Trends

Community News

Survey: Security Top Concern for Corporate Networks

Seventy eight percent of corporate executives report that computer security is now the single most critical attribute of corporate networks, according to a new survey and report on networking and business strategy from AT&T in co-operation with the Economist Intelligence Unit (EIU).
Community News

Many Companies See SOX as Part of a Broader Initiative

By a margin of nearly two to one, large U.S. companies have made compliance with the Sarbanes-Oxley Act part of their regular corporate governance approach and have integrated it with other regulatory activities, according to PricewaterhouseCoopers' Management Barometer.The survey of senior executives at U.S.-based multinational companies found that:64 percent say their company's senior management and board of directors see Sarbanes-Oxley as one of many steps in a larger corporate governance initiative, while 30 percent say it is simply a goal to be achieved.
Community News

Global Accounting Outsourcing to Surpass $47 Billion by 2008

The worldwide finance and accounting (FA) outsourcing market will reach $47.6 billion in 2008, growing at a 5-year CAGR of 9.6%, a new IDC study reveals. Spending on outsourcing of the transaction management function is expected to grow the fastest, at 9.8%, over the next five years. From a regional perspective, the study determined that the U.S. will remain by far the largest FA business process outsourcing (BPO) market, while EMEA will be the fastest growing region in terms of FA BPO spending in the short to mid-term.

Online Salary Survey for Accounting, Finance and Banking Launched

Accounting, finance and banking professionals have a chance to voice their experience and opinions about salaries in this year’s survey from CareerBank.com. The survey, which covers everything from how people are finding jobs to how large raises have been in the past year, is now online and accepting responses throughout the summer. A report on the results will be released by CareerBank.com in the fall. CareerBank.com has conducted this survey for five years; last year more than 2,900 professionals took part in the survey.
Technology

Many Corporations Employ Staff to Monitor, Read Outbound E-mail

A new omnibus study conducted by Forrester Consulting on outbound email security and content issues, sponsored by Proofpoint, finds that more than 43% of corporations with more than 20,000 employees employ staff to monitor andread outbound email.This staggering statistic is a testament to the widespread failure of current content-scanning technologies to stop the leak of intellectual property, confidential memos and embarrassing information from the enterprise.Respondents also expressed major concern about ensuring that emails leaving the enterprise comply with personal, financial an
Technology

Software Companies Blaming Sarbanes-Oxley for Lagging Earnings

Some software companies are missing second quarter earnings estimates and are blaming the time, energy and money companies are spending on Sarbanes-Oxley Act requirements for slowing software purchase decisions, Reuters reported.The Sarbanes-Oxley reform legislation was enacted in 2002 after Enron imploded taking its auditing firm Arthur Andersen down with it. Veritas Software Corp.
Technology

New Hampshire Pondering Extending Internet Taxes; A Trend to Watch

New Hampshire tax officials are considering a new 7 percent tax on many Internet services, including chat rooms and voice mail, the Associated Press reported.The state’s Department of Revenue Administration is holding a hearing on the matter, which would need legislative approval.
Community News

From the Archives: 'The Future of the Accounting Profession' Special Report

Back in November of 2003, fifty-seven men and women, including leaders from the worlds of accounting, finance, law, academia, investment banking, journalism, non-governmental organizations, as well as the current and former regulatory officials gathered together for the 103rd American Assembly entitled "The Future of the Accounting Profession."Over the course of the Assembly, the distinguished professionals considered three broad areas of the accounting

AICPA Launches Survey on GAAP Statements; Private Co. Stakeholders

The American Institute of CPA’s (AICPA) announced last week that it had launched a Web-based survey to poll the stakeholders of private company financial reporting - bank lenders, investor and venture capital/buyout firms, surety, bonding and insurance firms, business owners and managers, auditors, and more - to determine if general purpose financial statements prepared for private companies’ stakeholders are meeting their needs.
Practice Management

2004 Accounting Practice Survey Launched

Forty-three states, in addition to the Association for Accounting Administration (AAA), are participating in this year’s PCPS/TSCPA National Management of an Accounting Practice (MAP) Survey, which launched last week. The PCPS/TSCPA National MAP Survey provides local and regional CPA firms with the most comprehensive information available for benchmarking management policies and financial results against other firms.
Community News

PA Firms Merge to Increase Client Service

Pittsburgh-based Dewey & Kaye announced a merger with McCroy & McDowell LLC, Pittsburgh's 10th-largest public accounting firm.According to the Pittsburgh Business Times, Dewey and Kaye will retain its name and will be known as a division of McCrory & McDowell, confirmed principal Ken McCrory. "There's no dollars changing hands per se," said Mr. McCrory, who is also leader of his firm's nonprofit practice.
Tax

