Accounting Today articles from March 2005

Accounting Today archives from March 2005

PCAOB mulls reporting model reforms: Regulator entertains proposals to abandon 'pass/fail' audit reports.
March 14, 2005... Washington -- Regulators at the Public Company Accounting Oversight Board are wrestling with proposals to abandon the current "pass/fail" auditor reporting model for informing investors of the accuracy of corporate financial statements - a move...

Tax panel examining host of reform options.
March 14, 2005... Washington -- Witnesses at the inaugural meeting of President Bush's Advisory Panel on Federal Tax Reform, held here last month, laid the groundwork for considering the roster of options facing panel members, who are saddled with the daunting...

The four pillars of IT security.(Brief Article)
March 14, 2005... You know all your hardware and software? It's not safe. To protect your investment - and all the confidential information it contains - pay attention to these four categories of information technology security: * Physical security. Locks,...

IFAC tackles governmental social policy obligations.
March 14, 2005... Accounting for social policy obligations has long confounded the preparers and users of governmental financial reports. The controversy currently surrounding the gargantuan obligations of the Social Security Administration is an example of...

Storm clouds gathering for EU's 'fair value' accounting.
March 14, 2005... Brussels -- Following the start of 2005, when the EU's International Financial Reporting Standards ventured out of port, so to speak, users might have hoped that only the odd technical hitch or two remained to be solved, and that the arrival of...

SEC sets date for SOX roundtable.(Brief Article)
March 14, 2005... Washington -- The Securities and Exchange Commission said that it would hold its previously announced roundtable on the internal controls requirements of Sarbanes-Oxley on April 13 - affording companies and auditors an opportunity to air their...

Supremes to hear Andersen appeal.(Brief Article)
March 14, 2005... Washington -- The U.S. Supreme Court agreed to hear arguments on the appeal of the obstruction of justice conviction of former Big Five firm Arthur Andersen. The arguments are scheduled for April 27. In 2002, Andersen was convicted in a...

Auditor changes abounded in 2004.(Brief Article)
March 14, 2005... San Francisco -- In 2004, some 1,600 companies told their independent accountants that their services would no longer be required, an eye-opening jump of 78 percent from the prior year, according to a study conducted by proxy researcher Glass...

Switch in IRS service centers.(Brief Article)
March 14, 2005... Washington -- The Internal Revenue Service issued a reminder to taxpayers and tax preparers that certain returns from Arizona, Connecticut, Utah and Virginia need to be sent to different service centers than last year. The changes affect...

IRS extends stock option settlement offer.
March 14, 2005... Washington -- The Internal Revenue Service has announced a settlement initiative for executives and companies that participated in an abusive tax avoidance transaction involving the transfer of stock options or restricted stock to...

Heightened communications headline new GASB strategy.(Governmental Accounting Standards Board)
March 14, 2005... The Governmental Accounting Standards Board has released its new five-year strategic plan, an effort that kicks off with a series of sweeping surveys of the board's standing with its constituency, as well as a barometer of its progress. ...

Regulators tightening their grip on broker/dealer world.
March 14, 2005... The constant headlines of regulators' actions against broker/dealers recall the image of falling dominoes. One by one, the blocks begin to fall over: Edward Jones & Co., Morgan Stanley, Quick & Reilly, Piper Jaffray, and American Funds...

News And Information.(web sites)(Brief Article)
March 14, 2005... * CFO.com - www.cfo.com This companion Web site to CFO Magazine is filled with interesting articles, many related to general accounting issues. The site also offers a free e-newsletter, e-alerts for breaking news, and much more. *...

Footnotes.(doctoral students in accounting to be awarded $250,000 in fellowship grants)(Brief Article)
March 14, 2005... THE DELOITTE FOUNDATION FETES PH.D.CANDIDATES: The Deloitte Foundation - the not-for-profit arm of Big Four firm Deloitte & Touche - said that 10 doctoral students in accounting will be awarded $250,000 in fellowship grants as part of its...

Mind positioning CPAs.(certified public accountants)(Column)
March 14, 2005... Al Ries, one of the all-time great marketing gurus, once told me that successful advertising was, after all the glitz and visuals, a simple matter of positioning. When I told him that I pretty much understood that part of it, he explained to me...

Commentary: IRS's education requirements unfair.
March 14, 2005... Last year, an independent arbitrator ruled that the Internal Revenue Service violated federal law when it required applicants for its revenue agent position to have six credits more of accounting over what was needed for any other federal...

Letters.
March 14, 2005... Off balance Glenn Cheney's article, "FASB stock comp rule ends decade-old debate - for now" (Jan. 24-Feb. 6, 2005, page 14) refers to keeping "stock option compensation off their balance sheets" and "the hypothetical effect on the balance...

Implementing change, instead of resisting it.
March 14, 2005... Everyone has heard these sayings: "Business is no longer as usual." "If you keep on doing what you are currently doing, we will continue to get the same results." "What got you to where you are today is no guarantee that it will take you to...

Bush budget fights for tax cuts, leaves AMT for later.
March 14, 2005... The Bush administration budget for fiscal year 2006 would make permanent the tax cuts passed in 2001 and 2003, close loopholes, and consolidate the many existing retirement plans into one, but it would leave fixing the alternative minimum tax...

