A&A news June 2006

Community News

Auditors Spotlighted As Options Scandals Come To Light

Auditors are in the spotlight as the number of stock-option scandals expands. It seems the manipulation of option prices was more common than previously believed.
A&A

Time for a summer financial check-up

The lazy days of summer offer a great opportunity for small business owners to take stock of their company’s finances and make any necessary changes to their financial projections, especially their estimated tax payments.“You don’t want to pay in more than you have to,” Gordon Spoor, a certified public accountant (CPA) in St. Petersburg, Fla. told the Associated Press. Funds used to overpay could be better used within the company. More information about federal estimated tax payments can be found in Internal Revenues Service (IRS) Publication 505.
A&A

FASB Seeks Clarity on Definition of A Public Entity

What is a public entity?
A&A

Asset Loss Costs Average School District $250,000 a Year

The average school district loses nearly a quarter of a million dollars annually to asset loss and damage costs, according to a recent study of district asset management.
A&A

SMB Growth Expectations Spell Consulting Opportunity for CPAs

In good news for CPAs providing consulting services to small and midsized businesses (SMBs), that market sector is bullish about its near term prospects but is failing to tap into key areas that could further spur growth, according to a nationwide survey of SMBs conducted by accounting and consulting services giant RSM McGladrey.Advertisement
A&A

Study Finds Chartered Accountants Enhance Business Performance

Having a Chartered Accountant (CA) as Chief Financial Officer (CFO) can help enhance corporate performance, according to a recent study from the Canadian Institute of Chartered Accountants (CICA).Advertisement
A&A

IASB Chairman Calls For Accounting Standards Convergence by 2011

Sir David Tweedie, chairman of the International Accounting Standards Board (IASB), sees small differences in worldwide accounting standards within five years. CFO.com reports that Robert Herz, the Financial Accounting Standards Board (FASB) chairman, predicts that within three to five years, U.S.
Practice Management

Security Alert: Microsoft Warns of Excel Zero-day Vulnerability

Microsoft posted a warning on Friday stating that a previously unknown flaw in Excel is being exploited by opening a malicious Excel document. The vulnerability is considered extremely critical because, according to a prepared statement from Secure Elements, it is locally and remotely exploitable by Trojan.Mdropper.J, which drops Downloader.Booli.A on the affected system.
A&A

SAP, Partners Deliver Business Analytics and Strategic Insight for SMEs

On Tuesday at the AICPA Tech 2006 conference, SAP America, Inc., a subsidiary of SAP AG, announced the addition of new analytical and business intelliegence capabilities developed by independent software vendors (ISVs) for SAP Business One, the integrated management solution for small and mid-sized enterprises (SMEs).Advertisement
A&A

Succession Plans for Family Owned Businesses

Successful transitions from the first to the second or third generations in family-owned businesses come from identifying the family member who is capable of running the business and then structuring the transition as a business transaction, says Christopher Hirschfeld, Vice President and Managing Director, Goelzer Investment Banking, according to insideindianbusiness.com.The business owner may assume that a child wants to run the business and is capable, but “this assumption needs to be validated well before the owner steps aside,” Hirschfeld says.
A&A

FASB Pension Draft Draws Fire

The Financial Accounting Standards Board (FASB) issued an exposure draft Employers’ Disclosures about Pensions and Other Postretirement Benefits that required all written comments for the proposal be submitted by May 31, 2006. That is exactly what they got. CFO.com reports that the draft is stage one of two stages designed to overhaul retiree benefits accounting.The FASB received some 112 letters from senior management and other corporate executives voicing strong opposition to the implementation of these changes.
A&A

FASB Launches Review of Accounting for Leases

The Financial Accounting Standards Board (FASB) has begun reviewing its guidance on one of the most complex areas of off-balance sheet reporting, accounting for leases, Chairman Robert Herz told Forbes. The Securities and Exchange Commission (SEC) had requested that FASB review off-balance sheet arrangements, special purpose entities and related issues in a staff report issued in June 2005.
A&A

A Conversation About Equity Incentives with Jonathan Miller

Companies are not doing away with stock options. Jonathan Miller, President of Plan Management Corp. of Ardmore, Penn., recently sat down with AccountingWEB to discuss the present and future of options regulations and their impact on financial planning and reporting. Plan Management Corp. helps companies account for all forms of equity incentives, including stock options, restricted stock, stock appreciation rights (SARs) and stock purchase plans. “There was an initial impression that stock options were going to disappear, but we haven’t noticed that," Miller told AccountingWEB.com.
A&A

Historic AICPA/FASB Joint Proposal Aims to Improve Private Company Financial Reporting

The Financial Accounting Standards Board (FASB) joins the American Institute of Certified Public Accountants (AICPA) today in announcing a joint proposal exploring the development of accounting standards for privately held companies.
A&A

Quality of Life Tips Relocation Scales

Successfully recruiting top executives from another city or region of the country requires more than just a great job offer. According to a recent survey by Robert Half, 31 percent of chief financial officers say that the quality of life in a new city would influence their decision to relocate for a job opportunity.

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