Government

Chairman of US Securities & Exchange Comission in NY

Arthur Levitt, Chairman of the U.S. Securities and Exchange Commission to speak at National Conference of CPA Practitioner's Event!Securities and Exchange Commission Chairman Arthur Levitt will speak on CPA independence and other issues before The National Conference of CPA Practitioners (NCCPAP) on Friday, October 20, 2000 @ 12:00 noon at The Inn at Great Neck in Great Neck, Long Island, NY.Contact Bill Corbett, Jr. at 516-775-0435 or 516-428-9327 for more information.
Community News

AICPA Response to SEC Proposed Guidelines

In an article this month in the Journal of Accountancy, AICPA President Barry Melancon discusses the possible repercussions throughout the entire accounting profession should the SEC's proposed guidelines to limit the scope of services provided by auditors be adopted.The AICPA position is that proposed ruling is not in the public interest and sites the following concerns:The proposed ruling would handicap accounting firms as they try to grapple with issues in the New Economy.Audit quality will suffer if firms a
Tax

GAO Advises Against Cash Balance Conversions

The U.S. General Accounting Office (GAO) has recommended that the Internal Revenue Service continue an unofficial moratorium on cash balance approvals.
Tax

Bush or Gore? Will the real Front Runner Step Up?

An independent national survey commissioned by inc.com suggests that Governor George Bush may be the present front-runner among small-business owners. The results show that the major worries of small-business owners are taxes, health insurance, and government regulations.The survey suggests that nearly 50 percent of respondents lean toward Governor Bush in the November election, whereas approximately 30 percent are partial to Vice President Al Gore.
A&A

Bill May Recover Billions in Tax Dollars

There are approximately 2 million business owners across the country who, over the years, have withheld payroll taxes from employees and then failed to turn the money over to the federal government.
Tax

DC Commuters Receive Federal Stipend

Effective October 1, 2000, up to 200,000 federal employees in the DC metropolitan area are entitled to receive a monthly stipend designed to get them off the highways and onto public transportation.The Metrocheck program, which has provided a $33 per month commuting stipend to 150,000 federal employees since 1993, has been expanded to provide an increased subsidy of $65 per month and to cover an additional 200,000 federal employees.

Save Baby Boomers! Keep Government Surpluses!

In the latest version of the Congressional Budget Office’s (CBO) Long-Term Budget Outlook report, these words of doom appear: “If the government saved all of the surpluses projected over the next decade, serious budgetary problems would not arise until the second half of the century."The first World War II baby boomers, those born in 1947, turn 53 this year, and they are already starting to plan for retirement.

New Accounting Packages Track Contracts to Completion

Several new accounting packages developed by Softrax are designed to automate the contract function by tracking each step involved in the process.Analysts say that Softrax, based in Canton, MA, has hit upon a real niche: the packages are ideal for reporting income to the Securities and Exchange Commission (SEC) and the Financial Accounting Standards Board (FASB), especially considering the new revenue recognition rules required for software company reports.The programs, which include S
Community News

Summers Warns Senators About Impeding SEC Plan

Treasury Secretary Lawrence Summers claims he has knowledge that some Senators, who are remaining unnamed, are attempting to use government spending legislation to thwart the SEC proposal to issue auditor independence guidelines.
Community News

Jane Bryant Quinn Analyzes SEC/Levitt Matter

In a syndicated story published by the San Francisco Chronicle, noted financial guru Jane Bryant Quinn gives her own spin to the SEC hearings concerning the independence of accounting and consulting firms.In this story, she brings the facts to a level that would be interesting to investors rather than the firms themselves based on what a ruling for or against the firms could mean.Specifically, a negative ruling could affect the cost of stocks and bonds.
Community News

Andersen Responds to SEC Violations in Arizona

Arthur Andersen is seeking a hearing to respond to the Securities and Exchange Commission's allegations that the firm violated state securities law in connection with a 1996 audit of the Baptist Foundation of Arizona. Andersen is accused of giving the Foundation a clean audit despite warnings that the Foundation may have committed fraud with its investors. After the audit report was issued, $200 million was raised by the Foundation, which eventually filed for Chapter 11 bankruptcy protection in November 1999.
Tax

Is Your State Friendly to Entreprenuers?

How friendly is your state's public policy in supporting small business and entrepreneurs?A new report called the 'Small Business Survival Guide Index' issued by the Small Business Survival Committee found that South Dakota, Nevada, Wyoming, New Hampshire and Texas were the top five states, in order.Consequently, the bottom of the list, beginning with number 46, included Ohio, Minnesota, New Mexico, Rhode Island, Hawaii and the District of Columbia.

Bad Training at Issue in Gov. Accounting System

A new report released last week by the General Accounting Office finds that the accounting system running our nation's government is in peril due to a lack of security training of personnel and poor enforcement of security policies.The Financial Management Services (FMS) arm of the Treasury Department is the agency responsible for operating the accounting and reporting system, as well as distributing money to Federal agencies.
Community News

Senate Asks Levitt for Smoking Gun

Arthur Levitt, SEC Chairman, presented his case for new guidelines for auditor independence to the U.S.
Community News

Mr. Levitt Goes to Washington

Undaunted by days of public pleas for more time and less restrictive guidelines from members of the accounting profession, Chairman of the SEC, Arthur Levitt, will appear in Washington today to make his case for auditor independence before Congress.Mr. Levitt is expected to meet with heavy opposition from Republicans and other members of Congress who have complained that the strict guidelines would "force dramatic changes in the structure and business practices of accounting firms" and would require corporations "to pay increased costs for some types of accounting services."Mr.

Pier 1 and SEC Strike Deal

According to sources, the former CFO of Pier 1 will pay a $75,000 fine due to his involvement in concealing a $20 million investment loss. In a deal struck with the Securities and Exchange Commission, the retailer also agreed to stop violating financial reporting rules.The case dates back to 1995, when it was alleged that CFO Robert G. Herndon conspired with money-manager S.

Firstgov is Open for Business

Designed to provide citizens with one-stop access to all government information, the new portal site, www.firstgov.com, was introduced Friday by the Clinton administration. At Firstgov, users can search 20,000 government web sites containing 27 million federal government web pages.The site enables users to search for documents presently available in the “.gov” and “.mil” Internet domains, as well as providing links to state government information.
Community News

Complete Transcripts - all SEC Testimony

Read what all of the witnesses have had to say about the SEC's proposed auditor independence guidelines. The SEC has published all of the transcripts of all testimonies from public hearings held on July 26, September 13, September 20, and September 21.The SEC has suggested guidelines to limit the scope of services that accounting firms conducting audits of publicly held companies can perform.
Community News

THERE'S STILL TIME ! ! !

Are you concerned about the SEC proposed guidelines to limit the scope of services performed by accounting firms? It's not too late to voice your opinion.The SEC is still accepting written responses to the proposed guidelines, until September 25.
Community News

Accounting Professionals Speak Out in Online Forum

Members of the accounting profession joined together Tuesday in an Open Forum sponsored by AccountingWEB and voiced their views on the proposed SEC hearings on auditor independence.

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