News

A&A

Best Buy Adheres to SEC Guidelines

Well-known audio/video and computer retailer Best Buy has surfaced as the first-known company to respond publicly to the SEC's new accounting guidelines that, in most cases, organizations must report income derived on the sale of extended warranties over the life of the warranty rather than at the time of the sale.The SEC also is requiring issuers of warranties to go one step further by making the sales net commission revenues.

KPMG Chief Calls for Global Awareness

Stephen Butler, chairman of KPMG Interntational, stressed the need for the accounting world to think more broadly in terms of doing business internationally and thinking of invisible borders outside of the United States.The message was given on before the International Relations Council in Kansas City, MO.

Tying Salaries to Performance is #1 Priority

Who said cushy benefits truly made a difference in working-class America?A new study conducted by the Society for Human Resource Management found that American workers were most concerned with tying their salaries back to performance. In other words, if they work harder, put in longer hours and are loyal, they should be compensated proportionally for their efforts.A total of 783 companies participated in the study. Final numbers were tallied by Arthur Andersen.So how fair is the dreaded performance review?
A&A

Forbes Spotlights 200 U.S. Best Small Companies

We promise this story will make you feel "young," at least in the world of small business and the rash of online companies.Who made the grade on this year's Forbes' Hot 200 list of small companies in America?You'll be surpised to find out. Among the biggest surprise is that there are no "dot.com" companies on the list.

Cure For The Bonus Blues

When salaries are skyrocketing and you are feeling the pinch of the industry bonuses being launched down the street, take heart. There are things you can do when your firm is in a cash crunch. Just remember to do something for your team.Give the gift of time if you don’t have the cash. Studies show that people respond more positively to time off than they do to any other alternative rewards. If you can’t spare a day now, give them a “take one day” certificate to be used later.If you want to show your appreciation to a great team, throw a party!
A&A

Can you Guess the Financial Innovations of the Last Century?

What do you think is the most impressive financial innovation of the 20th Century? If you said credit cards, then you're in line with others who also think this is the niftiest invention of the last 100 years.Kiplinger.com conducted the poll of its readership to determine which products, services and innovations had the most impact on personal finances.
Technology

Eudora Now "Free" With Advertising Commitment

Sometimes the other guy needs some attention, too.Qualcomm, makers of the popular e-mail program Eudora, has announced it will waive the purchase fee of $50 for its "Pro" version in exchange for a commitment to view advertising alongside the e-mail browser.A lesser version called Eudora Light has been available free for some time over the Internet, but this is the first time the Pro version is available at no cost.
Tax

IRS Collects $1.3 Billion Less Than Expected

The IRS announced it has collected $1.3 billion less this past year than expected. The reason is due, in part, to new tax laws for taxpayers, a shortage of agents and Service property seizures and liens.Even at an astounding $1.3 billion, this is only a small part of the $1.8 trillion collected by the IRS in 1999. Still, Commissioner Rossotti has issued a statement with his concern over the loss, and that the Service is attempting to make up for the losses.Employee-wise, over the past several years, there have been as many as 15,000 fewer agents.

Keep Poaching Out Of Your Firm

You know how it is. The labor market is tight and sometimes the only place to get people with the expertise you need is the local competition. Be aware, though, and don’t cross legal and ethical lines.Employers crossing the boundary have had to defend their recruiting practices in court.

AccountingWEB Weekly News Wrap-up - Issue 20

The AccountingWEB Friday Wrap-Up Newswire - Issue 20December 10, 1999http://www.accountingweb.comIn the headlines this week:1. Top Story: E&Y May Sell Its Consulting Group2. Do Consulting Services Affect Auditor Independence?3. Success Factors Of M&A Outlined in Extensive Survey4. Never Thought You Would Deal With OSHA? Think Again . . .5. Technology Is Changing The Face of Financial & Business Reporting. Are You Prepared?6.

