News

Canada Works Toward Global Standard

Canada's Accounting Standards Board today released a draft proposal on accounting for financial instruments. The proposal is based on valuing financial instruments, including derivatives and debt, at current market value as opposed to historical cost.The fair value proposal is in compliance with a recognition of a need for an international standard of valuation. Such need for a comprehensive standard on accounting for financial instruments is being addressed by the U.S.

International Accounting School to Open

Chuo University in Japan has announced it will open a graduate school devoted to producing international accounting and financial affairs specialists. The school is slated to open in 2002.Certified Public Accountants and other accounting professionals will be admitted to the school, which hopes to produce students with a deep knowledge of international accounting standards.Japan hopes the graduate school will enable Japanese companies to hire local talent.
Technology

Free way to Test the Security of Your Internet Connection

How secure is your Internet connection? Regardless of whether you're a stand-alone user, or connected through a Local Area Network, hackers and others may be trying to break into your computer RIGHT NOW!"You can sit there and say that you are only one person, and who would even try?" says Joe Reinbold, publisher of Home Income Quarterly E-dition. "While that may be so, do you know exactly what you have saved on your computer - credit card numbers, account numbers, personal information?
Community News

Lawsuit Against KPMG Raises Medicare Concerns

A lawsuit against KPMG in Florida raises issues as to whether accounting professionals should be involved in Medicare billing issues done on behalf of their clients.The suit alleges that the firm, in 1990-93, helped five state hospitals falsify Medicare cost reports that were used to illegally inflate the hospital's payments from Medicare.Although KPMG has publicly said they did nothing wrong (back then it was KPMG Peat Marwick), the U.S. Justice Department, last week, joined the lawsuit against the firm.

Excel Tip: Great Shortcut for Data Entry

Here's a shortcut that will save time when you have a lot of data to enter in a block of columns and rows in your spreadsheet.If you are entering data in a block of cells, you can enter information across the first row of the block by pressing Tab to move from one cell to the next.When you are ready to enter information in the next row of cells, press Enter and you will be taken to the leftmost column of the block.For example, say you need to enter data in the cells B3 through Q12.
Tax

Final Rules for Reporting Tips Electronically

The following article is provided courtesy of CCH, Inc.The IRS has adopted final regulations that allow employers to establish electronic systems for use by their tipped employees in reporting their tips to the employers. The new rules also address substantiation requirements for employees using electronic systems. The final rules are effective as of Dec.
Tax

Small Businesses Are Overpaying AMT

The Taxpayer Relief Act of 1997 included a provision whereby businesses with average gross receipts of no greater than $5 million for three consecutive taxable years are no longer liable for Alternative Minimum Tax.
A&A

Firms Receive Data Requests - SEC Steps Up IPO Probe!

The Wall Street Journal reports that securities regulators are stepping up efforts to investigate how Wall Street dealers allocate hot initial public stock offerings.In subpoenas sent to three major securities firms this week, including Goldman Sachs Group, Morgan Stanley Dean Witter and Bear Stearns, the SEC is seeking extensive records of any large stock-trading commissions received by the firms during the past two years, as well as lists of investors to whom the firms doled out IPOs.
Technology

FiNetrics Offers Solutions for Small, Medium Businesses

CHICAGO - December 13, 2000 - FiNetrics Inc., a business service provider (BSP) developing an integrated and comprehensive suite of online financial applications and services for emerging and medium-sized businesses, today announced the availability FiNetrics OutNumber(tm) 2.0 Internet accounting application.
Technology

How to Add $8,000 a Month to Your Practice in 90 Days

How to add $8,000 a month to your practice in 90 days by providing Internet-based CFO & Outsourced Bookkeeping servicesPresented by: KC Truby, "The Lonesome Cowboy," President and Founder of Bridge21Tuesday, December 12, 2000Topics for this workshop included: Learn how to set up a real time - full time link to your clients with ASP technology Three reasons clients are paying an average monthly fee of $1
Technology

Searching for a Zip Code or Zip+4 Code? Look no Further

Are you preparing to send out your holiday cards to business associates, customers, and vendors, but don’t know the zip code? Go to Zipcode.com to find the answers.Whether you are looking for a zip code, the United States Postal Service abbreviations, postal zip code + 4 codes or even the weather by zip code, you can find it here. They even have the zip codes of United States Naval Vessels.

