The Securities and Exchange Commission (SEC) published for comment two rules, one of which would grant thrift institutions a limited exception from Investment Advisers Act requirements governing the manner and extent to which such entities may hold themselves out to the public as providers of investment advisory services ( www.sec.gov/news/press/2004-58.htm ). The other rule would exempt thrift-sponsored collective trust funds from the Securities Exchange Act of 1934’s registration and reporting requirements. Such funds allow a bank or thrift to manage the assets of tax-qualified pension and profit-sharing plans on a pooled basis without creating an investment company, which would be subject to additional regulation as a mutual fund. Comments are due July 9.

The Treasury Department proposed a rule that would defer until December 31, 2005, the expiration of provisions of the Terrorism Risk Assurance Act of 2002 requiring property and casualty insurers to offer coverage for terrorism-related losses described in the act ( www.treas.gov/press/releases/reports/ ). Currently the law mandates that insurers make such policies available through the end of 2004 and that the coverage must not differ materially from the terms, amounts and other insurance limitations applicable to losses stemming from events other than acts of terrorism. Comments are due July 6.

The International Accounting Standards Board (IASB) published three exposure drafts (EDs) in April ( www.iasb.org/current/ed.asp ). Amendments to IAS 39 Financial Instruments: Recognition and Measurement—The Fair Value Option proposes restricting that valuation to financial assets and liabilities in any of five specific categories and with a verifiable fair value; comments are due July 21. Combinations by Contract Alone or Involving Mutual Entities proposes removing the scope exclusion in IFRS 3, Business Combinations, for situations that involve two or more mutual entities or in which—to form a reporting entity—separate organizations are brought together by contract alone without either obtaining an ownership interest. Amendments to IAS 19 Employee Benefits—Actuarial Gains and Losses, Group Plans and Disclosures proposes giving entities the option of showing pension deficits and surpluses in detail. Approval of the ED would enable companies already doing so—by recognizing the plan’s surplus or deficit as of the balance sheet date and providing the best estimate of the plan’s gains and costs in the income statements—to continue this practice. Comments on these two EDs are due July 31.

The International Financial Reporting Interpretations Committee (IFRIC) of the IASB issued a draft interpretation, D6 Multi-employer Plans, for employee benefit plans in which more than one employer participates ( www.iasb.org/current/ifricdrafts.asp ). The proposed guidance describes how defined benefit accounting should be applied to such plans. Comments are due July 9.

The Pension Benefit Guaranty Corp. (PBGC) proposed a statement of policy that would revise the structure of penalties assessed against pension plan administrators who fail to notify participants of underfunding and of the extent to which the PBGC would compensate for such deficiencies ( www.pbgc.gov/regs ). Under the suggested statement, penalties would be based on the number of plan participants rather than on the number of days delinquent, as currently required. The recommended policy also would provide for a more rigorous audit program, coupled with stricter enforcement and significantly higher penalties for repeated noncompliance. Comments are due July 6.

The AICPA requests nominations for two awards recognizing the pro bono achievements of individual CPAs and firms. Beginning this year a Public Service Award for Firms joins its preexisting counterpart, the Public Service Award, which acknowledges individual contributions. Institute members, state societies and CPA firm associations can nominate candidates for either award by downloading forms at www.aicpa.org/members/ and submitting them to the postal or e-mail addresses indicated therein. Submissions are due August 31.