Financial reporting

The Census Bureau estimates that there are nearly 78 million Baby Boomers, many of whom are facing retirement in the next few years with little or no savings.These 40-, 50- and even 60-year-old late-starters have been too busy educating children, caring for parents and making ends meet to properly save for their own retirement. By taking the time to understand their personal needs and goals, and staying on top of changes in relevant plans and laws, advisors can give clients one more reason to rely on them and their financial guidance.

AMERIPRISE TO ADD 900 BLOCKERS

“Every day, we receive phone calls or e-mails that begin, ‘I just inherited (or acquired) a coin collection. What do I do?’ Unfortunately, all of us in the rare coin business have heard horror stories over the years about widows who sold their late husband’s collections at a fraction of the true value because they didn't have enough information. We've set up this new service so heirs can quickly get accurate information and find reputable dealers,” says Ron Guth, President of Professional Coin Grading Service (PCGS), one of the world’s largest, third-party rare coin authentication companies.

The Internal Revenue Service announced cost-of-living adjustments on the dollar limitations for pension plans and other items in tax year 2009, even as Social Security benefits are expected to rise next year.

The Financial Accounting Standards Board is considering delaying implementation of its controversial standard on accounting for uncertainty in income taxes for private entitiies.

The International Accounting Standards Board and its U.S. counterpart, the Financial Accounting Standards Board, plan to create a global advisory group to review financial reporting issues related to the credit crisis.

The Center for Audit Quality, the CFA Institute, the Council of Institutional Investors and the Consumer Federation of America have written to the Securities and Exchange Commission opposing demands for the SEC to override the Financial Accounting Standards Board's rules on fair value accounting.

The federal government plans to spend $250 billion to buy equity stakes in troubled banks to help them weather the credit crisis.

Presidential candidate Sen. John McCain, R-Ariz., and his rival Sen. Barack Obama, D-Ill., have proposed differing tax and retirement plan measures to deal with the economic downturn.

As more clients are confronted with shrinking retirement portfolios, layoffs and hardship getting bank loans for their business and personal needs, accountants are being asked for advice on how to survive through lean times.

The American Bankers Association has written to the Securities and Exchange Commission demanding that it override the Financial Accounting Standards Board's guidance on fair value accounting.

KPMG plans to contribute $1.5 million over the next five years to a village in Tanzania as part of a poverty relief project.

The Trustees of the International Accounting Standards Committee Foundation gave the International Accounting Standards Board the go-ahead to suspend due process rules in order to accelerate their response to the credit crisis.

The Financial Accounting Standards Board issued two separate but related exposure drafts proposing standards on going concerns and subsequent events.

For taxpayers that converted a traditional IRA to a Roth IRA in 2007, October 15 is the last chance they have for redemption, according to Mike Martin of Mike Martin and Associates.

The Financial Accounting Standards Board has provided new flexibility to allow banks and other financial institutions to re-price their assets during the credit crisis by amending its standard on fair value measurements.

To assist companies in dealing with the plunging markets and subsequent fallout, Protiviti, a provider of internal audit and risk advisory services, has assembled a Financial Crisis Team.

Closing date is fast-approaching. CPA Wealth Provider is calling for nominations for its Sixth Annual Financial Planning Awards in any of the following categories: CPA/Financial Planning Firms, Broker/Dealers, and Financial Planning Software Vendors. Winners are those firms or companies that have taken the lead through innovation, efficiency, initiative, or growth in the financial planning area. The winners will be profiled in the January 2009 issue of CPA Wealth Provider and copies of the issue will be included with the January issues of Accounting Today, Accounting Technology, and Practical Accountant, as well as being featured on WebCPA.com and at applicable conferences and conventions. No forms are needed to nominate. Simply send information about what company or firm is being nominated and in what category. Explain briefly how this firm or company has taken the lead through innovation, efficiency, initiative, or growth in the financial planning area. You can even nominate yourself. An example can be used. For instance, one company, a winner in the first year, showed that its seven financial planners all hold specific certifications or licenses and that this comprehensive planning approach has earned the firm an impressive customer loyalty with 99 percent of clients who sign remaining with the firm on a permanent basis. The judges this year are Bill Carlino, editor-in-chief of Accounting Today, Howard Wolosky, editor-in-chief of Practical Accountant, and myself. Nominations must be received by November 7, 2008. Send nominations by e-mail, regular mail, or fax to: Stuart Kahan, Executive Editor

Sen. Hillary Rodham Clinton, D-N.Y., has proposed a $150 billion Emergency Stabilization Fund to help small businesses, universities, students and municipalities cope with the credit crisis, with the money coming from the $700 billion financial bailout package.

The financial rescue plan approved by Congress last week included many extensions of expiring tax credits and deductions that helped it win passage in the House, but it also left out some tax issues that will surely be bones of contention for the next Congress.