The Securities and Exchange Commission has issued a report warning public pension funds that they risk violating the anti-fraud provisions of the federal securities laws if they do not have adequate compliance policies in place to prevent wrongdoing.

Australians are considered the world's richest superannuation holders, a report indicates. It says this is because of a very strong domestic currency and the government permitting citizens to drop as much as $1 million tax-free into their retirement savings. Superannuation is a pension scheme in Australia. It has a compulsory element whereby employers are required by law to pay a proportion of an employee's salaries and wages (currently nine percent) into a superannuation fund, which can be accessed when the employee retires After over a decade of compulsory contributions, Australian workers have close to a trillion dollars in superannuation assets with more money invested in managed funds per capita than any other economy. Compulsory superannuation in combination with buoyant economic growth has turned Australia into a 'shareholder society' where most workers are now indirect investors in the stock market. Consequently, a lively personal investment marketplace has developed, and many Australians take an interest in investment topics. According to the AFG Global Fund Management Index, our Aussie friends had an average of $63,794 invested in managed funds at the end of the last financial year. My wife’s cousin read this in the local Sydney paper. In fact, local super funds, on average, outperformed their peers in a top-10 list that included the United States, Canada, and France. To add to this, in the fiscal year that ended June 30, 2007, the amount handled by Australian managed funds grew by 32.4 percent. In comparison to our world, the value of American managed funds climbed by only 8.5 percent to $43,458 while those in Britain rose by 23.2 percent to $17,515. Ross Nayler, who is a principal with AFG Financial Planning, says that clearly the stronger Australian dollar, now trading at around 90 U.S. cents, plus specific laws allowing people to put up to $1 million tax free into their super savings helped make Australia the world leader. "One of the key messages is we've been at the top of the table for quite some time and we're getting further ahead.” In fact, for the period of five years to the second quarter of 2007, Australian managed funds posted a per capita growth rate of 97.7 percent. But now comes the clinker. Another survey, the AMP Superannuation Adequacy Index Report, for January to June of last year, found that 30 percent of Australian workers under the age of 40 would not have enough savings to retire comfortably. Moreover, it found that 3.4 million Australians across all working-age groups were falling behind in preparing for their twilight years. Nayler notes that minimum contribution levels are needed. Macquarie Research Economics expects then that Australian superannuation funds will post less spectacular returns in 2008. It points out that after recording huge gains in the past couple of years on the back of double-digit returns, growth in superannuation funds under management is set to be more subdued this year. Of course, I might add, as my cousin stresses, the absence of the $1 million contribution program is expected to slow down super growth rates in 2008. It may be their lead in superannuation will be dwindling.

The Internal Revenue Service has issued final regulations for tax deductions on domestic film productions, while revising the definition of the types of films that qualify for the deduction.

The Securities and Exchange Commission's Office of the Chief Accountant chose six professional accounting fellows for two-year terms beginning in 2008.

Senior financial supervisors from five countries - France, Germany, Switzerland, the United Kingdom and the United States - have issued a report assessing various risk management practices that banks and other financial services organizations have used that contributed to the recent turmoil in the world markets.

The House Subcommittee on Select Revenue Measures held a hearing to examine whether there is a need for a more uniform treatment of various derivative structures.

Fidelity Investments has released a report estimating that a 65-year-old couple retiring in 2008 would need approximately $225,000 to cover their medical costs in retirement, a 4.7 percent increase over the 2007 estimate of $215,000.

The U.S. economy declined by 23,000 private sector jobs in February, according to the latest monthly report by payroll processor ADP, the first decline the report has shown since 2003.

The Institute of Internal Auditors has donated a collection of nearly 200 books on auditing to the University of Texas Dallas School of Management.

The real value of bank holdings has been generating controversy in the accounting profession as banks find themselves under increasing pressure to be more upfront about the true value of their assets, assuming they can be accurately valued, even with ballpark estimates.

The Center for Audit Quality marked its first anniversary with a report on its progress in improving public confidence in the audit process.

The Securities and Exchange Commission has filed financial fraud charges against Bally Total Fitness Holding Corp., saying the health club chain's financial statements from at least 1997 to 2003 contained more than two dozen accounting improprieties.

Accounting firms are using Google text ads this tax season and beyond to bring in clients for tax prep and other types of accounting and financial planning services.

Liquidity, access to capital and cash management are among the recession-related risks raising concerns on audit committees this year, according to a survey by KPMG.

Syspro and Centage have introduced a budgeting and forecasting software product aimed at small and midsized businesses.

Somerset CPAs said it plans to launch a consulting program to help CEOs cope with the economic downturn.

RedRover Software debuted RedRover Audit, a tool that uses human behavior research to audit Microsoft Excel spreadsheets.

A House subcommittee plans to conduct a hearing into the tax treatment of derivatives next week.

The number of financial restatements fell last year for the first time since 2001, according to a new report.

PricewaterhouseCoopers plans to lay off part of the consulting staff in its advisory services business.