Financial reporting

The next meeting of the Financial Crisis Advisory Group is scheduled for March 5 as accounting leaders and regulators sort out issues related to the recession.

Ric Rosario is stepping into some big shoes at Camico Mutual Insurance Co.

Bankers could start huffing and puffing after a few minutes on the treadmill once Tim Geithner cranks up the dial a few notches.

Talking with your clients about investment strategies may not be easy given the current economic climate, but preparation and ongoing assessment of an investor's portfolio are the keys to restoring confidence.Money managers agree that mutual funds continue to be a strong investment vehicle, offering investors a number of options for accessing the market - that is, if they stick with their investment strategy.

In today's economic climate, companies and accounting firms that give opinions on their clients' financial statements are sure to face new and significant challenges.Determining fair value, new policies regarding loan covenants and going-concern considerations are chief among them. This article takes a brief look at each of these challenges.

ACCOUNTING FIRM TARGETS MADOFF INVESTORSWestport, Conn.-Walter C. King Associates is offering tax recovery and forensic accounting services to investors who fell victim to Bernard Madoff's Ponzi scheme.

A growing number of Baby Boomers, America's largest generation, are considering retirement in the midst of what many are calling the worst economic environment since the Great Depression. This year alone, Americans have seen the value of their 401(k) and other retirement plans decline by over $2 trillion.If Boomers are planning to use these assets to retire in the lifestyles they envision, advisors owe them some straight talk before they retire.

An economic triple threat - the collapse of equity markets, declining top-line revenue, and stingy banks - makes it a risky time to be in business or investing, and equally risky to be a CPA.All businesses are being squeezed hard. This creates pressure to cut corners or ignore the facts. Human nature being what it is, you must be extra-vigilant. CPAs are also expected by clients - and juries - to "advise and warn" clients who are teetering on the brink of losing their credit and their footing in business. If CPAs don't, a possible lawsuit could easily follow.

The Internal Revenue Service has published new tax-withholding tables as a result of the economic stimulus bill that should give most workers a bigger paycheck this spring.

President Barack Obama is expected to release his budget proposal this week, and he reportedly plans to include tax increases to close the deficit.

From my vantage point on the other side of the Atlantic, I was delighted to see the Securities and Exchange Commission publish its roadmap to adoption of International Financial Reporting Standards. I just hope the U.S. constituents are as pleased as I am and that we can make some real progress towards global accounting standards.With that hope in my heart, I thought it would be worthwhile exploring what the situation might be post-IFRS-adoption for U.S. GAAP, for the Financial Accounting Standards Board and for the International Accounting Standards Board, drawing on my experience of what has happened in the U.K. and Europe.

Regional accounting firm Schenck Business Solutions has created a Financial Crisis Response Team to help companies challenged by the recession.

Despite tightening their wallets, Americans are now further from achieving their retirement goals amidst the weakening economy. That’s the word from Bank of America in its new 2008 Retirement Savings Survey which says that a growing number of Americans are concerned that the current economic crisis is threatening to leave them further behind on their retirement plans. This survey finds that 60 percent of Americans are spending less than they were three months ago as a result of the current economic climate and more than half (51 percent) of the general public and 40 percent of affluent Americans are also saving less than they were, also three months ago; in fact, one in five say it is “much less.” Although the majority of respondents (69 percent) with at least one retirement account say that they have not withdrawn assets from their account(s) prematurely, recent economic conditions have caused 18 percent to withdraw assets prematurely. The leading reasons for these early withdrawals are near-term financial obligations, such as credit card debt (26 percent), and mortgage payments (22 percent), with an additional 22 percent citing recent job loss. Keep in mind that these numbers may increase significantly if the economy worsens because many more people will be dipping into their retirement savings and that could have profound implications for the country’s economic well-being. Moreover, this study shows that many Americans now (a nice 43 percent) believe they face more years in the work force than they expected just a year ago. By the same token, 36 percent of affluent respondents said that the current economic conditions have pushed back their own expected retirement age. The survey also confirms what many of us in the financial planning area already suspected: Americans need better guidance and education regarding how best to plan for retirement and manage their retirement assets. Actually, 59 percent of the general public and 52 percent of affluent Americans don’t know or don’t even have a good idea of how much they’ll need to save in order to maintain their current standard of living in retirement. That’s where the financial planner can enter. Taking it a step further, the findings point out that 47 percent of retired Americans currently do not believe or are unsure if their retirement assets will cover their financial needs throughout their lifetime. And, they are already retired. That’s frightening! So, the bottom line on this latter subject is that many individuals may not be receiving the financial guidance necessary to fully realize the opportunities that retirement presents. Need I say more?

The National Association of State Boards of Accountancy is urging the Securities and Exchange Commission to withdraw its proposed roadmap for transitioning to International Financial Reporting Standards.

CFOs and senior-level executive CPAs see the domestic economic downturn as lasting longer than previously expected, according to a survey by the American Institute of CPAs and the University of North Carolina’s Kenan-Flagler Business School.

The Securities and Exchange Commission has appointed former Public Company Accounting Oversight Board member Kayla Gillan as senior advisor to new Securities and Exchange Commission Chair Mary Schapiro, effective immediately.

When Timothy Geithner unveiled the Treasury Department’s latest financial rescue plan, he probably didn’t expect it to flop so quickly.

Proving generational clashes aren’t only taking place in the states, we found an article in an Australian small business publication quoting a 24-year-old KPMG employee in Melbourne worried about her future for the first time after her two close friends lost their jobs.

There is probably something in humans and in every generation that makes us think that the problems we face are uniquely difficult.

President Barack Obama plans to sign the stimulus bill into law in Denver on Tuesday after Congress passed the massive $787 billion bill.