CFO

A&A

SBA Partnership Offers Free Risk Management Tools to Business Owners

Small business owners can now take advantage of free risk management tools, available on the Web, thanks to a new partnership between The Hartford Financial Services Group and the Small Business Administration.The co-sponsorship of the educational materials and online interactive tools in intended to bring to the small business owner many of the tools previously available only to larger businesses.Resources are available on both the SBA's Small Business Classroom Web site www.sba.gov/classroom and The Hartford's Small Busines
A&A

FASB Tightens Accounting Rules For Loan Guarantees

The Financial Accounting Standards Board
A&A

FASB Issues 2nd Draft on Accounting for Stock Options

The Financial Accounting Standards Board (FASB) has issued another invitation to comment on stock-based compensation. This one asks for your views on accounting for the fair value of employee stock options.FASB's document provides you with background information in the form of a concise helpful explanation of the similarities of and differences between the international accounting proposal and one of the two types of accounting now permitted in the U.S.
A&A

Dangerous Knowledge - What We Know Can Hurt Us

By, Keith RosenI recently purchased some advertising space in a national magazine. I have been a subscriber for years and knew everything I needed to know to select them as an advertising vehicle. I called them with one intention, to place an order. When I called the sales office, the ad saleswoman began doing what she felt was appropriate and that was to start selling me.
A&A

Hit List Picked For Fast-Track FASB/IASB Convergence

The Financial Accounting Standards Board (FASB) has reached into its vast reservoir of U.S. accounting standards and drawn up a hit list of 17 topics targeted for fast track convergence with international standards. The winning topics in this lottery are not necessarily the U.S.
A&A

Free Accounting Software Being Developed For Non-Profits

A unique academic-community collaboration is underway in Chicago that will result in non-profit organizations and small businesses across the country being able to access accounting software for free.Loyola University computer science professors, students and neighborhood residents will work together on building the web-based software thanks to a $1 million grant from the National Science Foundation."It's perhaps the largest NSF grant we've ever had," notes William Yost, Ph.D., associate vi
A&A

AcSEC Relinquishes Accounting Standard-Setting Role

The American Institute of Certified Public Accountants (AICPA) announced that its Accounting Standards Executive Committee (AcSEC) will stop issuing general purpose accounting statements of position and concentrate its focus instead on industry-specific accounting and auditing guidance. The decision, which was made several weeks ago, was also announced by Financial Accounting Standards Board (FASB) Chairman Robert Herz at a conference of financial executives in New York.
A&A

IASB and FASB Tout Their 'Norwalk Agreement'

Accounting standard-setters and regulators in the U.S. and Europe jointly announced an agreement to stamp out differences in accounting standards. The pact was reportedly made in Norwalk, Connecticut last month by the Financial Accounting Standards Board (FASB) and the International Accounting Standards Board (IASB).
A&A

Results of 2002 Survey on FASB's Priorities

The Financial Accounting Standards Board (FASB) got an earful this year, when it conducted its annual survey on priorities. As in prior years, members of the Financial Accounting Standards Advisory Council (FASAC) and others were asked their views. But, this year, everyone was asked to start with a clean sheet of paper, rather than the usual list of projects to rubber stamp.
A&A

Helpful Resource – eSecretary Download

Do you use Microsoft Word to draft letters and other documents? An average business enterprise has to draft at least 2-3 letters a day, means 500-600 letters every year. Will it be possible to find a letter written to a particular contact or on a given subject without any hassle? A possible solution to this problem may be eSecretary, an outgoing correspondence management system, which can manage all your outgoing correspondence electronically and help you to manage files more systematically. Objectives: To simplify routine correspondence work.
A&A

FASB Wants Your Vote on 'Principles-Based' Standards

The Financial Accounting Standards Board (FASB) is putting some flesh on the bones of the much idealized but little understood "principles-based" approach to U.S. standard-setting. The board wants your reaction to a proposal that provides an indication of what you can expect from the new approach:Fewer exceptions. In the past, as part of its "rules-based" approach, FASB made lots of exceptions. Some were designed to limit volatility in earnings; others to ease the transition to new standards.
A&A

Internet Use Grows in Finance Profession

Nearly all treasury and finance professionals in a recent survey conducted by the Association for Financial Professionals (AFP) reported widespread use of the Internet for finance functions.
Tax

Lawmakers Want Tax Disclosures Tougher Than FASB's

In a letter to President Bush, Senate Finance Committee ranking member Charles E. Grassley urged a sweeping review of disclosure requirements related to corporate income taxes. He wants more details on IRS Schedule M-1, and he wants someone other than the Financial Accounting Standards Board (FASB) to decide what is adequate tax footnote disclosure for financial statements.Sen.
A&A

FASB Moves Toward IASB, Big Investors Disagree

The Financial Accounting Standards Board (FASB)
A&A

FASB Proposes Changes in Accounting For Stock Options

The Financial Accounting Standards Board (FASB) has issued an exposure draft of proposed changes to Financial Accounting Standard (FAS) 123, "Accounting for Stock-Based Compensation."The proposed changes would:Provide three alternative methods of transition for companies that voluntarily decide to expense stock options using the fair value method.Require clearer and more prominent disclosures about the cost of stock-based employee compensation and increase the frequency of these disclosures to inc
A&A

FASB Issues FAS 147, Holds Roundtable on SPEs

The Financial Accounting Standards Board (FASB) issued Statement No. 147 on "Acquisitions of Certain Financial Institutions" and held a roundtable discussion on accounting for special purpose entities (SPEs). FAS 147. Statement 147 fills in one of the gaps left when FASB issued Statements No. 141, "Business Combinations," and No.
A&A

CCH Launches Free Financial Planning Web Site For Consumers

Press ReleaseWith a tumultuous stock market, millions of Americans have realized over the last several months that there’s more to financial planning than setting aside a small amount of their earnings and watching the returns pile up. To help individuals make sense of their financial needs and develop and maintain sound financial plans, CCH INCORPORATED (CCH) has launched the CCH Financial Planning Toolkit™ (www.finance.cch.com)."Financial planning is not easy.
A&A

FASB to Consider Project on International Convergence

On September 18, 2002, the Financial Accounting Standards Board (FASB) met with the International Accounting Standards Board (IASB). There were reports that the meeting ended in a definite commitment to future action. But the truth seems to be that no decisions were reached, except that FASB will consider a project on international convergence.A tentative approach might be a 3-part project to address differences between U.S.
A&A

Common Faults With Accounting Firms' Web Sites

By Steve McIntyre-Smith Ph.D, President, MarketingForAccountants.com There are many, many reasons why so many Web sites fail to achieve results. Here are some of the top problems found in our work with accounting firms the world over.Beauty and the beast. Having a beautiful looking web site is not why people buy from you. Think for a moment. Why do you go onto the web? For information. We surf to find answers to questions, to find something that will help improve our firm and give us a competitive edge.The best-looking sites are often not the best sites!
A&A

AIMR Kicks Off Scholarships Awards to Business Students

Especially hard-hit by the 9/11 terrorist attacks, the Association for Investment Management (AIMR) has set up a million dollar memorial fund to provide scholarships to business and accounting students. The first recipients were announced this week.The students receiving the awards are potential financial analysts and investment professionals, who could someday have jobs like the ones held by 56 members and Chartered Financial Analyst candidates AIMR lost in the attacks.

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