A&A news

A&A

IRS Provides Tax Relief for Small Businesses

Businesses that must account for inventories and that have a three-year average of $1 million or less in gross receipts now have an option of using the cash method of accounting. Effective for tax years ending in December 1999, a new Revenue Procedure may result in tax savings for many small businesses.The IRS has issued Revenue Procedure 2000-22 which provides an exception to the accrual accounting rules for small taxpayers, which are defined as taxpayers with average annual gross receipts of $1 million or less.
A&A

The Legal Audit: A How To Manual For Internal Auditors

Written by Annette S. Biesecker, Executive Vice President, Accountability Services, Inc., reprinted with permission by The Financial Management Network.No one can dispute that law firms sometimes engage in outright billing fraud. Consider: Webster Hubbell, once third in command at the United States Justice Department, plead guilty to charges that he had billed his legal clients fraudulently.
A&A

Save Thousands on Conference Calls

Written by Bruce Judson - The Judson Group and reprinted with permission from The Financial Management Network.Last week I needed to set-up a conference call. To me, the process seemed unnecessarily difficult and costly: the conference call was expensive, needed to be scheduled with a telephone service operator in advance, and participants needed a special phone number and code to join the call. As I was setting all of this up, I kept thinking there must be a better service...
A&A

Crowe Chizek Forms Investment Banking Subsidiary

Crowe, Chizek and Company LLP, a leading accounting and consulting firm, today announced the formation of Crowe Chizek Capital Markets LLC. The wholly-owned subsidiary will provide investment banking services with a focus on sales and divestitures of closely held businesses with transaction sizes less than $100 million.
A&A

Playboy Gains Capital & 'Spins' Web Division

Playboy Enterprises, Inc. is a huge, international company with many concerns besides its publishing business. Today, when building capital is everything and losses are sky-high in certain cases, a company like Playboy has no other option than to get rid of its most draining businesses.In this case, it's the Web division. The larger question, though, rests with the way Playboy is handling the loss.
A&A

How Pokemon is Like the Stock Market

Do your kids collect Pokemon cards? Do you have a favorite niece or nephew who just can't get enough of the craze?In many ways, Pokemon is like the stock market. In its most basic form, a Pokemon card--one that is rare--is just like a non-profitmaking, non-dividend paying asset. Rare cards are parallel to a tiny free float.
Technology

The Future of Financial Reporting Mapped Out

AccountingWEB was honored to host an onlike workshop this week featuring Mike Willis, Chairman of the AICPA led XBRL Steering Committee, to talk about this new language of electronic financial reporting.
Practice Management

Three Uses of the Web for CPAs

Everyone these days is on the Internet, but how much can you use the Internet to deal with clients? Here are three fundamental uses of the Web.1. Answer Basic Questions: many firms use their Internet site to provide solutions for customers and clients. This is especially evident with systems like Ernst & Young's Ernie, which provides online assistance at a rate of $3,000 for 10 questions.
A&A

Microsoft Break-Up Update

Here’s an update to the story released earlier this week on the Microsoft break-up. This time, U.S. states, along with the Justice Department, will urge a Federal judge to split the company into two entities.The basis for the break-up is to avoid any future holds on a monopoly of power related to software and operating systems.
Technology

WYSIWYG With Online Security Companies

Everyone knows that labeling a transaction 'secure' over the Internet is a sure thing, right?Wrong! Not all online security companies are alike, and as financial professionals, it is up to us to advise our clients on the why and how of online security if the client conducts any kind of e-Commerce transaction.Education is the best policy.
A&A

Back to School for Financial Executives

With more and more demands to find truly unique educational opportunities that fit today's specialized marketplace, some businesses are finding the best solution is in the college classroom.Companies like Austin, TX-based Dell Computers, for example, sought help from the University of Texas at Austin's Graduate School of Business to design a finance-oriented educational program that dealt with issues directly affecting the growth and bottom line of the computer giant.Why?
A&A

Eight 401(k) Commandments

If your company administers a 401(k), or you provide advice to clients who have retirement plans, then listen up! Here are eight commandments you should follow if you are knee-deep in the 401(k) swamp.1. Offer plan participants the option of changing their accounts on a daily basis through an 800 number or the Internet.2. Don't offer too many investment options.3. Offer investment advice only if it's independent.4. Fully document any change in investment advisers.5.
A&A

Stock Advice From CFO Michael Jacobs

The recent demise of many dotcoms, along with a drop in technology stocks over the last month has made even the most liberal investor cautious of today's market.
A&A

Yahoo! CFO is Industry Wunderkind

What's going on at Internet portal and search engine maverick Yahoo! these days? Quite a lot, thanks to CFO Gary Valenzuela.The company has made a profit for over four years in the face of dotcoms that can barely scratch the surface of seeing any black. What's the secret? A conservative stance by Valenzuela on most everything, according to industry experts.Some credit needs to be given to a savvy marketing approach and the fact that Yahoo! doesn't have any inventory attached to it ...
A&A

Creative Accounting Raises Growth Eyebrows

Accounting procedures at an Indianapolis-based insurance giant has raised the eyebrows of analysts regarding how profits have been reported.When Conseco, Inc. reported its first quarter 2000 profits to the Securities and Exchange Commission, it used an investment the company made in December with a wireless communications company, Tritel, Inc., to boost profits within Insurance Division.
A&A

Cracking the Safe Open on Wireless Banking

These days, you can hardly turn around without a new innovation, invention or iteration ... so why should the concept of wireless banking be any different?At the COMDEX show, global business giant EDS has developed a way to conduct banking transactions using the Palm VII.
A&A

Laughing At Your Expense

Dilbert creator Scott Adams is behind a competition looking for the world's funniest expense claim story, and lunch with the celebrated cartoonist forms part of the prize.The "Laughing At Your Expense" contest wants to hear - in 150 words or less - the funniest or craziest expense report story, or the most hilarious item you have ever had to have approved on an expense report.A grand prize of a weekend for two in San Francisco, plus lunch with Adams, awaits the overall winner, with runners-up receiving an autographed Dilbert book and
A&A

Bottling Strategy Drain's Coke Finances

The real thing isn't very real these days, according to a new report in which Coca-Cola's continuously weak financial performance is attributed to a poor relationship with its bottlers. And now, the way in which Coke handled its stake in bottling has raised more than a few eyebrows when it comes to GAAP.Back in 1986 when Coke spun off its slight majority interest in bottling operations to Coca-Cola Enterprises, Inc. (CCE), it retained seats on CCE's board.
A&A

SEC Announces Revenue Recognition Policies and Rules

Article by Charles Hecht of Hecht & Stechman.Reprinted with permission from The Financial Management Network.Citing a study which found that over half of financial reporting frauds involved the overstating of revenue, the Securities and Exchange Commission (SEC) recently issued a Staff Accounting Bulletin (SAB) in its continuing efforts to combat earnings management.
A&A

Finance Gurus Ignite NonProfit World

Venture capital firms are a dime a dozen nowadays, and most start-ups and entrepreneurial pursuits can't get enough of the wave of new money.What about charity, nonprofits and philanthropy? Aren't organizations who hold 501(c)(3) or 501(c)(6) filing status just as viable to be funded by investors?Yes, according to Flatiron Partners, a New York City-based venture capital firm that has just announced two new projects in its huge portfolio.

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