Accounting education

“Women, Money and Power” is a new study released by Allianz Life Insurance Company of North America that says more than half of all women want to learn about retirement planning and try level-saving and investing, although many are not sure where to begin. Allianz examined two key questions: what women want to learn about finances and how they want to learn it. It found that while the Internet is the most consulted resource, it is the least trusted. Apparently, human contact remains the most meaningful and effective source of information. The study identified the financial planning topics women want to learn about most. The top five subjects include: · Planning for retirement/maintaining lifestyle in retirement · How to start saving or investing on very little income · Basics of buying smart (savvy shopping, buying vs. leasing, etc) · How to buy/select the right insurance products (life, long-term care) · Definition of basic financial terms (IRAs, annuities, mutual funds) According to Allianz, single women with children were overwhelmingly interested in planning for retirement, with 68 percent saying it was a topic of interest. In addition, 47 percent of that group was interested in how to buy or select the right insurance products, and 49 percent wanted to learn the definitions of basic financial terms. Single women were particularly interested in educating themselves. Forty-five percent of single women with children and 55 percent of single women without children expressed interest in learning about financial planning. Divorced women were also above the group average, at 42 percent. “This intense interest by women, especially single women with children, demonstrates that all women are thinking about finances for themselves and their families, and are ready to take control, with a little bit of help,” says Sherri DuMond, vice president of Marketing Solutions for Allianz. Difficulty in understanding financial information is a critical barrier for many women, the Allianz study finds. When asked about their financial planning concerns, women responded: · Information is overwhelming/too much/hard to sort through · Information is complicated or hard to understand · Materials are really boring and dry · Don’t understand terminology/materials seem foreign Despite their reservations, more than one in three respondents, some 35 percent, said they were very or quite a bit interested in learning about financial planning, retirement planning, and investment decisions. Tom Burns, senior vice president and chief distribution officer, says, “I’m excited about this opportunity to really take a look at what women need from a financial services company. This study represents a clear opportunity for Allianz and the financial services industry as a whole to break the cycle of women’s hesitance to be involved in financial planning.”

More than 70 CPA firms and several state CPA societies are aiming to reverse the shortage of accounting professors at U.S. colleges and universities by providing $15 million to finance the educations of Ph.D candidates.

The Securities and Exchange Commission signed a memorandum of understanding with the Labor Department to make permanent the sharing of information to help protect the retirement savings of American workers.

The Securities and Exchange Commission plans to hold a roundtable discussion on Aug. 4 to compare the performance of International Financial Reporting Standards and U.S. generally accepted accounting principles during the recent period of market turmoil caused by the subprime loan crisis.

Accounting firm Burr Pilger Mayer has introduced an employee stock ownership plan that it is offering to all of its 325 employees.

Conrad Hewitt joined the Securities and Exchange Commission as chief accountant in August 2006. Hewitt is charged with establishing and enforcing accounting and auditing policy to enhance the transparency and relevancy of financial reporting at the SEC. His office also aims to improve the professional performance of public company auditors in order to ensure that financial statements used for investment decisions are presented fairly and have credibility. Lately he has been much involved with planning for the transition from U.S. accounting standards to international standards. WebCPA talked with him and his department's chief legal counsel, Jeff Minton, about the convergence of U.S. generally accepted accounting principles and International Financial Reporting Standards.

It’s no secret that plenty of the 76 million Baby Boomers are tossing and turning every night, trying to calm down and get to sleep. Why? Clearly, they are concerned about whether they will have enough money to retire. But, add to that is the vital question of what they would like to do with their lives after such retirement. Joan Carter is the co-founder of Life Options Institute, an organization that is devoted to helping people plan for retirement life and she has come up with 10 rather interesting and admittedly, non-financial tips for the Boomers. 1. Life's About More than Money. Carter believes that one has to start thinking seriously about retirement some five years before quitting the workforce. 2. Make Life Plans. It’s important to plan for the non-financial aspect of retirement by considering what will make you happy. Carter gives some fascinating examples such as climbing Mt. Kilimanjaro, dog sledding in Alaska, or even having time to write the next great American novel. And then there is the possibility of working part-time. 3. Find a Purpose. She says that one must find something on an ongoing basis that provides joy and structure. This can involve travel, hobbies, or even new career training. 4. Keep Sharp. Many people say they feel the need to replace the intellectual stimulation of work. If so, remarks Carter, try learning a foreign language or musical instrument, or joining a retirement group that offers ongoing educational courses. 5. Volunteer. Getting involved in the community is, of course, a pretty good way to give back, as well as opening an opportunity to interact and meet new people. 6. Develop New Friendships. Carter firmly believes that a measurement of whether people have a successful retirement is the strength of their social network, and that includes family and friends. 7. Spousal Input. Retirement usually means a shared experience, especially if the spouse has retired, as well. Therefore, notes Carter, make time to share your dreams with your spouse. She says that you might be pleasantly surprised to learn that the spouse may want to join you on that Mt. Kilimanjaro climb. 8. Remain Healthy. There's an old adage: a lean horse for a long race. That means eating well, watching your weight, and remaining active. 9. Financial Stability. If you can't afford to a full-time retirement, consider partial retirement, which can include working part-time in your current job or even finding something new from which you can earn some money. 10. What's Next in Your Life? Go to the following aptly-named Web site, http://www.WhatsNextInYourLife.com to locate non-financial retirement planning tools.

The Howard University School of Business’s Center for Accounting Education recently held a weeklong program to improve the retention and advancement of young African American accountants and increase the numbers passing the CPA Exam early in their career.

The Social Security Administration unveiled a new online calculator to help people plan for their retirement.

