A&A news January 2011

A&A

Texas Society of CPAs recommends separate standards for private companies under FAF

TSCPA officials said that the society has long supported the development of accounting standards that meet the needs of privately held companies in the United States, especially those that are the backbone of the economy, and are not adequately served through current GAAP financial statements.
Tax

How an embezzler stole millions from a small company

New details have emerged on the methods used and the outcomes following the case of 47-year-old convicted embezzler Sujata “Sue” Sachdeva, who was the trusted 15-year veteran vice president of finance, secretary, and principal accounting officer of Koss Corporation.
A&A

FASB's Seidman signals emphasis on converged standards, needs of private companies

Leslie Seidman, the newly appointed chairman of the FASB, repeatedly emphasized the board's intention to communicate with constituents and to produce standards in "an open process that encourages and values input."
A&A

State of the Union provides hope for accountants

President Obama delivered his State of the Union address to the nation Tuesday night and included verbiage that offers encouragement for accountants struggling with issues surrounding the new 1099 regulations.
Practice Development

Nurture little clients who have big paws

How do you spot a puppy that's going to grow into a big dog? You look at the size of its paws. Do the same with "little" tax clients and you can watch your business grow as fast as puppies do.
A&A

James Doty to chair SEC accounting oversight board

James Doty, a partner at Washington, D.C.-based law firm Baker Botts LLP who served as general counsel for the SEC in the early 1990s, recently was appointed by SEC chairman Mary Schapiro to lead the agency’s Public Company Accounting Oversight Board.
A&A

Red Flags compliance: How accountants can help their clients

Accounting and other professional firms are now exempt from the Red Flags rule issued by the FTC in 2007. But all other businesses and nonprofits that extend credit or hold accounts that might be subject to identity theft were required to be in compliance as of December 31, 2010.
A&A

PCAOB to conduct audits of U.S. accounting firms operating in the UK

The Public Company Accounting Oversight Board and the Professional Oversight Board in the UK have signed an agreement that will allow the PCAOB, working in cooperation with the POB, to resume audits of accounting firms registered in the UK.
A&A

iPhone, Android Productivity Apps for Accountants

Spend a minute or two in the app store for your mobile device of choice, and you’ll uncover inane apps like iLickIt. Fortunately, there are some actual productivity-boosting tools starting to shoulder their way through the pack of apps for iPhones, iPads, and Android devices.
A&A

BlackBerry Productivity Apps for Accountants

If you’re like me, you’re still holding onto your BlackBerry with a death grip. However, you might also have app envy because, it seems, every week there are 500 new apps released for iPhone and Android. Fear not, as we’ve unearthed productivity apps for you.
A&A

Public companies must submit XBRL exhibits to SEC in 2011

The SEC in 2009 issued rules requiring public companies and foreign private issuers that prepare financial statements in accordance with US GAAP to attach an exhibit with all periodic filings that contains computer readable tags written in XBRL.
Practice

Forget retirement - let's work forever!

Sixty percent of wealthy individuals say they never plan to retire. This group of "Neveretirees" is expected to grow over the next several years as more than 70 percent of respondents under the age of 45 say they will always be involved in some form of work.
A&A

Reality check: Fraud in the workplace

We like to believe that everyone is honest, no one cheats or takes unfair advantage, but the reality is that workplaces can be breeding grounds for bad behavior. Here are some steps for spotting and circumventing fraudulent activity.
A&A

PwC provides top 10 questions for audit committees

Wondering where to start with your next audit? PwC US's Center for Board Governance has announced its annual list of questions and insights to help audit committees oversee their companies' 2010 year-end financial reporting process.
A&A

Carbon accounting is hot new growth area for accountants

An overwhelming majority of Fortune 500 companies now voluntarily measure, manage, and publicly disclose their carbon emissions. This provides an exciting opportunity for accountants to provide an important service in the growing area of carbon accounting.
A&A

CPA travels Route 66 to promote fuel that benefits Mother Nature

Not only did compressed natural gas benefit the business of a CPA's friend and client, it was the genesis of a record-breaking trip along Route 66 to promote alternative fuel and energy independence. AccountingWEB's Jason Bramwell reports.
Practice

Small business employment index indicates 57,000 jobs created in December

Small business employment continued to show growth in December with an increase in hours worked and wages flat, according to the most recent Small Business Employment Index by Intuit Inc.
A&A

Most common billing mistakes contractors make

Contractors, particularly those who are new to government work and are working for a Department of Defense agency, often face delays when submitting vouchers for payment.
AccountingWEB Life

AccountingWEB's top blogs of 2010

Keeping our readers informed is what we're all about. Often this task is accomplished through news articles and editorial commentary. In addition, AccountingWEB is home to nearly 30 bloggers, experts in their fields, who share their insights with the AccountingWEB community.
A&A

IRS order to wait puts additional pressure on accounting firms

The Internal Revenue Service has announced that taxpayers affected by three recently reinstated deductions need to wait until mid- to late February to file their individual tax returns, as well as those taxpayers who itemize deductions on Form 1040 Schedule A.

Pages