Professional development

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

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 Institute of Management Accountants Foundation for Applied Research plans to provide nearly $100,000 in funding to two new research projects in management accounting.

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.

After floating the proposal roughly one year ago, the American Institute of CPAs has approved the creation of the Certified in Financial Forensics credential, a new designation that will include expertise in a range of areas such as bankruptcy and insolvency, computer forensics, economic damages, family law, fraud investigations and litigation support.Approval for the credential — which will be the fourth offered by the institute, joining the Personal Financial Specialist, the Accredited in Business Valuation and the Certified Information Technology Professional — was approved at the annual meeting of Spring Council here.

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.

With all the recent brouhaha over the subprime controversy and claims that mark-to-market accounting contributed to or even caused problems for investors in collateralized debt obligations, lots of people have been commenting on the relative usefulness of original cost and estimated market/fair value.One of the recurring themes raised by the chorus of critics (who shall remain nameless) is that original cost is preferable because it’s more reliable than estimated value.

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 Virginia Society of CPAs Educational Foundation has established a scholarship fund to honor the victims of last year's Virginia Tech shooting.

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.

No matter how much money your client has, it's crucial to have a basic estate plan simply because such a plan will then ensure that the financial goals of the client are met after the client dies.

No matter how much money your client has, it's crucial to have a basic estate plan simply because such a plan will then ensure that the financial goals of the client are met after the client dies.

No matter how much money your client has, it's crucial to have a basic estate plan simply because such a plan will then ensure that the financial goals of the client are met after the client dies.

No matter how much money your client has, it's crucial to have a basic estate plan simply because such a plan will then ensure that the financial goals of the client are met after the client dies.

The most comprehensive cost analysis in long term care in the industry and the only one that provides comprehensive data for the past five years was released by Genworth Financial. The study found that nationwide the cost of long term care in nursing homes, assisted living facilities, and in the home increased for the fifth consecutive year. The national average for a year in a private nursing home is now $76,460, more than one and a half times the average annual household income in the U.S. of $48,201. In short, most long term care services in this country are rising at a rate faster than inflation. In fact, for one year in a private nursing home in Miami, the cost is an astounding $91,022. Each year Genworth surveys the cost of care in more than 10,000 nursing homes, assisted living facilities, and among home care providers in all 50 states and 90 geographic regions including the District of Columbia. This year, it also included adult day health care costs for the first time. The study also reveals an imminent shortage of caregivers. In actuality, the U.S. will need to recruit 200,000 new direct-care workers each year to meet future demand among the 78 million Baby Boomers as they age. Moreover, the care-giver workforce is dwindling and faces issues of retention. “Rising long term care costs are creating significant financial planning challenges for millions of Americans and their families,” say Buck Stinson, president of Genworth Financial’s Long Term Care Insurance business. As it stands now, a private one-bedroom unit in an assisted living facility has an average annual cost of $36,090. For home care, the average rate for a non-Medicare certified, state licensed home health aide is $19.18, a cost that translates to $43,884 per year for 44 hours per week of care. As far as adult day health care is concerned, first year research findings indicate the average annual cost for five days a week in an adult day health care facility is $15,236 nationally. The survey, 2008 Cost of Care Survey, along with a research paper, “A Workforce to Care for Our Aging” is available at Genworth./com/CostofCare.

Cheshire Software has released a new version of its financial planning software program, Cheshire Wealth Manager, with a new feature for analyzing insurance-planning needs.