A&A news

A&A

FASB Issues Proposal on Fair Value Measurements

In response to requests from constituents to improve the current guidance for measuring fair value, the Financial Accounting Standards Board (FASB) has published an Exposure Draft, Fair Value Measurements. The Exposure Draft seeks to establish a framework for measuring fair value that would apply broadly to financial and nonfinancial assets and liabilities, improving the consistency, comparability, and reliability of the measurements.
A&A

SEC Says Mutual Funds Must Have Independent Chairmen

After a vigorous debate, the Securities and Exchange Commission squeaked through a rule change that will require mutual-fund companies to have independent chairmen.The changes approved Wednesday, on a 3-2 vote, will also require 75 percent of fund seats be filled with independent directors, who must hold meetings separate from fund management, the Wall Street Journal reported.
A&A

House Passes Bill Allowing More Child Care Savings

The House passed a bill on Tuesday that would allow families to keep unspent money they saved that year in tax-free child care accounts.Currently, employees have to give up any money that remains unspent in their flexible spending accounts at the end of the year. Under the bill, passed by voice vote, families will be able to roll over up to $500 in unused child care savings to the next year, the Associated Press reported.Flexible spending accounts are offered by employers so families can set aside pre-tax money for health care or child care expenses.
A&A

Jury Awards $6.4M in Damages against Payroll Service Provider

Last week, a Los Angeles Superior Court jury returned a verdict for $6.4 million in favor of a Texas firm called The Payroll Partnership LP and two of its sister companies against Rapid Payroll, Inc., a wholly owned subsidiary of Paychex, Inc., the nation's #2 payroll processing firm.The jury found Paychex subsidiary Rapid Payroll liable for breaching software licensing agreements related to a personal computer based payroll processing system called "Rapid Pay." The lawyer for The Payroll Partnership LP, Stephen Wald of the Boston law firm Craig and Macauley, stated, "We are delighted wi
A&A

FASB Offers Guidance for Conditional Asset Retirement Obligations

The Financial Accounting Standards Board (FASB) has published an Exposure Draft, Accounting for Conditional Asset Retirement Obligations, an Interpretation of FASB Statement No. 143, in response to the diverse accounting practices that have developed with respect to the timing of liability recognition for conditional asset retirement obligations.
Practice

Many Companies Fail to Achieve Success with Pay-for-Performance Programs

Companies nationwide are placing greater emphasis on performance-based pay (in both salaries and bonuses), yet most have done little to ensure this approach to compensation is successful in meeting their goals, according to a new study from Hewitt Associates, a global human resources consulting and outsourcing firm and WorldatWork, the leading association for total rewards professionals.
A&A

Study: Credit Report Errors Common, Damaging

One in four credit reports contain serious errors that could lead creditors to believe that a consumer is over-extended or delinquent on loans, according to a new study.The study, conducted by the Public Interest Research Group (PIRG), defined "serious" errors as ones that could result in an automatic denial of credit, CNN/Money reported."It is outrageous that inaccurate credit reports could damage one in four consumer's ability to buy a home, rent an apartment, obtain credit, open a bank account, or even get a job," Ed Mierzwinski, director of consumer programs at consumer group PIRG, s
Tax

Couple Claims Government Agents Tried to Influence Jury

The possibility that Internal Revenue Service agents and Justice Department lawyers "glared" at jurors during a recent trial will be the subject of a federal appeals court hearing, the New York Times reported.A Nevada couple, on trial for tax evasion, claims the federal officers attempted to intimidate the jurors into reaching their guilty verdict. The hearing could result in the overturning of the tax evasion convictions of Martin Rutherford, a Reno chiropractor, and his wife, Nanja.
A&A

FAF Issues Statement Opposing Legislative Proposals to Curb FASB Independence

Source: Financial Accounting Foundation The Financial Accounting Standards Board (FASB), after extensive analysis and with careful public due process, issued a proposal on March 31, 2004 regarding accounting for employee stock options and other equity-based compensation. As Trustees of the Financial Accounting Foundation (FAF) we do not take positions on the FASB's standards-setting proposals; we leave the complex task of accounting standards setting to the experts who comprise the FASB.
A&A

