News

Analyzing the Fed's Rate Hike: Words Speak Volumes

By now, it's old hat that Alan Greenspan of the Federal Reserve will recommend a half-point hike in the interest rate, but how he conveys the news is more likely to be news than the interest rate hike itself.For example, if the Fed were to communicate that this hike is the last one in the current monetary cycle, that would be a signal to Wall Street that there may be a rally.Instead, the Fed will be more cautious and not reveal any information as to what it may do in the future - and that they are not through with raising rates.At the same time, if the Fed says the rate hike is to hea
A&A

Analyst Fields CPA/Financial Services Conflicts

One of the most debated and discussed issues in the accounting profession is the one about commissions and contingent fees, and whether CPAs should be in the business of taking them.What would you do if you were faced with a situation involving accounting and consulting?Industry analyst Wilbur L. Ross Jr. recently sat down with a reporter from The New York Times to answer questions like this one, along with funding Internet start-ups, restatements of corporate earnings and the economy.You can find the full interview at the link below.
Technology

AOL Pays Millions in Accounting Mishap

On Monday, America Online agreed to pay $3.5 million in civil damages based on improperly accounting for advertising revenues.

Deltek Releases Enterprise Planner Suite, Offering Resource Planning and Budgeting Software for Professional Services Firms r

Top Government Contractor, Financial Services Technology Company, and Largest U.S. Rail Transportation Consulting firm Praise Deltek's New Analytic Product Suite McLean, Virginia - May 15, 2000 - Deltek Systems, Inc. (NASDAQ: DLTK). Deltek expanded the breadth and power of its professional services automation (PSA) solutions with the release of its Enterprise Planner product suite, featuring Corporate Planner for macro-level budgeting and forecasting, and Project Planner for project-specific resource planning and budgeting in professional services organizations (PSOs).

Harding Honored for XBRL Efforts

Great Plains vice president Wayne Harding was honored by the AICPA with a Special Recognition award for championing the XBRL project on behalf of the accounting profession.The award was presented during AICPA's TECH 2000 Conference in Atlanta, May 9-12.Harding served on the original XBRL Work Group that first devised the project as a complement to the XML reporting language, and continues to serve on the XBRL Steering Committee.Harding also serves as president elect of the
Technology

AICPA Offers new Tech Designation

Many CPAs and their staffs perform technology-related services for clients and customers, so what distinguishes one practice from the other, and how/why does knowledge play such a key role in the process?Make way for the new information technology (IT) accreditation for CPAs, known as the Certified Information Technology Professional (CITP) designation.

ConvergenceCoaching Formed to Service CPA/IT Orgs

Marrying the CPA and IT function isn't an easy task given the tremendous number of opportunities and knowledge each profession owns just on its own.However, a new company called ConvergenceCoaching seeks to join the two functions together by providing strategic and tactical planning services designed to increase the bottom line.The company is co-founded by Jim Metzler, CPA, a partner with Gaines, Metzler, Kriner & Co. in Buffalo, NY, and Jennifer Wilson, principal of Success Strategists, based in Omaha, NE.

Employees Regularly Observe Illegal Activities

No, these employees aren’t working on the bad side of town looking out the window at a criminal on the street. Corporate workers observe widespread illegal and unethical conduct in the workplace on almost a daily basis. This is just one of the findings of a survey recently conducted by KPMG LLP.The Big 5 firm surveyed more than 2,300 workers for the survey. More than three-fourths of respondents indicated that they observed company or law violations in the previous 12 months.

Free Report Outlines EAP Services

Like so many other areas, the Internet is revolutionizing how employers offer employee assistance programs (EAP). A new booklet called, "Expanding EAP Services Online: 11 Ways to Get the Most Out of Internet Opportunities" is yours free just for the asking.The editors of the Employee Assistance Program Management Letter publish the booklet and offer basic information about an online EAP as well as more advanced administrative features.
Tax

Got a Problem With the IRS?

