June 17, 2008  

Editor's Note

This week we feature an article about a potential shortfall in availability of loan funds for college students. There is an alternative not addressed in the article - work your way through school. As someone who did just that, working part-time some semesters, full-time others, and going to school by taking however many courses I could afford to buy as each semester began, I can attest to the fact that it was my work experience during the college years and self-confidence gained from holding jobs and making my own way through school that made me marketable to employers when I finally finished school. Rather than relying on loan money and piling up huge amounts of debt during the college years, students should be reminded that there are other ways to get the schooling they desire.

Gail Perry, CPA
Managing Editor
AccountingWEB, Inc.

Questions & Advice

A student would like to know how much choice a company has when it comes to capitalizing assets.
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A reader wants to know how much a new CPA certificate is worth when it comes time to ask for a raise.
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Bloggers Crew
What have you got to say today?

Linda Cavanaugh, CPA:
Plugged In

FASB 162 The Hierarchy of Generally Accepted Accounting Principles
In May, 2008, the FASB issued Statement 162 which moves the GAAP hierarchy out of the auditing standards and into the accounting guidelines. The FASB and SEC believe that the hierarchy should be addressed to the entity preparing the financial statements and not to the auditors....

Financial Reporting Blog

SEC's Hewitt, At FASB Forum, Amplifies Cox' Remarks On IFRS Rulemaking Coming This Summer;FEI Supports Global Stds, Forms CRIFR
SEC Chief Accountant Conrad Hewitt, speaking earlier today at FASB's Forum on High Quality Global Accounting Standards, further amplified the status of SEC's upcoming "IFRS Roadmap," following on direct remarks on this topic by SEC Chairman Christopher Cox which Cox made last week.

Michelle Golden:
Golden Practices

Networking Event Follow-up: The Rule of Three
Bruce Allen suggests that three follow-ups from an event are a lot better than none and I'd have to agree. He says: One event = one e-mail, one note, one call. With the best intentions in mind, writing handwritten notes to everyone you've met is a great idea. But it can seem like a monumental undertaking, so what happens? Days go by...then weeks...pretty soon months...and then it's a year. No follow- ups made. I hate to admit it, but I've done this, too (sssshhhh)....

In the Land of Difficult People: 24 Timeless Tales Reveal How to Tame Beasts at Work
by Terrence L. Gargiulo and Gini Graham Scott

Treasured for centuries, the world's folk tales have left a legacy of wisdom for countless generations. Going beyond simple entertainment, stories such as "The Lion and the Hare" and "The Woodcutter's Daughter" instruct through exam­ple how to live in a world populated with dishonest, petty, and conniving characters. In the Land of Difficult People presents 24 charmingly illustrated fables. Taken from around the world, each exemplifies the best methods to use when dealing with difficult people at work. This helpful book identifies eight major types of difficult people, giving readers strategies for working with each of them. From Untrustworthy Ravens to Insincere Monkeys, this instructive collection follows each story with a down-to-earth analy­sis of how to manage any situation involving the toughest of characters. For anyone venturing "into the woods" of modern-day life, this book is a powerful potion of common sense that will lead to happily-ever-after endings every time.

Top News

Regulation cutoff will not affect most IRS rules

A Treasury Department spokesperson has said that the White House memorandum issued on May 9 directing agency heads to propose new regulations by June 1 and finalize these regulations by November 1, 2008 will not apply to the Internal Revenue Service (IRS), CCH reports. Speaking with CCH on May 29, 2008 the spokesperson said that, "Generally, we believe the White House directive does not affect our normal process of issuing business plan guidance." more

PCAOB adopts rules for accounting firm reporting
Despite new law, students will scramble to find college loans
New debit/credit card law protects merchants

Small Business News

Daily habits for developing the art of leadership

Many people are born leaders, yet the ability to lead is actually an art and an amazing collection of skills which can be learned and sharpened. The following top ten daily habits will help you and/or your clients grow as a leader personally, professionally, and spiritually. more

Be prepared when disaster strikes: Five reminders from the Illinois CPA Societ
New book offers tips to help small retailers compete
How much are you leaving on the table because of mediocre pricing?

Firm/State News

Clifton Gunderson Web site wins three creative awards

Clifton Gunderson, ranked as one of the nation's largest certified public accounting and consulting firms, has announced its external Web Site has received international recognition for its Web Site design and content. The firm was awarded with three "2008 Hermes Creative Awards" from the Association of Marketing and Communication Professionals (AMCP). more

Schneider Downs appoints two new shareholders
Illinois CPA Society appoints 2008-2009 board of directors
Blackman Kallick hires practice leaders for State and Local Tax and Risk and Compliance Services

Tech News

Multiple monitors: "The quickest and cheapest way to drive up productivity"

You may think this is a thinly disguised ad designed to sell computer monitors, but it isn't. More and more accountants are adopting the practice of using dual monitors ... some are even using three or four. The results? They are seeing green, in more ways than one. First, there is much less need to print, therefore less wasted paper and ink. For many, that's the original idea. more

You can go green and not give up printing with these tips
Business intelligence: The tip of the iceberg
CPA Technology awards reward innovation

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