A&A news January 2008

A&A

FIN 48-2: FASB upholds FIN 48 for public companies; non-public entities may defer

The Financial Accounting Standards Board (FASB) has decided to allow nonpublic entities to defer implementation of FIN 48 to fiscal years beginning after December 15, 2007. To address this issue, the Financial Accounting Standards Board has issued FASB Staff Position (FSP) FIN 48-2, Effective Date of FASB Interpretation No. 48 for Certain Nonpublic Enterprises.
A&A

PCAOB approves Auditing Standard No. 6 in response to FASB 154

The Public Company Accounting Oversight Board has voted to adopt Auditing Standard No. 6, Evaluating Consistency of Financial Statements, and an accompanying set of amendments to the Board's interim auditing standards. The Board adopted the standard and amendments in light of the Financial Accounting Standards Board's (FASB) issuance of Statement of Financial Accounting Standards No. 154, Accounting Changes and Error Corrections, and impending issuance of Statement of Financial Accounting Standards, The Hierarchy of Generally Accepted Accounting Principles.
A&A

Why Intuit helps you with more than just your books

Intuit, the maker of QuickBooks, hosts an online community named JumpUp.com. This community was created to assist new and existing business owners in networking and promoting their business. JumpUp.com offers free resources that are available to help you grow your business. Our featured guest in this episode of Small Business Trends Radio is Kira Wampler, Marketing and Community Leader at JumpUp.com.
Practice

Thinking about a home office?

by Linda L. Heineman, CPA I must confess, I love my home office. Over the years I have continued to fine-tune how my office works so I can stay home as long as possible.There are some great benefits to a home office. First, it's economical - no rent, no landlord. And, living in a traffic-clogged city like Los Angeles, it's wonderful not having to face a daily commute. You can work whenever you want. That flexibility is another reason why having a home office is so attractive.
A&A

Pitch perfect: How to charm investors

Venture capital can be the ticket to meteoric success for a small business, but securing it involves winning over hardened investors with your enthusiasm and business expertise. Geoff Sankey, director of The Capital Fund, speaks about some of the dos and don'ts of pitching for investment. For SME owners that lay awake at night dreaming about reaching the big leagues, venture capital investment could be one way to bring your misty reveries to pass. However, parting venture capitalists from their precious cash is not an easy feat to achieve.
A&A

Use online press releases to get prospects

Online press releases offer the ability to speak directly to a large audience that includes your best prospects and the media. The days of solely reaching the media alone via press release are over - press releases now have an extensive reach worldwide. Our featured guest in this episode of Small Business Trends Radio is Joe Beaulaurier, Interactive Marketing Manager, PRWeb. Joe discusses the benefits of using press releases to reach your best prospects. For instance, did you know that:Bloggers are - the new media.
A&A

Disaster recovery, backup, and restore: Big challenges for small businesses

All too frequently, fires, local flooding, and human error threaten computer systems, communications, and the ability of a business of any size to sustain continuous operations. Small and medium sized businesses, accustomed to protecting inventory or paper records, are expected to invest more in "resilience and backup" in 2008 according to cio-midmarket.com. "Most are on the edge where a couple of bad events could shut down business," says Gary Chen an analyst at YankeeGroup.
A&A

FASB launches verification phase for Accounting Standards Codification for GAAP

The Financial Accounting Standards Board has officially launched the one-year verification phase of the FASB Accounting Standards Codification. During the verification period, constituents are encouraged to use the online Codification Research System free of charge to research accounting issues and provide feedback on whether the Codification content accurately reflects existing U.S. generally accepted accounting principles (GAAP) for nongovernmental entities.
A&A

Intuit to award $50,000 to small business winner

For those who can't wait until November to cast a vote, here's a more immediate alternative. Intuit Inc. is asking Americans to select a budding entrepreneur to win a $50,000 business startup package as part of its Just Start contest.The voting is free of debates, caucuses, and primaries, with polling places open online. The winner will be the entrepreneur who voters believe offers the clearest, most feasible business idea. The victor receives $40,000 in cash and $10,000 in products and services.
A&A

Why hackers love small businesses

As a small business owner, you may believe that hackers have no use for your small network. Think again! Understanding what these hackers are truly after will help you to understand why your network is at risk.Our featured guest on Small Business Trends Radio is Thomas Raef, founder of e-Based Security.
A&A

FAS 157 - Derivative valuation insights

After careful deliberation, the Financial Accounting Standards Board (FASB) voted in favor of implementing FAS 157 on time for financial assets and liabilities like derivatives. With FAS 157 taking effect as of November 15, 2007, a company reporting at year-end or any time after mid November will be obliged to consider FAS 157. Under FAS 157 companies must measure fair value by segregating observable and unobservable inputs into Level 1, Level 2, and Level 3 inputs: Level 1 inputs are market observed inputs such as quoted prices (e.g.
A&A

FASB announces free webcast on global accounting

The Financial Accounting Standards Board (FASB) has announced the launch of a series of periodic webcasts focusing on topics of importance to its constituents. The first FASB webcast, entitled Towards a Global Reporting System: Where Are We and Where Are We Going?, is scheduled for Tuesday, January 8, 2008, from 10:30 a.m. to 11:30 a.m. (EST), and will feature a panel of experts discussing international convergence of accounting standards.Panelists Robert Herz, Peter Bridgman, Greg Jonas, and Sam Ranzilla will discuss the implications of moving the U.S.
A&A

Recent SBA developments affecting your business

The U.S. Small Business Administration (SBA) is a unique institution that brings a wide range of resources and benefits to small businesses and entrepreneurs. Steven Preston, the Administrator of the SBA, came to this Federal agency in 2006 from the private sector. Since then he has enacted reforms to cut red tape, reduce transaction processing time, and make the agency more responsive to small business owners and individuals. Administrator Preston is our featured guest in this episode of Small Business Trends Radio.