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A&A

The Facts About FASB's Funding Controversy

As part of post-Enron accounting reforms, lawmakers are considering government funding for the Financial Accounting Standards Board (FASB), the organization that sets U.S. accounting standards. This article explains the facts about FASB's funding and asks your input. To help you sort through the issues, below is a summary of the two main concerns, including explanations of FASB's current funding. The explanations incorporate insights provided by spokespersons for the American Institute of CPAs (AICPA) and Financial Accounting Foundation (FAF), the board that oversees FASB.
A&A

Financial Revolution Finds Its Way to Women

Ten years ago, Oppenheimer Funds conducted a survey of more than 1,000 men and women about their personal finances and financial attitudes. The results of that survey were published in Money magazine. The 1992 survey showed that 62% of women surveyed didn't know how a mutual fund worked and only half were involved in their families' investment decisions.Ten years later, the survey has been repeated, and the results show a startling change in the financial acumen of women.
A&A

Congress Hears Five Ways GAAP Falls Short

At a May 14, 2002 hearing of a House Financial Services subcommittee on the issue of "Corporate Accounting Practices: Is There a Credibility GAAP?," lawmakers were briefed on a number of topics, including five areas in which generally accepted accounting principles (GAAP) fall short.
A&A

Standard & Poor's Sets Standard For Core Earnings

Standard & Poor's stepped into a standard-setting vacuum on May 14, 2002 and introduced a new set of definitions for measures of corporate earnings commonly used by the financial community. The newly-defined measure of core earnings will soon take on added importance, as the firm plans to incorporate this measure into its COMPUSTAT database for the U.S. and in its U.S.
A&A

Microsoft to Acquire Navision For $1.33 Billion

Accounting software giant Navision has accepted an offer from Microsoft to purchase the Denmark-based company for cash and stock valued at $1.33 billion.Navision provides back-end software solutions to mid sized businesses with revenues from $5 million to $500 million through its software line, including Navision Attain®, Navision Axapta®, and Navision Financials®."Microsoft and Navision have had parallel lives, each with a deep belief in building long-term customer relationships achieved through lasting
A&A

Are You Providing Your Clients With The 'Right Kind of Counsel'?

By IntuitAdvisorThere are almost 17 million small businesses in the United States, (U.S.
A&A

FASB Releases Flurry of Publications, Awaits Reform Bill

On May 1, 2002, as leaders of the House Energy Committee put the final touches on a radical reform bill to be titled the "Financial Accounting Standards Board Act," the standards board itself rushed to post a flurry of publications to its Web site. The Reform BillAlthough the reform bill is still subject to change, Reuters obtained a copy of the discussion draft of the proposed legislation.
A&A

FASB To Set 'Squeak-Through' Standards Over Protests

In a controversial move greeted with considerable skepticism by accounting firms and their clients, the Financial Accounting Standards Board (FASB) has changed the voting requirement for setting accounting standards. Standards may now be set by a simple majority vote of 4 out of 7 board members. Previously, the minimum requirement was a 5-2 supermajority vote.
Community News

The Benefits of Incorporating Your Business

By, Brian Liu, Esq., CEO & Co-Founder, LegalZoom.comAs the tax season draws to a close and many lament their generous yet grudging contributions to Uncle Sam, it is the perfect time for small business owners to start planning for next year. One of the most overlooked, yet most beneficial, ways to help save on taxes is to form a corporation.There is one thing that General Motors, Microsoft, AT&T and all other major businesses in America have in common - they are corporations.
A&A

FASB Changes Chairmen Amidst Turmoil and Criticism

The Financial Accounting Foundation (FAF), the organization that oversees the Financial Accounting Standards Board (FASB), announced a change in the head of the FASB. Chairman Ed Jenkins will retire on June 30, 2002, and PricewaterhouseCoopers Partner Robert H. Herz will become the fifth chairman in FASB's 29-year history. Mr. Herz's appointment puts an end to speculation that FAF might appoint a chairman from outside the Big Five.
A&A

