A&A news June 2010 | AccountingWEB

A&A news June 2010


FTC delays enforcement of "Red Flags" rule

At the request of several members of Congress, the Federal Trade Commission has extended the compliance deadline for the Red Flags rule from June 1 through December 31, 2010.

UPDATE: Next in a series of new legislation from Congress: Jobs and loopholes

If Senate Democratic leaders have their way, they will vote this week on the American Jobs and Closing Tax Loopholes Act, which is an amended version of a bill passed in late May by the House (HR 4213).

Louisiana businesses must plan for the future now

The Deepwater Horizon oil spill is the third disaster the residents and businesses of Louisiana have faced in five years. Despite their frustration and the magnitude of unknowns facing them, they will still do very well, said Bill Balhoff, CEO of Postlethwaite & Netterville.

AICPA national MAP survey is underway

The AICPA Private Companies Practice Section, in partnership with the Texas Society of CPAs, is gathering data for its much-anticipated benchmarking survey, which enables firms to compare management policies and financial results against other firms.

Father celebrates 50 years at firm with son as partner

Bill Rush Mosby, of Natchez, MS-based Silas Simmons LLP, is celebrating his 50th anniversary as a CPA. For 20 of those years, he worked with his son.

Accountant, first female vendor at Shea Stadium feted by Mets

Susan Rich, the first woman vendor at Shea Stadium in the 1970s, recently was saluted by the New York Mets.

Fewer than half of large companies' 401(k) plans include automatic enrollment

AARP commissioned a national survey of large employers with 401(k) plans to better understand their attitudes toward and experiences with two automatic 401(k) features: automatic enrollment and automatic escalation.

A day in the life of…a 30-year-old partner

Myfanwy Neville, at the age of 30, is one of the youngest partners at Berg Kaprow Lewis LLP Accountants in London. Here, she outlines how she went from graduate trainee to audit partner in just nine years.

AICPA Practitioners and TECH+ Conferences: The view from the crowd

For those who might think there is a stodgy side to conferences presented by the venerable AICPA, be prepared to change that notion. The recent Practitioners and TECH+ Conference was anything but stodgy.
Practice Management

3-D approach to firm growth

When we apply a 3D approach to firm growth, we can see a transformative impact on the firm’s culture and performance. Growth starts with the understanding of the direct correlation between the state of the people and firm outcomes.

Small company suffers massive embezzlements

The discovery of alleged fraud at Koss Corporation highlights some of the potential dangers that can lead to fraud within a company and demonstrates how small companies can be susceptible to massive losses.

Pay freeze continues for majority of finance execs

Reflective of the past year’s economic woes, a majority of financial professionals still are not receiving salary increases, according to a recent survey conducted by Financial Executives Research Foundation.

Madoff whistleblower to speak at MNCPA conference

The lineup of keynote speakers at the Minnesota Society of Certified Public Accountants’ Management & Business Advisers Conference includes a Bernie Madoff whistleblower, a former Medtronic CEO, and the subject of a major Hollywood motion picture.
AccountingWEB Life

Launch a solo 401(k) for small-business clients

Many small-business clients run their operation as a one-person show. Once the business has turned the corner, the owner can focus on setting aside more funds for retirement. And the more he or she can save each year, the merrier the client will be.

Most executives remain confident about business growth

Six percent of chief financial officers said they plan to hire full-time accounting and finance employees during the third quarter of 2010, while 9 percent anticipate staff reductions. Despite those numbers, CFOs remain optimistic about the outlook for their businesses.

Gulf fishermen see livelihoods disappear, region’s economy suffers

Louisiana fishermen are beginning to come to terms with the harsh realities of the Deepwater Horizon oil spill. Not only do they face the loss of income this year, their fishing grounds and their way of life might be disappearing.

AICPA, SHRM recognize successful financial literacy programs

The American Institute of Certified Public Accountants and the Society for Human Resource Management are creating a national award that recognizes employers for financial education programs for staff.
Practice Management

Employees want day off to demonstrate on immigration! What should I do?

With the recent passage in Arizona of a controversial immigration-related state law, and indications from the Obama administration and Congress that immigration reform legislation will be put on the fast-track, we might soon be seeing more immigrants’ rights demonstrations.

AccountingWEB Exclusive: Former FDIC Chief says FASB proposal is "irresponsible"

William Isaac, former chairman of the FDIC and chairman of consulting firm LECG's global financial services unit, tells AccountingWEB that he expects banks to react very negatively to the FASB's recent proposal.

U.S. CPAs gaining in IFRS awareness

CPAs are gaining awareness about International Financial Reporting Standards. Furthermore, CPAs increasingly foresee a need to gain advanced or expert knowledge as the U.S. moves toward global accounting standards.


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