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May 6, 2008


Canadian companies not ready for conversion to IFRS
The vast majority of Canadian companies that will be required to convert from Canada's generally accepted accounting principles to international financial reporting standards in January 2011 are not prepared to make the change, according to a study sponsored by Canadian Financial Executives Institute (FEI Canada) and Ernst & Young LLP and released at a conference sponsored by the Canadian Institute of Chartered Accountants and the International Accounting Standards Board in Toronto on April 23 - 25.

Most taxpayers don't want Uncle Sam preparing their tax returns
American taxpayers strongly oppose having the IRS or their state tax agency take an additional role of any kind in preparing people's tax returns, according to a new poll released this week by the Information Technology & Innovation Foundation.

Financial executives' salaries on the rise
Financial executives on average reported nearly a 5 percent salary increase, according to a new study by Financial Executives Research Foundation, the research affiliate of Financial Executives International.


What have you got to say today?

Linda Cavanaugh, CPA:
Plugged In
Fresh Start Accounting has been amended (SOP 90-7)

CPA FSP SOP 90-7-1 An Amendment of AICPA Statement of Position 90-7. The FASB approved this FSP on April 24, 2008 and it is effective immediately. This FSP resolves the conflict between early adoption of new standards for fresh-start reporting and other standards that prohibit early adoption....

Dave Burt, CPA:
The Shirtsleeve Accountant's Blog
Foreign Income and Living Expense Exclusion

As a U.S citizen or resident alien your worldwide income is generally subject to U.S. income tax. However, the IRS allows a foreign income and living expense exclusion for those having a tax home (living and working) overseas...

Featured Book

Five Future Strategies You Need Right Now
Author George Stalk has often been called a guru of business strategy. In the 1980s, before anyone else saw its importance, he and his colleagues at The Boston Consulting Group developed the concept of time-based competition: how meeting the needs of your customers faster than your competitors can give you an unassailable advantage.

In this Memo to the CEO, Stalk discusses five strategies that have not yet become widely practiced but are nonetheless worthy of your attention now. He offers advice on how to identify and manage them while they still present opportunities to jump ahead of the competition.

Editor's Note

We have exciting news this week in the form of survey results that show that, remarkably, American taxpayers don't want the IRS to prepare our tax returns for us. It's interesting that a survey was required to come to this understanding - 62 percent of those surveyed said they don't trust the IRS or state taxing agencies to prepare their tax returns for them. That statistic probably correlates closely to the number of people who itemize, operate small businesses, or have investments that require something more than cursory knowledge of the tax laws; typically these taxpayers seek out professional advice. Meanwhile, recently introduced legislation would eliminate e- filing fees for all taxpayers, not just the ones who qualify for the IRS's Free File program. Fortunately, these types of changes will have little impact on the accounting profession.

Gail Perry, CPA
Managing Editor

Small Business News

How to handle difficult people
A bully at your work is difficult for you to face. He is demanding you do part of his job without pay or credit. How do you handle it?

Lite News

IT Zone jargon watch - Top 10 management-speak crimes
Our UK sister site,, has published a list we know you will find entertaining and all too close to home. Courtesy of UK online office space brokerage, the, the following is a list of the top ten management-speak crimes, some of which you are sure to find familiar.

Firm/State News

Three Mississippi accounting firms combine with BKD, LLP
Three Jackson, MS-based accounting firms are combining with Springfield, MO-based BKD, LLP, one of the 10 largest CPA and advisory firms in the United States. BKD Managing Partner Neal D. Spencer announced the firms' combination is effective June 1, 2008.

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