Accounting Today articles from June 2009

Accounting Today archives from June 2009

SPRING COUNCIL: Council goes to Washington; AICPA takes profession's concerns over financial reform and tax patents to the Hill.(American Institute of Certified Public Accountants)(Conference news)
June 1, 2009... Byline: Liz Gold Washington D.C. - Financial regulatory reform topped the lobbying list of pressing issues for Council members of the American Institute of CPAs during their biennial visit to Capitol Hill. Barry Melancon, president and...

IN BRIEF.(Crisis Center)
June 1, 2009... The Recession's Impact on CPA Firms Wilmette, Ill. - A survey by consultancy Rosenberg Associates has turned up some surprising, and some not-so-surprising, information on the economic downturn's effect on accounting firms. Forty...

FCAG works to restore confidence amid global crisis.(Financial Crisis Advisory Group)(Financial Accounting Standards Board)
June 1, 2009... Byline: Glenn Cheney London - How much of the current financial crisis is a product of accounting standards? How can standards contribute to a timely recovery? What needs to happen to put the world's economies on an even keel and how...

Experts: Multiple events can trigger changes in state nexus.
June 1, 2009... Byline: Roger Russell Nexus for state corporate income and sales and use taxes remains widely variable between states. State tax nexus can change from year to year as the result of administrative change, legislation or litigation, and...

IN BRIEF.(Tax Practice)
June 1, 2009... Thomson Reuters Starts TaxWatch University New York - The Tax & Accounting business of Thomson Reuters has started TaxWatch University, a tax staff-training program that combines the company's AuditWatch University multi-level curriculum...

Controlling the real-world risks of mark-to-market valuation.
June 1, 2009... Byline: Steven L. Henning A biopharmaceutical firm thought it had a healthy balance sheet - until September 2008. Then it suddenly found itself in a perfect storm. The plunge in global markets pushed its market capitalization and share...

IN BRIEF.(International Public Sector Accounting Standards Board)
June 1, 2009... Standards Convergence Comes to Public Sector The International Public Sector Accounting Standards Board is proposing new financial reporting requirements to help public sector entities account for financial instruments, such as derivatives,...

SOFTWARE REVIEW: Economic crisis underscores value of retirement software.(Financial Planning)
June 1, 2009... Byline: Dave McClure There are some classes of software that simply don't change much from year to year, and retirement planning software is one of them." That was the lead sentence from last year's roundup of retirement planning...

IN BRIEF.(Financial Planning)
June 1, 2009... Long-term Planners Earn 40 Percent More Planning experts who approach client relationships with a longer-term planning focus had three times the assets under management and reported 40 percent higher annual revenue than non-planners,...

Administration targets international tax reform.(News)
June 1, 2009... Byline: Roger Russell The Obama administration's proposals aimed at limiting offshore tax abuse are a major change in a generation-old debate on how to tax the earnings of U.S.-owned foreign subsidiaries. "It's a pretty big deal," said...

SOFTWARE REVIEW: Time and billing: When the going gets tough, the tough get smarter.(Technology)(Product/service evaluation)
June 1, 2009... Byline: Ted Needleman There's a great tendency, especially in smaller practices, to concentrate on getting the work out on time, and catching up on the business side of the business when time permits. While that's a laudable...

IN BRIEF.(Technology)
June 1, 2009... Sage Intros Small Biz Portal Sage North America has opened an online portal for small businesses that provides them with free online invoicing and other services. The portal, known as SageSpark.com, includes Billing Boss, to help small...

Seven steps to more engagements.
June 1, 2009... Byline: Ron Holm and Roy Chitwood Independent research confirms that people make a series of five buying decisions whenever they are being sold to. Central in the prospect's decision-making process is the question: "What will it do for...

Tomorrow's News Today.(www.accountingtomorrow.com)
June 1, 2009... Byline: Liz Gold There's been a bit of a change over at Accounting Tomorrow headquarters. Drum roll, please. We've launched a new technology platform that hosts www.accountingtomorrow.com, as well as our parent site,...