Whistleblower Rules May Provide New Niche for Accountants

As public companies begin actively encouraging whistleblower complaints, accountants and consultants are offering products and services to gather the sensitive information and deal with it quickly.The new whistleblower provisions, required by the Sarbanes-Oxley Act, are providing another opportunity for accounting firms to help companies cope in the post-Enron environment.Under the corporate reform law, audit committees must allow employees to report accounting or auditing irregularities without fear of being identified.
Community News

H&R Block Forms Alliance to Help Low and Moderate-Income Taxpayers

Low and moderate-income taxpayers will learn how they may be eligible for bigger tax refunds and money-saving government benefits because of a new alliance between the nation’s largest tax preparation company and a leading community organization.Sharing a goal of helping low-income taxpayers, H&R Block and the Association of Community Organizations for Reform Now (ACORN) together will create and execute community outreach programs designed to help consumers claim larger tax refunds and enroll in often-missed government assistance programs.“Nearly 4.3 million eligible taxpayers missed
Tax

CCH Briefing Updates Streamlined Sales Tax Developments

States are confronting several sticky issues as they try to develop a Streamlined Sales Tax system that would see out-of-state vendors collect tax on purchases delivered to buyers in participating states, according to CCH Tax and Accounting (CCH), a leading provider of tax and accounting information, software and services and a Wolters Kluwer company. The latest developments – and a look at what has yet to happen to make the system a reality – are laid out in a special CCH Tax Briefing.According to Daniel T.
Technology

Anti-Spyware Bill Moves Forward

The House on Energy and Commerce subcommittee has approved the newly renamed “Securely Protect Yourself Against Cyber Trespass” Act, (SPY ACT). This act will now move to full committee and then, if approved, to the House for a full vote. The bill was authored by U.S. Rep. Mary Bono (R-Calif.), who said in a statement, "Passage of the SPY ACT today represents a cooperative effort to bring commonsense legislation forward to protect consumers from the threat of spyware.
Tax

Industry Leaders Form Group to Combat Online Fraud

A “superhero slate” of cross-industry leaders in retail, telecommunications, financial services, banking and technology have joined forces to eliminate the threat of phishing to e-mail and e-commerce. The Trusted Electronic Communication Forum (TECF) said in a statement that the group formed as a “collaborative endeavor with the mission to help mitigate the risks posed by phishing, spoofing and other tactics of online identity fraud.” The group will also focus on finding an immediate cross-geographic and industry-wide standard to protect consumers and businesses.
Practice Management

A New Era in Competing For Clients

By Bruce Marcus, The Marcus NewsletterThe conversations with Professor Philip Kotler, and Larry Smith’s findings and their interpretations in his book Inside/Outside, focus on what may be an unheralded change in professional services marketing.From the time of the Bates Decision (Bates v. State Bar of Arizona, 1977), which laid the groundwork for a new era of marketing for professional services, until now, professional services marketing has concentrated on the traditional tools of marketing – the press release, the newsletter, the seminar, the brochure, etc..
Technology

PWC Launches New Performance Risk Management Service

PricewaterhouseCoopers announced this week a new Performance Risk Management (PRM) advisory service for CEOs, CFOs and board directors. The new PRM service will help corporations improve the quality and adequacy of management reporting, especially in the area of identifying risks that could impact short and long term performance.
A&A

FAF Issues Statement Opposing Legislative Proposals to Curb FASB Independence

Source: Financial Accounting Foundation The Financial Accounting Standards Board (FASB), after extensive analysis and with careful public due process, issued a proposal on March 31, 2004 regarding accounting for employee stock options and other equity-based compensation. As Trustees of the Financial Accounting Foundation (FAF) we do not take positions on the FASB's standards-setting proposals; we leave the complex task of accounting standards setting to the experts who comprise the FASB.
Tax

IRS Confirms it is Unlawful for Same-Sex Married Couples to File Jointly

In response to an inquiry about tax filings, the Public Advocate of the United States, Inc. received a letter from the Internal Revenue Service (IRS) confirming that it is unlawful for same-sex couples to file their taxes under any married status, even if the jurisdiction in which the couple lives, recognizes such a union.The text of the letter is as follows:Mr. Eugene A. DelgaudioPresidentPublic Advocate of the United States, Inc.5613 Leesburg Pike, Suite 17Falls Church, VA 22041-2912Dear Mr.

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