Accounting Today articles from November 2008

Accounting Today archives from November 2008

STANDARDS CONTROVERSY: Fair value under fire; Financial crisis spurs debate over standard.(News)
November 3, 2008... Byline: Liz Gold As the financial community scrambles to regain the trust of investors angered by the Wall Street crisis, fair value accounting continues to come under fire. Fair value accounting, or mark-to-market accounting as it's...

Bailout bill leaves lingering tax questions.(News)
November 3, 2008... The financial rescue plan approved by Congress included many extensions of expiring tax credits and deductions that helped it win passage in the House, but it also left out some tax issues that will surely be bones of contention for the next...

GAO, TIGTA expose weaknesses in tax gap battle.(Tax Practice)
November 3, 2008... Byline: Roger Russell Governments at all levels are faced with the need to raise more revenue in the wake of the current fiscal crisis. Both the Treasury Inspector General for Tax Administration and the Government Accountability Office...

IN BRIEF.(Tax Practice)(Survey)
November 3, 2008... IRS to Address PTP Terminations Washington, D.C. - The Internal Revenue Service plans to issue guidance on technical terminations of a publicly traded partnership resulting in multiple short tax years within one calendar year. ...

TAX STRATEGY: Dealing with year-end investment losses.(Tax Practice)
November 3, 2008... Byline: George G. Jones and Mark A. Luscombe This year-end is proving to be one of the most difficult for investors in many years. There's the uncertainty resulting from the financial credit crisis and government reactions to the crisis....

IN BRIEF.(Tax Practice)
November 3, 2008... IRS Offers Guidance on ars Washington, D.C. - The Internal Revenue Service issued a revenue procedure that provides guidance on the treatment of taxpayers who accept certain types of settlements of potential legal claims relating to...

FASB and the IASB redefine discontinued operations.(Assurance)
November 3, 2008... Byline: Glenn Cheney In what can be seen as a cruel irony in the midst of the current financial crises, the Financial Accounting Standards Board has issued a proposed staff position - 144-d, Amending the Criteria for Reporting a...

IN BRIEF.(Assurance)(UHY Advisors and Acme United in deal)(GeoEye Inc. appoints KPMG as its accountant)(Sirius XM Radio Inc. appoints Big Four firm Ernst and Young)
November 3, 2008... Jefferson Wells Offers IFRS Readiness Calculator Milwaukee - Consultancy Jefferson Wells has introduced an online IFRS Readiness Calculator to help companies assess their preparedness for the transition to International Financial Reporting...

Treasury committee finalizes audit profession report.(Assurance)
November 3, 2008... Byline: Michael Cohn The Treasury Department's Advisory Committee on the Auditing Profession has released its final report with recommendations on how to improve the sustainability of the profession - but not without some dissension. ...

THE SPIRIT OF ACCOUNTING: Mark-to-market is not the problem!(Assurance)(mark-to-market accounting)
November 3, 2008... Byline: Paul B.W. Miller and Paul R. Bahnson The way things are going in Washington and Wall Street, we fully expect a decree from Congress that henceforth all photographs and mirrors will be outlawed. Why on earth would they do that?...

Tips for tough times; 5 top CPA planners offer advice for frightened investors.(Financial Planning)(Certified public accountants)
November 3, 2008... As the turmoil continued to wreak havoc with the markets and Congress mulled the mammoth $700 billion bailout package for Wall Street, five high-profile CPA financial planners holding the American Institute of CPAs' Personal Financial...

PRE-SEASON STAFFING: Crisis or no, accountants still in demand.(News)
November 3, 2008... Byline: Roger Russell Despite the financial crisis that has engulfed both Wall Street and Main Street, the demand for skilled accountants during tax season remains as strong as ever. "Firms continue to hire skilled accountants and they...

IN BRIEF.(Financial Planning)(iPro One acquiring stake in Tegra Financial Partners)(American Institute of Certified Public Accountants expanding financial literacy program for tweens)(College of Pension Actuaries merging with the American Society of Pension Professionals & Actuaries)
November 3, 2008... iPro buys Interest in Tegra iPro One said that it has acquired a minority ownership interest in Tegra Financial Partners, an affiliate of Georgia accounting firm Habif, Arogeti & Wynne. Tegra Financial Partners is a wealth-management...

SOFTWARE REVIEW: Write-up software: Lots of choices at lots of prices.(Technology)(Product/service evaluation)
November 3, 2008... Byline: Ted Needleman Accounting firms have been doing write-up work since well before computers were available. When computers became affordable, many switched over to using general ledger applications, sometimes on time-shared mini and...

