BUSINESS TRENDS

Many employers are helping workers cope with the record rise in gas prices with a mix of solutions, including cash and flexible work options, according to a survey by the Society for Human Resource Management. Some employers are offering direct financial aid, such as cost-of-living adjustments (2%), gas cards as rewards for employee performance (14%) and increases in mileage reimbursements to the IRS maximum (42%).

Others are choosing solutions that allow workers to burn less gas, like flexible work schedules (26%), telecommuting (18%) and public transportation discounts (18%). Some employers (12%) assist workers in organizing carpools and 7% give carpoolers priority parking.

The study also says more employers are considering compressed workweeks.

Source: Society for Human Resource Management, What Employers Are Doing to Help Their Employees with High Gas Prices in 2008, ww.shrm.org/press_published/CMS_025620.asp#P-4_0 .

FINANCIAL REPORTING

Only 17% of retirement plan sponsors have begun discussing with their auditors how FASB Statement no. 157 will impact financial statements and benefit plans, according to the 2008 Plan Sponsor Retirement study by Grant Thornton in conjunction with Drinker Biddle & Reath LLP and Plan Sponsor Advisors LLC.

Source: Grant Thornton LLP, www.grantthornton.com .

TAX NOTES

The 2008 tax filing season saw an increase in e-filing among last-minute filers, a group which traditionally filed paper returns, according to the IRS.

From April 12 through April 18, e-filed returns increased 28% over the comparable week last year. Overall, the number of returns received during the same week was up only 9%. The Service attributes a small percentage of the growth in e-filing to those taxpayers who were required to file this year only to claim their federal economic stimulus payments.

The payments also helped fuel a 44% increase in traffic to the agency’s Web site, which recorded almost 206 million visits during the filing season. In April alone, the site’s economic stimulus calculator had 8 million visits.

Source: The IRS, www.irs.gov.

CAREERS AND RECRUITING

According to a survey by Robert Half International of 1,400 U.S. executives, three out of four CFOs view consulting as an attractive segue to retirement.

The most cited benefits of consulting included:

Remaining in the work force but working fewer hours,

Earning money to supplement retirement, and

Gaining experience working for a variety of firms.

Source: Robert Half Management Resources, www.roberthalfmr.com.

FINANCIAL REPORTING

A ccording to a new Deloitte poll, executives are already anticipating the impact FASB Statement no. 141(R), Business Combinations, will have on their financial planning and reporting around mergers, acquisitions and ownership changes.

Forty percent of more than 1,850 executives said the revised standard would cause them to rethink deal strategy and/or impact planned deal activity.

"The finance and accounting, business development, tax and legal departments of companies are working to understand the implications of Statement 141(R) as the processes for how a deal is consummated and reported will require significant preliminary and ongoing analyses," Stamos Nicholas, Deloitte’s national business valuation leader, said in a news release.

Statement no. 141(R) is effective for fiscal years beginning after Dec. 15, 2008. While early adoption of Statement no. 141(R) rule changes is prohibited, 4% of poll respondents indicated their companies already finished assessing the valuation impact of the statement.

For an analysis of some of the significant changes created by the revised standard, see “ A New Day for Business Combinations,” JofA, June 08, page 34.

Source: Deloitte Financial Advisory Services LLP, www.deloitte.com.

HUMAN RESOURCES

The vast majority of full-time workers plan to enjoy some downtime over the summer, but some will see their vacation dreams dashed due to employers’ ineffective policies, according to The Summertime Crunch, a survey by The Workforce Institute at Kronos Incorporated. The survey found 69% of employees plan to use vacation time between Memorial Day and Labor Day, but 21% of those with vacation time to burn will be denied the request because a co-worker has already requested the same time off.

Among employees who have vacation time, 45% say their employer has no policy on advance notice for vacation time; 37% say their employer uses an automated system to track or schedule absences; and 59% say their employer requires them to coordinate time off with co-workers. Failure to set appropriate policies can be a drag on morale.

“Employees who are denied requested vacation time are not going to be happy,” said Joyce Maroney, director of The Workforce Institute. “It behooves organizations to be upfront and set a clear policy for time-off requests.”

On the flip side, employers are faced with the unpredictable challenge of “Seasonal Absence Syndrome”—according to the study, 37% of full-time workers have called in sick in the past to enjoy a day off.

Source: The Workforce Institute’s The Summertime Crunch, www.kronos.com/press-releases/Summer-Forecast-Sunny-With-High-Probability-of- Absence.htm.

TONE AT THE TOP 

Deloitte’s 2008 IFRS survey, Where Are We Today?, found that 30% of CFOs and other senior finance professionals would consider adopting IFRS if given a choice by the SEC within the next three years.

When surveyed six months earlier, only 20% said they would consider adopting IFRS.

While interest in adopting IFRS is growing, the survey indicated twothirds of companies considering IFRS thought their personnel in U.S. operations lacked sufficient knowledge of the standards versus one-third for their non-U.S. operations.

Source: Deloitte, www.deloitte.com/us/ifrs/2008survey.

CAREERS AND RECRUITING

Whether you’re a new graduate or a seasoned professional, it’s always essential to put your best foot forward. Here are seven common job hunting mistakes from Accountemps, a staffing company for accounting and finance professionals, and how to avoid them:

1. Thinking small. Spread the word of your job hunt to everyone you know and take advantage of professional networking Web sites and contacts in your local business community.

2. Adopting a one-size-fits-all approach . Tailor each resume and personalize each cover letter to the particular opportunity.

3. Failing to proofread. Be vigilant about spelling, grammar and punctuation in all written communications, including e-mails,
Web pages and thank-you notes.

4. Remaining in the dark. Uncover beyond-the-basics knowledge of the job and company in order to better communicate specific ways you can contribute to the organization’s success.

5. Posting indiscriminately. Consider your online image and don’t post anything that would appear unprofessional.

6. Leaving a bad first impression.  Avoid using off-color or overly cute e-mail addresses and keep voice mail greetings clear and professional.

7. Failing to thank others. Express appreciation to everyone
who helps in your job search, whether or not their efforts are
successful.

Source: Accountemps, www.accountemps.com.

BUSINESS TRENDS

In a national survey of CFOs and senior comptrollers, almost 60% said companies should issue a corporate responsibility or sustainability report, though only 14% said their company currently does so.

Source: Grant Thornton LLP, www.grantthornton.com .

PERSONAL FINANCIAL PLANNING

Advisers beware: Social media is increasingly influencing individual investors’ financial decision making.

A report from Cogent Research, Social Media’s Impact on Personal Finance & Investing, identified three major trends among investors:

Investors are highly engaged in social media. One out of four U.S. adults is engaged in social media that deals specifically with personal finance and investing.

Peer opinion influences a majority of investment decisions. More than half (58%) of high-net-worth investors have increased investments while more than one-third have reduced investments in a specific fund or company as a result of other consumers’ opinions.

Social media leads investors to question the accuracy of information delivered by official sources. More than one-third have questioned their advisers or investment firms based on what they’ve read or heard on social media sites.

“There’s a danger to dismissing social media as too new, too emerging or too small to think about yet,” Christy White, chief of operations at Cogent Research, which produced the study with input from social media public relations agency SSA Public Relations, said in a news release. "Our study clearly shows that high-net-worth investors have taken to social media in big numbers—and they are listening closely to what their peers have to say. Financial services firms that fail to keep up with, and engage in, this emerging media are basically putting the fate of their brand into the hands of consumers."

Source: Social Media’s Impact on Personal Finance & Investing, www.cogentresearch.com.