July 15, 2008  

Editor's Note

They say summer is the season for marriages, and our continuing news of accounting firm mergers, listed in the Firm/State News section of this e-newsletter, would seem to testify to that fact. New firm combinations mean changes in the workplace. Not only do firm members have to embrace a new group of colleagues as their own, but cultures must merge, and clients must be made to feel their interests will continue to be well-served. There's much more to the merger than signing papers and moving desks. Our best thoughts go out to those firms who have decided it is in their interests to join forces.

Best regards,
Gail Perry, CPA
Managing Editor
AccountingWEB, Inc.

Questions & Advice

Texas's new margin tax - is it a business tax or an income tax?
Read and Respond Now

An accounting students wants to know how accounting information system controls can promote efficiency or effectiveness.
Read and Respond Now

Bloggers Crew
What have you got to say today?

Financial Reporting Blog

SEC's Complexity Committee Agrees On Report
Earlier today (July 11), the SEC Advisory Committee on Improvements to Financial Reporting (CIFiR) passed all recommendations in its Draft Final Report unanimously, with some editorial changes....

The A-Team:
Voices of the AccountingWEB Staff

Staying on top of the game
With all of us, there's a point in life where our skills reach a summit and then begin to decline. I was made painfully aware of this yesterday in a Dads vs. Sons baseball game....

Alex Vuchnich, CPA, CFE:
Profit Matters Blog

Greed, Ethics, Profitability
Within our profession there is a long standing tradition of maintaining the highest level of ethical principles in our professional and business practices. This is evident in our professional code of conduct and the largely self-regulated nature of the accounting profession. It implies that we understand that in order to provide our services to the public we have a responsibility to do so under certain self-imposed restrictions on how we provide those services....

The Zone of Insolvency: How Nonprofits Avoid Hidden Liabilities & Build Financial Strength
by Ron Mattocks

Would you know if your nonprofit is in the Zone of Insolvency and understand the related legal responsibilities and liabilities of operating in financial distress? Approximately one-third of nonprofits—more than 450,000 organizations—function perpetually in the Zone of Insolvency, i.e., in financial distress, and approximately seven percent are completely insolvent. What is the impact of hundreds of millions of dollars given to charitable organizations that operate in perpetual financial distress? Do board members have an inherent obligation to keep nonprofit organizations in operation regardless of their financial condition, or their mission effectiveness?

Top News

John Doe summons means Swiss banks may have lost their mystique

On July 8th, the IRS met with several major accounting firms that have foreign offices - a group which is thought to include Ernst & Young, PricewaterhouseCoopers, KPMG, Deloitte & Touche, BDO Seidman and Grant Thornton - to solicit their help with the Qualified Intermediary program. That program began in 2000 and is designed to help the IRS track funds that may be secreted in foreign accounts. more

IRS warns of latest scam attempts
Congress working on bill to help homeowners

Small Business News

Ramp up your brand - sledgehammers and service brand preference

Imagine the strongman game at the carnival. You lift the sledgehammer over your head and swing it down onto the platform. When it strikes the target, a metal cylinder rises up and up - 20 feet up the pole until it rings the bell. On its way down the pole the cylinder passes the same words it passed on the way up: strongman, tough guy, athlete, junior, and weakling.

'Why doesn't your old resume work anymore?'
Election Watch: Obama unveils $6 billion small business health plan

Firm/State News

Indianapolis accounting firms announce merger

Indianapolis accounting firm Katz Sapper & Miller, has announced plans to merge with another Indianapolis firm, Heaton and Eadie, effective August 1, 2008. The newly-combined firms will operate as Katz, Sapper & Miller. more

San Antonio firm to merge with BKD
Michigan CPA firms announce mergeer

Tech News

AICPA to offer XBRL seminar

The American Institute of Certified Public Accountants is offering a special two-day seminar, July 22-23, for financial professionals on understanding and applying the new eXtensible Business Reporting Language (XBRL) required for public companies by the Securities and Exchange Commission. more

Microsoft's had enough: Fighting back at Mac
Microsoft launches new software subscription service

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