IN BRIEF.(Technology)(Intuit corp. upgrading QuickBooks)(impact of collaboration tools on business enterprises)
November 3, 2008... Intuit Beefs Up QuickBooks Intuit has upgraded QuickBooks with a new client data review tool and other features for accountants to help their small business clients. The client data review tool in QuickBooks Premier Accountant 2009...

BLOOMER'S BLUEPRINT: A challenge for firms and clients: Systems integration.(Technology)
November 3, 2008... Byline: L. Gary Boomer Accounting firms utilize some of the most complex and difficult information technology systems to integrate and manage. This results from: * IT governance and decision-making processes; * Having numerous...

The market's slowing down - but you don't have to!(Practice Resources)
November 3, 2008... Byline: Gale Crosley It took a while, but the accounting profession is finally starting to feel the effects of the overall market slowdown. Although certain geographies appear immune, I'm seeing a softening in many parts of the country....

IN BRIEF.(Practice Resources)(demand for certified public accountants)(Survey)(Brief article)
November 3, 2008... Demand rising for Forensics New York - The demand for CPAs who provide forensic accounting services has accelerated in the past year, according to a survey by the American Institute of CPAs. Sixty-eight percent of the 5,400 members of...

New Products.(Practice Resources)
November 3, 2008... Software, Services & Hardware Sign Everywhere Quality Signatures' product is so cool we can't even think of anything funny to say about it: Essentially, they scan your signature and turn it into a font, so that you can type your...

PEOPLE.(Practice Resources)(briefs)(Beall Barclay & Co. PLC)
November 3, 2008... Arkansas Brian A. Hall, an in-charge accountant at Beall Barclay & Co. PLC, Fort Smith, has earned his CPA license. California Angela Garcia-Lopez, Christine Janis, Sumit Kalra, David Sandry and Alison Tjosvold have been promoted...

FIRMS.(Practice Resources)(briefs)(Carr, Riggs & Ingram LLC.)(Brief article)
November 3, 2008... California RSM McGladrey and McGladrey & Pullen have opened an office in San Francisco. China NetSuite Inc. has opened an office in Hong Kong at 100 Queens Road Central. Florida Carr, Riggs & Ingram LLC has merged in...

Coming Events.(Practice Resources)(Calendar)
November 3, 2008... NOVEMBER 3: New Jersey Update, National Conference of CPA Practitioners, New Jersey Chapter. Victor's Maywood Inn, Maywood, N.J. Contact: Fred Bachmann (973) 377-2009. 3-4: Contract & Procurement Fraud, Association of Certified Fraud...

Q&A: Salzberg speaks out.(News)(dialogue with Deloitte Consulting L.L.P. chief executive officer Barry Salzberg)(Interview)
November 3, 2008... Barry Salzberg became CEO of Deloitte LLP in June of 2007, after serving for four years as U.S. managing partner, and has steered the Big Four firm toward increased revenues, while launching a number of new initiatives in the firm's...

Firm revenues grow, but slowdown expected.(News)(Brief article)
November 3, 2008... Fees and partner income grew at CPA firms last year, but the declining economy is likely to take a toll this year, according to the annual Rosenberg MAP Survey. Compiled by consultancy Rosenberg Associates, the study found that firms with...

FASAB proposes federal reports on sustainability.(News)(Federal Accounting Standards Advisory Board)
November 3, 2008... Byline: Glenn Cheney Is the United States government fiscally sustainable? It's a good question that begs others. Will projected revenues balance liabilities? How does debt figure in? How much will Social Security and Medicare cost?...

European group aiming for stronger voice in accounting.(Accounting Abroad: Report from Europe)
November 3, 2008... Byline: Jeremy Woolfe The European Financial Reporting Advisory Group, which consults to the International Accounting Standards Board in London on standard-setting, and is perceived as the European counterpart to the Financial Accounting...

IN BRIEF.(News)(securities class-action lawsuit between PricewaterhouseCoopers and American International Group Inc.)
November 3, 2008... PwC to Settle AIG Suit for $97.5 Million Columbus, Ohio - PricewaterhouseCoopers has agreed to pay $97.5 million as a partial settlement of a securities class-action lawsuit over the firm's audits of AIG, the insurance giant taken over in...

EDITOR'S DESK: Looks good on paper.(Viewpoint essay)
November 3, 2008... Byline: Bill Carlino, Editor-in-Chief In high school, our varsity football coach would routinely present opponents' game films to the math department, who would calculate probabilities on the types of plays that the teams would run in...

