A&A news

A&A

Internet Use Grows in Finance Profession

Nearly all treasury and finance professionals in a recent survey conducted by the Association for Financial Professionals (AFP) reported widespread use of the Internet for finance functions.
Tax

Lawmakers Want Tax Disclosures Tougher Than FASB's

In a letter to President Bush, Senate Finance Committee ranking member Charles E. Grassley urged a sweeping review of disclosure requirements related to corporate income taxes. He wants more details on IRS Schedule M-1, and he wants someone other than the Financial Accounting Standards Board (FASB) to decide what is adequate tax footnote disclosure for financial statements.Sen.
A&A

FASB Moves Toward IASB, Big Investors Disagree

The Financial Accounting Standards Board (FASB)
A&A

FASB Proposes Changes in Accounting For Stock Options

The Financial Accounting Standards Board (FASB) has issued an exposure draft of proposed changes to Financial Accounting Standard (FAS) 123, "Accounting for Stock-Based Compensation."The proposed changes would:Provide three alternative methods of transition for companies that voluntarily decide to expense stock options using the fair value method.Require clearer and more prominent disclosures about the cost of stock-based employee compensation and increase the frequency of these disclosures to inc
A&A

FASB Issues FAS 147, Holds Roundtable on SPEs

The Financial Accounting Standards Board (FASB) issued Statement No. 147 on "Acquisitions of Certain Financial Institutions" and held a roundtable discussion on accounting for special purpose entities (SPEs). FAS 147. Statement 147 fills in one of the gaps left when FASB issued Statements No. 141, "Business Combinations," and No.
A&A

CCH Launches Free Financial Planning Web Site For Consumers

Press ReleaseWith a tumultuous stock market, millions of Americans have realized over the last several months that there’s more to financial planning than setting aside a small amount of their earnings and watching the returns pile up. To help individuals make sense of their financial needs and develop and maintain sound financial plans, CCH INCORPORATED (CCH) has launched the CCH Financial Planning Toolkit™ (www.finance.cch.com)."Financial planning is not easy.
A&A

FASB to Consider Project on International Convergence

On September 18, 2002, the Financial Accounting Standards Board (FASB) met with the International Accounting Standards Board (IASB). There were reports that the meeting ended in a definite commitment to future action. But the truth seems to be that no decisions were reached, except that FASB will consider a project on international convergence.A tentative approach might be a 3-part project to address differences between U.S.
A&A

Common Faults With Accounting Firms' Web Sites

By Steve McIntyre-Smith Ph.D, President, MarketingForAccountants.com There are many, many reasons why so many Web sites fail to achieve results. Here are some of the top problems found in our work with accounting firms the world over.Beauty and the beast. Having a beautiful looking web site is not why people buy from you. Think for a moment. Why do you go onto the web? For information. We surf to find answers to questions, to find something that will help improve our firm and give us a competitive edge.The best-looking sites are often not the best sites!
A&A

AIMR Kicks Off Scholarships Awards to Business Students

Especially hard-hit by the 9/11 terrorist attacks, the Association for Investment Management (AIMR) has set up a million dollar memorial fund to provide scholarships to business and accounting students. The first recipients were announced this week.The students receiving the awards are potential financial analysts and investment professionals, who could someday have jobs like the ones held by 56 members and Chartered Financial Analyst candidates AIMR lost in the attacks.
Practice

Accountants Are Still Favored as Small Business Advisors

The results of a new survey conducted by the National Federation of Independent Business and Wells Fargo show that accountants are still the advisor of choice among small businesses.Two-thirds of small businesses surveyed have one person with whom they consult before making significant business decisions, and 84% of small employers turn to one or more advisors. When asked which among a group of 10 choices were the most likely to be chosen as advisors, accountants were selected by 59% of those surveyed.
Community News

We’ve Lost the Client Focus

by Rick Buckingham Business today has lost the client focus. It’s as simple as that. There’s no spin, no hype, and no play on words. Despite the fact that corporations spend millions of dollars each year on programs and training designed to teach them how to deliver exceptional customer service, we still suffer from mediocre service. Associates fail to demonstrate their newly learned skills, and company leaders look away as service ratings plummet.As our economy is stuck in a slump, companies today need lifetime clients now more than ever.
A&A

The Top 10 Investment Scams

The North American Securities Administrators Association updated its list of the top 10 investment scams being investigated by state securities regulators.
A&A

FASB Mulls Retroactive Expensing of Stock Options

With dozens of companies deciding to switch their method of accounting for stock options this year, the Financial Accounting Standards Board (FASB) agreed on August 7, 2002 to consider a significant change in the transition requirements that apply to the year of the switch.
A&A

FASB Issues FAS 146, Ending Six-Year Project

Yesterday, the Financial Accounting Standards Board (FASB) issued Statement of Financial Accounting Standards No. 146, Accounting for Costs Associated with Exit or Disposal Activities. The statement has been six years in the making. It arrives at the tail end of an economic downturn that has forced many companies to make difficult decisions of the type addressed by the standard.
A&A

FASB to Take Up Accounting For Stock Options

In a surprise reaction to recent events, it appears the Financial Accounting Standards Board (FASB) may soon undertake a project on accounting for stock options. The project does not appear on the technical plan approved by the board on July 10, 2002.
A&A

Study Shows Boomers Are Unprepared For Secure Retirement

A recent survey released by the American Academy of Actuaries and the Society of Actuaries shows that many Americans are unprepared for a secure retirement.
Practice

Cypress CEO Blasts GAAP, Urges Balance Sheet Integrity

In a paper released last week, T. J. Rodgers, chief executive officer of Cypress Semiconductor Corporation, blasted the Financial Accounting Standards Board (FASB) and generally accepted accounting principles (GAAP) for causing U.S. companies to move toward a second set of numbers known as proforma numbers.Mr. Rodgers cites a PricewaterhouseCoopers finding that 74% of semiconductor companies issue proforma earnings statements.
A&A

Executive Bonuses Fall Short of Traditional Mark

With an economic recovery on the horizon, many U.S. companies are beginning to retool their executive compensation plans to reflect a new reality, according to Hewitt Associates, a global outsourcing and consulting firm.Hewitt surveyed 176 major companies and found that nearly one-half (47 percent) say that attracting and retaining key executive talent is still difficult, but admit it is easier now than it was before the economic downturn.
A&A

Lawmakers Advance Anti-Fraud Rules and FASB Act

On July 10, 2002, as capital market slides reflected a continuing erosion of investor confidence, lawmakers in both the House and Senate made progress on accounting reforms.
A&A

McKinsey Finds Big Investors Split Between IAS And GAAP

U.S. President George Bush has called for accounting standards to be responsive to the needs of investors. But results of a survey by McKinsey & Company announced the day before the President's ground-breaking speech to Wall Street show this may be easier said than done.McKinsey surveyed more than 200 institutional investors in 31 countries.

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