A&A news May 2012

A&A

Educational Institution and Nonprofit Audits Fast Approaching for June 30 Fiscals

June 30, the day on which many educational institutions and nonprofits end their fiscal year, is fast approaching. This brings "joy" to many internal accountants because they know that an annual visit from the auditors is just around the corner.
A&A

Financial Metrics Every Business Owner Should Know

Is your business successful? How do you know? If you're like most business owners, your days are filled by efforts to make your company successful. Those tasks might be focused on making a great product, generating sales, or building customer relationships. And you might be great at those things. But . . .
A&A

AICPA Supports FAF's Creation of Private Company Council

On May 23, the FAF announced its decision to make process and structural improvements by creating the Private Company Council (PCC). The PPC is based upon the body proposed last October by the FAF to set differences in U.S. GAAP, where appropriate, for privately held companies.
A&A

FAF New Council to Improve Standard Setting for Private Companies

After seeking and considering extensive public comment, the Financial Accounting Foundation (FAF) Board of Trustees today established a new body to improve the process of setting accounting standards for private companies.
A&A

FAF Seeks Participants for Review Survey of FASB Statement No. 131

The FAF, the oversight body of the Financial Accounting Standards Board (FASB), is seeking interested stakeholders who would like to be considered to participate in a post-implementation review (PIR) survey of FASB Statement No. 131, Disclosures about Segments of an Enterprise and Related Information.
A&A

Summer Rental Season Kicks Off - Extra Tax Points for Owners

According to a new survey by Deloitte, more Americans will be traveling this upcoming Memorial Day holiday than they did last year. This could be welcome news to clients who own rental properties as the traditional vacation season kicks into high gear. But some dark clouds still loom on the horizon . . .
AccountingWEB Life

Survey Finds Americans Out of Touch with How Much They Spend

A new survey conducted by Rasmussen Reports for the Consumer Federation of America ? the COUNTRY Financial Security Index - shows a gap between what Americans think they're spending and what's happening in reality.
A&A

AICPA Spring Council: Report from the Hill

This year’s congressional visits led the agenda on the first full day of AICPA Spring Council with CPAs from all around the country visiting the offices of their congressional representatives and senators armed with two great new tools from the AICPA.
Education & Careers

Rev Up for Next Year's Busy Season at a Conference

Now that busy season is over, it's a good time to consider attending a conference.
A&A

Farewell Peachtree Accounting, Hello Sage 50

After thirty-five years, the venerable software program known as Peachtree Accounting is adopting a new moniker - Sage 50 Accounting.
AccountingWEB Life

AICPA Spring Council: Celebrating 125 Years of Service

In his opening remarks to AICPA Spring Council Wednesday, AICPA President and CEO Barry Melancon was nostalgic, waxing poetic about the profession’s humble beginnings and major milestones in the AICPA’s 125 year history, which is being celebrated this week in Washington, DC.
A&A

New GASB User Guide Helps Taxpayers Understand School District Finances

How can taxpayers follow how their money is being spent on public education? What is the difference between a school district's budget and its financial statements? Answers to these questions, and many others, can be found in GASB's new user guide, What You Should Know about Your School District's Finances.
Practice

AICPA Survey: 17 Percent of Young Adults Check Bank Accounts Daily

There's little doubt most young adults are obsessed with their digital devices and the latest technology that helps them use those devices. In fact, three times as many young adults check their social media accounts daily as check their bank accounts, according to the results of a national telephone survey conducted for the AICPA.
A&A

AICPA's Online Calculator Estimates Yearly Taxes Paid to All Sources

The American Institute of CPAs (AICPA) has launched the Total Tax Insights calculator, a comprehensive calculator that was developed as a tool to enable taxpayers to estimate the amount they pay each year for the most common federal, state, and local taxes.
Practice Management

12 Tips for Mastering Your To-Do List

Some people are more effective that others at maintaining a to-do list and executing the items on the list. Here are a number of dos and don'ts that can help you be the master of your to-do list.
A&A

It's Not Me, It's You: Ten Signs Your Client Might be Dumping You

In any business, it's extremely difficult to sustain growth through a series of transactional sales activities. Building strong, lasting relationships is crucial to the long-term success of your business.
A&A

IRS Cannot Extend Three-Year Limitation Due to Overstatement of Basis

In a recent decision that considers the authority of the IRS to issue retroactive regulations, the Supreme Court ruled in United States v. Home Concrete that the IRS may not apply an extended six-year limitations period in certain tax shelter cases.
A&A

CAQ's New Report on the Evolving Role of the Public Company Auditor

The Center for Audit Quality (CAQ) has released a report summarizing its recent workshop on the evolving role of the public company auditor.
AccountingWEB Life

Texas CPAs Promote Financial Literacy through Social Media

Members of Texas Society of Certified Public Accountants used a variety of social media channels to spread a message of personal financial management and to promote Financial Literacy Social Media Outreach Day.
Practice Management

Does an Accounting Practice Need an Office?

In this virtual world, it seems that we can work from anywhere. Mark Lee, consultant practice editor for our sister site AccountingWEB.co.uk addresses the issues relating to the concept of the remote office.

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