House Committee Votes to Restrict Expensing of Stock Options

A House committee has greatly narrowed the scope of a proposal requiring U.S. companies to count stock options as business expenses.The House of Representatives’ Financial Services Committee on Tuesday approved a bill that would require companies to count as an expense only the cost of options offered to their top five executives, Reuters reported.
A&A

Tax Windfall Possible for Tech, Drug Companies

Technology firms and pharmaceutical companies would win huge tax breaks under a bill that would permit them to bring home profits earned abroad without the heavy tax burden that goes with it.The bill would allow American companies with foreign operations to "repatriate" earnings held overseas at a tax rate of 5.25 percent, versus the current rate of 35 percent, the Wall Street Journal reported.
A&A

The Road to Success: Growing Your Network

By Alvah Parker, Career and Business Coach"How do I grow my business through referrals?" "I was just downsized and need another job, what are your suggestions?" " I want to work in the US but I need to find a company to work for that will sponsor me. How do I find that company?" These are the questions people ask me. While each question has an array of answers, one answer that comes up for all these questions is to network. Whether you are a business owner, work in business or are starting a new career, having a network of people to support you is imperative.
A&A

H&R Block Reports Record Revenues & Earnings; Plans Expansion

H&R Block reported last week record revenues and net income for both its fourth quarter and fiscal year ended April 30. Fourth quarter revenues totaled $2.2 billion, a 14.8 percent increase over the fourth quarter last year. Consolidated net income for the quarter increased 16.4 percent to $575.6 million. Fourth quarter earnings per diluted share increased 19.2 percent to $3.23. “Fourth quarter results completed a year that saw record revenues, record earnings and balanced growth from our mix of businesses,” said H&R Block Chairman and Chief Executive Officer Mark A. Ernst.
Practice Management

Two Strikes and You're Out ... for Poor Customer Service

A recent survey commissioned by Amdocs finds that consumers 'will not take it anymore' and are likely to change service providers after two negative experiences. The national survey, which queried 1000 consumers about recent experiences in the banking, cable, retail, and telecommunications industries, shows that consumers hold companies accountable for poor customer service.
A&A

SEC, NASD Release Report on Broker-Dealer Sales of Variable Insurance Products

The Securities and Exchange Commission (SEC) and NASD today released a joint staff report on the findings of their examinations of broker-dealer sales of variable annuities and variable life insurance.
Community News

Tyco Faces Follow-On Suit over Settlement

As part of their 2001 settlement with Tyco International Ltd., an investor group was given company shares.
Practice Management

Lack of Direction and Too Many Goals Keep Businesses from Achieving Top Goals

Workers Need Four Basic Disciplines of Execution. Stephen R. Covey, author of the best-seller, The 7 Habits of Highly Effective People, believes the major reason businesses fail or remain mediocre is not due to the market or product, but because they lack the ability to take their high-level goals and strategies and translate them into concrete actions."U.S. workers have so many goals to work on, they can't stay focused on and execute their organization's top three goals," said Covey, vice chairman of FranklinCovey.
A&A

Tax Law Changes Drive Higher Error Rate on 1099s

The Securities and Industry Association says that 9.5 percent of dividend tax forms sent by major Wall Street firms this year were wrong.The error rate is usually 5 to 8 percent, the Washington trade group says, but the new tax law created difficulties in reporting the corporate-dividends tax rate correctly this year.
A&A

Beware of Medicare Drug Discount Card Fraud

As the new Medicare drug discount card program begins this week, Medicare consumers should be aware of three common frauds including identity theft and "bait and switch" tactics, according to the Foundation for Taxpayer and Consumer Rights. "Seniors should read the fine the print of drug discount card contracts and watch for fraud and identity theft," said Jerry Flanagan of the Foundation for Taxpayer and Consumer Rights (FTCR).

Pages


Already a member? log in here.