COMMENTARY: Take action on IFRS now! The SEC's roadmap sketches out a rewarding journey, but the accounting profession has a lot of work to do.(International Financial Reporting Standards)(Securities and Exchange Commission)(Viewpoint essay)
November 3, 2008... Byline: Jeffrey C. Thomson The unanimous vote by the Securities and Exchange Commission to propose a "roadmap" for convergence towards the use of International Financial Reporting Standards by U.S. companies is a positive first step. ...

New legislation, down economy boost demand for tax planning.(News)
November 17, 2008... Byline: Roger Russell The past year's onslaught of legislation, coupled with the current crisis in the markets, increases the need for good tax planning, according to Intuit tax development manager Mike D'Avolio. "There have been nine...

In Brief.(Tax Practice)
November 17, 2008... Inflation adjustments widen tax brackets Washington, D.C. - The Internal Revenue Service said that personal exemptions and standard deductions would rise in 2009 to keep pace with inflation, providing more than three dozen tax benefits. ...

IRS struggles with direct deposits of refunds.(Tax Practice)
November 17, 2008... Washington, D.C.-The Internal Revenue Service has not developed sufficient processes to ensure that more than 61 million tax refunds were directly deposited last tax season to the correct bank account, according to a new report from the...

TAX STRATEGY: New energy tax incentives: Now broad enough for general consideration.(Tax Practice)(Emergency Economic Stabilization Act of 2008)
November 17, 2008... Byline: George G. Jones and Mark A. Luscombe While the driving force behind the Emergency Economic Stabilization Act of 2008 may have been the need to find an immediate solution to the current financial crisis, the new law added energy tax...

FASB amends fair value measurements.(Assurance)
November 17, 2008... Norwalk, Conn.-The Financial Accounting Standards Board has provided new flexibility to allow banks and other financial institutions to reprice their assets during the credit crisis by amending its standard on fair value measurements. The...

Change of Auditors.(Assurance)
November 17, 2008... McGladrey to Audit JTA The Jacksonville, Fla., office of McGladrey & Pullen has been engaged to audit the Jacksonville Transportation Authority. The JTA, in conjunction with the Florida Department of Transportation and the city of...

THE SPIRIT OF ACCOUNTING: Measurement, theory, market values and AAATUC.(Assurance)
November 17, 2008... Byline: Paul B.W. Miller and Paul R. Bahnson One (and possibly the only) positive result of the financial crisis is that market value accounting has been brought to the public's attention. Unfortunately, most discussions of this issue...

Now may be the time to look at that 401(k) plan.(Financial Planning)
November 17, 2008... Byline: Michael Palazzolo When was the last time you or your clients took a hard look at your 401(k) plans? If you're like many small and midsized business owners, chances are that you haven't spent much time reviewing the plan since...

In Brief.(Financial Planning)(Department of the Treasury)
November 17, 2008... IRS Re-assures Money Funds The Internal Revenue Service issued a notice aimed at calming fears that it would act against insurance-dedicated money market funds that take advantage of a new temporary guarantee program. Notice 2008-92...

QBES switches and stretches; Intuit looks to its channel for midmarket expansion efforts.(Technology)(QuickBooks Enterprise Solutions)
November 17, 2008... Byline: Alexandra DeFelice Mountain View, Calif.-Intuit is relying on its channel to give QuickBooks Enterprise Solutions a heavy push into the midmarket. The vendor launched a reseller program last summer, reaching out to its hefty...

Preparing for IFRS; Firms are getting proactive with convergence training.(News)(international financial reporting standards)
November 17, 2008... Byline: Richard Stolz The Securities and Exchange Commission was somewhat ambivalent last August when it approved a "roadmap" towards accepting International Financial Reporting Standards for U.S. publicly held companies. Indeed,...

In Brief.(Technology)(ExpenseWire)
November 17, 2008... Bill.com Upgrades to Sync with QuickBooks Bill.com has added QuickBooks synchronization and workflow features to the latest version of its online accounts payable service. It now allows users to synchronize vendors and general ledger...

BLOOMER'S BLUEPRINT: Strategies for uncertain times.(Technology)
November 17, 2008... Byline: L. Gary Boomer Current economic conditions will create winners and losers in the accounting profession. Most accountants only think of winning and losing in financial terms, yet there are other areas in which firms are at risk but...

