A&A news August 2011

A&A

Hiring teens to work for a business – don't take shortcuts

If your business clients need extra help, you might suggest they hire their teenage children to pitch in after school or on weekends. This strategy may result in tax savings and other potential benefits if the children are treated as official employees.
Education & Careers

Creative leadership: How organizations can enable leaders to innovate

Forward-thinking leaders learn to harness complexity to their advantage. They take processes with many distinctive parts and integrate each element into a smoothly functioning whole.
A&A

AICPA says U.S. companies should have option to use IFRS as issued by IASB

The SEC is expected to decide later this year whether, and if so, how, public companies in this country should incorporate IFRS into their financial reporting. The AICPA thinks public companies should be given the option of using IFRS as issued by IASB.
A&A

The 2011 Women to Watch awards – recognizing outstanding women in the accounting profession

Outstanding women – those who have made significant contributions to the accounting profession and to the development of women – receive recognition through the Women to Watch program.
Community News

Results of 2011 Rosenberg MAP Survey released

The Rosenberg Survey team is pleased to announce that results are in for the 2011 MAP Survey. Overall, the survey reveals a trend that many firms are reinvesting in the future.
A&A

A move toward separate accounting standards for private companies begins

For all those private companies frustrated with being forced to spend $25,000 on a valuation of intangible property or goodwill, or spending hours drafting disclosures that users may not read, or being burdened with a myriad of other financial reporting responsibilities, there may be some relief on the way.
Practice

Prepare your clients for upcoming 401(k) regulations

A new regulation set forth by the Department of Labor (DOL) states that 401(k) plan vendors will have until April 1, 2012, to disclose fees to plan sponsors, while plan sponsors will have until May 31, 2012, to disclose fees to employees on their quarterly statements.
A&A

PCAOB to initiate broad discussion of issues relating to auditor independence

The PCAOB is conducting an open meeting at its headquarters in Washington DC to consider a concept release on ways that auditor independence, objectivity, and professional skepticism could be enhanced.
A&A

NASBA, AICPA announce online mobility tool designed to help CPAs practice across state borders

The NASBA and the AICPA have launched an online tool designed to help CPAs navigate the new practice privilege requirements, commonly referred to as mobility laws, that allow CPAs to practice across state borders.
Practice Management

Measuring trust in business

Trust is a vital element of business, yet it's difficult to measure and often gets overlooked. Two research groups have devised their own rating systems to determine which companies are most trustworthy.
A&A

MACPA embraces XBRL in case study for private companies and nonprofits

Historically, the conversation about XBRL has centered on public companies, thanks to its promise of delivering timely, accurate, and transparent financial information to investors. That conversation is beginning to shift.
A&A

With pension fund dwindling, Central Falls, RI, enters bankruptcy

The smallest city in Rhode Island has landed in bankruptcy court after making retirement benefits promises it was unable to keep, a dilemma facing many municipalities across the country.
A&A

PCAOB announces disciplinary actions against former E&Y auditors

The Public Company Accounting Oversight Board has announced settled disciplinary orders against a former Ernst & Young partner and senior manager for their roles in providing misleading documents and information to PCAOB inspectors and altering working papers.