A&A news October 2010

A&A

Assessing your company's fraud risk

The most recent study by the Association of Certified Fraud Examiners (ACFE), The Report to the Nations – 2010, indicates that, on average, an organization loses 5 percent of top-line revenue to internal fraud alone.
A&A

Accounting for Apple's iPad

What initially might have been viewed as nothing more than an attention-grabbing gadget useful for reading electronic books and mail, mobile Internet-capable computing devices have become a convenient and practical tool for accountants. Managing Editor Bill Grabarek reports.
Technology

CCH releases eBooks for accountants

CCH, a provider of tax, accounting, and audit information, software, and services, this week announced the availability of the company's most used titles in eBook form, including its U.S. Master Tax Guide and multi-volume publications.
Technology

Survey: Executives' organizations moving to Cloud-based services within two years

Business and government executives expect their organizations to use Cloud computing within the next two years, according to results of a recent survey.
A&A

Exclusive: IRS commissioner announces interim relief from tax preparer testing requirement

Speaking at this week's National Tax Conference in Washington, D.C., IRS Commissioner Mark Schulman addressed concerns about the new tax preparer identification guidelines that are about to take effect. Managing Editor Gail Perry reports.
A&A

Highlights of the 2010 IRPAC Report

This month, the Information Reporting Program Advisory Committee (IRPAC) released its report for 2010 outlining recommendations to the IRS regarding several key issues that have recently become law, or are soon to take effect.
A&A

Exclusive: National Tax Conference kicks off in D.C.

Approximately 600 CPAs are gathered in Washington, D.C., this week to get the latest on tax reforms and the potential impact of the mid-term elections at the 35th annual National Tax Conference sponsored by the AICPA. Managing Editor Gail Perry reports.
A&A

CPA exam to be administered outside U.S. for first time

In 2011, the Uniform CPA Examination will be offered outside the 55 U.S. jurisdictions for the first time. The American Institute of Certified Public Accountants, National Association of State Boards of Accountancy, and Prometric reached an agreement to administer the exam in international locations.
A&A

Rosenberg MAP Survey: CPA firms weather recession nicely

The recession hit the CPA industry with full force in 2009, and the results were quite different than in years past. Growth for CPA firms has been steady for 20 years or more, so firms had to rapidly adapt to the reality that the gravy days are gone for the time being.
Tax

Thomson Reuters customers gather for back-to-back tax and accounting conferences

The Tax & Accounting business of Thomson Reuters will host more than 2,000 customers at two user conferences this fall – one for its professional tax and accounting firm customers on October 27 and another for corporate tax department and trust tax customers on November 1.
A&A

PCFRC's O'Dell discusses FASB, concerns of private companies

At its fourth public meeting, earlier this month, the Blue Ribbon Panel, formed by the Financial Accounting Foundation to define the issues faced by private companies with U.S. GAAP, agreed that a new model for private company reporting was required.
A&A

State societies sponsor CPA Day of Service

CPA societies in Illinois and Virginia provided the impetus for firms and individuals nationwide to take part in a day of service on September 24, the CPA Day of Service. The event not only helps worthy local organizations, but also highlights the contributions made by CPAs.
Practice Development

CPA as trusted advisor: Why, and is it deserved?

In many client relationships, the CPA is counted on to be a trusted business advisor, to be available when the entrepreneur needs advice, to be the quarterback of the team of professionals who help to guide the company.
A&A

IASB cracking down on window dressing

The International Accounting Standards Board (IASB), the global body whose rules are used in more than 100 countries, has strengthened regulations requiring banks to disclose window dressing transactions.
A&A

FASB clarifies accounting for troubled debt restructurings by creditors

The FASB has issued an Exposure Draft of a proposed Accounting Standards Update intended to increase transparency in financial reporting about troubled debt restructurings.
A&A

BP oil spill investment scams make an appearance

The Securities and Exchange Commission is alerting individuals and small businesses about potential investment frauds targeting those who receive lump sum payouts from BP due to the oil spill in the Gulf.
Practice

Slightly higher salaries projected as key roles prove challenging to fill

With some signs pointing to a slight uptick in financial hiring, compensation for accounting and finance professionals should see commensurate gains. Starting salaries in these fields are expected to rise an average of 3.1 percent in the coming year.
A&A

Japan’s economic crunch, its effect on the U.S.

Growing concerns have compelled the Bank of Japan’s policy board to take significant steps to jumpstart its faltering economy. The bank calls its multi-pronged strategy a “comprehensive monetary easing policy.”
A&A

IASB and FASB complete first stage of conceptual framework

The International Accounting Standards Board and the U.S. Financial Accounting Standards Board announced the completion of the first phase of a project to develop an improved conceptual framework for International Financial Reporting Standards and U.S. generally accepted accounting practices.
A&A

PCAOB issues inspection observations of auditing during economic crisis

The Public Company Accounting Oversight Board recently released a report summarizing inspection observations of audits of financial institutions and other companies during the economic crisis.

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