"Developing" a Better Photo Image

Every firm has its own set of marketing materials, but how long has it been since you've updated the photos in both your printed/collateral materials and on your Web site? If you're like most of us, the answer is too, too long!There are ways to obtain stock photography without breaking the bank and laws of copyright. Stock photos used to cost quite a bit in usage fees, but the latest trend is to secure stock photos via a CD-ROM collection in which the user pays a one-time fee just for the CD-ROM and avoids any royalty charges.Be careful about using photos unlawfully.
Community News

PWC Develops its own Web Seal Program

Following on the heels of continuously beefing up its technology consulting program, PricewaterhouseCoopers has created its own Web certification program called "BetterWeb."The Big 5 firm is offering e-commerce sites the opportunity for a third-party to measure how a site discloses sales terms, protects customer privacy and handles customer complaints.If a site measures up to the firm's standards, PWC will license a seal that companies can post on their sites. The annual fee is $15,000.
Practice Management

Business Card Manager

I’m running, not walking, to the nearest store so I can check out the latest tool I found. The new specialized scanner and software combo, the Corex CardScan Executive, Version 5.0 ($250), is designed to help me put all the business cards I collect into electronic format. A quick calculation of the time involved to enter business cards tells me this is going to be well worth the green.The CardScan 500 scanner has a convenient tray for catching scanned cards and the companion software, CardScan 5.0, now better recognizes international business cards.

Corporate Giant Under Investigation

Tyco International Ltd. announced that the Securities and Exchange Commission is investigating the company’s books. Securities lawyers say actions such as this underscores how serious regulators are about cleaning up companies' accounting practices.Management of earnings and revenues with specific reference to the acquisition arena is under scrutiny by the SEC. Tyco, with more than 100 acquisitions under its belt in the past seven years, has drawn the SEC’s attention.
Technology

Neat Must-Have Toy: C-Pen Scanner

I was sitting on an airplane last week next to someone who was using a handheld portable scanner no larger than your traditional yellow highlighter. She was effortlessly scrolling through text in an article from Inc. magazine to be stored and shared later with her staff. I came home and looked up the website of C-Pen (http://www.cpen.com) and was amazed to learn that you can store up to 3000 pages of text in the C-Pen, which can then be transferred to any computer documents using infra-red technology.
Tax

IRS Posts 2000 Interest Rates

The Internal Revenue Service has announced that interest rates for the calendar quarter beginning January 1, 2000, will remain at 8 percent for overpayments (7 percent in the case of a corporation), 8 percent for underpayments, and 10 percent for large corporate underpayments.The overpayment rate for the portion of a corporate overpayment exceeding $10,000 will remain at 5.5 percent%.The interest rates are computed from the federal short-term rate based on daily compounding determined during October 1999.Note: The URL below is a pdf file.

Business Valuation Volunteers Honored by AICPA

The AICPA recently honored 10 volunteers serving the profession in the business valuation arena for outstanding service, with specific commendations given for work in developing the Accreditation in Business Valuation (ABV). The awards were handed out at the AICPA's Business Valuation Conference in Las Vegas earlier this week.Hall of Fame Awards were given to Carl M. Alongi, Edward J. Dupke, Larry R. Cook, Terry H. Korn and Gary R. Trugman. Volunteer of the Year recipients included Nancy J.
Community News

Possible E&Y Partner Reports Large Losses

A story ran recently on AccountingWeb discussing the possible merger of Ernst & Young's consulting practice with Paris-based computer services firm Cap Gemini. Now, Cap Gemini reports a loss of $87 million in U.S. business.Cap Gemini says the loss is based, in part, to several cancelled contracts with United Way of America and the U.S.

Standard & Poor's New Capability

Standard & Poor’s (S&P), a division of The McGraw-Hill Companies, recently has added a "News & Quotes" capability to its Web-based retirement services product developed especially for 401(k) plan provider and sponsor clients. For the first time, plan participants will have access to Standard & Poor's equity research information, market analysis, news and quotes. The new service provides comprehensive information about participant plans, as well as asset allocation advice - 24 hours a day, on the Internet.

Growth Areas For The Year 2000

What specific services or products do you feel have the greatest growth potential for your firm in the year 2000? Please be as detailed as you can so others can share your vision.Please click on the Add Comments link below to add your responses.You may scroll down on this screen to see what others have said.Thank you for your input!Michael PlattAccountingWEB Editor

Pages


Already a member? log in here.