Auditing

A&A

Thomson Reuters Tax and Accounting asks the question: "r u ready?"

Approximately 800 accounting professionals from around the country gathered recently in Washington, D.C., not to try to lobby Congress or push a tax agenda, but to learn and absorb tools and tips from the mother ship, Thomson Reuters Tax & Accounting.
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Practice Development

Filomeno & Co. turning audits into profit centers

Filomeno & Company, a West Hartford, CT-based CPA and business advisory firm, is turning financial audits into profit centers.
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A&A

Pass, fail, or adapt: How to respond to changing DCAA audit rules

The Defense Contract Audit Agency, the agency which audits Department of Defense contracts, changed the rules last year to make its audits very simple: you pass or you fail.
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A&A

Rosenberg MAP Survey: CPA firms weather recession nicely

The recession hit the CPA industry with full force in 2009, and the results were quite different than in years past. Growth for CPA firms has been steady for 20 years or more, so firms had to rapidly adapt to the reality that the gravy days are gone for the time being.
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A&A

PCFRC's O'Dell discusses FASB, concerns of private companies

At its fourth public meeting, earlier this month, the Blue Ribbon Panel, formed by the Financial Accounting Foundation to define the issues faced by private companies with U.S. GAAP, agreed that a new model for private company reporting was required.
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Practice Development

CPA as trusted advisor: Why, and is it deserved?

In many client relationships, the CPA is counted on to be a trusted business advisor, to be available when the entrepreneur needs advice, to be the quarterback of the team of professionals who help to guide the company.
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A&A

FASB clarifies accounting for troubled debt restructurings by creditors

The FASB has issued an Exposure Draft of a proposed Accounting Standards Update intended to increase transparency in financial reporting about troubled debt restructurings.
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A&A

What is known, unknown about financial reform law

At 2,300 pages, the Dodd-Frank Wall Street Reform and Consumer Protection Act is, by most definitions, a monumental piece of legislation. It also is one of the most sweeping reforms of the American financial system since the Great Depression.
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AccountingWEB Life

Converting to a Roth IRA easier in 2010

A provision within the Small Business Jobs and Credit Act of 2010 passed by the House Thursday will allow participants in 401(k), 403(b), and 457 tax deferred plans to convert those savings into a Roth IRA account if employers sponsor a Roth IRA in their plan.
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A&A

Obama seeking additional spending before November elections

The Obama administration last week submitted to lawmakers a spending proposal that would cost, according to Republican estimations, between $20 billion and $30 billion.
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A&A

Warren named Consumer Financial Protection Bureau czar

Is Harvard Law Professor Elizabeth Warren a pioneer of consumer financial protection issues or is she too critical of Wall Street and the banking industry? Americans will have to find out while she is on the job.
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A&A

CAQ survey: Investors remain confident in U.S. companies and audited information

Despite fluctuating markets over the past year, individual investors remain confident in investing in U.S. companies that are publicly traded and in audited financial information.
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A&A

SEC wants public companies to disclose more info about short-term borrowing

The Securities and Exchange Commission has voted unanimously to propose measures that would require public companies to disclose additional information to investors about their short-term borrowing arrangements.
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A&A

PCAOB announces participants in roundtable on new proposed communications standard

The Public Company Accounting Oversight Board has announced the names of the participants in the roundtable discussion on its proposed standard on auditors' communications with audit committees.
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A&A

Russell Golden appointed to FASB, replacing Herz

The Board of Trustees of the Financial Accounting Foundation has announced the appointment of Russell G. Golden to the Financial Accounting Standards Board, effective October 1, 2010. Golden will fill the board member vacancy on the FASB resulting from the retirement of Robert H. Herz
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A&A

Profile of a fraudster: Does your company have one?

More than 80 percent of the frauds in the ACFE study were committed by individuals in accounting, operations, sales, executive/upper management, customer service or purchasing.
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A&A

Businesses await new standard for lease accounting

The Financial Accounting Standards Board and the International Accounting Standards Board are on track to publish the final version of a common standard on lease accounting during the second quarter of 2011. The standard could go into effect as early as 2013.
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A&A

PCAOB adopts new auditing standards on risk assessment

The Public Company Accounting Oversight Board has adopted a suite of eight auditing standards related to the auditor's assessment of, and response to, risk in an audit.
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A&A

Blue Ribbon Panel leans toward separate GAAP for private companies

At its most recent meeting the Financial Accounting Foundation's (FAF) Blue Ribbon Panel chairman asked the panel to define the problem that private companies faced with U.S. GAAP and to narrow the field for proposed alternative models.
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Tax

AICPA asks Congress to repeal new 1099 reporting provision

The AICPA has asked Congress to repeal the section of the new health care law that requires businesses to report to the IRS any purchase from a vendor of goods or services worth $600 or more during the calendar year.
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Pages

Voice of the Editor

What would you do if one of your clients won the lottery? We asked several accountants to weigh in with their advice for the lucky Powerball winner, and the tips we received are useful for anyone who receives a windfall, whether it's a lottery win, an inheritance, a big bonus on the job, or a killing in the stock market.
Read more
Gail Perry, CPA
Publisher/Editor-in-Chief, AccountingWEB
editor@accountingweb.com
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