Accounting education

Glass, Lewis & Co., a major player in the world of investment research and global proxy advisory and voting services, announced that Lynn Turner will leave his post as managing director of research on June 8.

Baby Boomers - those Americans who were born between 1946 and 1964 - total about 79 million people.This segment of the population may soon find that they will be spending more annually in their retirement years than they did while working. Over the past century, life expectancy has increased over 56 percent, and this trend is expected to continue, so Baby Boomers will face the financial challenge of the cost of living for many years in retirement, as well as the associated costs of aging.

COURT NIXES SEC RULE GOVERNING FINANCIAL PLANNINGA federal appeals court ruled that the Securities and Exchange Commission overstepped its authority in updating rules governing brokers who offer financial advice.

H&R Block Inc. announced that its new bank opened more than 2 million prepaid card bank accounts by the end of the 2007 tax season, doubling the company’s original projection.

Although the 2008 presidential election remains 17 months away, attendees at the spring meeting of the American Institute of CPAs’ Governing Council were treated to a “trailer” of campaign issues as the former chairs of the Democratic and Republican National Committees stumped for their respective parties -- as well as aimed verbal darts at each party’s foibles.Former DNC chairman -- and current chairman of Sen. Hillary Clinton’s 2008 presidential campaign -- Terry McAuliffe told the audience that the Democrats didn’t so much win the 2006 midterm elections, as the Republicans lost it.

Frank Piemonte over at River Communications, a company that handles public relations, marketing, and corporate communications for many prominent clients, sent me some info that was new to me. He says that according to the Senior Sentiment Survey from Financial Freedom, some one-third of senior homeowners are carrying mortgage debt on their primary home. We’re talking about seniors aged 62-75. And of these seniors, 59 percent indicate they still have 10 years of more before the mortgage is paid off while 27 percent have more than 20 years left on their mortgages.Financial Freedom commissioned Harris Interactive to conduct this, its third annual study on the opinions of senior citizens in the U.S.

The trustees of London-based Reuters Group have given their consent to a $17.2 billion combination offer from electronic publisher Thomson Corp, based in Toronto.

On the heels of announcing its bid to combine with Reuters Group, Thomson Corp. said that its education unit’s assets will sell for $7.75 billion in cash.

Like many of you who were once college freshman, I can vividly recall my first formalized session of “orientation,” those mandated get-togethers where a group of impressionable 17-and 18-year-olds receive a veritable laundry list from upperclassman and administrators of the do’s and don’ts in academe.

The Securities and Exchange Commission's Office of the Chief Accountant announced the selection of three academic accounting fellows, who will serve one-year terms beginning this summer.

Just saw a demo of a rather interesting idea. Of course, it is not unique, but the demo is rather good. Now what is this all about?

CCH, a Wolters Kluwer business, announced that its 2007 User Conference for tax and accounting professionals will be held Nov. 4-7 at the Gaylord Texan Resort & Convention Center.

On the heels of News Corp.’s bid for The Wall Street Journal, electronic publisher Thomson Corp. confirmed that it will offer $17.5 billion for the Reuters Group news service.

Among 47 industries, MBA candidates ranked accounting as the lowest-paying field in a recent survey.The average expected starting salary for MBAs working in auditing, accounting and taxation was about $64,000, according to the poll of 5,000 current MBA students. Five years after graduation, the MBA candidates expected accounting-related work to pay just over $111,000.

The Treasury Department issued rules last week aimed at dismissing some of the uncertainties around Roth 401(k) plans.

Effective immediately, newly credentialed New Jersey CPAs will have to attend an orientation program within six months of qualifying as a CPA.Thanks to a bill signed last week by acting New Jersey Gov. Richard Codey, the state Board of Accountancy will now get to work determining what exactly that program curriculum will include. Ralph Albert Thomas, executive director of the New Jersey Society of CPAs, which supported the bill, told a local newspaper that at minimum, the program will contain a course on New Jersey law and ethics.

Would you give investment or insurance advice to a client without knowing their tax situation?

If life insurance professionals picture the accounting profession as it was a decade or two ago, they may be forfeiting an opportunity to build a mutually beneficial alliance.

Financial planners reported mean gross earnings of $283,079 in 2006, an increase of more than $50,000 from a year ago, according to a recently released survey.

Two major accounting associations have announced the recipients of research grants for the 2007-08 year.