James K. Smith, chief financial officer of Phonom Corp., and James Stevenson, CFO of ABS Capital Partners, have joined the Private Company Financial Reporting Committee.

KPMG has established an IFRS Institute to address the needs of companies, investors and academics affected by the transition to International Financial Reporting Standards.

People are cutting back on their spending to save money as the U.S. economy slows, according to a survey by Harris Interactive for the American Institute of CPAs.

The Private Company Financial Reporting Committee, a joint effort of the Financial Accounting Standards Board and the American Institute of CPAs, is set to meet later this month.

“Keeping Retirement Plans Qualified” in the March issue of Practical Accountant was written just prior to the U.S. Supreme Court decision, LaRue v. DeWolff, in which the Court held that a participant in a defined contribution pension plan may sue a fiduciary under ERISA Section 502(a)(2) when claiming that a fiduciary breach caused a loss of plan assets allocated to the participant’s 401(k) plan account. It was pointed out in the article that employee benefit plan audits have now become not only financial statements, but also compliance audits. The Supreme Court opinion is further indication of that.

President Bush has named Steve Preston, head of the Small Business Administration, as his choice for the next secretary of Housing and Urban Development.

Greek accounting firm Savvides & Partners/PKF Cyprus agreed to pay $261,565 to settle charges with the U.S. Securities and Exchange Commission that it engaged in fraud in connection with its 1999 and 2000 audits of bankrupt software developer AremisSoft.

From what I can glean, there is definitely a retirement crisis beginning to bubble in this country. Or is that an understatement? How so? Well, it seems to be affecting some 50 million retirees because according to MotleyFool.com, more than 39 percent of investors who are presently in or near retirement have saved less than $25,000 for their golden years. Yes, you read that right, $25,000. Astonishing, eh? Clearly, this is the lowest American savings rate since the Great Depression. Jon Hagan Hicks, who is the chief investment officer for J. Hagan/Warren Wealth Advisors based in Louisville, Ky., says that retirees are behind the eight-ball for saving enough for retirement. “We expect interest rates to remain low and the stock market to be very volatile for 2008. This is a very bad combination for retirees to earn a reasonable rate of return in traditional investments.” Hicks has a reputation as being quite astute when it comes to this subject and his words are well respected in the industry. He specializes in alternative investments, financial management theory, and asset management. As president of J. Hagan Wealth Advisors, Hicks has created and managed traditional investments, real estate portfolios, hedge funds, and mortgage-backed securities. He says that although younger investors may have enough time to weather the storm in the equity markets, he expresses concern about retirees. A lot, he notes, have lost principal recently and he sees many savings in low-yielding accounts. “If food, energy, and healthcare costs keep increasing at their recent rates, many retirees’ portfolios may expire before they do.” As to a solution, Hicks maintains that a retiree must seek out expert advice to avoid as much volatility as possible in their portfolios while still looking to maintain a healthy income stream. But he does throw up a red flag. He says the biggest problem is that many retirees are trying to manage their finances on their own without expert help. In fact, it is noted that nine out of 10 investors don’t even have a financial plan. Basically, not only have people not saved enough but they don’t even know where they are going. I can attest to this when I look at many of my friends, again most of whom do not have any specific plan and they are all at retirement age. Hicks doesn’t prop up any specific vehicle. He is too honest for that. When he is asked about specific investments, he simply advises that every individual investor has different objectives and needs and that no specific product is right for everyone. That’s the primary reason he advocates getting expert advice. In sum, he reiterates specific steps that retirees can take to better position themselves.

Presidential hopeful Sen. Barack Obama, D-Ill., released the 2007 tax return for himself and his wife Michelle.

The Internal Revenue Service said it would be watching to make sure charities and religious organizations don't violate their tax-exempt status by engaging in political activities this campaign season.

The Internal Revenue Service has put out a call for a priority list of items it should address with its upcoming guidance.

Private businesses across the U.S. and around the world are paying significantly more for staff than they did a year ago, according to a report by Grant Thornton.

Golf Trust of America, a former real estate investment trust, said it has selected Cherry Bekaert & Holland as its audit firm, replacing BDO Seidman.

The Securities and Exchange Commission will decide next Monday on its plans for any requirements and timeline for public companies to file their financial statements in an interactive data format.

CPAs who conduct valuations in the normal course of their practices are now required to comply with detailed standards.

The Internal Revenue Service has released draft instructions for the redesigned Form 990, the return that tax-exempt organizations such as nonprofit charities, hospitals and universities must file annually.

The Public Company Accounting Oversight Board released a copy of its annual inspection of Grant Thornton, noting several deficiencies in the firm's audits of five clients.

CPAs who conduct valuations in the normal course of their practices are now required to comply with detailed standards.

Two former Arthur Andersen auditors have settled charges with the Securities and Exchange Commission accusing them of failing to exercise due professional care and skepticism in their 2001 audits of bankrupt telecommunications giant WorldCom.

Lately, it seems like the concepts of fair value measurement and mark-to-market accounting have been taking a lot of blame in the hand-wringing over what is causing the fallout in the credit and mortgage securities markets.