New Products.
June 1, 2009... SOFTWARE & SERVICES Back To School Everyone says you can't teach old dogs new tricks - everyone, that is, except the Tax & Accounting business of Thomson Reuters' new TaxWatch University, which combines the curriculum design of its...

PEOPLE.(Seigneur Gustafson LLP)
June 1, 2009... Arkansas Dick Barclay, of Beall Barclay, has received a Quality of Life Award from the Northwest Arkansas Community College Foundation. California Ronauld Prowell has joined Lyndon Group LLC, Newport Beach, as a project manager....

FIRMS.(Brief article)
June 1, 2009... Arizona Henry & Horne LLP has moved to a new office at 1115 E. Cottonwood Lane, Ste. 100, Casa Grande. California Rubens Nunnemaker LLP has moved to a new office at 1020 Aileen St., Lafayette.... Accounting Transition Advisors...

Coming Events.(Practice Resources)(Calendar)
June 1, 2009... JUNE 1-2: 25th Annual California Accounting & Business Show. LAX Hilton, Los Angeles. Contact: www.flaggmgmt.com/ca or (212) 286-0333. 1-2: Texas School Districts Conference, Texas Society of CPAs. San Antonio. Contact: www.tscpa.org....

Sage cuts 500 in North America.(News)
June 1, 2009... Irvine, Calif. - Sage North America announced 500 job cuts as the accounting software developer's U.K. parent company posted revenue declines. Sage, which develops the Peachtree, Accpac, Act, MAS, FAS and SalesLogix lines of software, said...

Int'l SOX inspections getting pushback from foreign firms, regulators.(Public Company Accounting Oversight Board)(Sarbanes-Oxley )
June 1, 2009... Byline: Ken Rankin Washington, D.C. -A Plans by the Public Company Accounting Oversight Board to send teams of globetrotting U.S. audit inspectors abroad to enforce Sarbanes-Oxley are ruffling the feathers of audit firms and regulators...

IN BRIEF.(News)
June 1, 2009... FASB Guidance on Fair Value of Liabilities Norwalk, Conn. - The Financial Accounting Standards Board has issued a proposed standard on the fair value measurement of liabilities, seeking to clarify the thorny issue of fair value a bit...

EDITOR'S DESK: Tweeting Seinfeld.(Opinion)(Editorial)
June 1, 2009... Byline: Bill Carlino, Editor-in-Chief One evening not too long ago I was invited to my mother's house for dinner, and prior to sitting down, I flipped on the TV, which happened to be rerunning a classic episode of the great series Seinfeld....

COMMENTARY: A mini shareholder's report.(Opinion )(Viewpoint essay)
June 1, 2009... Byline: Eli Mason I have a friend with an accounting degree and a law degree who complained about the length and complexity of the annual reports, including those of General Electric (108 pages), Citigroup (242 pages), Warner Music Group...

LETTER: Really? Seriously?(Opinion)(Letter to the editor)
June 1, 2009... Byline: Brian R. Boerner, CPA , Waukesha, Wis. As I read the commentary by national consultant to CPA firms Steve Erickson ("Get independent: Escrow the fees," April 6-19, 2009, page 6), I found the voices of Seth and Amy from Saturday...

Lessons learned; What investors should know during the downturn.(Crisis Center)
June 1, 2009... Byline: Howard Hook As we work our way through this current recession, it's clear that it has affected a broad section of investors. Stock investors and bond investors have seen declines in the value of their investments. Even cash...

TAX SEASON LESSONS: Confusion, complexity mark season; Gov't stimuli and a tough economy made the 2009 tax season unusual.(News)
June 15, 2009... Byline: Roger Russell Taxpayers feeling the pinch of the down economy made this tax season atypical of those in recent years, say practitioners. In addition to taxpayers "harvesting" losses they suffered in the downturn, congressional...

Five lessons for fiduciaries from the financial crisis.(Crisis Center)
June 15, 2009... Byline: Pamela D. Perdue It's often said that it is an ill wind that doesn't blow somebody some good. While the recent downturn has indeed been an ill wind for all concerned, it does hold out the possibility that plan fiduciaries may learn...

