A&A news February 2008 | AccountingWEB

A&A news February 2008


Financial Accounting Foundation announces major changes to FAF, FASB, and GASB

On February 28, 2008, the Board of Trustees of the Financial Accounting Foundation (FAF) announced that, following a public due process period in which 59 comments were received from accounting and financial organizations and others interested in standard setting, it has voted to approve major changes to the oversight, structure, and operations of the FAF and its two standard-setting Boards, the Financial Accounting Standards Board (FASB) and the Governmental Accounting Standards Board (GASB).

Rules to live by

1. Never, under any circumstances, take a sleeping pill and a laxative on the same night.2. Don't worry about what people think, they don't do it very often.3. Going to church doesn't make you a Christian any more than standing in a garage makes you a car.4. Artificial intelligence is no match for natural stupidity.5. If you must choose between two evils, pick the one you've never tried before.6. My idea of housework is to sweep the room with a glance.7. Not one shred of evidence supports the notion that life is serious.8.

FASB issues FAS 117-a regarding endowments held by not-for-profits

The Financial Accounting Standards Board (FASB) has issued proposed FASB Staff Position (FSP) FAS 117-a, Endowments of Not-for-Profit Organizations: Net Asset Classification of Funds Subject to an Enacted Version of the Uniform Prudent Management of Institutional Funds Act, and Enhanced Disclosures.

Small business travelers need to leave some "baggage" at home

Although many small business owners take "working" vacations, the American Small Business Travelers Alliance has five simple rules small businesses can follow to achieve an effective work-vacation balance. The American Small Business Travelers Alliance (ASBTA) is a national alliance that provides valuable services and functions focused specifically on the travel needs and interests of small business owners."Working vacations are a grudging reality, if not an absolute necessity, for most small business owners," said Chuck Sharp, ASBTA President.

Tax reminders for businesses with home offices

In order to educate taxpayers, the IRS has provided this fact sheet which explains the rules for deducting home office expenses.Home Office Deduction: Basic RequirementsGenerally, expenses related to the rent, purchase, maintenance, and repair of a personal residence may not be deducted as a business expense. However, taxpayers who use a portion of their home for business purposes may be able to take a home office deduction if they meet certain requirements.
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