Financial reporting

The Internal Revenue Service has published the 2009 inflation-adjusted deduction limits for health savings accounts.

The American Institute of CPAs has appointed Jay Hanson as chairman-elect of its Accounting Standards Executive Committee.

With so many accounting standards, it can be hard to keep up with them all.

Accounting firm Moss Adams has named Rebecca Pomering CEO of its wealth management division.

A group promoting pastors’ First Amendment rights has announced an initiative to challenge the ban on endorsements of political candidates by tax-exempt organizations.

Internal Revenue Service Commissioner Douglas Shulman promised to continue enforcement efforts against tax shelters and provide clearer tax guidance.

The Financial Accounting Standards Board has issued FASB Statement No. 162, "The Hierarchy of Generally Accepted Accounting Principles," intended as a replacement for the American Institute of CPAs' GAAP hierarchy.

If you haven’t heard by now, there’s a big conference coming up in July. It’s being billed as “How CPAs Can Make Money in Financial Planning” and it’s being held on July 20-22 at the Chicago Fairmont. Why this conference? Because the Baby Boomers, as we all know, are hitting retirement age with the Barely Boomers right behind, and they are certainly looking for financial planners to advise them. In the interests of full disclosure, the conference is being offered by the premier publications in this field: CPA Wealth Provider, Accounting Today, and Practical Accountant. The conference will detail exactly what it takes to be really successful in such a practice area, which includes estate, tax, retirement, insurance, and succession planning and, of course, wealth management. This breakthrough conference is also targeted at those firms not yet in financial planning as well as those who have not been successful. In fact, the conference will allow you to determine how deeply your firm should be in this growth area and in what capacity. You will also learn how to select the right strategic partner and how to get financial planning up-to-speed quickly. Moreover, you will hear success stories from financial planners and learn the challenges of those CPAs who entered the business without the proper training, analysis, and understanding and therefore, failed or had a number of false starts. Incidentally, the conference will offer 16-18 CPE credits. Most importantly, a number of the preeminent people in the field will be conducting sessions at this conference including the keynote speaker, Stuart Kessler, considered by many as the “Godfather” of financial planning and including, as of this date, Garrett D'Alessandro, Sidney Blum, Mitchell Freedman, Peter Jaworski, Rebecca Pomering, Larry Swedroe, Enrique Vasquez, Troy Waugh, and Clare Wherley. For more information, contact Julie.Dienes@sourcemedia.com.

Sage Software's U.K.-based parent company, the Sage Group, reported revenue of $1.29 billion for the half-year ended March 31, 2008, a 9 percent increase over the same period last year.

Standard & Poor's plans to host a forum on the merits of fair value accounting later this month.

iPro 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.

Genworth Financial Investment Services has launched a new section of its Web site dedicated to practice management.

As an accountant, you observe your clients’ business successes and failures every day. However, many accounting firms struggle in their efforts to deliver financial planning services profitably.Why?

H.D. VEST TURNS 25Broker/dealer H.D. Vest, which pioneered the strategy of using CPAs and tax professionals as financial planners, is celebrating its 25th anniversary. Since its founding in April 1983, 47 states now allow CPAs to accept commissions for advising their clients and implementing investment planning strategies and products. Currently, H.D. Vest has some 5,400 independent advisors.

The Financial Accounting Standards Board may change some accounting rules to make it more difficult for banks to get subprime loans off their books.

The American Institute of CPAs found a range of responses when it surveyed Americans on how they intend to use their tax rebates.

Accounting software developer Intacct has raised $15 million in financing led by Bessemer Venture Partners.

While U.S. and international accounting standards seem set on an inevitable convergence path, some are worried that the U.S. approach may end up becoming a bad influence on International Financial Reporting Standards.

The Financial Accounting Standards Board and the China Accounting Standards Committee have signed a memorandum of understanding agreeing to strengthen communication and cooperation between the U.S. and Chinese standards setters.

Financial planning and advisory services have helped fuel an increase in revenues at CPA firms, according to a new study by the American Institute of CPAs and Moss Adams.