A&A news

A&A

FASB Grapples With Valuation of Stock Options

How to place a value on stock options is just one of the issues the Financial Accounting Standards Board (FASB) is challenged with as it moved this week to allow companies to reverse stock option expenses on their financial statements when an employee later gives up the options. The Board is working to develop new stock option accounting rules. Most of corporate America is deeply concerned and adamantly opposed to the Board’s move last month to require the expensing of options.
A&A

Employees Feel They Are Stagnating - What Can You Do?

By Bruce L. Katcher, Ph.D. President of The Discovery GroupTHE PROBLEMOur research shows that employees are not learning on their jobs. Only 1 out of 2 feel that they are given a chance to learn new skills. This is a problem for both employees and their employers.Here are three reasons why employees need to continue to learn new skills: 
A&A

Providing Financial Services - Avoiding The Ten Traps

A few years ago, one of my clients decided to get into the lucrative business of financial services. After all, financial services companies have been competing with CPAs in the accounting and tax business for years. Partners selected one owner to become the financial services “guru” for the firm.
A&A

Progress in The Learning Firm

by Kenneth M. McCall, MBA Boomer Consulting, Inc. has been providing technology management assistance to the accounting profession for many years. For the past five years Boomer Consulting, Inc has sponsored a gathering of training and learning professionals for a conference dedicated to their unique needs and concerns. Over the life of these meetings, one consistent theme which has been presented throughout is the need to practice a training or learning management process. The model for this process is simple, yet powerful.
A&A

FASB Approves Expensing of Stock Options

The debate on mandatory expensing of stock options moved center stage last week when the Financial Accounting Standards Board (FASB) voted unanimously to require companies to expense employee stock options. It could take up to a year before the final draft is released with the new rule taking effect sometime in 2004. In 1994 the board considered adopting the expensing method but encountered resistance from corporate groups as well as Congressional members. It seems likely that will happen again. Last month, 15 U.S.
A&A

SEC Formally Reaffirms FASB, Approves PCAOB

Responding to a requirement of the Sarbanes-Oxley Act, The Securities and Exchange Commission has reaffirmed that the Financial Accounting Standards Board has met the criteria needed to continue to be recognized as the accounting standard setting body.FASB Chairman Robert Herz said, "We appreciate the continued confidence and support of the SEC and look forward to working closely and effectively with the Commission and its staff, as well as with the new Public Company Accounting Oversight Board in ensuring quality fi
A&A

CPAs Join Red Cross in Financial Planning Aspects of Disasters

The American Institute of Certified Public Accountants (AICPA), and the National Endowment for Financial Education (NEFE) announced they have jointly developed a new, broad-based guide to help people affected by natural and man-made disasters recover from financial loss. Disaster Recovery: A Guide to Financial Issues will be offered free of charge by local American Red Cross chapters across the country as a public service to aid people affected by disasters and their families.
A&A

Top Executives’ Pensions Protected in Bankruptcy Filings

Even in the wake of significant layoffs, some companies are reportedly making use of trusts and other creative arrangements to protect their top executives’ huge pensions, which are not usually covered by pension insurance when a company declares bankruptcy.Airlines such as Delta and United have taken steps to protect their top executives’ pensions as the airline industry struggles to regain its footing after the Sept.
A&A

IRS Targets Abusive Employee Leasing Arrangements

The Internal Revenue Service and the Treasury Department are warning taxpayers against participating in certain offshore deferred compensation arrangements involving domestic and foreign employee leasing companies.Taxpayers who are current or past participants in such arrangements are encouraged to apply to participate in the Offshore Voluntary Compliance Initiative (OVCI) that IRS announced on Jan. 14 of this year.
A&A

Tell The Truth, Unless it Hurts - Stock Option Accounting

The following is a guest editorial by, Raymond L. Dever, CPA (Retired)Tell the Truth, Unless it Hurts - Stock Option Accounting. Or, unless it is politically dangerous. "We can't stand by and let accountants wearing green eyeshades decide who is going to get the American dream," says Senator Barbara Boxer (D-California) before a Silicon Valley lobbying organization.
A&A

GASB Issues Deriviative Disclosure Improvement Bulletin

GASB Press ReleaseIn an effort to improve disclosures about the risks associated with derivative contracts, the Governmental Accounting Standards Board (GASB) has released for public comment accounting guidance that would provide more consistent reporting by state and local governments.
Practice Management

Tips on Collecting Receivables

The end of tax season for a CPA firm marks the end of a 90-day sprint and the beginning of what most firms hope to be their biggest cash payoff of the year.However, many firms get caught in the receivables trap, and what should be a windfall for the firm turns into slow paying clients, accounts receivable headaches and frustrated owners.Here are some tips to help you collect the money your clients owe.
A&A

GASB Issues Deposit And Investment Risk Disclosures Standard

Press ReleaseIn an effort to provide the public with better information about the risks that could potentially impact a government’s ability to provide services and pay its debts, the Governmental Accounting Standards Board (GASB) has published Statement No. 40, Deposit and Investment Risk Disclosures, an amendment of GASB Statement No. 3. The Statement amends GASB Statement No.
Practice Management

Free Report: 'Q&A on Exempt Vs. Non-Exempt'

One of the most confusing and problematic issues under the Fair Labor Standards Act (FLSA) is who is exempt and who is not, especially when it comes to overtime. Answer this question right, and an employer could save millions. But answer this question wrong, and an employer could be pushed into a never-ending nightmare of fines and lawsuits that will eat away at a company's bottom line. The free report, Q&A On Exempt Vs.
A&A

War Uncertainty Shades CFOs' Revenue Predictions

For Chief Financial Officers of U.S. companies, a short successful war will mean positive revenue growth over the next year according to the March "CFO Outlook Survey," conducted this week by Financial Executives International (FEI) and Duke University's Fuqua School of Business. However, a prolonged war with Iraq would cause revenues to remain flat for the coming 12 months.
A&A

Working With Family Businesses - A Lender's Perspective For Trusted Advisors

By Walter Einhorn, President & CEO Sunrock CapitalMost trusted advisors and consultants understand that many family businesses have long and complex histories and structures. When working with family owned or operated business an in-depth knowledge of the players and operations becomes essential. For some lenders and trusted professionals information about a client company can be acquired over long periods of time by working closely with principals.
A&A

Sales Tax Loss in Online Sales May Not be All It's Cracked up to be

A new analysis by the Direct Marketing Association (DMA) points out flaws in the theory that states are losing billions of dollars each year due to the loss of sales tax on Internet sales. The analysis, based on data provided by the U.S.
A&A

Streamlined State Sales Tax Project at Core of Corporate Concerns

Tax executives met recently in Washington D.C. at the fourth annual Tax Council Policy Institute Symposium for the purpose of examining jurisdiction-to-tax issues in today's economy. Not surprisingly, a majority of symposium participants expect the Streamlined Sales Tax Project and similar tax issues to have a major influence on their companies' ability to compete in the next five years.The Streamlined Sales Tax Project is a plan to organize the nation's 7,600 taxing jurisdictions into a workable arrangement for collecting sales tax on Internet sales.
A&A

Seven Money Skills of Extremely Prosperous People

Why do some people earn 10 times more money in their lifetime than the rest of us? Do they work 10 times harder? "People who are wealthy do not necessarily work harder to earn their money. They work smarter with the money they have," says Mark Victor Hansen, coauthor of "The One Minute Millionaire".

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