Ways to shelter your clients' vacation-home appreciation.
March 14, 2005... If a principal residence is considered the ultimate personal tax shelter for some, then the vacation home is fast approaching a close second for many more. The recent run-up in the market value - and popularity - of second homes has helped...

Taxing Issues.
March 14, 2005... IRS DENIES PRE-EXISTING SILO BENEFITS: The Internal Revenue Service has designated "sale-in/lease-out" or "Silo" arrangements as abusive tax avoidance transactions. Silo arrangements are designed to exploit the tax law by shifting tax...

Dissident CA investor files suit vs. Ernst.
March 14, 2005... Dallas -- High-profile Texas investor and entrepreneur Sam Wyly has filed an $80 million suit against Big Four firm Ernst & Young, charging that the firm's audits of troubled Computer Associates influenced his decision to sell his company,...

New IFAC president focuses on honing global economies.(Graham Ward)
March 14, 2005... As president of the International Federation of Accountants, Graham Ward has set his sights not just on a better profession, but, even more ambitiously, on a better world. He comes into the job at a juncture of great potential, a moment in...

200 columns down, but you ain't seen nothin' yet!(Column)
March 14, 2005... This column represents a double milestone: It marks the 200th that Paul Miller has produced since January 1996, and the 100th since Paul Bahnson joined up in August 2000. During all that time, not a single deadline has been missed. It...

Change Of Auditors.(Brief Article)
March 14, 2005... IT'S OFFICIAL, FANNIE ENGAGES DELOITTE: Mortgage financing concern Fannie Mae has officially engaged Big Four firm Deloitte as its new auditor, replacing KPMG, according to a federal filing. In January, the troubled concern had revealed its...

Discover the ever-widening options for college savings.
March 14, 2005... While college costs continue to rise faster than the level of inflation, parents and grandparents now have more tools than ever before to better afford this cost years before a child graduates from high school. To most parents, saving for...

Qualifying for both the homesale exclusion and like-kind deferral.
March 14, 2005... A homeowner may exclude up to $250,000 of gain from the sale or exchange of a home if he owned and used it as his principal residence for at least two of the five years before the sale or exchange took place. The maximum exclusion is...

PFP Briefs.(personal financial planning)
March 14, 2005... AMEX TO SPIN OFF FINANCIAL ADVISORS BUSINESS: American Express Co. said that it will spin off its American Express Financial Advisors unit to shareholders to focus on its credit card, charge card and travel services businesses. ...

SOX 404, 302 compliance offers 'proportional value'.(Brief Article)
March 14, 2005... Framingham, Mass. -- A survey of 220 businesses revealed that while compliance costs associated with Sarbanes-Oxley Sections 404 and 302 are front-loaded, once companies are through the process, there is a great deal of proportional value. ...

2005 PFP analysis tools: Upgraded, online.(personal financial planning )
March 14, 2005... No matter what else may happen in 2005, the markets for personal financial planning are set to explode. It's not just the Bush administration's announced plans to overhaul both Social Security and the income tax systems. Nor is it just that an...

Vendor info.(software industry)(Directory)
March 14, 2005... AdvisorPlatform 4.0 eMoney Advisor 1001 E. Hector St., Ste. 401 Conshohocken, Pa. 19428-2395 Phone: (888) 362-8482 www.emoneyadvisor.com Pricing: Annual pricing option - $1,300 to $1,500 per advisor seat license; $300 to $350...

U.S. gets its XBRL in gear: SEC, FDIC OK tagged data.(Securities and Exchange Commission, Federal Deposit Insurance Corp.)
March 14, 2005... Despite the Securities and Exchange Commission giving the okay for companies to voluntarily file reports using XBRL, and the Federal Deposit Insurance Corp. being poised to require quarterly call reports in the tagged data format, the United...

Are you more consultant or coach? And does it matter?
March 14, 2005... I think it matters, and I'll share my rationale shortly. But first, let's explore the difference between these roles. As a consultant, you're typically engaged to solve a specific problem, to manage a project, or both. Each client sees...

Tech Briefs.(Blackbaud Inc)
March 14, 2005... BLACKBAUD ANNOUNCES 4Q RESULTS; LAUNCHES STOCK BUYBACK PROGRAM: Nonprofit software vendor Blackbaud Inc. posted a fourth-quarter loss of $4.3 million for the period ended Dec. 31, compared with a loss of $129,000 for the fourth quarter of last...

Practice management - when you have to know!
March 14, 2005... Ask five practitioners to define the term "practice management," and the chances are you'll get several different answers. Several of these would probably incorporate time and billing. To be precise, however, practice management and time and...

Vendor and pricing information.(Brief Article)
March 14, 2005... * CPA Practice Management Best CPA Software One Pensacola Plaza, Ste. 500 Pensacola, Fla. 32501 (800) 272-7123 www.cpasoftware.com Pricing: Two timekeepers - $399; five seats - $699; 10 seats - $999. * TimeSlips 2005...

