News

While You Were Out . . .

Many of you have been buried in your desk for the last couple of months filling out tax returns and solving client problems. AccountingWEB has been working steadily monitoring the changing landscape of the accounting profession, and we want to be sure you don't miss any of the big stories that have emerged in the past few weeks. And boy, have there been some big stories!Follow the links below to the full story to get a better flavor for the issues.
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.

Words That Kill

Words that kill a direct marketing campaign are easily avoided, but are they? Do you know which words will foil your next direct marketing piece? On average, you have about 10 to 20 seconds to grab your prospect’s attention.When you are talking to a business to business prospect, it’s about them. Make sure you beef up your market-tested winners and leave the negative ones at the door. One marketer estimates that one word change in his direct marketing campaign dropped results by 60 percent.

Deltek Acquires RFP Proposal and Tracking Automation System: Industry Leading Software Designed for A/E/C and Other Professional

McLean, Virginia – April 17, 2000 – Deltek Systems, Inc. (NASDAQ: DLTK). Deltek today agreed to acquire substantially all assets of A/E Management Services, including their complete suite of RFP proposal automation and tracking software for the purchase price of $3.5 million. A/E Management recorded approximately $2 million in revenue for 1999. Deltek's President and CEO, Ken deLaski states, "One of the most important components of end-to-end automation for professional services organizations is proposal generation and tracking.
Technology

Postal Service Creates New Bill Paying Service

Long lines, one clerk serving all windows, and spending untold amounts of time may quickly become icons of the past as more and more of us use online bill paying services, electronic postage and other services for which we usually go (and still are, for the most part) to the neighborhood post officeEven though first-class mail continues to increase, the U.S.

Exposure Draft of Insurance SOP Deadline Shortened

A new Statement of Position (SOP) covering demutualization and formations of mutual insurance holding companies has a shorter deadline than previously announced of 60 rather than 90 days.The SOP was issued on April 3 by the AICPA’s Accounting Standards Executive Committee, and is formally titled Accounting by Insurance Enterprises for Demutualizations and Formations of Mutual Insurance Holding Companies and for Certain Long-Duration Participating Contracts.The shorter time period is attributed to the significant acti

Take This Tax Day Humor - Please!

Nothing is funnier than poking fun at the IRS, Tax Day, a dreaded audit, or even an accountant, and this year’s humor-related Web sites and other resources are full of zingers designed to make even Charles Rosotti laugh.Start with Hallmark Cards - this company provides consumers with free, online greeting cards (e-cards). The company that expects you to send the very best expects our clients and customers to send 250 million cards during this year’s busy season.

Financial Calculators Let You "What-If" To Your Heart's Content!

How much will you need in retirement? What will my mortgage be on a $200,000 loan? How much do I need to save for college for the kids? Our new Financial calculators help you find the answers you're looking for.
Technology

Voice Mail While You're on the Internet

If you've got a computer at home, don't have the luxury of two phone lines, and are worried about missing important phone calls, a service called Pagoo Call Catcher could be your salvation. For $4.95 per month, the service will allow people who call you while you're online to leave a voice message, and that message is then stored in your computer and you are notified by email or your pager that there is a voice message waiting in you in your Pagoo Mailbox.
Community News

Clothes Make Arthur Andersen a Dotcom Player

Everyone and his mother are vying for attention on the Internet, and Arthur Andersen is no exception.The latest entry for the firm in the dotcom consulting marketplace is to consult for Jos. A. Bank Clothiers--a popular mainstay in men's and women's clothing--when the retailer takes its clothing onto the Web with its new site, www.josbank.com.Andersen, along with CommercialWare and InterWorld, will provide services in e-Commerce and general e-tailing venues to smooth the e-Commerce transition.

Hdvest.com Gobbles Up E-Filers

The word is out. More than 300,000 Americans have logged on to Hdvest.com to Web prepare and e-file their tax returns absolutely free of charge. H.D. Vest, Inc., the country’s largest provider of financial services through tax professionals, believes part of the site’s success comes from the e-filing trend.According to the Irving, Texas based company, Americans have swiftly adopted the practice of Web-preparing and e-filing their income tax returns.

AICPA's TECH 2000 Can't Be Missed!

Cutting-edge programs, the hottest speakers, in-depth sessions, and the latest gadgets, gizmos and innovations will fill the halls of the Hyatt Regency Hotel in Atlanta during the 20th annual TECH 2000 Conference, May 9-12.CPAs and accounting professionals from all sizes of firms, various industries, the government sector, and colleges and universities will gather for this year's conference--presented by AICPA and the Information Technology Alliance, and sponsored by Sage.Topics include business-to-business technology consulting, the latest information on XBRL, portal technology, the vir

AccountingWEB Weekly News Wrap-up - Issue 38

The AccountingWEB Friday Wrap-Up Newswire - Issue 38April 14, 2000http://www.accountingweb.com** This week's Newswire is sponsored by Timeslips **http://www.timeslips.com/actwebIn the newswire this week:1.
Technology

AICPA Considers Massive Restructure, IPO Options

The Electronic Accountant is reporting that the AICPA is finalizing plans to massively restructure itself into three business divisions - one of which would be an Internet portal that would be positioned as an IPO.The divisions would include:A corporation co-owned with the State CPA Societies to focus on membership services and administration;The traditional AICPA professional association focusing on regulatory, standard setting and ethics activities;A publicly held for-profit Internet por
Practice Management

Get Your Firm Communicating!

If your firms suffers from the “it’s always been done that way” syndrome. Listen up. Companies that are making their mark and pushing the industry envelope are finding that encouraging innovation at all levels of the organization can really affect the bottom line.Best Practices LLC's recently updated report, "Knowledge Management of Internal Best Practices," profiles innovative methods used by world-class companies to communicate best practices internally.
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.
Technology

Competition Reigns! EY Tapped for Extranet

Who says you shouldn't conduct business with competitors? In the 'new economy,' nothing could be further from the truth as evidenced by a UK consortium of oil and gas companies known as Logic.Extranets are hot commodities, and Ernst & Young has been asked by Logic to develop services related to its external Internet system.Logic is an organization of British oil and gas companies.

Peer Review Standards Spread to Germany

New legislation has been introduced in Germany to require public company auditors to undergo rigorous peer review standards similar to their U.S. counterparts.The move was made to raise the position of German accountants in the world financial marketplace.
Practice

Developing a Strong Cash Management Procedures Manual

Article by Leslie N. Masonson, CCMReprinted with permission from The Financial Management Network.Many companies do not have a detailed, up-to-date and well-written cash management procedures manual. Only an estimated 60% of large companies have this manual, while 20% of smaller companies have one. This oversight can prove costly in case of a fraud, disaster, or other difficult situations.The process of creating a cash management procedures manual is time-consuming, people intensive, and difficult to keep current.
A&A

'Commingled Pools' vs. 'Mutual' Funds

Many financial planners, and those helping administer retirement plans for clients and companies, may want to take a refresher course on the differences between 'commingled pools' and 'mutual' funds.Mutual funds, of course, are very popular staples of 401(k) plans and other savings instruments, and although these funds and commingled pools are both run by investment managers, funds that are 'commingled' are not open to individual investors are not regulated by the Securites and Exchange Commission.Most commingled pools are run by banks and trusts, and do

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