A&A news

A&A

Jaw-dropping budgeting errors make headlines in Maine and Ohio

Some recent budgeting mistakes have plenty of taxpayers scratching their heads as the issue shines a spotlight on the need for efficient accounting systems.
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A&A

April is Financial Literacy Month; financial fitness programs abound

The end of busy season, when a client's financial position is in clear focus, is the best time to talk about ways to improve their personal and business financial management and results.
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A&A

Student tax preparers perform 'marriage' ceremony

Accounting students preparing tax returns at Northeastern State University's VITA clinic got to say, "I now pronounce you... Married Filing Jointly."
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A&A

Did Ernst & Young really assist financial fraud?

As the auditor of Lehman Brothers, Ernst & Young approved the use of Repo 105 transactions. These transactions were characterized as sales of assets and created a misleading picture of Lehman's financial position during the financial meltdown.
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A&A

AICPA, CIMA joint venture would promote global management accounting designation

The AICPA and the London-based Chartered Institute of Management Accountants (CIMA) are proposing the formation of a joint venture to develop and promote a new global management accounting designation.
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Practice

Year one, ObamaCare report card shows health care costs rising

As health care reform marks its one-year anniversary, a new Deloitte report reveals that consumers are spending $363 billion, or 14.7 percent more, on health care than traditionally reported in official government accounts.
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A&A

Federal contracts: Unallowable costs explained

Certain expenses are legitimate costs of doing business, but the federal government won’t reimburse them as part of a federal contact.
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A&A

James Doty: New PCAOB chairman works to increase audit enforcement initiatives

To say that James Doty has had a lot on his plate during his first six weeks as chairman of the Public Company Accounting Oversight Board (PCAOB) would be an understatement.
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A&A

Understanding, preparing for IFRS now eases transition anxieties

While a migration to IFRS from U.S. GAAP represents a significant departure from a long-established standard, companies that take the following steps now will face a smoother transition.
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A&A

Mobile computing takes accountants to a new level of productivity

Mobile computing is one of the hottest trends in the consumer sector today. Driven largely by video, web-browsing, gaming, and other just-for-fun applications, it has quickly moved from gadget status to a must-have for consumers.
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A&A

Standard setting for private companies on the docket of Financial Accounting Foundation

The Board of Trustees of the Financial Accounting Foundation (FAF) has announced the formation of a Trustee Working Group to address the important topic of accounting standard setting for nonpublic entities.
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Practice Management

Don’t go another year without a succession plan!

If a key partner decided to retire or became disabled, would your firm have a plan for transitioning clients, choosing a replacement leader, and ensuring continuity of firm vision and strategy?
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Tax

House and Senate spar on repeal of 1099 reporting rule

Last week, the U.S. House of Representatives passed H.R. 4, a bill repealing the health care reform law provision that requires businesses to furnish 1099 statements to corporate vendors. The House bill has been returned to the Senate where it faces an uncertain fate.
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A&A

Department of Labor, SEC prepare to change definition of 'fiduciary' while AICPA balks

The Department of Labor's (DOL) Employee Benefits Security Administration (EBSA), the government group responsible for educating Americans about how retirement and health and certain welfare plans work, has proposed that the definition of the term "fiduciary" be updated.
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A&A

Coming to a town near you: PCAOB forum series addresses emerging small business audit issues

The Public Company Accounting Oversight Board has announced the 2011 schedule for its Forum on Auditing in the Small Business Environment. The first of seven events will be held in Boston, MA, on Thursday, April 28.
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A&A

FASB unveils XBRL 2011 taxonomy

Speakers at a recent FASB Webcast, XBRL 2011 Taxonomy Overview, presented an outline of what public company financial report preparers need to know about using the 2011 XBRL taxonomy.
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A&A

Historic moment for private company accounting standards; CPAs told they must support proposed changes

The final report of the Blue Ribbon Panel to the Financial Accounting Foundation (FAF) recommended a new, separate standard-setting board for private companies and modifications to U.S. GAAP for private companies.
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A&A

KPMG expands its global outsourcing advisory services through acquisition of EquaTerra

Big Four firm KPMG has announced the closing of an agreement to acquire the business of advisory firm EquaTerra. According to a company announcement, the acquisition is consistent with the KPMG network’s growth strategy, focusing on organic and inorganic opportunities in select high-demand market sectors.
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A&A

The voice of Yale hockey: Mild-mannered accountant Mark Ryba

Whoever said accountants are stuffy has not met, or rather heard, Mark Ryba. He’s fairly unassuming. He talks numbers by day. But on weekend nights, his exceptional voice booms off the walls at Ingall’s Rink as the announcer for Yale’s hockey team.
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A&A

SEC adopts say-on-pay rules for executive compensation

On January 25, 2011, the SEC adopted new rules regarding shareholder approval of executive compensation and the golden parachute compensation arrangements as required by the Dodd-Frank Wall Street Reform and Consumer Protection Act.
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Pages

Voice of the Editor

Results from a recent AICPA survey disclosed the two top priorities for CPA firms as they plan for the future: bringing in new business and finding talent. Our goal at Sift Media is to help our readers deal with the issues most important to them. One way in which we are doing this is through the launch of our new recruitment/placement service, Going Concern Jobs. Check it out today for your talent needs.
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Gail Perry, CPA
Publisher/Editor-in-Chief, AccountingWEB
editor@accountingweb.com
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