A&A news

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.
A&A

FASB Issues FAS 146, Ending Six-Year Project

Yesterday, the Financial Accounting Standards Board (FASB) issued Statement of Financial Accounting Standards No. 146, Accounting for Costs Associated with Exit or Disposal Activities. The statement has been six years in the making. It arrives at the tail end of an economic downturn that has forced many companies to make difficult decisions of the type addressed by the standard.
A&A

FASB to Take Up Accounting For Stock Options

In a surprise reaction to recent events, it appears the Financial Accounting Standards Board (FASB) may soon undertake a project on accounting for stock options. The project does not appear on the technical plan approved by the board on July 10, 2002.
A&A

Study Shows Boomers Are Unprepared For Secure Retirement

A recent survey released by the American Academy of Actuaries and the Society of Actuaries shows that many Americans are unprepared for a secure retirement.
Practice

Cypress CEO Blasts GAAP, Urges Balance Sheet Integrity

In a paper released last week, T. J. Rodgers, chief executive officer of Cypress Semiconductor Corporation, blasted the Financial Accounting Standards Board (FASB) and generally accepted accounting principles (GAAP) for causing U.S. companies to move toward a second set of numbers known as proforma numbers.Mr. Rodgers cites a PricewaterhouseCoopers finding that 74% of semiconductor companies issue proforma earnings statements.
A&A

Executive Bonuses Fall Short of Traditional Mark

With an economic recovery on the horizon, many U.S. companies are beginning to retool their executive compensation plans to reflect a new reality, according to Hewitt Associates, a global outsourcing and consulting firm.Hewitt surveyed 176 major companies and found that nearly one-half (47 percent) say that attracting and retaining key executive talent is still difficult, but admit it is easier now than it was before the economic downturn.
A&A

Lawmakers Advance Anti-Fraud Rules and FASB Act

On July 10, 2002, as capital market slides reflected a continuing erosion of investor confidence, lawmakers in both the House and Senate made progress on accounting reforms.
A&A

McKinsey Finds Big Investors Split Between IAS And GAAP

U.S. President George Bush has called for accounting standards to be responsive to the needs of investors. But results of a survey by McKinsey & Company announced the day before the President's ground-breaking speech to Wall Street show this may be easier said than done.McKinsey surveyed more than 200 institutional investors in 31 countries.
A&A

Small Business Owners Still Favorable Towards The Accounting Industry

Despite the negative publicity surrounding Enron, WorldCom, Arthur Andersen, and accounting irregularities up and down Wall Street, small business owners still view the accounting profession towards the top of the list of other professions and industries, according to a new study by the NETWORK of City Business Journals.In the study, which ranked "favorable" and "unfavorable" opinions of a number of industries, 41% of small business owners had an overall positive impression of the accounting profes
A&A

FASB Proposes Accounting Treatment For SPEs

On July 1, 2002, the Financial Accounting Standards Board released a draft of its proposed rules for consolidation of special purpose entities (SPEs), including the types that kept debt off Enron's balance sheet. The proposal explains that SPEs are used for all kinds of purposes, ranging from leasing, hedging, and securitization to research and development. The most troublesome SPEs from an accounting perspective are those that are controlled by a business through some means other than through clear-cut ownership of voting interests.
A&A

FASB Fights Reforms, Xerox Ignites Squabble Over GAAP

On June 26, 2002, the House Energy Committee heard testimony from the chairman of the Financial Accounting Standards Board (FASB) urging Congress to back-off, leave FASB alone, and stop trying to reform US generally accepted accounting principles (GAAP). The timing could not have been worse.
A&A

Five Steps to Reduce Company Health Insurance Costs

by Dr. David Rearick, Chief Medical Officer of Coalition America, Inc.With healthcare costs again creeping toward double-digit levels and business profits still lagging, top corporate managers must take a personal and pro-active role in addressing those factors that drive up medical insurance costs. That is an assessment by leading companies and consultants who work with corporations to manage their healthcare costs."We have entered another period when medical insurance costs are moving upward," said Dr.
A&A

SEC Talks Tough on Changes in Store for FASB

The media may have called him the "wishy-washiest watchdog since Scooby-Doo," but Securities and Exchange Commission (SEC) Chairman Harvey Pitt is talking tough about reforming accounting standards.
A&A

FASB Releases Exposure Draft on Guarantees

On May 22, 2002, the Financial Accounting Standards Board (FASB) released an exposure draft (ED) of a proposed Interpretation entitled, "Guarantor's Accounting and Disclosure Requirements for Guarantees, Including Indirect Guarantees of Indebtedness of Others."The accounting and disclosure requirements for guarantees were reconsidered in connection with FASB's post-Enron project on accounting for special purpose entities (SPEs).
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.

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