Accounting Today articles from December 2004

Accounting Today archives from December 2004

SEC, PCAOB to allow filers extra time on internal control reporting.(Securities and Exchange Commission, Public Company Accounting Oversight Board)
December 20, 2004... Thanks to some fast footwork by regulators at the Securities and Exchange Commission and the Public Company Accounting Oversight Board, accounting firms and many of their smaller audit clients gained an additional 45 days of breathing room to...

Veterans see smooth sailing for 2004 tax filing season.
December 20, 2004... As the year winds down, tax practitioners are encouraged by more than the usual holiday cheer as they foresee both a pain-free and a profitable tax season ahead. "It looks smoother than last year," said Alan J. Strauss, CPA, J.D., a...

The PCAOB lays out its ambitious, wide-ranging plans for coming year.(Public Company Accounting Oversight Board)
December 20, 2004... Officials at the Public Company Oversight Board unveiled an aggressive agenda for the coming year that may result in as many as 11 new standards for auditors in areas ranging from corporate fraud detection and reporting, to wrestling with...

GASB to tender more big projects in 2005.(Governmental Accounting Standards Board)
December 20, 2004... The Governmental Accounting Standards Board is wrapping up a year in which it has been simultaneously returning to basics and promulgating specifics - both of which include projects of long-term significance to government financial operations....

Grassley, Baucus call for OIC probe.(Brief Article)
December 20, 2004... Senate Finance Committee chair Chuck Grassley and ranking member Max Baucus called for an independent investigation of the Internal Revenue Service's Offer in Compromise program by the Government Accountability Office. The move followed a...

Carr Riggs boosts Ala., Fla. presence.(Carr, Riggs & Ingram)(Mackle, Splawn, Tindall & McDonald)(Weathersby, D'Aoust, Harris & Lynn)(Brief Article)
December 20, 2004... Carr, Riggs & Ingram, a Southeastern accounting and business consulting firm headquartered here, has fortified its presence in Alabama and Florida by merging with Birmingham-based Mackle, Splawn, Tindall & McDonald, and Weathersby, D'Aoust,...

Weaknesses push fees up, CFOs out.(Brief Article)
December 20, 2004... The Hague, the Netherlands - A recent report identified two trends among companies that report material weaknesses - skyrocketing audit fees and disappearing chief financial officers. According to a study by consulting firm ARC Morgan of...

Proposed Treasury regs to permit phased retirement.(Internal Revenue Service's regulations for retirement income)
December 20, 2004... As the renowned Baby Boomer generation inches its way into the retirement years, employers are beginning to consider how this vast purge of experienced workers is going to affect the workplace. To help employers ease through the demographic...

Jobs Act may be stirring up investor interest in MLPs.(master limited partnerships)
December 20, 2004... Section 331 of the American Jobs Creation Act included a provision that could potentially have a big impact on some investors. After Jan. 1, 2005, mutual funds can invest in master limited partnerships to a greater extent. For managers in...

'04 under the microscope.
December 20, 2004... As I prepared to assume the editor's mantle here four years ago, I was cautioned by my former employer that "nothing" - and he emphasized nothing - "ever happens in the accounting profession," and I'd be back within six months begging for my...

The 25,000-mile-long crisis.(social security reform)
December 20, 2004... There's a 25,000-mile-long crisis looming in our country's future. By 2041, there will be a $366 billion gap between what Social Security beneficiaries have been promised and what will be collected in Social Security taxes. Stack those...

Fair value accounting is not the right answer.
December 20, 2004... Depreciation would be a joke if it weren't such a disgrace... but that's precisely what happens when accountants calculate depreciation expense in advance and then report it on future income statements. There is no valid justification for...

Top-ranked firms form new 'Global Alliance'.(accounting firms)
December 20, 2004... Seven of the country's top-ranked accounting firms with combined fees of $300 million are joining forces to form a new association geared to firms with annual fees of more than $15 million. The group, which has tentatively chosen the name...

