Practice news

Practice Management

AICPA Tries Again with Proposed Valuation Standard for CPAs

The American Institute of Certified Public Accountants (AICPA) on Monday released an Exposure Draft of Proposed Statement on Standards for Valuation Services (SSVS) Valuation of a Business, Business Ownership Interest, Security, or Intangible Asset.
Practice

Celebrating 70 Years of Winning Friends and Influencing People

In 1936, Dale Carnegie put pen to paper and created one of the most important business books of the modern age: How to Win Friends and Influence People.
Practice Management

Taking the Pain Out of Employee Performance Reviews

Pay and performance reviews are the most common causes of conflict between employees and their supervisors or managers. Globally, 32 percent of workers report pay reviews as the source of workplace conflict, while 19 percent cite performance reviews or not being considered for a promotion as the main cause of conflict, according to the latest Financial Directions Survey from Robert Half International. “Issues over pay and career progression are clearly a cause of stress for finance professionals.
Technology

NetSuite, “The Next Big Thing”, Ends Salesforce Sticker Shock

NetSuite, selected as one of five “the Next Big Thing” companies at http://www.sandhill.com/conferences/enter2006.php Enterprise 2006, has struck a blow to end sticker shock by offering life-time fixed subscription price for salesforce.com users migrating to NetSuite CRM+.
Practice Management

PCAOB Drafts Rewrites to AS2; Senior Administrators Moving On

Signs that the Public Company Accounting Oversight Board (PCAOB) is entering a new phase of its development came recently when the Board submitted a draft of changes to the Auditing Standard 2 (AS2) to the Securities and Exchange Commission (SEC) that are said to modify confusing definitions and eliminate the need for separate internal control and financial statements audits.
Education & Careers

Contentment Doesn’t Breed Confidence Among Accounting & Finance Professionals

The good news is that nearly three-quarters of accounting and finance professionals were still happy at work in September, according to the latest Hudson Employment Index for Accounting and Finance Workers. The bad news is their contentment didn’t translate into confidence, as the overall confidence level dropped 6.3 points, to 106.2 during the same period.These mixed signals, as accounting and finance professionals enter the fourth quarter, traditionally a strong period for industry workers as firms increase
Practice Management

Managing the Multidimensional Organization <i>by David Maister & Patrick McKenna</i>

Professional businesses today are structurally complex organizations with many senior people overburdened by time-consuming and often conflicting roles.
Practice

Technology Speeds Financial Close Process without Sacrificing Accuracy

Firms are still spending significant time and resources completing their reconciliation process despite technological advances that make it unnecessary. Increasingly tight regulatory guidelines, more stringent reporting requirements and complex operations over wide geographic regions, are only a few of the hurdles companies must overcome to achieve a faster, more efficient financial close process.
Practice Management

Ron Riebe Named Financial Executive of the Year

Ron Riebe, vice president of KeyBank, has been award the 2006 Financial Executive of the Year Award from the Institute of Management Accountants (IMA) and Robert Half International (RHI). “The Financial Executive of the Year Award recognizes best-in-class management accounting and finance professionals,” IMA President and chief executive officer (CEO) Paul Sharman said in a statement announcing this year’s winner. “As a national winner, Mr.
A&A

Home Depot Improves Small Businesses with Easy Access to Business Services

Small businesses looking for affordable business services can find them at Home Depot. More than 12,000 small business owners have registered for the Business ToolBox since it was launched by the world’s largest home improvement retailer. The program offers one-stop shopping for a collection of discount business services and products.
Community News

Congress Exempts CPAs from GLB Privacy Notification Requirement

Passing the Financial Services Regulatory Relief Act of 2006 was among the final actions taken by the 109th Congress before adjourning a week earlier than expected. The bill, passed unanimously by both chambers, includes a provision exempting certified public accountants (CPAs) from the Gramm-Leach-Bliley (GLB) Act’s annual privacy notice requirement.
Tax

Reminder: October 16 Filing Deadline Approaching for Katrina Victims

The Internal Revenue Service (IRS) reminds taxpayers from the areas of Louisiana, Mississippi and Alabama, most severely damaged by Hurricane Katrina, that the deadline for filing tax year 2004 and 2005 individual tax returns is October 16, 2006. No additional postponements or extensions are available for tax year 2004. An additional six-month filing extension to April 15, 2007, is available to affected taxpayers whose 2005 filing date was postponed from April 15, 2006, to October 16, 2006.
Practice Management

For Gen Xers, Success Means Balance

Businesses today are facing generation issues as baby boomer managers, born between 1946 and 1964, try to figure out why the Generation Xers, ages 27 to 41, don’t have the pay-your-dues attitudes they do, Kentucky.com reports. Miami accounting firm owner Richard Berkowitz found that out quickly during tax season.
Practice Management

Chicago, Orange County Firms Join TIAG

Two American accounting firms, BrookWeiner LLC of Chicago, Ill., and Corbin & Company in Irvine, Calif., joined U.S.-based The International Accounting Group (TIAG) earlier this month.
Practice Management

IMA Reintroduces Statements on Management Accounting

The Institute of Management Accountants (IMA) has reintroduced the IMA’s Statements on Management Accounting (SMAs) representing a comprehensive summary of specific bodies of knowledge defining competency in management accounting.
Practice Management

Deadline for Establishing a SIMPLE Retirement Plan Approaching Fast

"With the future of social security up in the air and traditional corporate pension plans on the path towards extinction, contributing to a retirement plan provides some peace of mind that you'll be able to retire comfortably," explains Andrew Schwartz CPA, founder of CPA Niche, LLC.Advertisement
Practice Management

Communicating During a Crisis Without Making it Worse

Maybe Patricia Dunn, the chairwoman of Hewlett Packard (HP), just wanted to know who was talking to reporters so she could be sure they had the most accurate information. It is more likely, however, that she wanted to find out who had loose lips so she could have them removed or at least silenced.
Practice Management

What Every CPA Needs to Know About TIC & 1031 Exchanges

It is easier than ever for small investors to acquire an interest in high-quality commercial real estate, thanks to an investment vehicle that has rapidly gained in popularity over the last four years, known as a tenant-in-common, or TIC. This trend has raised the stakes for CPAs with clients who are wondering whether a TIC investment is right for them, and if so, which one to select.
Practice

Most Accounting Firms See Strong Growth while Big Four Firms Shuffle

The revenue growth rates reported by a majority of Top 100 accounting firms are the highest reported since 2000, according to the Public Accounting Report (PAR), published by tax and accounting law information, software and services provider CCH.
Practice

Layoff Worries Hit Record Low Among Accounting & Finance Workers

Worker confidence among accounting and finance professionals rose 5.9 points, to 112.5 in August, according to the most recent Hudson Employment Index. The current level is more than ten points above the level of the previous August.

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