A&A news

A&A

SEC Staff Report on SOX Section 401(c) Includes FASB Comments

The Securities and Exchange Commission (SEC) on Tuesday released a staff Report and Recommendations Pursuant to Section 401(c) of the Sarbanes-Oxley (SOX) Act of 2002 On Arrangements with Off-Balance Sheet Implications, Special Purpose Entities and Transparency of Filings by Issuers. The report include several recommendations from the Financial Accounting Standards Board (FASB).“We provided input to and have discussed the content of the report with the SEC staff.
A&A

Farm Subsidies Use "Creative Accounting"

The United States and the European Union are using “creative accounting” to mask the huge subsidy payments they are making to their farmers, undermining international talks, according to Oxfam.Oxfam, the British aid agency, said rich countries had promised to eliminate export subsidies by 2016, but they are encouraging farmers, through subsidies, to produce excess goods and dump them on the world market, the Associated Press reported."Rich countries are dodging the commitments they've made to reduce subsidies that hurt poor farmers overseas," said Celine Charveriat, head of Oxfam's M
Practice Management

Office Costs Increasing

If you rent office space, you probably already know that office rent rates rose in 2004.
Education & Careers

Small Businesses Cautiously Bump Up Hiring; CFOs Less Upbeat

While overall job growth is below expectations, small businesses seem somewhat more optimistic about the economy than their counterparts at big corporations.Small businesses are slowly increasing their hiring, and a new index of small business optimism rose by 1 point last month to 100.8, Reuters reported. The index, by the National Federation of Independent Business (NFIB), shows small business owners are “quite optimistic” about the economy, at least in the short term, NFIB Chief Economist William Dunkelberg said in a statement.
A&A

E-Payments Increasing for Consumers, Businesses

More businesses are turning to electronic payments as a way to save money and manage cash flow more efficiently.Businesses are offering direct deposit to their employees, making payments to vendors electronically and accepting electronic payments through their websites or through monthly debits to checking accounts.
A&A

Start-ups May Need to Look Beyond Venture Capital

Venture capitalists invested $4.6 billion in 674 companies during the first quarter of 2005 according to the MoneyTree Survey by PricewaterhouseCoopers, Thomson Venture Economics and the National Venture Capital Association. First-time fundings of $1.2 billion in 197 firms, approached a two year high despite a slight decline in venture capital investing overall from the $5.4 billion invested in the fourth quarter of 2004.“We’re seeing a natural ebb and flow in the level of investing.
Tax

Many Unaware of Kentucky’s June 15 Tax Law Deadline

Under Kentucky House Bill 272, also known as the tax modernization plan, many companies will need to pay 50 percent of their estimated tax for 2005 to the State Department of Revenue by Wednesday, June 15, 2005. According to Business First of Louisville, HB 272 brings sweeping changes to the business community including eliminating Kentucky’s corporate license tax and repealing the intangibles property tax.
A&A

2 New Low-Cost, High-End Linux Accounting Solutions

The availability of a single user and a two-user package of Appgen MyBooks Professional accounting and finance software was announced today by InsynQ, Inc. The low-cost entry-level packages run on the Linux-based Linspire operating system using click and run (CNR) technology.MyBooks Professional is a double-entry, fully audited accounting system. It conforms to GAAP standards and is modifiable and scalable.“MyBooks Professional for Linspire is a commercial application for the Linux desktop that meets demand in the business market for low-cost computing alternatives.
A&A

Smaller Accounting Firms Reap Benefits from SOX

Many companies, both large and small, have complained that the tough accounting and corporate governance standards of the Sarbanes-Oxley Act are far too costly.For mid-level and regional accounting firms, however, SOX has created an opportunity to provide tax services to corporations that need to divvy up work among various firms.
A&A

Employee Benefits: Keeping Employees…Happy

Rising healthcare costs have turned employer-sponsored health coverage into a premium perk for many employees. Those same costs have put employer-sponsored health coverage out of reach for many small businesses. Fortunately, though health insurance may be the most desired benefit of employees, it is not the only one they value.MyrtleBeachOnline.com reports that survey of 1,092 adults commissioned by Medco Health Solutions, Inc. found more than half (58 percent) of adult workers said participation in a health plan was the best choice among possible employee benefits.
A&A

