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A&A

Hit List Picked For Fast-Track FASB/IASB Convergence

The Financial Accounting Standards Board (FASB) has reached into its vast reservoir of U.S. accounting standards and drawn up a hit list of 17 topics targeted for fast track convergence with international standards. The winning topics in this lottery are not necessarily the U.S.
A&A

Free Accounting Software Being Developed For Non-Profits

A unique academic-community collaboration is underway in Chicago that will result in non-profit organizations and small businesses across the country being able to access accounting software for free.Loyola University computer science professors, students and neighborhood residents will work together on building the web-based software thanks to a $1 million grant from the National Science Foundation."It's perhaps the largest NSF grant we've ever had," notes William Yost, Ph.D., associate vi
A&A

AcSEC Relinquishes Accounting Standard-Setting Role

The American Institute of Certified Public Accountants (AICPA) announced that its Accounting Standards Executive Committee (AcSEC) will stop issuing general purpose accounting statements of position and concentrate its focus instead on industry-specific accounting and auditing guidance. The decision, which was made several weeks ago, was also announced by Financial Accounting Standards Board (FASB) Chairman Robert Herz at a conference of financial executives in New York.
A&A

IASB and FASB Tout Their 'Norwalk Agreement'

Accounting standard-setters and regulators in the U.S. and Europe jointly announced an agreement to stamp out differences in accounting standards. The pact was reportedly made in Norwalk, Connecticut last month by the Financial Accounting Standards Board (FASB) and the International Accounting Standards Board (IASB).
A&A

Results of 2002 Survey on FASB's Priorities

The Financial Accounting Standards Board (FASB) got an earful this year, when it conducted its annual survey on priorities. As in prior years, members of the Financial Accounting Standards Advisory Council (FASAC) and others were asked their views. But, this year, everyone was asked to start with a clean sheet of paper, rather than the usual list of projects to rubber stamp.
A&A

Helpful Resource – eSecretary Download

Do you use Microsoft Word to draft letters and other documents? An average business enterprise has to draft at least 2-3 letters a day, means 500-600 letters every year. Will it be possible to find a letter written to a particular contact or on a given subject without any hassle? A possible solution to this problem may be eSecretary, an outgoing correspondence management system, which can manage all your outgoing correspondence electronically and help you to manage files more systematically. Objectives: To simplify routine correspondence work.
A&A

FASB Wants Your Vote on 'Principles-Based' Standards

The Financial Accounting Standards Board (FASB) is putting some flesh on the bones of the much idealized but little understood "principles-based" approach to U.S. standard-setting. The board wants your reaction to a proposal that provides an indication of what you can expect from the new approach:Fewer exceptions. In the past, as part of its "rules-based" approach, FASB made lots of exceptions. Some were designed to limit volatility in earnings; others to ease the transition to new standards.
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.

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