IN BRIEF.(Crisis Center)
June 15, 2009... Liability Attorney to CPAs: Trust Your Instincts! Las Vegas - Accountants need to be proactive in protecting themselves and their firms from liability and malpractice claims, particularly in the wake of the legal fallout from the Bernie...

IRS unveils five-year plan; Strategy highlights service, enforcement, voluntary compliance.(Tax Practice)(Internal Revenue Service)
June 15, 2009... Byline: Roger Russell The Internal Revenue Service's new five-year plan, which runs through 2013, seeks to balance service and enforcement while maintaining what it called "the fairest and most effective system of voluntary tax compliance...

IN BRIEF.(Tax Practice)
June 15, 2009... BNA Restructures Arlington, Va. - Tax and accounting publisher BNA has appointed a new chief information officer, established a new product research and development unit headed by a new chief product officer, and appointed six vice...

TAX STRATEGY: Budget agreement highlights likely 2009 congressional tax agenda.
June 15, 2009... Byline: George G. Jones and Mark A. Luscombe The first budget agreement of the new Congress reflects not only its ability to at least reach agreement on a budget framework, but also the priorities of that new Congress and the new...

New accounting standards for M&A will be 'fair' game.(Assurance)(mergers and acquisitions)
June 15, 2009... Byline: Morris Hollander New standards effective at the beginning of 2009 will impact the accounting for mergers and acquisitions. The last time the standards were changed, in 2001, the changes were dramatic. The new standards,...

IN BRIEF.(Assurance)
June 15, 2009... FASB Financial Statement Changes Could Be Costly New York - A report by Fitch Ratings has called into question the cost-effectiveness of the improvements in financial statement presentation proposed by the Financial Accounting Standards...

THE SPIRIT OF ACCOUNTING: To FASB: Mark-to-market is only a means to an end.(Assurance)(Financial Accounting Standards Board)
June 15, 2009... Byline: Paul B.W. Miller and Paul R. Bahnson The following is an open letter of encouragement to the Financial Accounting Standards Board. Dear board members and staff: First of all, please accept our thanks for standing firm on...

The evolution of estate planning.(Financial Planning)
June 15, 2009... Byline: Ed Bowen To take a phrase commonly used in general aviation, "flying blind" is not a good thing. With storm clouds all around and visibility severely limited, qualified pilots have to rely on a combination of instrument flight...

IN BRIEF.(Financial Planning)
June 15, 2009... Coalition Supports Financial Planning Regulation The Financial Planning Coalition has thrown its support behind legislation that would designate a national organization to oversee the financial planning profession, set standards of ethics...

SMALL BUSINESS: Accounting in the clouds; 'Cloud' computing is all silver lining for small businesses (and their accountants, too).(News)
June 15, 2009... Byline: Ted Needleman It's been a 30-plus-year technology evolution from the accounting machines made popular by such companies as NCR and Burroughs, to the debut of the PC and, ultimately, to this decade's rising popularity of remotely...

Tech tools for peanuts; Applications for firms and their clients don't have to break the bank.(Technology)
June 15, 2009... Byline: Alexandra DeFelice Mike Marolt, a high-altitude skier who climbs 8,000-meter peaks around the world every six to 12 months, sometimes leaves his small Aspen, Colo.-based firm for two months at a time. He's not Superman, but he...

IN BRIEF.(Technology)
June 15, 2009... SmartVault Manages Documents for QuickBooks SmartVault unveiled the latest version of its online document management service for QuickBooks. The new release is designed for accountants who provide client bookkeeping. It integrates document...

BOOMER'S BLUEPRINT: Frugal - but not foolish.(Technology)
June 15, 2009... Byline: L. Gary Boomer CPAs should watch their language during tough economic times. They are unquestionably the most trusted business advisors, but are not necessarily known for their skills in innovation and change management. Both...

Avoiding and resolving firm partnership disputes.(Practice Resources)
June 15, 2009... Byline: Stephen Weinstein The original founders of most professional firms are willing to take risks. They start their firms by themselves or with one or two partners. Their focus is on getting the operations going, building a client base...

