Internationally recognized convergence expert, Bruce Pounder, explains what we can expect to see in financial reporting and the financial statements of the future. To start off, can you briefly describe the phenomenon of "Convergence?"The word Convergence refers to the process of eliminating differences in accounting standards among countries. But Convergence also refers to the goal of that process - the absence of differences in accounting standards among countries. So Convergence is both a process and a goal.

Even expert tax practitioners can become confused by the complex tax rules pertaining to the Sec. 199 domestic "manufacturing" deduction. The IRS has already issued hundreds of pages of regulations on this issue. Fortunately, it is also taking steps to cut down on some of the paperwork. Alert: The IRS continues to provide guidance for claiming the deduction. The latest missive explains how to use a statistical sampling for this purpose. (IRS Revenue Procedure 2007-35) But the new IRS procedure only goes so far.

The federal minimum wage will rise from $5.15 to $5.85 per hour on Tuesday, July 24, 2007, the first of three increases that will take place over the next two years. Over the next two years, the federal minimum wage will rise from to $7.25 per hour in three steps. The federal minimum wage will increase to: $5.85 per hour on July 24, 2007 $6.55 per hour on July 24, 2008 $7.25 per hour on July 24, 2009 Employees last saw an increase in the federal minimum wage in 1997.

Search engine giant Google is expanding its range into business site search engines facilities with a new search engine starting from $100 a year.The company claims that the hosted Google Custom Search Business Edition can be implemented on a business website in less than 10 minutes and will give visitors better search results once they arrive.The new service expands on the free Custom Search Engine, which includes Google AdWords links alongside the site's own search results and offers some faciliti

A joint endeavor of the Great Place to Work Institute and the Society for Human Resource Management provides an opportunity for small-sized companies (50-250 employees) and medium-sized companies (251-999 employees) to compete for the honor of being named one of the "Best Small & Medium Companies to Work for in America."Competing companies win marks for low turnover, providing employee training programs, and work/life flexibility. Surveys are filled out anonymously by employees. Companies can nominate themselves for the award and they pay a fee to be included in the competition.

As we move towards the halfway point of the year, now is the perfect time for small businesses to organize their finances and streamline business processes for the coming months.

Prompted by the online networking of the MySpace and Facebook generations, top managers in big companies are rushing to join the online business networks once frequented by client-starved consultants and lonely entrepreneurs. Posting a profile on networks such as LinkedIn could soon be as routine as handing round your business card. The future of financial knowledge-gathering, marketing and recruitment may also lie online.

Many tax professionals look for ways to increase their business and, of course, their income, in the slower, summer months. Opportunities for increasing your business might be lurking in your existing client base. Review client files when you've got time on your hands and you might find there are many useful suggestions you can offer that will help your clients and increase your business.Take the time to look back at the questions your clients raised when you prepared their tax returns, review their tax returns, and examine their financial conditions.

The manufacturing and wholesale distribution segments in the United States continue to see positive growth across several industry segments, according to the RSM McGladrey 2007 Manufacturing and Wholesale Distribution National Survey, released Thursday. Conducted this spring, the second annual RSM McGladrey survey provides insights into what CEOs, CFOs, and other senior industry executives are thinking, doing and planning to grow their businesses in an increasingly competitive marketplace.