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MAY 22, 2008


AICPA Council votes to recognize IASB as a designated standard setter
The governing Council of the American Institute of Certified Public Accountants has voted to designate the International Accounting Standards Board in London as an accounting body for purposes of establishing international financial accounting and reporting principles.

New required XBRL tags will provide mutual fund investors with key information
On Wednesday, the Securities and Exchange Commission voted unanimously to formally propose that mutual fund investors get access to key information about fees, performance, and strategies through interactive data, which would permit comparison shopping among thousands of funds with all the ease of conducting an Internet search.

Six defendants found guilty in Chicago tax fraud trial
Six defendants were convicted Monday after participating in a nationwide tax scheme that enabled 650 wealthy taxpayers to cheat the government out of $60 million.


What have you got to say today?

Gary Levine:
Capitalization Matters
Your SaaS Provider's Infrastructure: Like Your Own Systems ... On Steroids

Talking with hundreds of companies over the past year about our stock plan and corporate governance applications, we've seen the "tectonic shift" that some analysts have referred to with regard to the acceptance of SaaS applications in the business application market. Even Bill Gates has referred to it as a "sea change" that has arrived and the Microsoft Chief Software Architect, Ray Ozzie, has been pushing it as inevitable....

Ryan Williams:
Tech Better
Copying and Pasting

This week's tech tip is on copying and pasting. I am going to go out on a limb and assume everyone already knows what copying and pasting is. So I am going to address what I consider one of the most annoying aspects of copying and pasting in Windows which is text formatting....

Join the forums -
express your views!

Quiz Me!

Financial Ratios
This week's Student Zone quiz is "Financial Ratios" 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. Sharpen your skills!

Publisher's Note

Internet is shorthand for Interconnected Network. How connected are you with your local networks? I'm not talking about technology, but rather, the people who can help you in your daily accounting life. You know how critical these referral networks (a two-way street) are to your practice, personal development, and staying connected within your business community. With summer on the horizon, commit yourself to developing new relationships - and strengthening existing relationships - with bankers, commercial lenders, attorneys, business brokers, commercial real estate brokers, insurance agents, and others who can provide services to your clients and also refer business to you.

One thing is certain - when you get to autumn, you'll be glad you made the effort.

Rob Nance

Latest News

Firm/State News

Ernst & Young Academic Resource Center to develop IFRS faculty curriculum
Ernst & Young LLP has announced the formation of the Ernst & Young Academic Resource Center, a new collaboration between the firm's professionals and university faculty. The Center will develop curriculum and arm faculty members with time-critical learning materials focused on International Financial Reporting Standards (IFRS) which will help the next generation of accounting professionals meet the fast-changing needs of the global financial markets.

Student News

Virginia CPAs offer financial tips to college graduates
Graduation, for millions of college students, means it's time to trade in books and binders for bills and budgets. The Virginia Society of Certified Public Accountants (VSCPA) provides the following advice to help college graduates become financially independent.

Tech News

AICPA introduces Web site to inform financial professionals about International Accounting Standards
The American Institute of Certified Public Accountants has announced the introduction of, a new Web site developed in partnership with its marketing and technology subsidiary CPA2Biz to help members and financial professionals learn about and stay informed on International Financial Reporting Standards (IFRS).

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