California CPA articles from September 2008

California CPA archives from September 2008

Our recommendations would make financial reports.(news&trends)
September 1, 2008... "Our recommendations would make financial reports more useful to investors--with clearer guidelines, fewer exceptions and greater focus on really important information." - Robert C. Pozen, chair, SEC Advisory Committee on Improvements to...

Mixedmessages.(news&trends)(Brief article)
September 1, 2008... The State of Banking Information Security Responses from nearly 300 banks and credit unions in the Information Security Media Group's State of Banking Information Security survey show some contradictory messages regarding security in...

Submit your nominations for the outstanding educator award.(news&trends)
September 1, 2008... The Outstanding Accounting Educator Award is an annual award given by CalCPA and the California CPA Education Foundation that salutes those college and university professors who have: * Demonstrated excellence in teaching and have...

The numbers.(news&trends)
September 1, 2008... 36,112 The number of accounting graduates hired by public accounting firms in 2007. --AICPA 65% Number of business-to-business payments made via paper-based checks. --Aberdeen Group $400 billion The deficit for...

CalCPANews.
September 1, 2008... 2008 Women's Leadership Forum Join CalCPA Dec. 3 for a day of leadership development, professional growth and recognition at the 2008 Women's Leadership Forum. From tips and strategies for attaining leadership positions within the...

Check's in the mail? report finds employers owe billions in federal payroll taxes.
September 1, 2008... In a report from the Government Accountability Office, congressional investigators say 1.6 million businesses did not send taxes to the IRS regarding employees' wages, Social Security and Medicare payments. [ILLUSTRATION OMITTED] ...

CAMICO names new CEO.(CHANGING GUARD)(Camico Mutual Insurance Co. announced Ric Rosario as incoming CEO)(Brief article)
September 1, 2008... CAMICO has announced that Ric Rosario, CPA will succeed John A. Dodsworth, CPA, as CEO, effective Jan. 1, 2009. Dodsworth, in a planned move, will retire June 30, 2009, after which he will continue to be a member of the company's board of...

Employer interest in phased retirement programs growing.(CHANGING GUARD)
September 1, 2008... To address a looming talent shortage, as 25 percent of the workforce nears retirement age, and help transition employees to an easier and more affordable retirement, more companies are considering implementing phased retirement programs,...

PCAOB adopts rules for succeeding to registration status of predecessor firm.(CHANGING GUARD)
September 1, 2008... The PCAOB has adopted rules and a corresponding form that govern when a firm would be allowed to succeed to the registration status of a predecessor firm following a merger or other change in the registered firm's legal form. [ILLUSTRATION...

Help is on its way: gain your audience's full attention.(CHANGING GUARD)
September 1, 2008... Post your open position now at www.calcpa.org/classifieds. Posting is fast and easy--and members always receive preferred pricing. Want to know more? Contact Cynthia Fabianski at cynthia.fabianski@calcpa.org or (650) 802-2431. ...

Amendments to simplify and achieve international convergence in the calculation of EPS.(CHANGING GUARD)(earnings per share)(Brief article)
September 1, 2008... The International Accounting Standards Board (IASB) has published for public comment proposals to simplify the calculation of earnings per share and to eliminate differences between the methods required by International Financial Reporting...

Group Insurance Trust receives high rating.(CHANGING GUARD)(Brief article)
September 1, 2008... The Group Insurance Trust (GIT) of CalCPA has received an initial financial strength rating of B++ (Good) and issuer credit rating of "bbb" from A.M. Best Co. "We are pleased with these Best ratings," said Susan Young, GIT executive...

Forum recommends.(Brief article)(Calendar)
September 1, 2008... EASILY DETECT PROFITIBILITY... AND RISKS Businesses rely on financial statements to make a wide array of decisions. Attaining an accurate picture of your own organization is a start. But it cannot end there. It is absolutely necessary to...

Better financial reporting.(CHANGING GUARD)
September 1, 2008... An SEC advisory committee has submitted a report containing 25 recommendations to make financial information more useful and understandable to investors by providing proposals to improve financial reporting in five main areas: ...

HUD releases revisions to chapters three and four of its Consolidated Audit Guide.(CHANGING GUARD)(Housing and Urban Development)(Brief article)
September 1, 2008... The U.S. Department of Housing and Urban Development (HUD) issued its long-awaited revisions to Chapter Three, HUD Multifamily Housing Programs, and Chapter Four, HUD Multifamily Hospital Program of the Consolidated Audit Guide for Audits of...

