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World Leaders Move Toward Tougher Financial Rules World leaders prepared to adopt an early warning system for financial calamities, a commitment to tougher accounting rules and other modest steps to try to prevent future crises. Also in the News: Global Accounting Standards? Not So Fast Special Briefing on Obama's Tax Proposals Obama As Your Boss? Here's How to Apply SmartPros: Third Quarter 2008 Financial Results More Weekly Newsletter Online CPE Investor Relations FEATURE Avoiding Financial Catastrophes Requires Better Judgment, Risk Management Skills By Jeffrey C. Thomson, IMA President & CEO

News & Insights

This Week in the SmartPros News & Insights Newsletter World Leaders Move Toward Tougher Financial Rules ... Free Report: What Does "Fair Value" Mean? ... Special Briefing on President-elect Obama's Tax Proposals Panel Moves to Strengthen Financial Oversight A presidential panel announced steps Friday to strengthen oversight of complex financial instruments partly blamed for the global financial crisis. US SEC Focused on Aiding Corporate Deals-Official The U.S. Securities and Exchange Commission is trying not to stand in the way of companies that need to complete deals to survive the financial crisis, a top regulator said on Thursday. Exec with Swiss Bank UBS Indicted in Tax Probe A senior executive with Swiss banking giant UBS AG was charged in a federal indictment unsealed Wednesday with conspiring to hide $20 billion in assets from the Internal Revenue Service using secret overseas accounts for thousands of customers Circuit City Gets $1 Billion in Credit Circuit City Stores Inc. finalized a $1.1 billion line of credit yesterday to fund its bankruptcy reorganization, but the turnaround effort could be hampered by disgruntled product vendors, a bankruptcy expert said. AICPA and 300 Businesses Warn Congress Pension Problems Caused by Credit Crunch Need to Be Addressed In a letter to Congress, the AICPA and 300 businesses expressed their concern about pension problems resulting from the credit crisis not receiving the attention needed. Political Pressure to Help Banks 'Damaging Accounting Standards' interference to give banks an easier ride over credit crunch losses risked damaging the credibility of accounting standards, experts said. CFTC Head Calls for New Regulatory Regime The head of the federal agency that oversees commodities trading wants to replace it and the SEC with three new regulators to better deal with an increasingly complex financial system. Feds: Huffman Confesses to Scam J.V. Huffman Jr. confessed to scamming hundreds of investors out of millions of dollars, according to documents released by the U.S. Securities and Exchange Commission.

Spotlight

J.H. Cohn Accounting Report: What Does "Fair Value" Really Mean? Just as accounting rules took the spotlight during the Enron scandal, mark-to-market accounting continues to be an issue in the current financial crisis. On this month's J.H. Cohn Accounting Report, Kenneth Goldmann assesses the impact of a recently issued FASB staff position on SFAS No. 157. SmartPros Price: Free! View online now. CPA Report Online Subscribe to the top online CPE program for public accountants. CPA Report Online covers the latest events impacting public practice. SmartPros Price: Courses: $59.98 - Subscriptions: $409 FMN Online Subscribe to the program that more than half of the Fortune 500 trust for CPE. Stay up to date on Sarbanes-Oxley and other key events impacting corporate finance. SmartPros Price: Courses: $59.98 - Subscriptions: $409

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