FASB DELAYS FIN 48 FOR PRIVATE COS.Norwalk, Conn. - The Financial Accounting Standards Board has decided to defer the effective date for FASB Interpretation No. 48, Accounting for Uncertainty in Income Taxes, for nonpublic entities.

The House has voted to approve a $78 billion bill that would provide a temporary fix to prevent the alternative minimum tax from spreading to about 23 million more taxpayers this coming tax season.Congress was under pressure to pass an AMT fix in time to allow the Internal Revenue Service to produce the necessary tax forms without delaying processing and refunds. However, in a sign of the controversy over provisions to raise taxes on some high-income taxpayers and close loopholes, no Republicans voted for the bill and eight Democrats voted against it.

Creating opportunities for mid-tier audit firms to enter the international market could include relaxing ownership rules to permit investment from outsiders - non-accounting professionals - according to an independent study prepared for the European Commission.The report suggested that such a revision would result in opportunities for the mid-level firms to cope with the needs of larger clients, most of whom are currently served by the Big Four.

The current wrangling over the alternative minimum tax is a symptom of the larger problems with having a Tax Code built on patchwork over nearly a century, to the point that it resembles a Rube Goldberg contraption, according to David A. Lifson, president of the New York State Society of CPAs and a co-managing partner at New York-based Hays & Co. LLP.Lifson, who recently testified before the Select Revenue Measures Subcommittee of the House Ways and Means Committee on the AMT, also chaired the NYSSCPA Committee on Tax Reform that issued a comprehensive proposal to revise the current tax system.

One week after Ways and Means Committee Chairman Rep. Charles Rangel, D-N.Y., introduced his massive, dream tax reform proposal, and after acknowledging that that proposal had no chance of passage this year, Chairman Rangel introduced a more modest stop-gap proposal, H.R. 3996, including primarily one-year fixes for expiring provisions and some proposals to address the mortgage crisis.Most commentators seem to feel that this legislation has a fairly good chance of passing this year in something close to its present form.

Our previous two columns addressed the Securities and Exchange Commission's recently appointed Committee on Improvements to Financial Reporting, which has been charged with suggesting things that can be done to strengthen the system.Specifically, we have looked at some of the premises and other points in a discussion paper produced by the chair, Robert Pozen (available online at www.sec.gov), finding a few flaws here and there.

Inadequate internal controls and insufficient prevention programs are the primary contributors to corporate fraud, according to a newly released survey.

You know what a Honey is? No, it’s not my wife, at least not in this context. It’s $100,000. Suppose you hit one of those lotteries or publishing prizes and a cool $100,000 is dropped into your lap. And let’s say you or your client (if you’re the financial planner or CPA involved) is between the ages of 62-75. Well, my friend Frank Piemonte, of River Communications, who is a fount of information and has his finger on the pulse of what’s happening with the senior community, told me about this new Senior Sentiment Survey from Financial Freedom, one of this country’s largest reverse mortgage lenders. The study explored the financial, social, and quality of life attitudes of older Americans. What were the results? Basically, 55 percent of seniors would bank the windfall. In fact, according to the survey, more than half of those seniors interviewed felt confident that they will have enough income to meet their needs during retirement and 51 percent say that the top two sources of income are Social Security and income from pension plans or other defined benefit plans. Insofar as debt is concerned, the majority (69 percent) do not have, or do not plan to have, any debt in retirement. Of those with debt, 79 percent have more than $15,000 and 23 percent never expect to pay it off. By the way, 40 percent of homeowners plan to still carry a mortgage into retirement. Survey While we’re at it, it’s interesting to note that 79 percent of seniors live in a single family home that is not part of a retirement community. They say that they would drop the $100,000 in a savings account or CD as their top choice, followed by paying off debt, making a charitable donation, and investing it in conservative, low risk investments, So, here’s the way it stacks up: - 55% Bank it (savings account or CD) - 48% Pay off debt (loan, mortgage, etc.) - 41% Donate some money to charity - 41% Invest the money in conservative, low risk investments - 24% Give the money to children/relatives - 21% Make a major change or renovation to home - 17% Invest the money in stocks, thereby assuming a higher level of risk - 15% Purchase a luxury item such as a car, boat, RV, etc. - 10% Use it to underwrite health care costs - 8% Purchase a new home - 4% Become a benefactor and donate some of the money to an alma mater - 3% Retire - 6% Other - 3% Nothing, just hold on to the money Now, as a financial planner, consider where you may come into all of this. In order to build trust among seniors, direct contact is still the key. Seniors are most likely to trust professionals if they deem the person to be of good character (67 percent) or deem the person to be an expert in the field. Bottom line? Become a honey to the honey. Seniors desire personal contact to build trust among professionals.

