A&A news April 2011

A&A

Making the most of the law firm mixer

Many accounting firms regularly network with law firms and host or attend events with a group of attorneys for the purpose of growing each firm’s or individual’s respective practice. The challenge is how to make these very nice events deliver the results we want.
A&A

Challenges, best practices for the first XBRL filing

Thousands of small public companies will submit eXtensible Business Reporting Language (XBRL) financial reports, for the first time, with their regular June 15, 2011 filings with the SEC.
Practice Management

FASB issues proposed accounting standards update on testing goodwill for impairment

The FASB has issued an exposure draft of a proposed accounting standards update intended to simplify how an entity is required to test goodwill for impairment.
A&A

FASB and IASB publish progress report on conversion

The IASB and the FASB have published a progress report on their joint work to improve IFRSs and U.S. generally accepted accounting principles and to bring about their convergence.
A&A

Federal contracts: Cost proposals: Why, how, when

When bidding on or fulfilling a federal contract, chances are you'll be required to submit a cost proposal. What is it, how do you do it, and when is it required? The answers will vary depending upon your contract and situation.
A&A

SEC announces IFRS roundtable

The Securities and Exchange Commission has announced that it will sponsor a roundtable in July to discuss benefits or challenges in potentially incorporating International Financial Reporting Standards (IFRS) into the financial reporting system for U.S. issuers.
A&A

Pennsylvania's CPA Players bring levity to accounting profession

Darth Vader, CPA? Rick and Ilsa always having Paris and tax write-offs? Hannibal Lecter dining on his CPA with fava beans and Chianti? Memorable scenes from classic movies have all undergone a remake, thanks to the Pennsylvania Institute of Certified Public Accountants.
A&A

Obama signs repeal of expanded 1099 requirements

On April 14, President Obama signed legislation that repeals both the expanded Form 1099 information reporting requirements and the 1099 reporting requirements imposed on taxpayers who receive rental income.
A&A

Debit cards rewards may be gone; more changes coming

JPMorgan Chase has announced that it will end its popular debit card rewards program for existing customers on July 19. Wells Fargo, SunTrust, and PNC have announced that they will either end their rewards programs or close them to new customers.
A&A

Mint.com adds home loans feature to help homeowners make financial decisions

To help people make better decisions about dealing with mortgage debt, online personal finance aide Mint.com has added a home loans feature that can help individuals reduce interest rates or lower monthly payments.
A&A

FASB issues accounting standards update to improve financial reporting about troubled debt restructurings

The Financial Accounting Standards Board (FASB) has issued Accounting Standards Update (Update) No. 2011-02, Receivables (Topic 310): A Creditor's Determination of Whether a Restructuring Is a Troubled Debt Restructuring.
A&A

IFRS Foundation to enhance IFRS taxonomy to reflect common reporting practices

The IFRS Foundation has announced that it will publish supplementary tags for the IFRS Taxonomy that reflect disclosures that are commonly reported by entities in their IFRS financial statements.
A&A

Positive outlook for economy, particularly manufacturing

After a dip in confidence four months ago which raised doubts over the sustainability of the global economic recovery, optimism again appears to be back in fashion across virtually all key markets.
A&A

Jaw-dropping budgeting errors make headlines in Maine and Ohio

Some recent budgeting mistakes have plenty of taxpayers scratching their heads as the issue shines a spotlight on the need for efficient accounting systems.
A&A

April is Financial Literacy Month; financial fitness programs abound

The end of busy season, when a client's financial position is in clear focus, is the best time to talk about ways to improve their personal and business financial management and results.