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MARCH 27, 2008


H&R Block rebate survey shows taxpayers in a cautious mood
More that 65 percent of taxpayers surveyed by H&R Block on March 1st are planning to use their rebates to pay bills or buy necessities like food. Respondents to the online survey were also asked how they planned to spend their tax refunds, and their answers showed nearly the same priorities.

Deloitte survey shows talent shortage is most pressing concern for employers
A shortage of skilled and talented workers has become the most pressing concern among employers, supplanting the perennial leading problem, rising cost of health care, according to the 14th annual Top Five Total Rewards Priorities survey conducted by Deloitte Consulting LLP and the International Society of Certified Employee Benefit Specialists.

Tax Freedom Day arrives early in 2008
The annual announcement from the Tax Foundation tells us how many days we have to work each year in order to pay federal taxes. Tax Freedom Day 2008 will fall on April 23, three days earlier than 2007's Tax Freedom Day.


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FEI Financial Reporting Blog
Paulson Says Treasury Blueprint Coming Soon, As He Encourages Regulators To 'Continue Building Robust Cooperative

In a speech on March 26 at the U.S. Chamber of Commerce's Second Annual Capital Markets Summit, U.S. Treasury Secretary Henry M. Paulson said Treasury's blueprint to modernize the regulatory structure is coming soon. He added that in light of the Bear Stearns bailout and the Federal Reserve's (Fed's) response to recent market turmoil, he also encouraged regulators to "continue their work of building a robust cooperative framework" and to "consider whether a more formalized working agreement should be entered into to reflect these events...."

Gary Levine:
Capitalization Matters
The Trickle Down Effect of Sarbanes on Internal Controls at Venture-Backed Companies

At a recent Two Step Software webinar entitled "Lessons Learned in 2007: A Recap of Stock Option Reporting Updates," more than half the audience of financial executives responded that they had not taken any steps to prepare for the new risk assessment auditing standards that apply to non-public companies (Statement on Auditing Standards 104-111) despite the fact that according to Dan DeVasto, the CEO of Wolf & Company, P.C., these changes to the audit standards are some of the most significant in two decades....

Inquiring AccountingWEB readers want to know:

Leigh Poynter asks: We have leasehold improvements where the term of the lease is 6 years but there is a break clause after 3 years. Should I depreciated these items over 3 years or 6 years?

Justin Nidiffer asks: I am working on a case study and need some assistance recording journal entries for a trade. The 2 parties are exchanging property and one is giving 25,000 on top of their property. How would this go into the journal??

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Mergers and Acquisitions: A Step-by-Step Legal and Practical Guide

by Edwin L., Jr. Miller

Getting a mergers and acquisitions transaction successfully completed requires an understanding of the legal framework, negotiating points, and practical aspects of each stage of the deal. Mergers and Acquisitions: A Step-by-Step Legal and Practical Guide provides management participating in a merger or acquisition with an in-depth integrated discussion of the key issues that come up at each stage. It provides unique insights and advice into how to use this information to be a winner at each stage.

Publisher's Note

The debate and analysis of data over whether or not global warming is real is an interesting one. One thing we're happy about at AccountingWEB is the fact that we don't kill trees. Publishing electronically gives us terrific freedom - without the guilt associated with producing tons of paper each year.

Is your office green? What practices have you put in place? We would like to know. We'll publish some of the green practices that you have put in place, or that your company/firm has instituted. Fire away! E-mail me! No trees shall perish in the process!

Rob Nance

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Quiz Me!

ABC's of Accounting
This week's Student Zone quiz is "ABC's of Accounting" and is brought to us by Barbara W. Scofield, PhD, CPA - Associate Professor of Accounting and Director of the Financial Accounting Concentration at the University of Dallas in Irving, Texas

Lite News

Sitcom Tax: George and Gracie whip taxes
Now that tax season is nearing its end, you probably feel like you've heard every possible explanation, every trumped up excuse, and every illogical conclusion there is, when it comes to taxes. But how would you like to be the guy who was assigned to do the taxes for George Burns and Gracie Allen?

Student News

AICPA Foundation to award $400,000 to diverse accounting students
The American Institute of Certified Public Accountants provides the Scholarship for Minority Accounting Students to outstanding accounting students with significant potential to becoming CPAs. Applications for the 2008-2009 school year must be submitted to the AICPA by June 2, 2008.

Firm/State News

PKF Texas expands international relationships
PKF Texas' strong relationship with the international community in Houston begins with the firm's 150 team members. They hail from 13 countries and speak 28 different languages. PKF is a member of two international networks providing resources in 120 countries. To enhance international ties Houston-based Pannell Kerr Forster of Texas, P.C. (PKF Texas) partners with the Greater Houston Partnership to present the monthly International Connections series.

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