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JANUARY 17, 2008


"The dog ate my tax return" won't fly with the IRS
The Internal Revenue Service has issued a notice that lists four additional erroneous legal positions that taxpayers should refrain from using as an excuse to avoid paying their taxes.

FASB launches verification phase for Accounting Standards Codification for GAAP
The Financial Accounting Standards Board has officially launched the one-year verification phase of the FASB Accounting Standards Codification. After addressing the issues raised during the constituent feedback process, the FASB is expected to formally approve the Codification as the single source of authoritative U.S. GAAP, other than guidance issued by the Securities and Exchange Commission.

Fidelity opens flagship Magellan Fund to new investors
For 45 years, Fidelity Magellan Fund, a well-known name in mutual fund history, has helped millions of Americans reach their financial goals. For the first time in 10 years, the fund is open to new investors.


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Linda Cavanaugh, CPA: Plugged In
SEC issues two new SABs

In November and December, the SEC issued two new Staff Accounting Bulletins No. 109, "Written Loan Commitments Recorded at Fair Value through Earnings" and 110, "Valuation of Employee Share Option Grants."

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Tech News

Social networking breeds new wave of 'Trojan 2.0' attacks
The great Facebook boom of 2007 has been accompanied by a new generation of phishing and trojan horse virus attacks, according to security experts.


Find Employees, Find Jobs!
AccountingWEB, Inc. and CareerBank have joined forces to offer you a quick way to find and employee, or a job, depending on your needs. In addition, you can get career resources and industry news to help you find your dream job faster.

Publisher's Note

You may have noticed our survey recently questioning which web browser you use the most. As expected, Internet Explorer garnered the lion's share of responses. Based on our unscientific poll, 30 percent of AccountingWEB's audience uses IE7, compared to 21 percent of the U.S. population. Fifteen percent of AccountingWEB readers use IE6, while 33.6 percent of the U.S. population does the same. We also had 12 percent of our readers indicate "Internet Explorer miscellaneous," which could mean IE7, IE6, IE5 or "not sure which IE version."

Firefox is used by 36.3 percent of Americas; 32 percent of the AccountingWEB audience uses the product. Several other browsers registered only a handful of votes. I use the Opera browser quite a bit; poor little Opera only got about five votes.

So, what does this mean? Perhaps accountants are faster than the general public when it comes to upgrading versions when they become available? Maybe accountants are not terribly excited about trying out lesser-known browsers, such as Flock? Accountants love Microsoft products? Accountants actually use obscure browers but cleverly hide their preference from the general public by choosing Explorer in the poll?

Feel free to discuss this amongst yourselves in the break room....

Rob Nance

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Student News

Former FBI agent joins accounting faculty
Don Berecz joined the faculty at Georgia Southern University in 2007, after 23 years of government service with the FBI. Berecz will serve as the first director of the University's Center for Fraud and Forensic Studies in Accounting and Business.

Firm/State News

Maryland accounting firms merge
Owings Mills, MD-based wealth management and CPA firm Glass Jacobson has acquired accounting firm, Finkelstein & Geser LLC, also located in Owings Mills. The acquisition is effective immediately.

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