Tomorrow's look today.
June 15, 2009... Byline: Liz Gold Ah, technology. We love it, we hate it, but any way you look at it, in our virtual culture, one thing is for sure: We need it. That's especially true when it comes to attracting the best and brightest into the accounting...

NEW PRODUCTS.
June 15, 2009... SOFTWARE & SERVICES CAQ Explains It All There are a lot of misperceptions out there about what, exactly, public auditors do - most of them held by torch-bearing mobs who've just seen the value of their stocks plummet. When they come...

PEOPLE.(Practice Resources)
June 15, 2009... Alabama Steven Barranco, a shareholder at Wilson, Price, Barranco, Blankenship & Billingsley PC, Montgomery, was named 2009 Outstanding Alumnus of the Auburn University School of Accountancy. He graduated in 1989. California ...

FIRMS.(Aronson & Co)(Smith, Lange & Phillips LLP and Daoro Zydel & Holland LLP)(HLB Gross Collins PC)
June 15, 2009... Alabama Abacus IT Solutions, a subsidiary of Barfield, Murphy, Shank & Smith, Birmingham, has received the Birmingham Business Journal's Pacesetters Award for 2009, based on its revenue growth over the past three years. California ...

Coming Events.(Practice Resources)(Calendar)
June 15, 2009... JUNE 15-17: Tech 2009, American Institute of CPAs. Bellagio, Las Vegas. Contact: www.cpa2biz.com. 16: Chapter Meeting, National Conference of CPA Practitioners, Westchester/Rockland Chapter. Doubletree Hotel, Tarrytown, N.Y. Contact:...

Mason confuses victims and perps.(Letters)
June 15, 2009... I read Eli Mason's commentary, "An accounting tragedy" (May 4-17, 2009, page 6), and interpreted the opinion as sympathetic to the "tiny" accounting firm that was one of victims of the Bernie Madoff fraud. Harm inflicted on their families...

Competition, economy prod CRM implementation.(customer relationship management)
June 15, 2009... Byline: Liz Gold There's a perfect storm brewing in the accounting profession and it directly relates to the slow adoption of customer relationship management systems - at least according to Danny Estrada, CRM practice director at New York...

CLARIFICATION.(News)(Correction notice)
June 15, 2009... Some readers were surprised to learn from "In need of review?" (April 20-May 3, 2009, page 1) that, prior to a recent law, New York State did not require peer review. It is, in fact, true - though many New York-based firms have undergone peer...

Block restructures tax ops.(H&R Block )(Brief article)
June 15, 2009... Kansas City, Mo. - H&R Block is re-aligning its tax and corporate structures and putting CEO Russ Smyth in charge of its tax operations. The company plans to combine its previously separate retail tax, digital tax, franchise operations,...

Health care reform threatens survival of employer tax deductions.(employer-sponsored insurance)
June 15, 2009... Byline: Ken Rankin Washington, D.C. - There's a consensus building among Washington power brokers and policy wonks that may rub out several of our most cherished tax deductions in order to finance the Obama administration's health care...

IN BRIEF.(Marcum & Kliegman LLP )(Rachlin LLP)
June 15, 2009... Marcum Merges with Rachlin New York - Marcum & Kliegman LLP is combining forces with Rachlin LLP, expanding the New York firm's presence to Rachlin's home base in Florida. The merger was set to take effect June 1. Financial terms were...

EDITOR'S DESK: Too few woke up.
June 15, 2009... Byline: Bill Carlino, Editor-in-Chief Nearly two years ago in this space, I wrote about David Walker's "Fiscal Wake-up Tour," where the former head of the Government Accountability Office spent nearly three years warning the country about...

COMMENTARY: Call me curious ...(Opinion)(Viewpoint essay)
June 15, 2009... Byline: Wanda Wallace My academic career predates the "sky is falling" period that began in the fall of 2008. I find myself wondering how to reconcile the events in that short span of time to the common body of knowledge previously...