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Industry News: Compliance Week Survey Finds Companies Aren’t Prepared for XBRL An exclusive new survey from Compliance Week suggests that many publicly held companies are barely aware of XBRL, the financial reporting technology the Securities and Exchange Commission is poised to impose on Corporate America later this fall. The SEC has already published a proposal to mandate XBRL for all companies by 2011, staring with Fortune 500 companies as soon as next spring. The public comment period on that proposed rule is already half over, and SEC Chairman Christopher Cox has repeatedly called for a final rule to be voted on and in place before he leaves office in January.
Despite this, of the 236 publicly held companies surveyed, nearly 80 percent say nobody on their staff is well-versed in XBRL. Read how more than half (59 percent) of respondents say they either have just begun reading up on the technology, or have done no research at all.
 Employee Benefit Plan News
Individual Account Retirement Plan Assets Concentrated in Families With High Incomes, but Important to Lower-Income Families, too.
Growth in the number of 401(k)-type plans and the number of participants in those plans,
which increased sharply in the 1990s, has slowed in recent years, according to a study released by the
nonpartisan Employee Benefit Research Institute (EBRI).
News from the IRS Business Tax News: Read highlights of recently-enacted Internal Revenue Service tax law and other changes to Section 179 Limits and Employer-Owned Life Insurance Contracts. (03/08)
The Internal Revenue Service recently launched a campaign to help educate new self-employed small business owners about federal tax responsibilities.
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Ernst & Global Perspectives:
 ‘Pricing Pressures’ and ‘Attracting Talent’ are Biggest Challenges for Procurement Functions The biggest impact on the procurement functions in organizations over the next two years will come from pricing pressures and attracting the right talent, according to a survey of 257 senior executives around the world published by Ernst & Young. Read more about the survey, Gaining Competitive Advantage: The Procurement Opportunity.
Survey: Information Technology Risk Management’s Critical Role A survey asks nearly 150 risk management and IT executives at global financial institutions for their feedback on the framework, processes, and drivers of information technology risk management and the role it plays in an organization’s overall risk management structure. The results and analysis focus on four key areas: convergence, common understanding of risks and controls, IT risk management investments, and risk reporting.
Read Ernst & Young LLP's press release highlighting some of the findings from the Information Technology Risk Management survey.
 US infrastructure problems edge towards crisis proportions The United States' infrastructure problems could reach crisis proportions in the next 10 years if steps are not taken to attract more private capital or overhaul the nation's antiquated regional infrastructure planning process. "Infrastructure 2008: a global perspective", written by the Urban Land Institute and sponsored by Ernst & Young, closely examines the challenges the US faces along with its funding gap for infrastructure projects.
Read Ernst & Young LLP's press release highlighting key issues from the report "Infrastructure 2008: a global perspective."
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