INDUSTRY NEWS
Product and service updates from leading vendors
and suppliers to the accounting profession.

July 2, 2009
Bankrate: Mortgage Rates Slide Back
The average 30-year fixed mortgage rate pulled back to 5.70 percent this week, according to Bankrate.com's weekly national survey. The average 30-year fixed mortgage has an average of 0.48 discount and origination points.

Statement of U.S. Labor Secretary Hilda L. Solis on June 2009 Employment Numbers
Solis issued the following statement on the June 2009 Employment Situation report released on July 2nd, which noted that “the department has released more than $57 million in National Emergency Grants to help communities cope with mass layoff events and other emergencies.”

July 1, 2009
GASB Proposes Statements on Service Concession Arrangements and Financial Instruments
The Governmental Accounting Standards Board (GASB) has issued two Exposure Drafts (EDs) of proposed Statements, Accounting and Financial Reporting for Service Concession Arrangements and Financial Instruments Omnibus. The proposed Statements are intended to increase transparency in these financial activities.

Individual Taxpayers and Businesses Should Prepare for Hurricane Season, Thomson Reuters Tax Expert Advises
The 2009 hurricane season officially began June 1. Says Anne Wagenbrenner, Senior Tax Analyst of the Tax & Accounting business of Thomson Reuters “While taxpayers are aware of hurricanes’ potential for devastation, they frequently don’t think of the importance of securing financial and tax records in case of such a disaster.”

Deloitte Adds Support to CDO Suite for Loan/SERV Platform
Deloitte released an enhanced version of its CDO Suite product, an asset administration, compliance, and reporting system designed to support a number of portfolio structures including hedge funds and collateralized debt obligations, which can help agent banks, lenders and investors track, view, and reconcile loan positions.

SEC Proposes Measures to Improve Corporate Governance and Enhance Investor Confidence
The Commission proposed requiring public companies receiving money from the Troubled Asset Relief Program (TARP) to provide a shareholder vote on executive pay in their proxy solicitations.

Wachovia Insurance Services, Inc. Becomes Wells Fargo Insurance Services USA, Inc.
Wells Fargo & Company (NYSE:WFC) said today that Wachovia Insurance Services, Inc. has officially changed its name to Wells Fargo Insurance Services USA, Inc. The combined business makes Wells Fargo the world’s fourth largest insurance firm and the largest bank-owned insurance brokerage in the U. S. (Business Insurance, 2008).

June 30, 2009
National Taxpayer Advocate Submits Mid-Year Report to Congress; Identifies Priority Challenges and Issues for
Upcoming Year
IR-2009-63 — Key areas of focus include taxpayer services, oversight of federal tax return preparers, accessibility of the offer in compromise program and the effective administration of refundable tax credits.

Latest SAP® BusinessObjects™ GRC Solutions Increase Clarity Across the Enterprise, Helping Organizations to Better Predict and Manage Risk
This holistic view will help customers take a preventative approach to risk and be better protected against future vulnerabilities caused by rapidly shifting conditions. The new SAP BusinessObjects GRC solutions are also embedded with SAP BusinessObjects business intelligence (BI) solutions, enabling greater transparency across customers' organizations and helping them to develop smarter, more risk-aware business strategies.

June 29, 2009
Live Web Update on IAS 39 Financial Instruments Replacement
On 3 July 2009 and 6 July 2009 the IASB will be hosting the third in its series of live webcasts to keep interested parties up to date on progress of the project to replace IAS 39. This web update will focus on the recently published Request for Information on the feasibility of an expected loss model.

Paychex Recognized as one of the Nation's Best Employers for Healthy Lifestyles
Paychex, Inc. has been recognized by the National Business Group on Health as one of the nation’s leading companies for innovative programs promoting a healthy workplace, and for helping its employees and their families to make better choices about their own health and well-being.