FASB Issues Standard as Part IASB Convergence Effort

The Financial Accounting Standards Board (FASB) has issued Statement No. 154, Accounting Changes and Error Corrections applying to all voluntary accounting principle changes as well as the accounting for and reporting of such changes. Statement No. 154 is effective for accounting changes and corrections of errors made in fiscal years beginning after December 15, 2005. Earlier application is permitted for fiscal years beginning after June 1, 2005.Statement No.
A&A

Time to Prepare for Disasters is Before the Unexpected Happens

When disaster hits - be it a hurricane, earthquake or terrorist attack - will your family and your business be able to bounce back?Financial planners are advising their clients to do more than gather gallons of water, batteries and flashlights, but to also consider the financial implications of a disaster.A new report shows that most business owners are unprepared to continue operations if the unexpected happens.
A&A

Burn it, Pulverize it or Shred it, Don't Just Toss it

Employees' personal information must be destroyed to prevent identity theft under a new law that went into effect Wednesday.Business owners who don't own a shredder should consider buying one because it's no longer good enough to rip up personal documents and throw them away.
A&A

Income, Saving, & Confidence All Play Role in Economic Growth

April saw personal incomes increase at the fastest pace this year. The Commerce Department’s Bureau of Economic Analysis announced on Friday, May 27, that personal incomes increased $69.1 billion or 0.7 percent and disposable personal income (DPI) increased $45.7 billion or 0.5 percent. Disposable personal income is the amount of income remaining after taxes are paid.Personal consumption expenditures (PCE), often called consumer spending, increased $53.6 billion or 0.6 percent which was less than the 0.8 percent rise expected by economists surveyed by MarketWatch.
A&A

Mark Your Calendar: SEC Advisory Committee for Smaller Public Companies

The first public meeting of the Securities and Exchange Commission’s (SEC) Advisory Committee on Smaller Public Companies is scheduled for Thursday, June 16 from 1:00 p.m. to 5:30 p.m. and Friday, June 17 from 9:00 a.m. to 12:30 p.m. at Columbia Law School. The meeting will also be audio webcast on the SEC website . Requests to present oral testimony must be submitted by June 6. Written statements must be received by June 8.
A&A

Summer Vacations on Many Small Business Calendars

Sixty-seven percent of small business owners expect to take at least a week’s vacation this summer. They are among the record number of Americans that will be taking vacations this year.“The bottom line is that business balance sheets are the strongest in decades, which means a greatly improved job market with more Americans back at work. Homeownership is more than 69 percent – its highest level in U.S. history – and given high appreciation rates, many consumers have gained an asset that gives them more buying power.
A&A

AICPA & FASB Exploring Changes in GAAP for Private Companies

The accounting profession will work with the Financial Accounting Standards Board (FASB) to evaluate potential changes to generally accepted accounting principles (GAAP) for privately held, for-profit companies the governing council of the American Institute of Certified Public Accountant (AICPA) announced on Monday.The AICPA Council resolution directs AICPA management to work with the Financial Accounting Foundation (FAF) and the Financial Accounting Standards (FASB) in identifying and implementing a process for evaluating potential changes in recognition, measurement and disclosure from G
A&A

Open Source Accounting Options

How much does accounting software cost your firm every year? How much does it cost your clients? How much does the cost increase if you add in software for spreadsheets, reporting, online banking and bill pay, and other common accounting related tasks? Is it worth it? What if there was another way?A new wave of freely available open source business applications is already being adopted by a significant number of small and mid-sized businesses.
Practice

AICPA Business Solutions Expands to Include 401(k)

Paychex 401(k) Recordkeeping services have been added to the Paychex Partner Program from the American Institute of Certified Public Accountants (AICPA) Business Solutions. “The addition of 401(k) to the CPAs’ tool chest offers another great way to professionally serve their clients,” said Tony Tortorella, vice president of Human Resource Services – Sales for Paychex.
Technology

Intuit Announces Big Success in Launch of Payroll Program

Intuit's launch of QuickBooks Enhanced Payroll services is one of the software company's most successful, with 100,000 customers in just seven months.Owners of small businesses often take on many different roles, so managing payroll can be time-consuming, not to mention confusing, the company said.

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