Financial reporting

Olympic gold medalist Wendy Lansbach Boglioli gave a thought-provoking talk last week at the New York State Society of CPAs’ Personal Financial Planning and Eldercare Conference about the importance of long-term care insurance.

We all want to do more productive, efficient work.

The Securities and Exchange Commission plans to launch an ambitious project to re-examine how companies and other entities should make financial disclosures to take advantage of the latest technologies.

We all want to do more productive, efficient work.

CCH has enhanced the Audit Public Library in its Accounting Research Manager database with a set of questions and answers about Financial Accounting Standard 157 for fair value measurements.

We all want to do more productive, efficient work.

FiveStar3 has acquired the Alliance of Professional Associations, a national association management company for accounting firms.

Try this on for size. A new study shows that of some one million 401(k) portfolios, some 69 percent of participants have portfolios with inappropriate risk or diversification, 36 percent hold high concentrations of company stock, and 33 percent fail to contribute enough to receive the full company match. While groups of participants are taking full advantage of their 401(k) plans, participants with lower salaries, lower plan balances, and those closer to retirement tend to make the most costly mistakes.

Cohen & Co. has acquired Mercurio & Bridgford, expanding the Ohio-based firm's presence in Florida.

Financial regulators from around the world are setting up a monitoring group that will work with international accounting standards-setters.

Citigroup settled a longstanding civil complaint from the Securities and Exchange Commission over improper accounting during the economic crisis in Argentina in late 2001.

The SEC is coming under increasing pressure to decide on what date it will start requiring accounting firms to file financial statements in accordance with International Financial Reporting Standards.

All eyes are on the Securities and Exchange Commission as it prepares to issue a detailed roadmap this summer for the transition to International Financial Reporting Standards, but some representatives gave hints about what might be in that roadmap at a conference held by the Financial Accounting Standards Board in New York.

The Internal Revenue Service has issued a notice providing guidance on the effect of adding liquidity facilities to support auction rate preferred stock on the equity character of the stock.

IPRO ONE ACQUIRES OWNERSHIP IN HBK SORCE FINANCIALiPro One has reached an agreement to purchase an ownership interest in HbK Sorce Financial, an investment advisory and wealth management firm with more than $1 billion in assets under management.

In 1994, the Governmental Accounting Standards Board established standards for public employee pension plans. Government and public employers have to report and account for pension benefits costs.However, until recent years, there was no such standard in place for other post-employment benefits for state and local government workers.

The Certified Financial Planner Board of Standards has established a Jan. 1, 2009 enforcement date for its revised "Standards of Professional Conduct," allowing members more leeway before enforcement takes effect.

The Treasury Department has introduced a prepaid debit card for Social Security payments and other federal benefits.

The American Institute of CPAs has chosen Paychex as its preferred provider for administering 401(k) plans for members who participate in the AICPA's firm retirement program.

Payroll-processing service Paychex has added an auto-enrollment feature that allows employers to automatically sign up employees to participate in a 401(k) plan.