann-Erickson Worldwide, its parent company Interpublic Group of Companies, and two of its former executives, charging them with accounting fraud.

The total average cost of Sarbanes-Oxley Section 404 compliance reached $1.7 million last year, according to a newly released survey.

Private sector employment rose by 10,000 in April, according to a report by payroll giant ADP.

The economic confidence of small business owners continues to slide, according to a newly released survey.

The American Institute of CPAs found a range of responses when it surveyed Americans on how they intend to use their tax rebates.

Accounting software developer Intacct has raised $15 million in financing led by Bessemer Venture Partners.

Fed Cuts Rate to 2 Percent

The Securities and Exchange Commission has agreed to bar a former Arthur Andersen audit partner from appearing or practicing before the commission for at least five years.

While U.S. and international accounting standards seem set on an inevitable convergence path, some are worried that the U.S. approach may end up becoming a bad influence on International Financial Reporting Standards.

The Financial Accounting Standards Board and the China Accounting Standards Committee have signed a memorandum of understanding agreeing to strengthen communication and cooperation between the U.S. and Chinese standards setters.

Financial planning and advisory services have helped fuel an increase in revenues at CPA firms, according to a new study by the American Institute of CPAs and Moss Adams.

Apparently, women are not as prepared for retirement as are men. At least, that seems to be what is coming out of recent pronouncements and surveys. This includes the U.S. Department of Labor’s Women’s Bureau, the AARP, and a new study released from Bloomington, Illinois-based Country Financial. It all points to a gender gap on the subject of saving for retirement. The Country Financial survey, which had some 3,000 respondents nationwide, found that men’s biggest fear about retirement was not having the resources to do what they would like to do while women were closely split between the same concerns and also worrying that they will run out of money. Men, on the other hand, said they were much more likely to have taken adequate steps to alleviate this particular fear. According to Keith Brannan, vice president of financial security for Country Financial, women have to consider that they may have earned less than men and could live some seven to 12 years longer than their husbands. “It takes a lot of planning and prioritizing. If people don’t accept that burden, they won’t feel financially secure for retirement.” One financial advisor told me that he has seen this same concern among his clients where women look to be more troubled about retirement and men are just the opposite, even expressing overconfidence. According to the Labor Department, of the 59 million women currently earning a salary nationwide, only 47 percent have a retirement plan and nearly half of all women working do not have a 401(k). In fact, it is reported that a retired woman’s median income in 2004 was $12,080 compared to $21,102 for men. Another reason for concern. The AARP says that on average, a woman’s monthly Social Security check is around $800+ compared to more than $1,100 for men. So, is it any wonder that women have this concern? Of course, most people do acknowledge a need for early savings toward retirement but in actuality, they don’t do so. Only 42 percent of men and 35 percent of women actually began putting money aside by the time they reached age 30. Brannan says that given all the negative news about the economy, he doesn’t find it surprising that people have become more pessimistic about retirement. “However, the growing disconnect between how men and woman feel emphasizes the crucial need for families to talk about money matters. With proper planning, a secure retirement is achievable for almost anyone, no matter their gender.” For more information on this entire subject, take a look at www.countryfinancialsecurityindex.com.

Broadcom agreed to pay $12 million to settle charges with the Securities and Exchange Commission over the chip maker's stock-option backdating that led to a restatement of more than $2 billion.

The Financial Accounting Standards Board and the International Accounting Standards Board agreed on a set of proposals to accelerate the 2006 memorandum of understanding on convergence between International Financial Reporting Standards and U.S. generally accepted accounting principles.

An Ohio jury ruled that Fifth Third Bancorp is not entitled to a $5.6 million tax refund for its 1997 tax year after the bank sought to take tax deductions related to complex leasing transactions involving passenger rail cars.

The European Commission said it would propose a law allowing U.S. and Japanese companies with listings on European exchanges to file financial statements in accordance with U.S. generally accepted accounting principles without first reconciling them with International Financial Reporting Standards.

The Internal Revenue Service has withdrawn proposed regulations that would have treated mortgage loans as capital assets and restricted the deductibility of mortgage defaults.

The Public Company Accounting Oversight Board has voted to adopt a new ethics and independence rule concerning communications with audit committees, as well as an amendment to its existing tax services rule.

With tax season now behind us, accountants can turn their attention to the clients who are on extension and provide advice to other clients to help them save money in the year ahead.

The Office of Federal Housing Enterprise Oversight has issued examination guidance regarding Statement of Financial Accounting Standards No. 159, “The Fair Value Option for Financial Assets and Financial Liabilities.”