International

Technology

U.S. Is Third Among World’s Most Globalized Nations as Population Hits 300M

Singapore remains the most globalized nation in the world, according to the 2006 A.T. Kearney/FOREIGN POLICY Magazine Globalization Index™. American technological connectivity, however, has helped the U.S. move into the third place in the annual study which assesses the extent to which the world’s most populated nations are becoming more or less globally connected. Switzerland took over second place.
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Tax

The Best, and Worst, State Tax Climates for Business

When it comes to gaining or losing jobs, the Department of Labor (DoL) reports the most mass job relocations occur between U.S. states, rather than jobs moving out of the country entirely.
304
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).
448
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.
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Technology

E-tutoring Now Available to Accounting Students

Accounting students, struggling with a problem in the middle of the night, can now get live help from one of the new online tutoring companies.Based in India and the U.S., these firms employ tutors from around the globe, using a combination of Voice over Internet Protocol (VoIP), instant messaging (IM) and a virtual white board to which the student and the tutor both have access, Reuters reports. Smarthinking.com provides tutoring through individual accounts, college and institutional accounts and its partnership with the publishing company, Houghton Mifflin, Co.
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Community News

Acquisition Enhances Grant Thornton’s Recovery & Reorganization Practice

Grant Thornton LLP has acquired the Restructuring and Performance Improvement (RPI) Group of Stout Risius Ross, Inc. (SRR). The acquisition complements existing global automotive expertise of Grant Thornton International (GTI) member firms and enhances the U.S. Recovery and Reorganization Services practice of Grant Thornton LLP, the U.S. member firm of GTI.“This acquisition adds yet another high-quality, value-added service to our suite of services,” said Paul Wolber, Detroit (Mich.) Office Managing Partner, in a prepared statement announcing the acquisition.
353
Education & Careers

Study Finds Young Workers Displaced by New Immigrants

That the arrival of new immigrants in a state results in a decline in employment among young native-born workers in that state is just one of the stark images revealed by the authors of The Impact of New Immigrants on Young Native-Born Workers, 2000-2005.
414
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.
245

Regulators Begin Extra-Territorial SOX Inspections

The Public Company Accounting Oversight Board (PCAOB) has confirmed that more than a dozen inspections of foreign audit firms have been carried out under the U.S. Sarbanes-Oxley Act of 2002 (SOX). The London offices of Ernst & Young are among those identified by the media as subject to recent inspections.
207
Practice Management

Chicago, Orange County Firms Join TIAG

Two American accounting firms, BrookWeiner LLC of Chicago, Ill., and Corbin & Company in Irvine, Calif., joined U.S.-based The International Accounting Group (TIAG) earlier this month.
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Community News

Succeeding in a Varied Business Culture

Today, many people do business outside of their own country, either in person or by some form of communication, and this can prove to be a dicey proposition. Even in the United States there are differences in customs between states and regions.
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$1 Million Donation & New Office Show Canadian Support for IFAC

Beginning in September, some of the staff of the independent standard-setting body, the International Public Sector Accounting Standards Boards (IPSASB), including new Technical Director, Stephanie Fox, move in to a new office in Toronto, Canada.Advertisement
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Tax

User Fees for U.S. Residency Certification Announced

Beginning with submissions received with a postmark on or after October 2, 2006, the Internal Revenue Service (IRS) will charge a user fee for processing Form 8802, Application for United States Residency Certification.
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Technology

The Two Sides of Cleaning Up E-Waste

The information superhighway is littered with the technology used to get on it.
663
Tax

IRS Auditing PwC’s Pension Plan, Deductions, Income Transfers

PricewaterhouseCoopers LLP (PwC), the world’s largest accounting firm, is being audited by the Internal Revenue Service (IRS), Bloomberg News reported Friday. Officials at PwC initially refused to comment on the Bloomberg report, which was based on company documents and IRS documents provided to Bloomberg.
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IFAC Publishes New Paper on Ethics Education

“The paper is the result of a wide-ranging research project into ethics education in the worldwide accountancy profession. It is designed to stimulate discussion and debate on the subject of ethics education,” states International Accounting Education Standards Board (IAESB) Chairman Henry Saville.
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Practice Management

Collections of Articles and Pronouncements Available

The Financial Accounting Standards Board (FASB) and the Professional Accountants in Business (PAIB) Committee of the International Federation of Accountants (IFAC) have announced the availability of their 2006 collections.Advertisement
288
Tax

LIFO Effect on Oil Company Profits Draws New Scrutiny

Last week’s drop in oil prices resulting from the terrorist plot against airliners bound for the U.S. is likely to prove temporary, as economists predict continued escalation in global demand for fuel. And U.S.
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Hindu Memorial Day Observed August 14

Hindus worldwide will observe Memorial Day on August 14 at 7 p.m. Indian Standard Time (2:30 p.m. GMT).
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More SOX Relief for Smaller Companies, Foreign Private Issuers

The Securities and Exchange Commission (SEC) has issued two releases granting further relief from compliance with Section 404 of the Sarbanes-Oxley Act of 2002 (SOX) to smaller public companies and many foreign private issuers.Advertisement
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Pages

Voice of the Editor

What would you do if one of your clients won the lottery? We asked several accountants to weigh in with their advice for the lucky Powerball winner, and the tips we received are useful for anyone who receives a windfall, whether it's a lottery win, an inheritance, a big bonus on the job, or a killing in the stock market.
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Gail Perry, CPA
Publisher/Editor-in-Chief, AccountingWEB
editor@accountingweb.com
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