CFO

A&A

Landmark Study Reveals SOX Compliance Issues

COSO 1992 Control Framework and Management Reporting on Internal Control: Survey and Analysis of Implementation Practices, a landmark research study by the Institute of Management Accountants (IMA), reveals two key cost drivers for public companies complying with Sarbanes Oxley (SOX) Section 404. “IMA’s study is the first comprehensive study of its kind that goes beyond estimating the cost of compliance.
A&A

New FASB Exposure Drafts Address Not-for-Profit Accounting, Usability Issues

On Monday, the Financial Accounting Standards Board (FASB) issued two Exposure Drafts intended to improve the accounting and disclosures for mergers and acquisition (M&A) activities among not-for-profit organizations. The deadline for submitting comments on the new Exposure Drafts is January 29, 2007.“The not-for-profit sector makes up a sizable portion of reporting entities and GDP in the U.S.
Practice Management

PCAOB Drafts Rewrites to AS2; Senior Administrators Moving On

Signs that the Public Company Accounting Oversight Board (PCAOB) is entering a new phase of its development came recently when the Board submitted a draft of changes to the Auditing Standard 2 (AS2) to the Securities and Exchange Commission (SEC) that are said to modify confusing definitions and eliminate the need for separate internal control and financial statements audits.
A&A

SBA-Backed Loans Set Records for 6th Consecutive Year

Small businesses turned to the U.S. Small Business Administration (SBA) for commercial financing in record numbers during fiscal year 2006, setting new single-year records for both the number of loans and the dollars loaned, according to SBA Administrator Steven C.
A&A

A Columbus Day Celebration of Accounting and Exploration

Once upon a time, an entrepreneur approached the most important and influential venture capitalists in the country in hopes of securing financing for his latest attempt to enter a new market. Having already successfully completed several trade missions and penetrated a variety of markets, he expected his proposal to be well-received. It was not.
A&A

Mobile Security Market: Preparing for Dynamic Growth

A new study found that an increasing market for mobile security products, including anti-virus, virtual private networks (VPN), data and file encryption and mobile identity management applications, is expected to reach almost $5 billion, installed in 247 million phones by 2011. Juniper Research, specialists in providing quality analytical research reports and consultancy services to the telecom industry, gathered information from some of the fastest growing mobile security providers to gain insight into the current and future market.
A&A

Accounting Rules Allow “Spring-loading,” “Bullet-dodging” Option Grants

The government will not have any accounting basis for enforcement actions against companies for “spring-loading” or “bullet-dodging” stock option grants, according to Scott Taub, deputy chief accountant for the U.S. Securities and Exchange Commission (SEC ). Taub spoke at a Financial Accounting Standards Board (FASB) advisory council meeting in New York on Tuesday, Reuters reports.
Tax

Goldman Sachs Added as Defendant in Fannie Mae Suits

In a time of increased scrutiny on brokerages, Goldman, Sachs & Co. has been added as a defendant in lawsuits related to questionable accounting practices by mortgage giant Fannie Mae.Complaints allege that Goldman, Sachs & Co. violated U.S. securities laws while allegedly arranging Fannie Mae-sponsored bond deals, the brokerage said in its quarterly report with the Securities and Exchange Commission (SEC).
A&A

Examining the Financial Health of America's Pastime

Despite the cloud of suspected steroid use that continues to hover over baseball, the sport seems to be financially healthy — at all levels.Representatives of Little League Baseball and Softball in Williamsport, Penn., the National Collegiate Athletic Association in Indianapolis and Major League Baseball in New York City, all report recent growth in revenue or profit.Advertisement
A&A

Islamic Accounting: Challenges, Opportunities and Terror

Recent events, from the start of Ramadan, to the Pope’s controversial remarks about Islam, to the discovery of a new tape by two of the September 11 attackers, to the release of Bob Woodward’s latest book, have once more made Islam a topic of conversation. Beyond the headlines, however, exists a complex religious and social system that affects far more people than just Muslims.
Practice

Technology Speeds Financial Close Process without Sacrificing Accuracy

Firms are still spending significant time and resources completing their reconciliation process despite technological advances that make it unnecessary. Increasingly tight regulatory guidelines, more stringent reporting requirements and complex operations over wide geographic regions, are only a few of the hurdles companies must overcome to achieve a faster, more efficient financial close process.
A&A

Avoiding Spreadsheet Slip-Ups

Spreadsheets help individuals and business organizations record financial data efficiently. Excel is probably the most common spreadsheet application used by businesses today. Users program formulas and macros to automate calculation of financial data as well. The seemingly simple financial logic inside spreadsheets can also cause embarrassing errors.
A&A

FASB Improves Employer Pension & Postretirement Plan Accounting

The Financial Accounting Standards Board (FASB) issued Statement of Financial Accounting Standards No. 158, Employers Accounting for Defined Benefit Pension and Other Postretirement Plans last week, making it easier for users of financial information to understand and assess an employer’s financial position and its ability to fulfill benefit plan obligations.
Technology

First Document Management Company Earning Gold Status from Intuit

CNG-Books, Cabinet NG’s document management software for QuickBooks®, has earned Gold member status in the new Intuit Developer Network program. “We are proud that Cabinet NG is the first document management software company to achieve Gold status in Intuit’s program,” Andrew Bailey, President of Cabinet NG, said in a statement announcing the achievement. “The seamless integration of CNG-Books with QuickBooks creates an easy-to-use document management solution that provides high levels of efficiencies in the accounting process.
A&A

Home Depot Improves Small Businesses with Easy Access to Business Services

Small businesses looking for affordable business services can find them at Home Depot. More than 12,000 small business owners have registered for the Business ToolBox since it was launched by the world’s largest home improvement retailer. The program offers one-stop shopping for a collection of discount business services and products.
A&A

Summary of Smaller Firm PCAOB Inspection Deficiency Analysis

The Center for Public Company Audit Firms (CPCAF) has issued their current Smaller Firm PCAOB Inspection Deficiency Analysis. Small firms are defined as those with 100 or fewer Securities and Exchange Commission (SEC) issuer audits. This analysis did not include analysis of the Public Company Accounting Oversight Board's (PCAOB) larger firm inspection reports. The public portion of 324 PCAOB smaller firm inspection reports issued between January 21, 2005, and August 15, 2006, were identified in this analysis.
Community News

Canadian CFOs Forecast Steady Fourth-Quarter Hiring

Hiring activity among Canada’s accounting and finance professionals is expected to remain steady during the fourth quarter, according to the quarterly Robert Half Financial Hiring Index.
A&A

Survey Shows Accountants Are Most Trusted Advisers

Accountants are sought after for business advice more often than lawyers or bankers, according to a new survey of small business owners.Advertisement
A&A

Appearing at the Forum on Small Business Capital Formation

Videotaped remarks from Christopher Cox, chairman of the Securities and Exchange Commission (SEC), will open the annual Government-Business Forum on Small Business Capital Formation. The Forum will be held on Friday, September 29, beginning at 9:00 a.m. (Eastern Daylight Time) at the Washington, D.C., headquarters of the SEC.
A&A

Making the Fourth Quarter Push

For many small businesses, the fourth quarter of the year presents their greatest opportunity to meet budget and sales expectations for the entire year. How you prepare your business now can mean a big difference in your bottom line for the New Year.

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