Senate Bill of Rights To Address Audits, FASB, Options

On April 22, 2002, as the Financial Accounting Standards Board (FASB) prepared for a new chairman and the House of Representatives prepared for a vote on its leading accounting reform bill, Senator Carl Levin unveiled the Shareholders' Bill of Rights. Tougher and more comprehensive than the House bill, this new Senate bill will address audit reforms, accounting standard-setting, executive stock options, and more.Senator Levin is chairman of the Senate Permanent Subcommittee on Investigations.
A&A

Small Corporations Say Good-bye to Schedules L and M

The IRS announced last week that beginning with tax year 2002, companies with less than $250,000 in gross receipts and less than $250,000 in assets can bypass filling out the Schedules L, M-1, and M-2 on their corporate income tax returns. Corporations who file Form 1120-A and who are under the $250,000 threshold no longer have to prepare Parts III and IV of their 1120-A.The immediate result of this ruling will be a significant reduction in record-keeping and paperwork for small businesses. Many small businesses will no longer need to struggle to learn accounting rules.
A&A

Wireless Security Cameras May Leave You More Exposed

If you are among the thousands of homeowners and business owners who have installed a wireless video camera to monitor activities inside, beware. Someone else may be watching too.The so-called "nanny cams," like the highly advertised X-10 Camera, are made to transmit an unscrambled analog radio signal which is sent to a base station in the home or office attached to a computer monitor or television set for viewing.
A&A

Panel Wants SEC to Lead Accounting into Internet Age

On April 4, 2002, the Securities and Exchange Commission (SEC) hosted a roundtable in Chicago to find out how best to improve financial disclosures. The participants represented key occupations and associations that typically take a back seat in the setting of accounting standards. Their nearly unanimous conclusion: the SEC should take the lead in bringing accounting and financial disclosures into the Internet Age. How to Overcome ObstaclesThe panelists also gave the SEC some advice about how to overcome obstacles to needed reforms:Priority no.
A&A

FASB Endorses Radical Change in Funding

In a significant change for the accounting profession, the Financial Accounting Standards Board released on March 19, 2002 a statement by its chairman, Edmund Jenkins, saying the FASB will support legislation that would replace its private fu
A&A

FAF Issues Proposal to 'Streamline' FASB

As expected, the Financial Accounting Foundation (FAF) issued a request for comments on proposed changes designed to streamline the standard-setting process of the Financial Accounting Standards Board (FASB).
A&A

FASB Vows to Speed Standards, Keep Process Open

Recent Congressional hearings and legislative initiatives have zeroed in on the importance of increasing the independence of the Financial Accounting Standard Board (FASB) and speeding up its standard-setting process.
A&A

$300M Disaster Relief Available For NY Small Businesses

The U.S. Small Business Administration has approved more than $300 million in disaster loans to over 3,841 New York City residents and businesses following the World Trade Center attacks, SBA Administrator Hector V. Barreto announced March 8, 2002."The Small Business Administration is committed to helping the people of New York City rebuild their homes and businesses," Barreto said.
A&A

CFOs Plan Moderate Hiring Activity in Second Quarter

According to a recent poll, Chief financial officers (CFOs) foresee a slight increase in financial hiring in the second quarter of 2002, according to the just-released Robert Half International Financial Hiring Index. Seven percent of CFOs surveyed said their firms plan to add accounting and finance personnel and 3 percent expect staff reductions. The net 4 percent increase is up one percentage point from the previous quarter's forecast. Eighty-six percent of executives anticipate no change in hiring activity.
A&A

Marketing during busy season? It’s easier than you think!

It happens every year. Firms get so bogged down during the busy season (and who doesn’t?) that business development and marketing get pushed aside. But the reality is that just a few months later, those same firms are often reviewing poor growth numbers without realizing they just missed their best opportunity to grow. As you make your way through this busy season, here are a few simple strategies you can employ to keep generating new business all year and get the growth you’re looking for.Satisfy your clients with a high level of service.

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