Inflation at its highest levels in 27 years, screams one headline. Manufacturers pass price increases along to consumers, screams another. “Consumers make changes – but will they last?” asks another recent headline.

While in India with an accountant and his client, I observed a classic “trusted advisor” moment. The client is the chief executive of one of the largest family-owned businesses in India. As an aside during our meeting, the CEO mentioned to his accountant that he would be going to Tokyo on a Thursday for some negotiations with the company’s most important potential business partner. The CEO would then be returning on Friday morning, little more than 24 hours after his arrival. The accountant listened carefully to the plan and said simply: “No. You will not come home Friday. You will instead spend the weekend in Tokyo with the executives of the other business.”Without hesitation, the CEO lifted his cell phone and said to his secretary: “Please change my return flight to Monday morning.”

I just came across a rather interesting Web site that I thought I would share with you. It’s called ValueForum.com. It’s an online investment forum geared toward allowing the free-flow of information among investors. The site provides a discussion forum where members can immediately gain access to more than 1,500 other members to talk about individual stocks, mutual funds, market sectors (i.e. energy), economic conditions (i.e. housing market), and any number of other topics that affect the everyday investor. The company says that the members on this site are all screened rigorously to ensure that no one is there to “product push” or gain anything besides knowledge. These members, the company notes, range from experienced individual investors to financial professionals and even those new to investment. The majority of the forum members are between the ages of 55 & 65 while over 20 percent are 65+…retirees, or many who are of retirement age but are still employed. A few of the offerings that ValueForum.com brings to the table are an active discussion forum, where with over 125 discussion topics, members can post a discussion question/topic to create a forum of open and free-flowing discussion. These discussions are listed in chronological order and by topic. There is also what is called shared portfolios whereby users can view the holdings of other ValueForum.com users, or share their own portfolios with the group. Members can also view the latest news on the stocks within each of the shared portfolios. Moreover, they can choose to contribute to the “Community Portfolio Project,” a portfolio built solely on the picks of members who wish to share their portfolios with others. Then too, there is a stock-picking contest where members participate in quarterly or year-long contests in which they choose a handful of stocks and a desired weight. Prizes are then given at the end of each contest period to the members with the highest performing portfolios. And finally, there are group polls by which members can create a poll question to their peers, answer questions posted by other members, and view results of all poll questions posted. ValueForum was formed in 2003 by Adam Menzel, Ben Nobel, and Daniel Pedisich. They created the site with the belief that the power of collaboration leads to better investment decisions. They say that there have always been investment clubs where people physically get together in a room every week, but now there is a way to bring people together from all over the country, and the world, to one spot in order to share their ideas. The benefit, they note, is a collaboration of cultural diversity, different work experiences, and varying investment experiences. The power of “group thinking” benefits those investors managing their own portfolio as well as those managing accounts for clients, says the company. Members immediately gain access to a wealth of knowledge about different industries to help them in their due diligence and analysis on investments, sectors, and the like. Now, in the interests of fair disclosure, I am not advocating or “pushing” this in any way. I simply am imparting information about such a site and you can take it from there.

The KPMG Foundation has granted $410,000 in scholarships to 41 minority doctoral scholarships for the 2008-2009 academic year as part of its effort to increase the number of minority students and professors in business schools.

The Schonbraun McCann Group LLP has changed its name to Cornerstone Accounting Group LLP and announced some management changes.

A new Web site is providing sample questions for the CPA Exam for free.

Job satisfaction among financial planners remains high, with 96 percent of financial planners saying they are "satisfied" or "very satisfied" with their career choice, according to an annual survey.

CPA Wealth Provider's second ranking of firms by AUM has now been published and it’s bigger and better than ever. As you know, AUM is a term originally employed by financial services companies in the mutual fund and money management or investment management business to gauge how much money they were managing. Many financial services companies used this as both a measure of success and comparison against their competitors; in lieu of revenue, they had total assets under management. For readers of the publication, last October it presented the first-ever ranking of such firms by AUM. The initial response was staggering. It had 89 responses so it tried again and now the responses are no longer staggering—they are stupendous! CPA Wealth Provider more than doubled last year’s count and reached the 200 mark which included a batch of firms who unfortunately couldn’t get their survey forms completed in time for this closing. Because of this response, the publication decided to break the numbers down into sections and to specifically indicate each section. There are now 18 firms in the Billion Dollar Club (termed Wealth Magnet Elite), 87 in the $100+ Billion Club (termed Wealth Magnet Select), and another 37 in the $50+ Million Club plus a whole host of Rising Stars and Ones to Watch. But most importantly of all, take a look at the firms on the charts. They practically mirror the entire CPA/financial planning industry—from geographic location to size to AUM numbers to affiliations to recommended financial planning products. What does this show? Exactly what we felt all along—the financial planning industry is a tiger by the tail. We see this at various conferences and trade shows where copies of this publication literally fly off the racks. We are also getting tons of communiqués from readers as to how well they like the magazine and leading experts in the field constantly inquire about contributing articles. You can see this by the varied mix of authors and subjects. I firmly believe that CPA Wealth Provider remains the leading national publication for CPAs involved in financial planning.

Massachusetts Mutual Life Insurance has introduced SignatureCare 500, a long-term care insurance product that lets consumers customize a policy to meet their needs.

Outsourced accounting company Corefino has snagged $13.6 million in a first round of funding led by Opus Capital Ventures and Bay Partners.

In preparation for the eventual transition to International Financial Reporting Standards, Big Four firm PricewaterhouseCoopers has launched a suite of educational products and services to help accounting students learn IFRS fundamentals.