Surviving major change - and living to tell about it!(Practice Resources)(Column)
November 17, 2008... Byline: August J. Aquila Change is scary. There's no doubt about it. I often tell my clients that whenever I am facing a major change, I feel like I am at the edge of a diving board and just can't jump into the water. I guess I'm no...

Change of Auditors.(Practice Resources)(briefs)(Association for Accounting Marketing)
November 17, 2008... Protiviti Forms Crisis Unit Menlo Park, Calif. - To assist companies in dealing with the plunging markets and subsequent fallout, Protiviti, a provider of internal audit and risk advisory services, has assembled a Financial Crisis Team....

New Products.(Practice Resources)(Bill.com)(Becker CPE)
November 17, 2008... Software & Services Get Professional You know you're using software worthy of your exalted status as a credentialed professional when it calls itself that right in the name - like CMS Professional 2009, the latest release of Cougar...

PEOPLE.(Practice Resources)(Amber M. Brady promoted at Beall Barclay & Co. PLC)(Nancie Glanzrock appointed at Lohman Co. PLLC)(Curt Miller appointed at Dixon Hughes PLLC)
November 17, 2008... Alabama Curt Miller has joined Dixon Hughes PLLC, Birmingham, as an audit member. Arizona Nancie Glanzrock has joined Lohman Co. PLLC, Mesa, as an executive assistant. Arkansas Amber M. Brady has been promoted to...

FIRMS.(Practice Resources)(briefs)(The Zamzow Group Inc.)(Women's Business Enterprise National Council)(O'Haire, Kmetz, Nuttall, Elwell and Co.)(Firm Foundation)(Aarons Grant and Habif LLC)
November 17, 2008... California Greenstein Rogoff Olsen & Co., Fremont, has been named one of the Fastest Growing Companies in the San Francisco Bay Area by the East Bay Business Times.... The Zamzow Group Inc., Los Angeles, has been certified as a Women's...

Blum Shapiro Mourns Founder.(Practice Resources)(Brief article)
November 17, 2008... West Hartford, Conn.-Bernard Blum, 86-year-old founder of Connecticut accounting firm Blum Shapiro, passed away at a hospital in Hartford. He founded the firm in 1980 and served as managing partner until 1985. Prior to founding the firm,...

Coming Events.(Practice Resources)(Calendar)
November 17, 2008... NOVEMBER 17: Not-for-Profit Half-Day Pre-Conference, Illinois CPA Society. Donald E. Stephens Convention Center, Rosemont, Ill. Contact: www.icpas.org or (800) 993-0393. 17-20: Sage Summit 2008, Sage Software. Colorado Convention...

AICPA eyes international CPA cred.(News)
November 17, 2008... Byline: Liz Gold Tucson, Ariz.-The American Institute of CPAs is mulling the idea of internationalizing the CPA designation. During its recent Fall Meeting of Council and Members, held here, Leslie Murphy, co-chair of the...

Collaboration tools help firms trim costs, boost productivity.(News)
November 17, 2008... Byline: Liz Gold When members of the American Institute of CPAs Information Technology Executive Committee want to share information with each other, they've got an easy way to do it - through a Web-based SharePoint portal. The...

In Brief.(News)
November 17, 2008... PCAOB Proposes Standards for Audit Risk Washington, D.C. - The Public Company Accounting Oversight Board has voted to propose seven new auditing standards related to risk assessment. The proposed standards would supersede the board's...

EDITOR'S DESK: A lesson in reaction.(Opinion)(Editorial)
November 17, 2008... Byline: Bill Carlino, Editor-in-Chief Many years ago, I was interviewing an executive from PepsiCo who regaled me with tales of his decades-long battle for market share with rival Coca-Cola. He told me that the soft-drink giants became so...

COMMENTARY: Protect your clients - and your firm.(Opinion)
November 17, 2008... Byline: Troy Waugh If you want a way to better serve your clients, to provide additional services and to lower your practice risk all at the same time, then read on. Recently, I attended a workshop in which Ron Klein, an attorney and...

Acc'ts may escape salary woes in 2009.(News)
November 17, 2008... Byline: Daniel Hood Bankers and mortgage brokers may be facing slimmer pay packages, but accountants can expect something of a boost next year, according to a recent report on salaries. The 2009 Salary Guide from staffing company...

Tax prep: A new career option for displaced financial pros?(Tax Practice)
November 17, 2008... Byline: Charles E. McCabe A new career in income tax preparation could be a safety net for some of the thousands of bank and financial services employees who are losing their jobs due to the current economic crisis. Many of those being...