Taxing Issues.
December 20, 2004... GAO SAYS IRS IMPROVED PERFORMANCE IN '04, BUT BETTER DATA NEEDED ON SOME SERVICES: The Internal Revenue Service scored high marks for processing returns and issuing refunds smoothly during the 2004 filing season, but didn't fare as well on...

Piecemeal tax reform on Bush administration menu.(George W. Bush)
December 20, 2004... Tax reform under the second Bush administration will most likely take the form of piecemeal tax cuts, according to participants in a tax panel sponsored by the Council for Electronic Revenue Communication Advancement, a government-private...

Judicial setbacks for IRS in anti-tax shelter campaign.(Internal Revenue Service)
December 20, 2004... Just as the Internal Revenue Service was becoming increasingly more aggressive in its settlement offers in tax shelter cases, and obtained a few additional weapons for its arsenal in the American Jobs Creation Act of 2004, a series of defeats...

New IFAC president calls for strong standards.(International Federation of Accountants)(Graham Ward)
December 20, 2004... The Council of the International Federation of Accountants, a group that sets international standards on ethics, auditing and assurance, education, and public sector accounting, has named PricewaterhouseCoopers partner Graham Ward, CBE, MA,...

PwC survey: U.S., Euro cos. to boost compliance spend.(Brief Article)
December 20, 2004... More than half of U.S. and European multinational companies will increase their compliance spending by an average of 23 percent over the next 12 to 24 months, according to a recent survey from Big Four firm PricewaterhouseCoopers. ...

Change Of Auditors.(VantageMed Corp. hires Hurley & Co. to replace Grant Thornton as auditor)
December 20, 2004... EARL SCHEIB DUMPS E&Y: Automotive paint and body repair specialist Earl Scheib dismissed Big Four firm Ernst & Young as its auditor, according to a filing with the Securities and Exchange Commission. It subsequently hired BDO Seidman as...

Where do we go from here on fair value accounting?
December 20, 2004... The Financial Accounting Standards Board has begun to deliberate again on one of its most far-reaching and controversial projects - that of fair value measurement. The board will have to grapple with several tough issues as it assesses...

Rescuing the framework from its political paradox.(Column)
December 20, 2004... Our previous column kicked off a series on the Financial Accounting Standards Board's new project to update the 25-year-old conceptual framework by proposing that it explain that the mission of financial reporting is to promote the efficiency...

FASB, IASB form performance reporting group.(Financial Accounting Standards Board)(International Accounting Standards Board)(Brief Article)
December 20, 2004... The Financial Accounting Standards Board and its overseas counterpart, the International Accounting Standards Board, have formed a new joint working group on performance reporting. The group has been set up to help the boards in their joint...

PFP Briefs.
December 20, 2004... COLLEGE TUITION INCREASES SMALLER THAN LAST YEAR: Average tuition and fees at four-year public colleges and universities for the 2004-2005 year climbed 10.5 percent from last year's levels, to $5,132, while fees at four-year private schools...

Made in heaven? Watching the Wachovia-Tanager union.(Tanager Financial Services Inc.,)
December 20, 2004... A recent merger in wealth management has observers wondering if this time around, the cultures of banking and investment advisors will successfully mesh. In an effort to bolster its wealth management practice, Wachovia Corp. - the nation's...

Home sale exclusion for like-kind exchanges limited.
December 20, 2004... A taxpayer generally may exclude up to $250,000 ($500,000 for certain married couples filing joint returns) of gain realized on the sale or exchange of a principal residence. To be eligible for the exclusion, the taxpayer must have owned the...

Ex-Intuit execs offer online tax preparation.(Brief Article)
December 20, 2004... A group of former Intuit employees have launched TaxNet.com, which provides Internet-based filing of income taxes, along with electronic filing. Headed by Tom Allanson, a former senior vice president and general manager of Intuit's...