Companies don't comply with FIN 48.(CHANGING GUARD)(Brief article)
September 1, 2008... Analysis of annual reports filed with the SEC in the first-quarter of 2008 by more than 600 companies whose revenues exceed $2 billion shows that more than 28 percent of them did not fully meet the disclosure requirements of FIN 48, according...

Announcements.(member milestones)(Brief article)
September 1, 2008... Macias Gini & O'Connell LLP promoted Wendy Chang, Mark Aspesi, Joseph Earl, Patrick Lee and Joseph Victoria to senior associates... Tracy Hom has been promoted to senior tax manager at Eichstaedt & Devereaux, LLP... Haskell & White LLP...

Firm news.(member milestones)(Burr Pilger Mayer announced employee stock ownership plan )(Brief article)
September 1, 2008... Burr Pilger Mayer announced the introduction of an employee stock ownership plan available to all 325 employees of the firm. The program launch coincides with the firm's 22nd anniversary... Eichstaedt & Devereaux, LLP has been recognized by...

Members in the news.(member milestones)
September 1, 2008... During June and July, KSEE-TV's "Central Valley Today" program interviewed Adam Blitz, Kendall Wheeler and Gary Istanboulian on various financial topics... Michael Eisenberg discussed charitable donations with Mainstreet.com (June 24),...

Divorce & CPAs.(I Want Half.)
September 1, 2008... the U.S. divorce rate was 4.6 percent last year. Those marriages ending in divorce lasted little less than eight years after first and second divorces. Time following a divorce until remarriage averages about three years. As a CPA, you can...

Holding on tight to talent: staff development as a staff retention tool.(professionalissues)
September 1, 2008... Keeping and motivating employees to achieve professional success--and add to the business' bottom line--has long been a key concern for corporate America and one that for the past several years has taken center stage for the CPA profession. ...

Behind closed doors: the new Certified in Financial Forensics credential.(forensicaccounting)
September 1, 2008... In May 2008, the AICPA approved its fourth specialty credential, Certified in Financial Forensics (CFF), to enhance the credibility of CPAs practicing in the area of forensic accounting. So, what do these "CSI: Accountants" do? CPAs who...

Devil's in the details: SQCS No.7: A Firm's System of Quality Control.(auditingstandards)
September 1, 2008... On Oct. 10, 2007, the AICPA Auditing Standards Board issued Statement on Quality Control Standards (SQCS) No. 7, A Firm's System of Quality Control, to replace all existing SQCS. The SQCS, which is effective Jan. 1, 2009, deals with a firm's...

Lock it down: Laptop Security requires multiple strategies.(technews)
September 1, 2008... missing laptops continue to cause losses for many CPA firms, especially in terms of user productivity, billable hours and business opportunities. Even worse is the possibility of a client data breach, the costs of which are significant. Along...

Unlicensed contractors? Taxtalk highlights and other issues.(CATax)
September 1, 2008... TaxTalk members recently bandied about whether or not unlicensed contractors doing work for homeowners should be classified as employees. The brief answer? Probably not, for the following reasons: [ILLUSTRATION OMITTED] California...

Changing landscape: are aging baby boomers ready for retirement?(EstatePlanning)
September 1, 2008... Ready or not, there they go. America's baby boomer generation--more than 78 million strong--is fast approaching retirement. And many, especially the eldest boomers, are rethinking how they will spend, and pay for, their retirement years. ...

Upcoming events.(Calendar)
September 1, 2008... Conferences Common Interest Realty Associations Conference Sept. 17: Universal City Sept. 17: Conference Webcast Farmers Tax and Accounting Conference Sept. 24: Fresno Sept. 24: Conference Webcast Accounting and...

CBA changes: peer review, ethics and experience requirements.(CapitolBeat)
September 1, 2008... The CBA is preparing legislative and regulatory language to implement mandatory peer review for firms that perform audits, reviews and compilations. [ILLUSTRATION OMITTED] At its July meeting, the CBA voted not to exempt firms...

The super volunteer.(finalentry)(Bruce Kajiwara)(Interview)
September 1, 2008... Bruce Kajiwara, CPA, CFP embodies the CPA volunteer spirit. From teaching high school students how to save and budget, to regularly working with adults on how to save for retirement, Kajiwara has been a leading force for CalCPA Institute's...