AccountingWEB Weekly News Wrap-Up - Issue 114
September 28, 2001
This Newswire Sponsored by:
THIS WEEK'S NEWS FROM ACCOUNTINGWEB
1. GAAP Rules Will Change as Result of Terrorist Attacks
2. AICPA Calls for Volunteers
3. Intuit Announces New Software and Strategies
4. France Gives Support to 'XYZ'
5. Crowe Chizek Provides New Service to Football Fans
6. Michigan Legislators Vote to Tax Internet Sales
7. New Charities to Get Speedy Treatment from IRS
8. Deloitte Approached by CIA
9. Scholarship Winners Announced
10.National Business Group Urges Tax Cuts Now
AccountingWEB hosted an online open forum this week on the controversial 'XYZ' global business credential. Participants lobbed questions and comments to workshop presenters Kendall Wheeler and Susan Bradley, CPAs who maintain the XYZTalk.com Web site, a resource for information and discussion about the AICPA's proposed global business credential.
Meanwhile, the AICPA continues to promote its view of the XYZ credential, which will be offered to the AICPA membership in a nationwide vote later this fall. AICPA Chair Kathy Eddy responded to nearly 100 questions that came her way in a recent AccountingWEB workshop. Her answers to these questions are now available on the AccountingWEB site.
Additional information about the global credential is available at:
AccountingWEB Global Credential Resource Center
IN THE NEWS
The Emerging Issues Task Force , a group that operates under the auspices of the Financial Accounting Standards Board , has announced a plan whereby U.S. firms that have suffered a financial loss due to the recent terrorist attacks will be able to treat the loss as extraordinary on company financial statements, thus not impacting the company's current income or loss.
AICPA Chair Kathy Eddy and President Barry Melancon have issued a personal request to AICPA members to make donations to help survivors and families of victims of the recent terrorist attacks. Cash contributions, donations of services, and relevant articles for other practitioners are requested.
QuickBooks creator Intuit is taking on Microsoft/Great Plains and Oracle Small Business with a new strategy that will expose QuickBooks accounting applications to an audience of larger and more complex companies.
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French accounting organization, Conseil Superieur de l'Ordre des Experts-Comptables, has joined the United States and other international bodies in support of the American Institute of Certified Public Accountant's proposed Global Business Credential.
The Indianapolis Colts have teamed with Indiana-based accounting firm Crowe, Chizek and Company LLP to provide a new messaging service for Colts fans whereby they can receive updated team scores on their mobile phones during football games. Which team will be next to offer this service?
The Michigan House of Representatives voted to allow Michigan to join other states in creating a uniform, nationwide system of collecting and enforcing sales tax on online sales. Conservative Republicans voted against the bill, and the National Taxpayers Union accused the Michigan state house of pushing through a "stealth tax hike."
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In light of recent terrorist attacks and the quantity of new organizations wishing to provide relief to victims, the Internal Revenue Service has announced plans to streamline the process by which organizations can achieve tax-exempt status.
Big Five firm Deloitte & Touche has been approached by the Central Intelligence Agency to discuss its involvement as liquidator of the collapsed Bank of Credit and Commerce International. The CIA has reportedly made approaches to Deloitte & Touche regarding the firm's knowledge of possible financiers of Osama bin Laden, the person widely believed to be behind the recent terrorist attacks.
9. http://www.accountingweb.com/item/58878">Scholarship Winners Announced
Accountemps, the world's first and largest temporary staffing service for accounting, finance, and bookkeeping professionals, and the American Institute of Certified Public Accountants (AICPA) have announced the winners of the 2001-2002 Accountemps/AICPA Student Scholarship.
The National Association of Manufacturers is urging Congress to consider accelerating the tax cuts that were made into law last year. The organization has suggested that Congress speed up implementation of the tax act and reduce the income tax on corporations.
ACCOUNTINGWEB Q&A FORUM
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Many new questions have been posted, check them out today and
lend a hand.
1. My company provides service for network printers. When we find out about engineering defects associated with a particular printer we proactively correct during a regular maintenance call. We are reimbursed by the printer manufacturer at a fixed rate for the fix. Should the money we receive be classified as income, or be classified as a contra-COGS?
2. What is the name of the first accounting firm in United States?
3. For most fundraising events, the gross revenue and gross expenses are supposed to be shown. However, this seems to skew the expense percentages, more so with bingo than other fundraisers. Is there an authoritative source for showing bingo as a net revenue amount instead?
4. Does a change from the declining balance method to the straight-line method for IRC Sec. 168 MACRS property qualify for the automatic IRS consent that is covered in Rev. Proc. 1999-49?
5. Our LLC company is taxed as a partnership, four of our 11 employees are members of the LLC. Can a 401k plan still be set up? Can the LLC members contribute pre-tax dollars to the 401k plan? How does this affect our nondiscrimination testing?
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