CFO | AccountingWEB



FASB to issue new FIN 48 guidance

FASB will issue a proposed staff position for FASB Interpretation No. 48, Accounting for Uncertainty in Income Taxes, for pass-through and tax exempt not-for-profit entities. Once released, the FSP will be available for a 30-day comment period.FASB also decided:Not to provide guidance related to whether a tax is or is not an income tax. That attribution of the income tax to the entity or its owners should be based on the laws and regulations of the taxing authority rather than on who is responsible for payment of the income taxes.  

Small businesses say retirement plans are still excellent benefits

Amid the growing concerns about the current economy, small business owners continue to recognize having a solid retirement plan as an important issue both personally and to their employees. This is according to survey results released last week by SunTrust Banks, Inc.

Revamp your communications plan and increase revenues

By Barbara Bix and Melissa Josephson Edwards If the rate of your incoming revenues seems to be slowing down, it may be time to revamp your firm's marketing communications plan. Effective communications plans will leverage your principals' time and speed up the sales process by anticipating and getting prospective clients the information they need to move to the next level — wherever these prospects are in the buying process.

FASB chairman says final revisions to Statement 157 reaffirm fair value

In a statement accompanying the release of the final FASB Staff Position (FSP) of proposed changes to FAS 157, Fair Value Measurements, Determining Fair Value When the Volume and Level of Activity for the Asset or Liability Have Significantly Decreased and Identifying Transactions That Are Not Order, FASB Chairman Robert H. Herz said that the revised FSP, along with two others related to fair value measurements, provides additional application guidance and calls for new disclosures.

Top 9 confusing business deductions

It's tax time, which means almost 21 million self-employed people are preparing to fill out their tax returns, including Schedule C: Profit or Loss from Business. Should be pretty easy - just enter how much money came in and went out of your business last year. Right?

AICPA, CPA2Biz, and Intacct form alliance to benefit small businesses

The American Institute of Certified Public Accountants (AICPA), its subsidiary CPA2Biz, and Intacct today announced an alliance that they expect will benefit millions of small businesses across America and improve the productivity of the CPA profession.

FASB responds to negative feedback to Proposed FAS 157-e, will vote on final version

When the Financial Accounting Standards Board (FASB) decided to move forward with changes to FAS 157, Accounting for Fair Value, with the proposed FAS 157-e, "Determining Whether a Market is Not Active and a Transaction is not Distressed," it did so in the face of strongly worded comment letters from the American Institute of Certified Public Accountants (AICPA) and the Center for Audit Quality (CAQ), which expressed serious reservations about the proposed changes. Neither organization supported the draft FASB Staff Position (FSP), and both called for major revisions.

Change your IT strategy to work smarter in the recession

By Jennie LeopardThe recession is pushing every organization, regardless of size, to find ways to work smarter. Companies both large and small need to reduce operating costs at the same time they continue to increase productivity, efficiency, retain a competitive edge, and stop that bottom line from shrinking.How can you adapt your IT strategy in this economic downturn?1. Sweating existing IT assets harder

Getting your feet wet with marketing online

By James Pennington, consultant at the National B2B Centre (NB2BC)Plan your Web siteMany people sit down and start working on their Web site but then stop and never get started again because they haven't thought about what they are trying to achieve. Remember, that your Web site is another sales medium. Understand your proposition and unique selling point and have a strategy for using the Web. The following resources can help: 

Running a business: From rural life to Second Life

SciArt Media, a Temple, NH based Web design and publishing company, opened a new office and more on President's Day, February 18th. What is unusual is the location of the new office: It is nowhere in the real world – it is entirely virtual – located in the realm of Second Life.

Increase your sales by improving your Web site design

Design and usability matter a lot when creating a company Web site, and getting it right could be the difference between business success and business failure. Chris Barling, chief executive of ecommerce software provider Actinic, offers best practice advice.
Practice Management

52 Random insights to grow your business

1. Be careful of being too anxious to prove your value.2. Be willing to walk away from every sale.3. Be worth the price of admission.4. Become like the companies and people you admire.5. Brand your honesty.6. Build an asset so attractive that buyers will come looking for it.7. Build things worth noticing.8. Clearly define what you are a steward of.9. Create a product people can easily become obsessed with.10. Develop a system for dealing with customer complaints.11. Discover whether or not this is your own thinking.

IASB and FASB announce further steps in response to global financial crisis

The International Accounting Standards Board (IASB) and the Financial Accounting Standards Board (FASB) have announced further steps in response to the global financial crisis following their joint board meeting held in London on March 23 and 24, 2009.Building on work underway, the two boards have agreed to work jointly and expeditiously towards common standards that deal with off balance sheet activity and the accounting for financial instruments. They will also work towards analyzing loan loss accounting within the financial instruments project.

Small businesses are using technology to cut costs and grow business

Microsoft Corporation has released a study of the business challenges and technology priorities that small and midsize businesses (SMBs) are facing in the year ahead. The first "Microsoft SMB Insight Report," which will be published annually, identified virtualization, IT consolidation, business intelligence, software as a service and support of remote workers as the top technology investment priorities for SMBs in 2009.

DOL clarifies stimulus bill’s COBRA rules and issues model notices

The Department of Labor (DOL) has published model notices of temporary premium reductions in COBRA payments mandated by the American Recovery and Reinvestment Act of 2009 (ARRA) (the stimulus bill), that employers are required to send to employees whose loss of coverage occurred between September 1, 2008 and December 31, 2009. Eligible individuals should receive a notice by April 18 informing them of this opportunity. The stimulus package reduces the premium for COBRA coverage for eligible individuals to 35 percent of the full COBRA premiums for up to nine months.

Expedited fair value guidance may ease pressure on banks

Following a hearing at a House Financial Services subcommittee last week, the Financial Accounting Standards Board (FASB) agreed to expedite release of their proposed guidance for the application of FAS 157 "Fair Value Measurement." The proposed guidance was published for public comment on March 17th and will be voted on by the Board on April 2. If approved, the FASB recommends that the guidance be effective for interim and annual periods ending after March 15, 2009. According to, FASB chairman, Robert H.

Telecommuting calculator adds up savings for employees and employers

The folks at, the Web site jam-packed with everything you need to know about working from home, have introduced the Telework Savings Calculator. Based on U.S. Census data and other information, the calculator can help determine if working from home is beneficial to you as an employer and as an employee. It also reflects the environmental impact of not getting in a car each day and commuting to work.

New tax law extends NOL carryback period

The Internal Revenue Service has announced that small businesses with deductions exceeding their income in 2008 can use a new net operating loss tax provision to get a refund of taxes paid in prior years.

Provisioning Your Home Accounting Office

As the economy continues to contract, more and more accountants are considering striking out on their own. A benefit to providing accounting services is that you can often ease your way into your own business, as long as you don't run afoul of any non-compete agreements with your primary employer. I'm sure you've read a million articles about how to establish a separate workspace that's all your own and how to organize your files, so instead I'm going to focus on elements of my own home office that I've found particularly effective.

FASB Chairman Robert H. Herz testifies on mark-to-market accounting

Robert H. Herz, chairman of the Financial Accounting Standards Board (FASB), testified about mark-to-market accounting today before the U.S. House of Representatives Subcommittee on Capital Markets, Insurance, and Government Sponsored Enterprises. Herz appeared at a hearing convened by Congressman and Committee Chairman Paul E. Kanjorski (D-PA) on "Mark-to-Market Accounting: Practices and Implications."


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