A&A news November 2007

A&A

Nonpublic companies get FIN 48 reprieve from FASB

At a recent board meeting, the Financial Accounting Standards Board voted to defer the effective date of FIN 48 for all non-public entities to periods beginning after December 15, 2007. The FASB instructed the staff to develop an FASB Staff Position which will have a 30-day comment period once it is released. This action is a welcome response to a recent letter issued by the Private Company Financial Reporting Committee (PCFRC) that recommended that FASB delay the effective date of FASB FIN No.
A&A

Sage makes a Peachtree offer some won't be able to refuse

This week, Sage Software announced the availability of free software for the clients of accountants who are ready to make the switch to Peachtree. Through January 31, 2008, accountants who recommend Peachtree to their clients currently using Intuit's QuickBooks can get Peachtree by Sage Complete Accounting 2008 for the clients for free with proof of ownership of QuickBooks. Customers who then make the switch to Peachtree will also get six months of support free, from the date of registration, with the Guaranteed Start-up Success program.
A&A

Small Business Survival Index released

The Small Business & Entrepreneurship Council (SBE Council) has released its twelfth annual rankings of the states according to their public policy climates for small business and entrepreneurship in the Small Business Survival Index 2007. According to SBE Council chief economist Raymond J. Keating, author of the study, "We're in a period of questions and uncertainty when it comes to the economy.
A&A

FASB calls for delay in non-GAAP reporting

The Financial Accounting Standards Board and its oversight foundation, the Financial Accounting Foundation, have sent a letter to the Securities and Exchange Commission asking for a delay in the agreement to allow foreign firms using International Financial Reporting Standards to no longer reconcile their accounts to U.S. GAAP rules. In the letter, Robert Denham, chairman of the FAF, and Robert Herz, chairman of the FASB, said that investors would be better served if all U.S.
A&A

Control self-assessment: Everybody pitching in with internal controls

By J. Stephen McNally, CPA The fifth anniversary of the Sarbanes-Oxley Act has passed, and many continue to argue whether or not the benefits of the legislation outweigh the related costs. Although there is no clear answer to this yet, does it even matter? Establishing and maintaining strong internal controls over financial reporting and disclosure is critical for the success of any organization: public, private, and nonprofit alike.
Technology

Yankee Group advisory: SMBs demanding Software-as-a-Service

As small and medium sized businesses (SMBs) increasingly move to Web-based accounting applications deployed in Software as a Service (SAAS) arrangement, CPAs face a key decision on whether to help SMBs make the move or stand by and risk losing clients.
A&A

AICPA joins with SBA to provide assistance to SMB owners

The U.S. Small Business Administration and the American Institute of Certified Public Accountants (AICPA) have announced plans to form a partnership to train owners of small accounting firms on SBA products and services. SBA and AICPA have signed a Strategic Alliance Memorandum to share resources to help start, maintain, and expand small businesses."America's accountants are an important part of the small business community so it is important to integrate SBA's resources with AICPA's," SBA Administrator Steve Preston said.