For news from the AICPA and state societies, visit www.cpaweb.org, which also offers online CPE, AICPA professional literature, practice management aids and links to state society Web sites.

FASB reaffirms its restrictions on how banks can qualify for sale accounting treatment and issues a series of related questions and answers (accounting.rutgers.edu/raw/fasb/project/125summary.html).

A new study says FASB’s imminent ban on pooling will make solid balance sheets and abundant cash flows—not high PE ratios—the most powerful bargaining tools in mergers and acquisitions (www.ml.com/about/press_release/pdf/accounting_overview.pdf).

New OCC guidance says the agency is not conducting “audits of the auditors” when it reviews banks’ external audits, but instead is assessing how and whether banks are meeting requirements (www.aicpa.org/belt/notices.htm).

The FDIC chairman says a forthcoming reform proposal will address the allocation of deposit insurance costs among covered institutions, the timing of premium collections and inflation’s effect on insurance benefits (www.fdic.gov/news/news/speeches/chairman/sp07mar01.html).

Researchers warn that a potential Social Security shortfall and a shift from defined-benefit to defined-contribution retirement plans will put the onus on workers to ration benefits effectively throughout their retirement years (www.ebri.org/ibex/ib232.htm).

A FASB report de-emphasizes “new economy” considerations and recommends cooperation among national and international standard setters to improve business and financial reporting. Comments are due by July 1 (accounting.rutgers.edu/raw/fasb/sr_new_economy.pdf).

FASB plans to issue final statements in July on business combinations and intangible assets. The new rules likely will require a two-step impairment test for goodwill writedowns (accounting.rutgers.edu/raw/fasb/project/buscomsumm.html).

Belgian software maker Lernout & Hauspie says its Korean division faked $100 million in revenue and assigned staff to pose as customers, deceiving its auditors (ftp://ftp.lhsl.com/b ports/KoreaReport.pdf).

A FASAB proposed standard would eliminate the requirement to report changes in certain receivables from the public as a resource on the statement of financing. Comments are due by June 8 (www.financenet.gov/financenet/fed/fasab/pdf/ed_para80.pdf).

New FASAB guidance amends standards for direct loans and loan guarantees, effective for periods beginning after September 30, 2002 (www.financenet.gov/financenet/fed/fasab/pdf/sffas-19.pdf).

The Social Security program’s financial stability will last until 2038—one year longer than previously expected—based on recent adjustments in the economic and demographic data underlying future SS payment projections (www.ssa.gov/enews/enewspress031901.htm).

Canada’s securities regulator requests opinions on the pros and cons of allowing Canadian and foreign equity issuers to file financial statements according to U.S. GAAP or international accounting standards. Comments are due by June 30 (www.iasc. org.uk/news/cen8_195.htm).

IFAC exposes a draft statement on strengthening the relationship between bank auditors and supervisors. Comments are due June 12 (www.ifac.org/Guidance/EXD-Download.tmpl?PubID=98210431013197).

IFAC re-exposes its proposed guidance on factors that threaten auditor independence. If adopted, it would provide a framework on which national standards could be based. Comments are due by June 30 (www.ifac.org/Guidance/EXD-Download.tmpl?PubID=98710989210514).

An April IFAC study looks at the accounting profession’s increased focus on management issues. It presents the views of a dozen professional associations on the significance to accountants of the move to reform corporate governance in global capital markets and to absorb accounting functions into business management processes (www.ifac.org/News/LastestReleases.tmpl?NID=98684177510438).

IFAC issues two new standards. One addresses the risk of fraud and error causing material misstatements in financial reports; the second provides guidance on planning and performing audit procedures for assertions about derivative financial instruments (www.ifac.org/News/LastestReleases.tmpl?NID=9877112375125).

U.K. accounting standards board addresses practical issues relating to the date when companies give their employees shares or rights to them (www.asb.org.uk/publications/publication333.html).

The AICPA develops a practice guide to assist members in observing FTC and SEC privacy and disclosure requirements established by the Graham-Leach-Bliley Act (http://ftp.aicpa.org/public/download/news/ftc.doc).

The SBA presents outstanding entrepreneurship awards to two CPAs—David A. Cottrell of Anchorage, Alaska, and Margaret A. Johnsson of Chicago—recognized for their personal achievements and contributions to the nation’s economy (smallbusinesssuccess.sba.gov/).

A commission of business and government leaders will propose ways to make the Social Security program more modern and fiscally sound (www.ssa.gov/ssacommission.htm).

The SEC launches an online margin calculator that helps an investor estimate the likelihood of his or her broker’s issuing a margin call—for insufficient account equity—in the next 30 days, three months or a year (www.sec.gov/news/headlines/margincalc.htm).