by AccountingWeb on Jan 22, 2003
The Internal Revenue Service today issued guidance that provides an inventory valuation method for rebuildable motor vehicle cores. In the remanufacturing industry, worn or used parts (cores) are rebuilt when received from customers and other sources.The guidance was released as part of the Industry Issue Resolution (IIR) program. The IIR program, launched by the IRS in 2001, tackles issues submitted by taxpayers, associations and other groups representing businesses.
by AccountingWeb on Jan 20, 2003
Guest Author: Michael Platt, AccountingWEB, Inc. Every six months you go to your dentist for a check up, and probably have done so for years. You do this because your dental professional encourages it, and because you know it's the right thing to do.
by AccountingWeb on Jan 15, 2003
CPA firm financial information is one of the most guarded pieces of information about the profession. Most firms do not disclose profits, capital structure or earnings per partner for fear of being placed at a competitive disadvantage and arising the ire of clients who don't know what a CPA earns.But a divorce proceeding in Indiana involving Ernst & Young Global Chief Executive Richard S. Bobrow has forced the unveiling of part of the hidden world of Big Four finances.
by AccountingWeb on Jan 15, 2003
By, Pat Zingheim and Jay Schuster http://www.paypeopleright.comWhen you think of it, your organization’s pay program is really a powerful communicator of values and directions to your employees. How many times have you heard people say, "You get what you pay for"?
by AccountingWeb on Jan 14, 2003
Accountants and retired audit partners looking for seats on boards of directors may be disappointed to hear the Securities and Exchange Commission has expanded its proposed definition of "financial expert." This definition has proven to be one the most controversial aspects of the Sarbanes-Oxley Act.Under the Sarbanes-Oxley Act, companies are required to disclose whether or not they have a "financial expert" on the audit committee of their board of directors.
by Gary Zeune, CPAContinued from Preventing Your Firm's 'Enron' - Part 3
by Gary Zeune, CPAContinued from Preventing Your Firm's 'Enron' - Part 26. Trust: Do you trust the client because they pay your bills? Big mistake. Of course the client is going to pay your bill if it needs your opinion to consummate a significant pending transaction like a bank loan renewal or other financing or acquisition.
by Gary Zeune, CPAContinued from Preventing Your Firm's 'Enron' - Part 1Avoid Procedures That Can Lead to Your ‘Enron’Now let’s explore some of the things that can lead to your "Enron":
By Gary D. Zeune, CPA
by AccountingWeb on Jan 07, 2003
Rising unemployment, eager job candidates, and not-always-above-board business practices sometimes conflict with each other causing confusion and hesitation on the part of job-seekers looking to accept new job positions.
by AccountingWeb on Dec 27, 2002
Just in time for the holidays, the Financial Times has published a collection of Enron Christmas Carols compiled by Stella Fearnley of the Institute of Chartered Accountants to satirize this year's corporate accounting scandals.Here are a few of the carols:Enron Investors and employees (tutti busti) - O, come all ye faithfulO come, bent directors,Profit from your dealings.O come ye, O come ye to Washington.Make big donationsTo the politicians.The SEC won't get you,The SEC won't get you,The SEC won't get you,Until we're all bust!Arth
by AccountingWeb on Dec 22, 2002
Time Magazine named three women whistle-blowers as its "Persons of the Year." The winners include Enron's Sherron Watkins and WorldCom's Cynthia Cooper, both of whom uncovered massive accounting fraud at their companies.Ms.
by AccountingWeb on Dec 19, 2002
By Nancy BlodgettHere are some helpful ways to improve the quality of your firm. Adjust Your Attitude Be open to new ideas! Make time for quality improvement. Don’t manage by fear. Help people feel secure in their jobs.Don’t let the statement: "we’ve always done it this way," keep the firm from trying new approaches to problem-solving. Change the "Us vs. Them" culture of management and staff by adopting quality principles and methods.
by AccountingWeb on Dec 16, 2002
By Sandra WileyWhen you looked at the title to this article, did you cringe and say to yourself – “I don’t want to think about compensation again!” I can’t blame you; it is a very daunting subject when you are talking about partner and staff compensation. The subject becomes even more challenging as you look forward into 2003 and the economist are all saying that the economy will most likely be moving sideways well into next year. We have to look at compensation strategies that make sense to our firm and continue to motivate staff at the same time.
by AccountingWeb on Dec 09, 2002
A survey by Deloitte and Touche shows pay increases are expected to average 3.5% at large companies in 2003, the third straight year of modest pay increases. Some companies are also eliminating bonuses or paying employees less than half the bonuses they received in better times. The survey shows the trend toward lower pay increases is contributing to low employee morale and undermining the loyalty of many companies' most valuable employees.