Financial reporting

The MetLife Mature Market Institute has available to consumers, especially those who are not in "traditional families," some tips on how to make the right choices in preparing for retirement, notwithstanding the challenges they face.

The U.S. Financial Accounting Standards Board and the International Accounting Standards Board said they are seeking public comment on two documents that are part of their joint project for developing an improved conceptual framework for future accounting standards.

UCLA Extension has teamed up with Dalton Education to offer an online certificate program in personal financial planning.

XBRL International has appointed Gilles Maguet as secretary general of XBRL Europe, giving him the job of promoting the adoption of the Extensible Business Reporting Language in Europe.

The Financial Accounting Standards Board has issued FASB Statement No. 163, "Accounting for Financial Guarantee Insurance Contracts."

As economic indicators continue to trend downward, Baby Boomers are feeling less confident that their retirement savings will see them through retirement. So says the results of a new research by Longevity Alliance that was conducted by Harris Interactive. Interestingly enough, the survey shows that few of these Baby Boomers really know what steps to take next. According to Longevity, 56 percent of all Boomers (adults 44-62) claim they are less confident than they were only three months ago that their retirement savings will last them through retirement. In fact, of those with such savings, seven in 10 say that were “less confident” overall, with 35 percent being “somewhat less confident,” and 36 percent indicating that they were “much less confident.” Despite the concern, few Boomers have done anything—or plan to do anything—about such flagging retirement savings. Longevity shows that only two out of five with such savings have changed or plan to change their retirement savings as a direct result of the current economic conditions. In fact, of those with such savings who have made a change (or plan to), some 43 percent say they would seek the advice of a financial advisor or retirement planning professional. Hooray! There’s hope alive here. Longevity president Steve Zaleznick says that the Boomers “know the train is coming, but they’re frozen on the tracks.” Unfortunately, he adds, too many are unsure of the best steps to take to guarantee that their money lasts. “In uncertain economic times like these, knowing what to do and when to act is critical; and seeking the advice of a professional can be extremely reassuring.” Also of interest were the distinct differences in attitudes about retirement between men and women. Among adults of all ages, men were more likely to have retirement savings although female Boomers are much more likely to say they have less confidence in their savings. Zaleznick notes that the survey shows clear consumer preferences among Boomers who plan to make changes in their retirement savings. Seeking the advice of a financial advisor or retirement planning professional was the top response followed by a reallocation of funds from stocks to more conservative investments. Other options were investing in value-priced stocks, buying long-term care insurance, and purchasing an annuity. Longevity has a Web site where you can tap into its “Five Tips for Retirement Planning” (www.longevityalliance.com). Boomers can also take the “Longevity Ready” quiz to get a better understanding of their personal preferences and planning style for a longer life.

Nonprofit accounting software developer Kintera said it has received notice of a possible delisting from Nasdaq after falling below the required threshold of stockholders' equity.

The U.S. Small Business Administration said that homeowners, renters, nonprofit organizations and businesses have one more month to submit disaster loan applications for damage caused by the severe storms and tornadoes on April 4.

A week after proposing requirements for public companies to start filing their financial statements with interactive data tags, the Securities and Exchange Commission wants mutual fund companies to begin filing risk and return information using the technology.

The Financial Accounting Foundation has tapped Teresa S. Polley as its new president and chief operating officer.

The American Institute of CPAs gave out its public service awards at its Spring Council meeting to an individual and a firm for their contributions to the community at large.

With accounting standards moving toward convergence around the world, some accounting firms are beginning to worry that the adoption of International Financial Reporting Standards could lead to litigation.

KPMG is donating $250,000 to the nonprofit organization First Book to distribute more than 200,000 books this year to needy children.

In recent months, captives have come to the forefront of the insurance industry.As a result, there has been increased interest in what they are, the benefits that they provide, and if they are a viable option for companies.

Ernst & Young is developing a curriculum to help accounting students learn about International Financial Reporting Standards.

A White House memo directing agencies to finalize their rules before the fall election could have an impact on plans for the use of Extensible Business Reporting Language and International Financial Reporting Standards in filings with the Securities and Exchange Commission.

As the Governmental Accounting Standards Board began grappling with concepts in reporting governmental service efforts and accomplishments, or SEA, it knew traditional financial statements didn’t provide a complete picture of government performance.After all, not everything that a government does can be measured in dollars and cents, so should GASB write standards for things that are not measured monetarily?

The Financial Accounting Standards Board has issued an invitation to comment on how it might proceed toward simplifying the measurement of complex financial instruments.The invitation comes amid a global controversy over whether current reporting on some financial instruments at fair value may be causing volatility in securities and credit markets. The issue at FASB, however, is over the perplexing varieties of measurement.

The financial advisor of the future must go beyond today's conventional wisdom to favor a more complete risk management framework that better recognizes the retirement income needs of millions of retirees, says The Retirement Income Industry Association (RIIA), a national, not-for-profit organization whose members are defining the future of retirement security in the United States. RIIA's chairman and executive director Francois Gadenne, points out that the association has already developed a job description for financial advisors that he believes is more relevant to the practical challenges that retirees are now beginning to confront. "In order to be effective in the future, financial advisors seeking to provide the best possible results for their clients must embrace a host of new responsibilities and personal professional skills. And, based on feedback that financial advisors have brought to RIIA, they are concerned about helping investors plan, implement, and manage their retirement to achieve and maintain a desired standard of living over the long term. That's a complex task which calls for new insight and education." The association’s director, David Macchia, explains that the advisor's job description has expanded significantly. "The advisor must have the skills to not only help investors accumulate financial capital--such as savings, investments, insurance, annuities, and IRAs--but also to understand the changing roles of financial capital combined with human capital (wages and earnings) and social capital (social security, support from family or friends, defined benefit plans) as investors address their retirement income security needs." RIIA says foresees a new dimension of professional advisor education that will be called for in light of the shifting challenges confronting retirees. To support advisors in maintaining a high degree of proficiency in retirement income planning, including specialized professional education that provides the skills and insights needed in the years ahead, RIIA is developing a Retirement Income Management Body of Knowledge. This curriculum, it notes, will match specific learning objectives with practice management skills derived from a Retirement Management Professional job description and leading to a Retirement Management Analyst™ (RMA) designation. Elvin Turner, its director, asserts that the association’s expanding body of knowledge is the key to addressing financial advisors' concerns about delivering comprehensive retirement income planning to their clients. "Ethics and practice management skills are foundational elements of RIIA's body of knowledge. The reason is to help RMA designation candidates sharpen their ethical behavior and practice skills needed to address retirement needs in an effective and objective fashion." According to Gadenne, the ability to identify the vital attributes of tomorrow's successful financial advisors is attributable to what he feels is the association’s unique perspective in the financial services industry. "RIIA and its members have been able to view across silos by pulling down barriers between product and process, manufacturer and distributor, academic and business, to achieve a needs-based perspective that would otherwise not be possible. It is this perspective that is driving the definition of prudent retirement planning, including the skill set that advisors must maintain and refine over time." For more information, visit www.riia-usa.org.

Deloitte has formed an International Financial Reporting Standards University Consortium to help bring IFRS into more college classrooms.