The economics of a training and learning culture.
March 14, 2005... Perceptions and old habits are hard to break. In the CPA profession, training is associated with continuing professional education. However, in today's environment, training and learning are broader in scope for several reasons. Training...

Software.(Solutions@MBA develops PaperSave document management software)
March 14, 2005... Upgraded CRM Best Software has released Version 5.7 of its customer relationship management software, Accpac CRM. Among the improvements are a new document library that lets users share up-to-date corporate documents, such as...

Books.(Book Review)
March 14, 2005... Clue them in You know a great deal about your clients' businesses, but how much do they know about yours? Let's face it - clients can be abysmally ignorant when it comes to accounting and finances. That is, after all, why they hire you....

People.(Harry Eberly joins Abalos & Associates PC,)(C. Todd Burg promoted at Gregory, Sharer & Stuart)
March 14, 2005... ARIZONA Harry Eberly has joined Abalos & Associates PC, Phoenix, as a senior accountant. He brings 32 years of accounting experience, including 15 years as a division-level treasurer/controller. COLORADO Jim Marty, senior partner...

Coming Events.(accountants' meetings)(Calendar)
March 14, 2005... - MARCH - 14: Ohio CPAs in Industry Conference, Ohio Society of CPAs. Quest Business Centers, Wingate Inn, Columbus, Ohio. Contact: www.ohioscpas.com. 16: Fraud Prevention, Association of Certified Fraud Examiners. New Orleans....

Firms.(Charles A. Barragato & Co. LLP)(Ironbridge LLP, Pasadena,)(Inpact Americas)(Brief Article)
March 14, 2005... CALIFORNIA Ironbridge LLP, Pasadena, has joined Inpact Americas, an international affiliation of accounting firms with over 150 member firms in 70 countries. CONNECTICUT Charles A. Barragato & Co. LLP, New York, has opened an...

Advertiser Index.
March 14, 2005... Advertiser Page Best Software 7 CalCPA Education Foundation 8 CCH Tax and Accounting 17, 40 Creative Solutions 2 Drake...

Inside the Top 100.
March 14, 2005... For those readers who have been with us since the beginning, believe it or not, this is our 18th edition of the Top 100 firms project, which, as some of you may recall, was initially launched as a ranking of the country's top 60 firms. ...

The Year of Merging Vigorously: Mergers (and SOX!) spur growth, spark reshuffle among Top 100 Firms.
March 14, 2005... For many of Accounting Today's Top 100 Firms, 2004 was a year for handshakes. Of course, accounting firms don't tie their fates together with just a handshake anymore (we doubt they ever did), but clasping hands as a symbol of partnership...

2005 Top 100 Firms Databank: Overview.
March 14, 2005... (part 1 of 2) % Firms over % Top Five chg. $100 mn chg. Revenue ($ mn) 25,799.87 7.00 4,397.23 13.01 Partners ...

Beyond the Top 100: Firms to Watch.
March 14, 2005... Membership in the Top 100 is a fluid thing - a good year, a bad one, a small merger, a lost client or a brand-new engagement can make all the difference. Here are the firms that are treading on the heels of the Top 100, some no more than a few...

SOX, Staff Still Top Top 100 Concerns.(Sarbanes-Oxley)
March 14, 2005... Nearly three years after its passage into law, Sarbanes-Oxley continues to shape the future of the accounting landscape, as its effects have guided many of the Top 100 firms into new practice niches, or prompted them to fortify existing client...

SOX Aside, Firms Get Back To Basics.(Sarbanes-Oxley Act)
March 14, 2005... There is no denying that the regulatory - and, to some degree, the economic - environment of the past two years has caused this country's top firms to experience a near explosion of growth in Sarbanes-Oxley compliance work. But despite...

Flexibility Key in Meeting Shifting Client Demands.
March 14, 2005... As the confluence of regulatory, technological and financial factors continues to evolve the traditional business model, CPA firms looking to grow their books of business are striving to keep pace in an effort to satisfy client service demands....

Country's Continued Economic Upturn Spurs Growth at Most Top 100 Firms.
March 14, 2005... A rebounding economy throughout the year, both at the national and regional levels, helped fuel the growth of the year-end figures reported by Accounting Today's 2005 Top 100 regional firms. Nationwide, Accounting Today's Top 100 Firms,...

The Top 100 local firms by region: (excluding the Big Four and national firms).(accounting services)(Illustration)
March 14, 2005... (part 1 of 2) Central Midwest (18 firms) Headquarters Crowe Group South Bend, Ind. Plante & Moran Southfield, Mich. Clifton Gunderson...

The 2005 Accounting Today Top 100 Firms.
March 14, 2005... (part 1 of 4) Rank Revenue 5 4 Firm 1 1 Deloitte & Touche 1 2 2 Ernst & Young 3 3 PricewaterhouseCoopers 4 4 KPMG 1,2 5 5 H&R Block s. 6 7 Grant Thornton ...

Top 100 Firm Highlights.
March 14, 2005... * American Express Tax & Business Services: In August, unveiled three-office Private Client Group to serve high-net-worth individuals and entrepreneurs. In February 2005, sold 11 small offices to H&R Block Small Business Resources. *...