News

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

MBAs Choose EY

In a survey of 2,700 MBA candidates, Ernst & Young LLP ranked as one of the top 25 most sought after places to work by this group that is in demand by employers everywhere. EY ranked 27th last year and moved into the number 25 spot this year.Results of the survey, which can be found in the April 17 edition of Fortune magazine, indicate that 37 percent of MBAs want a job with a large multinational company.
A&A

CPA Software Giants Join XBRL Effort

A number of prominent accounting software companies have signed on with Big 5 firms, the AICPA and international organizations to step up the push for XBRL.XBRL is short for Extensible Business Reporting Language, and is the brainchild of a consortium seeking to establish an international language to report financial information over the Internet.A few of the software companies participating in the effort include Navision, Best and Sage.
Community News

Former AmEx Exec Joins 1st Global

Tony Cord, formerly Vice President, Mergers & Acquisitions for American Express Tax & Business Services, Inc., has joined 1st Global as Director of National Business Development.Mr. Cord was a key player in the accounting firm consolidation efforts of American Express over the past few years. 1st Global, Inc., is a development partner for leading CPA and tax firms seeking to successfully integrate a comprehensive financial services business into their accounting practice. As Director of National Business Development for 1st Global, Mr.
Tax

$500,000 Profit in 90 days

We tried to tell you.Back on the 20th of January, AccountingWEB ran a story on the auction of the domain name www.taxes.com.At the time the asking price was just $260,000.Here we are 90 days later, and the current bid for the domain name is at a whopping $700,000!Some quick thinking deep-pocketed firm could have made a nice windfall this quarter. So, the price is now $700,000.

Marketing Like a Pro on a Shoestring Budget - with Tina Kersen

Tina Kersenthe one80 group214-739-5616[Session Moderator] Welcome to "Marketing on a Shoestring Budget" with Tina Kersen.[Session Moderator] Allow me to introduce Tina.[Session Moderator] Tina Kersen loves the dynamics of today's evolving accounting firm. An entrepreneur, with a background in human resources and market research, Tina brings a unique perspective to marketing.[Session Moderator] She has published articles about outsourcing, employee retention, employee morale, and financial strategies.
Practice

Great News!

This is the third in a series of editorials by Results Accountants' Systems.This has been my week for great news (more about that soon).It’s also been my week for a quarterly check-up at the doctors. And as I was sitting there in the waiting room (why can’t doctors see you on time?). I thought about being a doctor and the parallels between being a doctor and being an Accountant in Public Practice.There are two that I thought of. First, a sign I saw in a medical practice several years ago.

Social Security Cap Boosts Aged Workers

When President Clinton signed the legislation last week that lifted the cap on social security earnings for Americans, ages 65-69, he not only provided seniors the ability to continue working, but helped feed the employee-needy small business marketplace.In essence, the cap enables this population to work without jeopardizing their social security benefits.Experts do not yet know how many aged Americans will enter the workforce, but potential workers may do so right away if they choose; legislation was made retroactive to Jan.
A&A

Financial Capital Standards a Hot Issue

The Association for Financial Professionals has put its support behind an effort to promote a tighter set of capital standards to promote stability throughout the financial services marketplace.Because many AFP members are involved with foreign and U.S.

IRS Seeks Budget Increase

Fighting a 1960s-era computer system and declining audit rates, IRS Commissioner, Charles Rossotti, told a House Government Reform subcommittee that the IRS is in need of a budget increase. Today, the agency performs half the audits it did three years ago. The Commissioner says this could threaten the entire tax system.The IRS is asking for approximately $8.8 billion for the fiscal 2001 year – that’s an increase of $769 million over last year’s budget. Part of that money – $119 million – is slated to update the agency's very outdated computer system.
Technology

The Future of Financial Reporting

A number of leading accounting organizations, including AICPA, Arthur Andersen, Deloitte & Touche and PricewaterhouseCoopers, are backing a new XML-based financial standard to exchange information online.Known as the XBRL Project Committee, the goal is to roll out the standard--Extensible Business Reporting Language or XBRL--by July 1.XBRL also is supported by some of the most well-known software companies, including Microsoft, SAP and O

PWC IP Database Boosts Active BV Arena

Sellers and traders of intellectual property services, such as trademarks, patents and valuation services now have a way to speed up the process through the Internet.The Houston office of PricewaterhouseCoopers operates the Intellectual Property Exchange, and online database of sellers and traders who offer IP online.

Perks For Employees Aim To Free Personal Time

Ernst & Young makes LifeConcierge, a service that offers services such as finding a maid or taking a car into the service station, available to its 7,500 IT consultants. What’s the idea? Well, the Big 5 firm hopes by providing lifestyle “perks” like this, it will give its employees more quality personal time. Ultimately, the perks are designed to keep employees happy and employed at the firm.

CAMICO Receives NY Society Nod

The influence of one liability insurance carrier now spreads coast to coast, anchored on each side by two of the nation's largest state CPA societies.The New York State Society of CPAs has given its endorsement to CAMICO, one of the nation's most powerful professional liability and risk management insurance carriers serving the accounting profession.The CAMICO Mutual Insurance Company is owned by the California Society of CPAs, but is operated as a separate entity.

Excel Tip: Audit & Financial Reporting Using Pivot Tables

This is one in a series of Excel Pivot Table Tutorials developed by AccountingWEB software consultant David Carter.
Technology

Privacy Software Puts Internet Security Back in Your Hands

Here's one for you. YouPowered.com has developed MyOrby, an Internet privacy software that puts privacy back in your control. It tells you when you're being tracked and gives you the option to stop a site from tracking your activities. MyOrby learns your web surfing behavior - like playing games, downloading music, searching for things, sending emails, chatting, shopping - and uses what it learns to communicate with web sites you are in to find your most preferred experience in that site.

Large Manhattan Public Accounting Firm Signs off on CMS OPEN®

For more information, contact:Jobst Elster,Solution 6 US, Inc. TALLAHASEE, FL- April 6th, 2000 -- Solution 6 Holdings Limited (ASX:SOH), a world leading provider of IT solutions to professional service firms and their clients, announced today that David Berdon & Co.

Global Designation Proposed by Accounting Orgs

The world is converging on itself at 90 miles an hour, based on a new effort by eight accounting organizations to develop a global designation that could be used anywhere in the world.The proposed designation is designed to enable professionals from various accounting disciplines to use their ethics and skills to provide a broader range of globally relevant services to clients, customers and employers.The first step in the process is the formation of the Global Task Force to begin addressing the matter, and Robin Hamilton Harding, former CFO of Bell Canada, has been appointed chair of th

Gas Tax Repeal a 'no-go' for Senate

Just when accounting gurus were convinced that Congress would repeal the gas tax, ensuring that prices would fall in accordance, the Washington Post today confirmed that the Senate is reluctant to take this drastic measure.The Senate did, however, agree to explore oil exploration in Alaska's Arctic National Wildlife Refuge in an attempt to find more sources for the future.Still, experts agree that any repeal of the tax, along with the possibility of the drilling initiative, probably won't pass muster in the House and certainly not with the president--if it even gets that far.
Community News

PWC Picks up Huge Nortel Contract

The wave of outsourcing is still a hot commodity, and PricewaterhouseCoopers has capitalized on making outsourcing a key part of its business strategy.This week, Nortel awarded PWC a five-year, $625 million contract to handle the company's business process outsourcing. The international telecommunications giant rationalized the outsourcing process as a way to increase its own productivity by having another entity handle routine business practices.

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