A&A news September 2006

A&A

Summary of Smaller Firm PCAOB Inspection Deficiency Analysis

The Center for Public Company Audit Firms (CPCAF) has issued their current Smaller Firm PCAOB Inspection Deficiency Analysis. Small firms are defined as those with 100 or fewer Securities and Exchange Commission (SEC) issuer audits. This analysis did not include analysis of the Public Company Accounting Oversight Board's (PCAOB) larger firm inspection reports. The public portion of 324 PCAOB smaller firm inspection reports issued between January 21, 2005, and August 15, 2006, were identified in this analysis.
Community News

Canadian CFOs Forecast Steady Fourth-Quarter Hiring

Hiring activity among Canada’s accounting and finance professionals is expected to remain steady during the fourth quarter, according to the quarterly Robert Half Financial Hiring Index.
A&A

Survey Shows Accountants Are Most Trusted Advisers

Accountants are sought after for business advice more often than lawyers or bankers, according to a new survey of small business owners.Advertisement
A&A

Appearing at the Forum on Small Business Capital Formation

Videotaped remarks from Christopher Cox, chairman of the Securities and Exchange Commission (SEC), will open the annual Government-Business Forum on Small Business Capital Formation. The Forum will be held on Friday, September 29, beginning at 9:00 a.m. (Eastern Daylight Time) at the Washington, D.C., headquarters of the SEC.
A&A

Making the Fourth Quarter Push

For many small businesses, the fourth quarter of the year presents their greatest opportunity to meet budget and sales expectations for the entire year. How you prepare your business now can mean a big difference in your bottom line for the New Year.
A&A

Letter Summarizes SEC Views on Stock Options

The Office of the Chief Accountant of the Securities and Exchange Commission (SEC) on Tuesday issued a public letter to the accounting industry summarizing the staff’s views regarding the accounting for stock options in the historical financial statements of public companies.Advertisement
Tax

TinyBooks Adds Sales Tax Support

TinyBooks, a single-entry accounting program for Mac computers from Space Time Associates, has added support for U.S. sales taxes, international Goods and Services Tax (GST), Provincial Sales Taxes (PSTs) and Value Added Tax (VAT), as well as international dates and other changes to the 4.0.09 release.This Mac-only accounting package for individuals and small businesses features: income and expense tracking; report generation; invoice creation and printing; and import and export of data.
A&A

FASB enhances guidance for measuring fair value

The Financial Accounting Standards Board (FASB) has issued Statement of Financial Accounting Standards No. 157, Fair Value Measurements, providing enhanced guidance for using fair value to measure assets and liabilities. More than 40 current accounting standards within generally accepted accounting principles (GAAP) require or permit entities to measure assets and liabilities at fair value.
Practice Management

Deadline for Establishing a SIMPLE Retirement Plan Approaching Fast

"With the future of social security up in the air and traditional corporate pension plans on the path towards extinction, contributing to a retirement plan provides some peace of mind that you'll be able to retire comfortably," explains Andrew Schwartz CPA, founder of CPA Niche, LLC.Advertisement
Practice Management

Communicating During a Crisis Without Making it Worse

Maybe Patricia Dunn, the chairwoman of Hewlett Packard (HP), just wanted to know who was talking to reporters so she could be sure they had the most accurate information. It is more likely, however, that she wanted to find out who had loose lips so she could have them removed or at least silenced.
A&A

Going Into Effect September 15

Two pronouncements, FAS 155: Accounting for Certain Hybrid Financial Instruments and FAS 156: Accounting for Servicing of Financial Assets by the Financial Accounting Standards Board (FASB) become effective September 15, 2006.
A&A

Great Florida Bank Excels at IT Risk Management

Great Florida Bank accomplishes what few de novo banks do while experiencing tremendous growth in its first year in existence. By partnering with Solutions@MBA, an affiliate of Morrison, Brown, Argiz, and Farra, they were able to identify regulatory issues and take swift and effective corrective action and thus the bank was very pleased with the results of its first IT regulatory exam. Organization OverviewIn June 2004, Great Florida Bank launched in the South Florida region with the establishment of its corporate headquarters located in Miami Lakes, FL.
Technology

New Version of Reconciliation & Account Balancing Application Released

The newest version of ReconNET, the reconciliation and account balancing application from Trintech Group PLC, is now available.
A&A

Farmers Get More Time to Sell Livestock Because of Drought

The Internal Revenue Service (IRS) is granting farmers affected by exceptional, extreme or severe drought conditions additional time to purchase replacement property for livestock they were forced to sell.
A&A

Confidence Off Nearly 40 Percent in Construction/Contractor Industry

The past three months have seen confidence among the construction and contractor industry fall by nearly 40 percent, according to the most recent International Profit Associates Small Business Research Board (IPA SBRB).
A&A

Effects of 9/11 on Wages and Earnings

September 11, 2001, has had a far-reaching impact on the wages and earnings of individuals affected by the events of that day. Wages and weekly earnings for Arab and Muslim men living in the U.S. declined 10 percent following the attacks.
A&A

CCH Expands SMB Market Position with TaxWise Acquisition

CCH, a Wolters Kluwer business and part of Wolters Kluwer Tax, Accounting & Legal division, announced the signing of an agreement to acquire the stock of TaxWise Corporation. The acquisition will enhance CCH’s ability to meet a wider range of professionals’ needs across market segments. “This acquisition will represent a significant strategic opportunity for CCH to further grow its small- and mid-market position with established tax preparation software and bank product lines,” CCH President and CEO Kevin Robert said.
A&A

Option ARMs Bring Pain to Borrowers and Mortgage Industry

Some mortgage industry experts estimate that as much as one-half trillion dollars’ worth of adjustable rate mortgage loans (ARMs) are scheduled to reset this year, the Washington Post reports. Many will be the nontraditional Option ARMs which allow borrowers to choose to make minimum payments, less than the actual interest on the mortgage, for up to 60 months. The portion of the interest not paid in the Option ARM is added to the principal of the mortgage, and the borrower’s total debt just gets bigger each month, a negative amortization.
A&A

AICPA Survey Says: Accounting Executives Losing Confidence

The latest Business and Industry Economic Outlook survey from the American Institute of Certified Public Accountants (AICPA) indicates that certified public accountants (CPAs) in the C-suites of corporate America are increasingly pessimistic.
A&A

Major Changes Ahead for Multiemployer Pension System

Of the 44 million Americans participating in defined benefit pension plans, 25 percent, approximately 9.4 million, are enrolled in multiemployer plans maintained by more than one employer, usually within the same or related industries and a labor union, according to the Pension Benefit Guaranty Corporation (PBGC). Many are employed by small companies in the building and construction industries.

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