A&A news

A&A

Stock Options And Pensions Added to FASB Agenda

Responding to requests from investors, financial analysts and other users of financial information, the Financial Accounting Standards Board (FASB) added to its agenda two projects that will seek to improve the accounting and disclosures relating to stock-based compensation and pension costs.Amongst other issues, the project on stock-based compensation will address whether to require that the cost of employee stock options be treated as an expense.
Community News

Nominations Sought For Outstanding Achievements in Treasury & Finance

The Association for Financial Professionals (AFP) is seeking entries for the 2003 AFP Pinnacle Award Program. Sponsored by Wachovia Corporation, this program recognizes outstanding achievements or innovations in treasury and finance. Past recipients have included Manheim Auctions, Inc., Conseco, Inc. and Eli Lilly and Company.The submission deadline is May 30, 2003, and there is no fee to participate.
Community News

Microsoft Pays First-Ever Dividend

Last week, Microsoft Corp. did something it’s never done before: paid dividends to shareholders. In all, on March 7, the company shelled out $850 million to shareholders, with nearly $100 million going to co-founder and chairman Bill Gates.After the Redmond, WA-based software giant went public in 1986, the board spent the next 17 years electing to retain net income for contingencies.
A&A

US Senators Urge FASB to Reconsider Stock Options Stance

A bi-partisan coalition of United States Senators, led by former accountant Sen. Mike Enzi (R-WY), is urging the Financial Accounting Standards Board to more fully consider the question of expensing stock options, and suggested that the deliberation process currently underway is “basically flawed.”The Federal Accounting Standards Board Invitation to Comment specifically stated that it was not interested in views on whether stock options granted to employees result in compensation expense for the issuing entity.
A&A

New Government Web Site Launched For Women Entrepreneurs

In recognition of the growing number of women-owned businesses, the federal government has created a one-stop resource Web site for women entrepreneurs. The site is a collaborative effort of the Small Business Administration (SBA) and the Department of Labor. The purpose of the new Web site, www.women-21.gov, is to allow women to tap into the federal government’s information network for small businesses.
Practice Management

Majority of Private Companies Adopting Corporate Governance Changes

A newly released survey of private companies in the United States indicates that although the Sarbanes-Oxley Act is primarily geared towards public companies, 58% of private companies are instituting changes to ensure greater control of their accounting processes."Although recent changes to accounting regulations have been directed toward public companies, privately held firms are also closely scrutinizing financial processes in the wake of corporate scandals," said Paul McDonald, executive director of Robert Half Management Resources who sponsored the survey.
A&A

New Matchmaker Program Links Small Biz to Federal Procurements

The Small Business Administration and United States Chamber of Commerce, in partnership with HP, continued the nationwide rollout of the landmark Business Matchmakingprogram in Orlando, Florida this week.
A&A

SBA Launches Online Employer ID Number Application

Small businesses could save hundreds of millions of dollars by using a new Internet-based system that will allow them to register their business at the state level and apply for and receive their Federal Employer Identification Number at the same time.
A&A

CA Attorney General Warns of 'Living Trust Mills' & Annuity Scams

California Attorney General Bill Lockyer warned California consumers to be on the lookout for "living trust mill" con artists who fraudulently sell trusts and annuities to senior citizens.Sales agents for these scam operations often misrepresent the disadvantages of seniors' current investments and the advantages of the investments the agents are selling. They may even make seniors believe their bank accounts are less safe than the annuities or other investments they want seniors to buy.
A&A

Pitt’s Final Days Reveal Move to Assert More Control Over FASB

An article in the Wall Street Journal ("FASB Recognition Stalled Amid Fight Over Control," February 21, 2003) reveals that in the weeks leading up to his departure, Harvey Pitt pushed for and failed in an attempt to establish greater SEC control over the Financial Accounting Standards Board.Mr. Pitt’s plan was for the SEC to hold tighter control over FASB, the make up of the membership of the Financial Accounting Foundation, the selection of the members of the FASB, and the standard setting agenda of the organization.
A&A