Tech Briefs.(accounting software)
December 20, 2004... MICROSOFT UNVEILS SMALL BUSINESS ACCOUNTING: In a push to gain small business clients, Microsoft has released a beta version of its new Office product, code-named Magellan. This would be Microsoft's second edition of its Office suite for small...

You gotta wonder: Why are so many Web sites so bad?
December 20, 2004... The number of sophisticated businesses - law firms, financial advisors, insurance brokers and so on - with ineffective Web sites seems to be increasing at a geometric rate. And sadly, accounting firms are doing their part to contribute to...

Cross-selling: Mining gold in your firm's own backyard.
December 20, 2004... Cross-selling is the Holy Grail of CPA marketing. In its simplest form, cross-selling is the act of uncovering unfulfilled client needs and offering your firm services to fulfill those needs. And while no one would argue the value of serving...

Software helps divvy up client investments.(asset allocation software)
December 20, 2004... Two of the hardest tasks in financial advising and planning are getting clients - and then keeping them. Software can help with the first, but success in getting new clients is largely a matter of marketing expertise. Keeping your clients...

Vendor information.(Brief Article)(Directory)
December 20, 2004... * AdvisorVision AdviceAmerica 34770 Campus Dr. Fremont, Calif. 94555 (510) 742-4220 www.adviceamerica.com Pricing: $500 to $2,000 per year plus data services, depending on edition. * Retirement Income Navigator ...

Outsourcing: Is it time for you to reconsider?
December 20, 2004... Outsourcing is an emotional topic. Those with the strongest opinions tend to have the least amount of information and knowledge. It is not for every firm, but perhaps your firm should re-examine the concept if you are experiencing any of...

Software.
December 20, 2004... Accpac Advantage 5.3 There's a wealth of potentially valuable business information in the average accounting system, but not all of it comes out in basic financial reporting. The newest release of Accpac's Advantage Series accounting...

Books.(Bibliography)
December 20, 2004... Nonprofit blueprint Who knew there were so many rules about not making money? Welcome to the complex world of nonprofit law. As examined by lawyer Bruce R. Hopkins in the fourth edition of his Starting and Managing a Nonprofit...

PwC sees $16.3B in net revenues.(PricewaterhouseCoopers International Ltd.)(Brief Article)
December 20, 2004... PricewaterhouseCoopers said that its fiscal 2004 aggregate net revenues climbed nearly $2 billion to $16.3 billion, an increase of 6 percent in local currencies and just over 13 percent in U.S. dollars. By service line, global net aggregate...

PROBLEM SOLVED!(information technology in accounting)
December 20, 2004... There may be no phrase in the English language more satisfying to say or hear than, "Problem solved!" For accounting and information technology professionals, it embodies a special meaning, in that someone, or something, has enabled their...

Category to Watch 1: Document Management.
December 20, 2004... The notion of the "paperless office" had been kicking around for quite a while, but this past year has seen a real upsurge in interest, with document management projects moving to the top of the list at many accounting firms. Cost savings and...

Category to Watch 2: Internet-Ready Suites.
December 20, 2004... For a while, Internet services reminded us of the boy who cried wolf: After so much hype - and then so much disappointment - people simply weren't that interested anymore in things like application service providers or integrated suites of...

Vendor directory.(Directory)
December 20, 2004... Contact information for the vendors of the Accounting Today 2005 Top 100 Products and Ones to Watch. AccountantsWorld Accounting Relief Online, Accountant's Office Online, Payroll Relief AC Hauppauge, N.Y. (888) 999-1366...

People.
December 20, 2004... * Arizona Laura L. Spehar has joined the Phoenix office of H&R Block Small Business Resources as senior business services manager, while Jim Scherr and Bob Kennedy have joined as business service managers. Prior to this, Spehar worked at...

Firms.(Directory)
December 20, 2004... * California Haskell & White LLP, Irvine, was honored for its volunteer work at the 23rd Annual Business in the Arts Awards. This is the fourth straight year the firm has been honored at the event, which is hosted by the Orange County...

