Financial reporting

The Internal Revenue Service has issued a guide sheet for organizations that maintain donor-advised funds to help safeguard against abuses.

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The Securities and Exchange Commission held a roundtable discussion on the performance of International Financial Reporting Standards and U.S. generally accepted accounting principles during the subprime crisis.

Retirement management may be a classic win-win scenario.A fast-growing segment of the population urgently needs sound retirement advice and related services, while the accountants who provide them can derive considerable economic (and emotional) rewards for doing so.

As the life settlement industry grows at an accelerating pace, an increasing number of life insurance producers are opting to transact directly with life settlement providers -- companies that actively purchase life insurance policies in the secondary market.While executing life settlement transactions through a specialized life settlement broker is beneficial for life insurance producers who do not have the know-how, resources or desire to transact directly with life settlement providers, producers who do elect to work directly with life settlement providers may benefit from the significant opportunity to execute more efficient transactions, while raising the level of the total policy sale consideration for their clients.

CFP BOARD DELAYS NEW STANDARDS

In a time of volatile energy prices and economic uncertainty, the Governmental Accounting Standards Board has issued a standard that should allow state and local governments to more easily use derivative financial instruments to hedge against changes in prices and interest rates.

“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.”

Under pressure from banks and regulators, the Financial Accounting Standards Board has decided to reverse itself and postpone the effective date of an accounting rule that would have forced financial institutions to move assets and liabilities from special-purpose entities such as mortgage-backed securities onto their balance sheets.

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 Financial Accounting Standards Board has decided to defer the development of a new accounting model for lessors, saying the project will now only address lessee accounting.

The Center for Audit Quality capped a 10-city tour focusing on the modernization of financial information with a stop in the nation’s capital.

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.

More than 28 percent of large public companies are not fully meeting disclosure requirements for tax reserve estimates, according to a new report.

The Governmental Accounting Standards Board issued for comment a proposed technical bulletin to help government accountants determine the annual required contribution for post-employment benefits.