Help is on The Way For Real Estate Time-Share Reporting

Professionals dealing with real estate time sharing transactions will soon get additional reporting guidance by both the AICPA and the Financial Accounting Standards Board.The AICPA has released a Statement of Position (SOP), "Accounting for Real Estate Time-Sharing Transactions." The proposed SOP would provide guidance on a seller's accounting for real estate time-sharing transactions in financial statements prepared in conformity with generally accepted accounting principles (GAAP).
A&A

Discipline Done Right - Free Report

If an HR department could choose one management function to avoid, it would be disciplining employees. As demonstrated through countless court cases over the past few years, the lack of, or improper implementation of, discipline procedures could result in a whirlpool of fines and lawsuits that will negatively affect your company's bottom line and ultimately hurt your employees. This free report will provide you with the information you need to create an air-tight discipline procedure for protecting your company.
A&A

KPMG Concerns Lead to Client Management Changes

The CFO of a leading health services provider lost his job last week after he asked his company’s auditor to provide a representation letter concerning their ongoing review of the company’s financial statements and disclosures. Universal Health Services announced Thursday night that the board of directors had voted to dismiss Kirk Gorman, chief financial officer since 1987, at the request of KPMG, which had recently replaced Arthur Andersen as the company’s auditing firm.
A&A

Credit Unions to Start Offering SBA Loans

Aspiring entrepreneurs who need capital now have more options when it comes to finding a potential lending institution. The Small Business Administration (SBA) announced last week that it has authorized credit unions to offer government guaranteed loans to small businesses.The SBA estimates that 1,500 credit unions will join the lending network, which helps finance existing and start-up small businesses.
Practice Management

Business Leaders Begin Preparing For War

February 14, 2003 is a pivotal day in the timeline of world economic stability. As war becomes seemingly inevitable, and the risk of terror attacks increase, business leaders around the country are addressing what they need to do to be prepared.
A&A

Colleges Train Hopeful Entrepreneurs

The dot-com boom may be over but the entrepreneurial zeal that fueled it is alive and well on college campuses across the country. With the country in a hiring slump, a growing number of students are preparing to be employers rather than employees.About 1,500 colleges offer some form of entrepreneurship training, up from a handful in the mid-1980s, according to the Ewing Marion Kauffman Foundation, an organization that works in partnership with colleges and universities to promote entrepreneurial studies.
A&A

FASB Enrolls Investment Community in Standard Setting Process

To increase the investment community’s participation in the accounting standard setting process, the Financial Accounting Standards Board (FASB) has established a User Advisory Council. The FASB will host its first meeting of the User Advisory Council on Thursday, February 13, at the Grand Hyatt in New York City.The Council will assist the FASB in raising awareness of how investors and investment professionals, equity and credit analysts and rating agencies use financial information.
A&A

SBA Warns Small Businesses of Potential Disruption

More than 100,000 reservists and National Guard members have already been called to active duty in the war against terrorism. Many businesses are already facing disruption and change as a result of the temporary loss of military workers. The potential for this disruption will increase.The Small Business Administration (SBA) has redesigned key areas of its Web site to provide tools and relevant information to small businesses that are affected by the call-up.
A&A

Business Travelers Face New Airport Rules

Executives need to plan ahead if they want to use airport clubs and comply with a recent federal directive. The Transportation Security Administration (TSA) has mandated that airlines restrict use of airport clubs, a measure intended to limit access to secure areas of the airport.For many years, business travelers have relied on airport clubs as convenient places to relax between flights or meet with clients. Quite often, executives have used the clubs for impromptu meetings or conferences. But the new TSA directive ends spur-of-the-moment get-togethers.
Tax

Grant Thornton, Community Bankers, Suggest Tax Fixes

The Independent Community Bankers of America, in cooperation with Grant Thornton, has released a comprehensive study outlining a menu of federal tax relief and simplification measures to improve the country's economy.The 50-page study, "Community Bank Tax Relief and Simplification Options," was developed by the community banking sector to suggest policies that should be enacted to assist small businesses and individuals, and increase the viability of community banks to serve these customers.The Top Ten Tax Fix

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