Coming Events.(Calendar)
December 20, 2004... - DECEMBER - 20: Federal Tax Update, PPC-Bell Learning. Four Points by Sheraton, Austin, Texas. Contact: (800) 548-1551 or www.bellcpe.com. 20: Accounting and Auditing Update, PPC-Bell Learning. Amberley Suites Hotel, Atlanta. Contact:...

Deloitte sees $16.4B in global revenue.(Brief Article)
December 20, 2004... Marking its 11th consecutive year of aggregate revenue growth, Big Four firm Deloitte Touche Tohmatsu reported global revenue of $16.4 billion, up 8.6 percent over last year. According to the firm's first external annual review, tax saw...

AICPA weighs in on tax administration priorities.(American Institute of Certified Public Accountants )
December 20, 2004... Improving taxpayer service, enhancing enforcement of the tax law, and modernizing the Internal Revenue Service through its people, processes and technology should be the tax administration's top priorities for 2005, according to the American...

Advertising Index.(Brief Article)(Directory)(Illustration)
December 20, 2004... Advertiser Page 1st Global 19 AccountantsWorld 63 ADP 25 Best Software 39 Both...

Old Growth: U.S. population projections: 2005 and 2035 (in thousands).(Brief Article)(Illustration)
December 20, 2004... (part 1 of 2) Age groups Year 25 to 34 35 to 44 45 to 54 2005 39,600 43,603 42,436 2035 47,548 46,296 45,584 Change ...

Conn. CPA firm merges in PFP practice.(Certified public accountants)(Personal Financial Planner)(Brief Article)
December 20, 2004... Filomeno & Company PC, an eight-partner CPA firm based here, has expanded its financial planning practice with the merger of fee-only planning firm Thibodeau Financial Advisors LLC into its fold. Firm founder Richard E. Thibodeau, CPA/PFS,...

Editor's Note: Dancing Together Really Works.(Brief Article)(Editorial)
December 20, 2004... No doubt you didn't get to this page too fast having lingered somewhat over the cover which is indeed striking, the work of our superb art director Justin Torrento. The depiction here is of a true partnership although some would argue that it...

New Reseller Programs.
December 20, 2004... Open Systems, of Shakopee, MN, has announced six new reseller programs (three "non-selling" partnership initiatives and three "selling" programs), for the company's products, OPEN SYSTEMS Accounting Software (OSAS) and TRAVERSE. The...

Customer Feedback Fuels 22 Offerings.
December 20, 2004... Intuit (Mountain View, Calif.) has introduced 22 new and enhanced products and services as part of its 2005 QuickBooks lineup. The company says that approximately three million customers have made QuickBooks the best-selling accounting software...

The Mutually Rewarding Partnership.
December 20, 2004... AccountantsWorld simply does not have a need for a traditional partnership program for accountants like other companies, because their entire business model is based upon a genuine partnership with the accounting community. ...

Best Software: Supporting the Accountant.
December 20, 2004... Best Software has a successful 30-year history of helping accountants' clients succeed through an array of products and support services. In addition, the company has always supported the accountants themselves, who use or recommend Best...

Practice-Building Benefits.(Quickbook.com)
December 20, 2004... Intuit(r) (Mountain View, Calif.) provides a wide variety of QuickBooks(r)-related software, support, and training options to accountants through its QuickBooks ProAdvisor Program. According to Rich Walker, CPA and Director of Intuit's...

Taking the Pain Out of Processing Payroll.
December 20, 2004... We recognize more than ever how important accountants are to us, not only as users of the services we provide but also as recommenders," says Cary Rosenzweig, vice president, QuickBooks Payroll. "We appreciate the role of accountants today and...

Firm-wide Document Management.
December 20, 2004... Immediatech Corporation, in Englewood Cliffs, NJ, has a Web-hosted document management system called GoFileRoom that stores and maintains paper and electronic documents (including Microsoft Word, Microsoft Excel, Microsoft Outlook, and Adobe...