The Institute of Management Accountants hailed Securities and Exchange Commission Chairman Christopher Cox's plan to delay implementation for one year of Sarbanes-Oxley Section 404(b) requirements for small public companies, but expressed some reservations.

During a roundtable discussion revealing top issues in its advisory services practice, Big Four firm PricewaterhouseCoopers talked about how change and current market trends are transforming its clients' needs.

SEC Chairman Christopher Cox told the House Small Business Committee that he planned to propose a one-year delay in imposing Sarbanes-Oxley Section 404 requirements for small public companies to audit their internal controls.

The Securities and Exchange Commission plans to host two roundtable discussions this month on International Financial Reporting Standards.

H&R Block delayed its Form 10-Q filing for its fiscal 2008 second quarter after hiring a new auditor, but reported a wider loss as the tax prep giant continues to experience fallout from its mortgage business.

Responding to the meltdown in the mortgage and credit markets, the Public Company Accounting Oversight Board has issued a staff audit practice alert to remind auditors of their responsibilities for auditing fair value measurements of financial instruments, and how much reliance to place on the work of specialists.

The Securities and Exchange Commission settled a civil fraud action against the city of San Diego's independent auditor, Thomas J. Saiz and his firm Calderon, Jaham & Osborn, after he agreed to pay a $15,000 penalty.

The Public Company Accounting Oversight Board has imposed a $1 million penalty on Deloitte & Touche and issued orders instituting disciplinary proceedings against the firm and one of its former audit partners for a 2003 audit of Ligand Pharmaceuticals.

CPA firm Argy, Wiltse & Robinson has acquired Spear Safer CPAs & Advisors, allowing the Virginia-based firm to expand further in South Florida.

The real meat of Proposed Interpretation 501-8, “Failure to Follow Requirements of Governmental Bodies, Commissions, or Other Regulatory Agencies on Indemnification and Limitation of Liability Agreements with a Client,” by the AICPA Professional Ethics Division isn’t in the text of the proposed interpretation, but rather in what was specifically avoided.

Former UnitedHealth chairman and CEO William W. McGuire agreed to pay a record settlement of $468 million to settle a stock options backdating case with the Securities and Exchange Commission.

More than 110 female financial advisors and 200 guests gathered recently for the 13th Annual Women’s Symposium in St. Petersburg. Florida, hosted by the Raymond James Network for Women Advisors. It was a three-day event that covered business building sessions and networking activities. There was a wide array of speakers and breakout sessions provided guests with economic outlook updates and useful information on practice management and professional development. There was even a technology lab set up for on-site training that offered hands-on demonstrations of various tools such as the new Client Relationship Manager, the Financial Planning Suite, and the Advisor’s Resource Console. In addition, home office departments conducted showcases with presenters attending from the Planning Corporation of America, Alternative Investments Group, Marketing, The Trust Companies, Raymond James Bank, Asset Management Services, Investment Banking, and Wealth Solutions. The Raymond James Network for Women Advisors was established in 1994 with the goal of providing advisors with educational and networking opportunities to help grow their practices. The Network aims to assist female financial advisors in leveraging their talents to create successful and fulfilling careers. Through a collection of activities and resources, it strives to help women advisors expand their knowledge, expertise, and businesses in a supportive, collaborative environment. The Network also offers an annual gathering of its top recognition club women advisors. This event allows these senior level women to discuss specific issues they commonly face in their practices such as succession planning, team development, as well as unique estate planning strategies for high-net-worth clients. A key component of The Network is the Women’s Advisory Council. This group of 12 female financial advisors, with varying levels of experience and a range of practice types, provides guidance and assistance to Raymond James’ women advisors. Along with developing strategies for supporting women, the group also serves as a resource to branch and senior management as the firm looks to attract quality female financial advisors. The Council is also responsible for shaping the agenda of the Symposium, from identifying timely topics to leading or facilitating many of the event’s breakout sessions. Karen Schultz, vice president, and director for the Network, says that council members are integrally involved in mentoring activities, from leading monthly conference calls for trainees to providing advice, support, and guidance to experienced advisors. The Network also provides business development support to its women advisors, including offering consulting services to advisors who are considering local sponsorship opportunities, assisting in the creation of materials to promote the event, and, in some instances, providing financial support. Moreover, Schultz points out that the Women's Resource Centerwas created specifically for women advisors and contains links to useful marketing materials and strategies, tips, and best practices for growing a business, an "ask the experts" page, links to Websites containing key information and statistics on women, articles of interest, and a calendar of events.