The IRS has declared Saturday May 20 as National Problem Solving Day.Since the IRS' Problem Solving Days began in November 1997, over 63,000 people have been given assistance through appointments, walk-in service or over the telephone. In most cases, they are given assistance and were able to resolve their problem. In the other cases, taxpayers are given advice or information about why they can't be helped further. Many other taxpayers who called to set up an appointment for Problem Solving Days have their problems taken care of over the phone and never need to visit the IRS.
Community News

E&Y Names New Leadership

Philip Laskawy, current Chairman and CEO of Ernst & Young, has announced a new generation of leadership for the Big 5 firm when he retires at the end the end of next month.The new Chairman will be Jim Turley, 44, currently area managing partner for metropolitan New York.Richard Bobrow, 46, currently the firm's senior vice chair for assurance and advisory business services, will assume the position as CEO."Jim and Rick represent the youth, energy and dedication that will carry Ernst & Y

AccountingWEB Weekly News Wrap-up - Issue 42

The AccountingWEB Friday Wrap-Up Newswire - Issue 42May 12, 2000http://www.accountingweb.comIn the news this week:1. CPA Firm Consulting Divestiture Filters Down to National Firms2. SEC Steps Up Campaign To Assure Independence Standards Are Met3. E-Commerce Taxation Unlikely For Another Five Years4. IRS Shock Wave About To Hit Small Business5.

Wayne Harding

Contact: wharding@greatplains.comPhone: 303-290-0123As a Great Plains’ Vice President Outsourcing, Mr. Harding focuses on utilizing Great Plains Software’s products and services in a BPO environment. He is also one of Great Plains’ key speakers focusing on new internal and external technology.Before joining Great Plains Software in 1989, Mr. Harding was president of his own CPA firm, which emphasized accounting software for microcomputers. His past employment includes KPMG and Deloitte & Touche. He received a B.S.

KPMG chief on the warpath as SEC seeks to extend powers

KPMG chairman Stephen Butler has launched a no-holds-barred attack on the Securities and Exhange Commission just as SEC chief Arthur Levitt made a call for greater regulator powers to prevent possible auditor conflicts of interest.Butler lambasted SEC rules as "archaic, irrelevant and discriminatory" in an interview with CFO magazine, and rejected the need for such restrictive rules when audits are almost always above board.Speaking for the Big Five which Levitt attacked in a speech in New York yesterday morning, th
Tax

House Extends Internet Tax Moratorium

In a move sure to appeal to the important high-tech industry, the US House of Representatives has approved a five year extension on the moratorium on Internet taxation.The moratorium, which allows for e-commerce to be conducted free from any federal taxation issues, is seen as a way to continue encouraging the growth of a new medium, but at the same time does not address the even more important issue of state taxation of electronic commerce activities.Cynics may say that the move is a purely political one, coming in an election year when politicians are looking to the growing high tech i

SEC Chairman Wants a Better Plan

Yesterday, in a speech delivered to the New York University School of Law, Securities and Exchange Commission (SEC) Chairman, Arthur Levitt, asked major accounting firms to join him and the SEC in developing a plan to assess the firms’ past compliance with financial investment rules.
Technology

Battle of the Search Engines Heats up

What is the best search engine in today's competitive marketplace? Many CPAs would argue that the best engines are the ones that deliver strategic information without a lot of hype.The battle for the best engine is getting more and more difficult, as two of the leading ones have announced some major changes. The end result?
Technology

eLedger.com Captures the Power of the Web

Internet-based accounting is no longer just for the big guys who can afford it. eLedger.com, an application service provider, just announced its Web-based accounting application solutions for small businesses.Now, for as little as $19.95 per month for ten users, companies can access their business data 24 hours a day from the Internet through an application that has the look and feel of Windows-based software.
Community News

Ernst & Young Buys Lobbying Firm

Big 5 firm Ernst & Young has stepped into Washington politics by buying the advocacy and lobbying firm Washington Counsel. The firm is managed by a bipartisan group of Capitol Hill lawyers, and is among the top 10 largest lobbying groups in Washington.Why does E&Y want to own a lobbying arm? The $9 million lobbying firm represents many big name clients, including such giants as Merril Lynch, Ford, Charles Schwab, etc.
A&A

IRS Shock Wave About to Hit Small Businesses

In a surprise move, the IRS, without seeking input from small business owners and other interested groups, is preparing to release a new set of guidelines that will require many businesses with revenue over $1 million to use the accrual method of accounting. These guidelines are due to be released next week.Current law requires that businesses with revenue over $5 million must use the accrual method of accounting. Most businesses with revenue that is beneath this threshold may opt to use the accrual method, or may use the cash method of accounting.

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