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May 13, 2008


TIGTA report: Few businesses claimed telephone tax refund
Less than 6 percent of business taxpayers claimed the one-time-only telephone excise tax refund when they filed their tax returns.

FASB releases GAAP Hierarchy Statement 162
The Financial Accounting Standards Board (FASB) has issued FASB Statement No. 162, The Hierarchy of Generally Accepted Accounting Principles. The new standard is intended to improve financial reporting by identifying a consistent framework, or hierarchy, for selecting accounting principles to be used in preparing financial statements that are presented in conformity with U.S. generally accepted accounting principles (GAAP) for nongovernmental entities.

Thrift is focus of new national campaign
A diverse coalition of leaders are launching a national campaign -- with a groundbreaking report, three new books, and artifact exhibit -- today at a conference in Washington, D.C. entitled, "Confronting the Debt Culture."


What have you got to say today?

Eva Lang, aka BV Girl
Outlook for Growth in Business Valuation

How broad is the current economic slowdown and is it affecting business valuation firms? Two recent items give us some insight into how economic conditions are affecting BV work....

Bill Kennedy, CA.IT, PMP:
Energized Accounting
Nickel 'n' Diming

Would you like an iron-clad, guaranteed way of annoying your clients and ensuring they think twice before calling you? A friend was venting this week about the bills he was getting from the firm supporting his accounting system...

Featured Book

At the Crossroads:
The Remarkable CPA Firm that
Nearly Crashed, then Soared
by Gale Crosley CPA, Debbie Stover
Joe Abriola has a problem-a big problem. Managing partner of a prosperous Minneapolis CPA firm, Joe has just learned that his partners are on the verge of mutiny. Why are they so upset? It's him!-or, rather, it's the way he's let their practice slide intocomplacency. Why are other CPA firms growing so fast when theirs isn't?

The partners want answers-fast. If not, Joe may find himself out in the cold . . . and it gets awfully cold in Minneapolis in the winter. What will he do?

Editor's Note

May is National Get Caught Reading Month, according to the people who put together these celebrations. I was particularly amused when I followed a link about this celebration to find that a group promoting National Get Caught Reading Month headed up their Web page with the statement, "Exersise Your Brain!" Apparently National Get Caught Spelling month must be scheduled for sometime later in the year. In any case, I'm all in favor of reading and this seems like a good time to encourage our readers to share with us their favorite books. We are in the process of assembling an AccountingWEB summer reading list and will welcome suggestions from our readers - so please e-mail us with your favorite books. Not just business books, mind you, but any favorites, from children's stories to lengthy tomes. While we're at it, we might have to think about putting together a summer exercise program as well - or at least a spelling bee.

Gail Perry, CPA
Managing Editor

Small Business News

Fraud 101: Small business at risk
Business fraud and abuse costs have reached $400 BILLION dollars a year. That equates to $9.00 per employee, per day. Pretty incredible isn't it! It appears that the work force today has become Ethically Challenged. Who's the most at risk? The answer, small businesses.

Tech News

XBRL comes of age
Ten years after its introduction, XBRL, eXtensible Business Reporting Language, is reaching maturity in terms of technology and acceptance according to speakers at the 17th XBRL International Conference held in Eindhoven, Netherlands on May 5-8, 2008.

Student News

Accounting degrees hit 36-year high with 64,000 graduates this spring
More than 64,000 students graduated with bachelor's and master's degrees in accounting in the 2006-07 school year, according to a new report by the American Institute of Certified Public Accountants. This is the largest number of graduates in the 36 years the Institute has been tracking this data.

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