How to Add $8,000 a Month to Your Practice in 90 Days, with KC Truby

AccountingWEB Workshop: Tuesday, December 12, 2000Presenter: KC Truby, Founder & CEO of Bridge21Complete TranscriptKC Truby: As an opening piece of info, Bridge21 has 150 accountants using the ASP platform. They do this to link to clients in real time. Our purpose today is to review the methods we use and the steps to take to do outsource bookkeeping.
Tax

Possible Loophole in New Capital Gain Rules

The new, lower 8%/18% capital gain tax rates go into effect January 1 for assets owned more than five years. Taxpayers in the 15% tax bracket for ordinary income will receive a special 8% capital gain tax rate for gains on capital assets owned more than five years.
Technology

Best Site for the Perfect Quote, Synonym, Definition

Many CPAs and accounting professionals search for ways to enhance their writing, speeches and public presentations, letters and other communication.Here's a Web site that takes the guesswork out of the process: www.bartleby.com. This site has numerous references for all types of needs, from Roget's Thesaurus to Bartlett's Quotations and the American Heritage Encyclopedia.The site also includes the King James Bible, a copy of Gray's Anatomy and even Strunk's Elements of Style.

Polaris and FCG Reach Membership Agreement

AccountingWEB has learned that Polaris International and the Financial Consulting Group (FCG) have reached an agreement to invite Polaris member firms to join FCG.Polaris member firms that choose to affiliate with FCG may attend any of a number of training programs focused on business valuation, including the FCG University program. New firms also may take advantage of FCG’s extranet to exchange information and review, among other practice aids, various business valuation court cases.

Denver Finance System a Cost Blunder

The City of Denver had not updated its financial services systems since 1979 - more than 20 years ago. Given that fact, how much would you expect to pay to update your system, and how much of the money would you expect to go to consultants?Denver certainly is glad it updated the system, and the new one is called "ASPEN" - All Systems Performance Enhancement Network.

Guidelines for PFS Credential Released by AICPA

New guidelines for achieving the Personal Financial Specialist credential have been announced by the AICPA.Candidates for the PFS designation will be evaluated on a point system, with 100 points required to attain the PFS credential. The system covers three areas: business experience, lifelong learning and examination.
Technology

Free Online Training on Microsoft Basics

Have you ever felt you could use a simple structured introduction to some of the basics of Microsoft's software? If so, this might just fit the bill. The Microsoft Insider Learning Center is offering free online, self-paced training on Microsoft's most popular software programs and Web technologies.There is a rotating selection of free courses. The subjects currently offered are Windows Millennium Edition, Internet Explorer 5.5: Introduction, Word 2000: Level 1, and Excel 2000: worksheet.
Technology

HR Law Index - Website for Small to Medium Sized Businesses

Everyone turns to the Internet as a link to a fundamental source of information. However, there is so much information out there that it is very easy to get lost amidst the endless pages of information. A site dedicated to helping small to medium sized business with Human Resources issues has arrived. HR Law Index is promoted as a clearinghouse Website exclusively devoted to workplace legal information.

KC Truby

KC Truby,"The Lonesome Cowboy", workshop presenterTuesday, December 12Workshop Topic: How to add $8,000 a month to your practice in 90 days by providing Internet-based CFO & Outsourced Bookkeeping servicesFrom deep in the heart of The American West and the great state of Wyoming comes KC Truby, "The Lonesome Cowboy." A cowboy because all sales people and business owners are cowboys of a sort.

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