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PCAOB Offers a Revised Internal Control Auditing Standard
 The Public Company Accounting Oversight Board has voted to propose for public comment a new standard on auditing internal control over financial reporting and other related proposals. The proposed standard would replace the PCAOB’s existing internal control standard, Auditing Standard No. 2.
http://www.pcaobus.org/News_and_Events/News/2006/12-19.aspx

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Small Businesses Get Further Section 404 Relief
 The Securities and Exchange Commission is adopting an extension proposed in August to further postpone the date by which smaller public companies must comply with the internal control reporting requirements mandated by Section 404 of the Sarbanes-Oxley Act of 2002.
http://www.sec.gov/news/press/2006/2006-210.htm

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AICPA Offers Guidance on Mandatory Corporate e-Filing
 With more corporations subject to the IRS's mandatory e-filing requirement this year, the AICPA is releasing guidance to help CPAs comply with the rule.
http://tax.aicpa.org/Resources/Corporations+and+Shareholders/AICPA+PowerPoint+on+IRS+Mandatory+Corporate+E-File+Program.htm

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Businesses, Tax-Exempts Have New Formula for Phone Tax Refund
 The IRS has announced a formula that will allow businesses and tax-exempt organizations to estimate their federal telephone excise tax refunds.
http://www.irs.gov/newsroom/article/0,,id=164305,00.html

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Hiring Expected to Level Off During First Quarter of 2007
 Financial executives expect to continue hiring in the first quarter of the new year but at a slightly slower pace than during the fourth quarter of 2006, according to the most recent Robert Half International Financial Hiring Index.
http://www.roberthalffinance.com/PressRoom?LOBName=RH&releaseid=1760

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Study: Value of Stock Option Grants Declines Sharply
 The value of stock option grants at the largest US corporations fell significantly in 2005, as companies cut back on the number of options granted and the number of employees receiving them, according to a recent study by Watson Wyatt Worldwide. As a result, employees can expect decreased income from options in the future.
http://www.watsonwyatt.com/news/press.asp?ID=16796

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Study Finds Strong Link Between CEO Pay, Performance
 Executives at financially high-performing companies are realizing greater compensation than their counterparts at underperforming companies, suggesting that corporate America’s executive pay-for-performance model is working for most companies, according to a new study.
http://www.watsonwyatt.com/news/press.asp?ID=16778

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Tax Law Changes May Affect People Giving to Charity
 Individuals and businesses making contributions to charity should keep in mind several important tax law changes made last summer by the Pension Protection Act. The new law offers older owners of individual retirement accounts a new way to give to charity. It also includes rules designed to provide both taxpayers and the government greater certainty in determining what may be deducted as a charitable contribution.
http://www.irs.gov/newsroom/article/0,,id=164997,00.html

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FASB Proposes Improved Disclosures for Derivatives
 The Financial Accounting Standards Board has issued a proposal that would provide investors with better information about the effects of derivative and hedging activities on a company's financial statements.
http://www.fasb.org/news/nr120806.shtml

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Guidelines Available for Charitable Payroll Deductions
 The IRS has announced new guidelines for taxpayers to follow to substantiate donations to charities that were made by payroll deductions.
http://www.irs.gov/newsroom/article/0,,id=164630,00.html

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Guidance Offered for Section 409A Reporting, Withholding
 The Treasury Department and the IRS have issued Notice 2006-100 providing guidance to employers and payers on their reporting and wage withholding requirements for calendar years 2005 and 2006 with respect to deferrals of compensation and amounts includible in gross income under IRC Section 409A and relief from reporting deferrals that are not includible in income during those years.
http://www.irs.gov/newsroom/article/0,,id=164598,00.html

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More Companies Take Selective Approach to HR Outsourcing
 When it comes to outsourcing HR technology, more companies are embracing a selective approach rather than exclusively relying on a single provider, Watson Wyatt Worldwide, a global consulting firm, has found.
http://www.watsonwyatt.com/news/press.asp?ID=16733

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