Trends

A&A

Will They or Won’t They Raise Rates to Deflect Inflation?

Is the economy on the healthy road to recovery or a bumpy road leading to inflation?

Workforce and Workplace Forecasts For 2004

Employment Market Turbulence. More secure employees will stimulate unprecedented churning in the labor marketplace. This turbulence will threaten corporate stability and capacity to serve customers, particularly for employers who took employees for granted in recent years. Shift to Sellers' Market in Labor. Employers will face the most severe shortage of skilled labor in history. Corporations will become more aggressive to attract and hold top talent. People will change jobs to find -their personal Employer of Choice. Fluid International Job Movement.
A&A

SEC Halts $800 Million Investment Fraud

The Securities and Exchange Commission announced the filing of charges to halt a fraudulent scheme in which over 5,200 investor accounts purportedly hold investments of over $813 million through an Orange County, CA, business known as Financial Advisory Consultants (FAC). The SEC's complaint, filed last week in federal district court, names James P. Lewis, Jr., of Laguna Niguel, Calif., who allegedly has sold securities in two funds, known as the Income Fund, Ltd.
Community News

IRS Strengthens Employee Tax Compliance Program

As part of a continuing effort to ensure tax compliance, the IRS is taking new steps to ensure that agency employees strictly meet and follow their tax filing and payment requirements.As the agency places a new emphasis on overall taxpayer compliance, IRS Commissioner Mark W. Everson announced that additional steps will be taken to ensure IRS employees follow the law.
Tax

Reins Tightened on Lawyers, Accountants, Other Tax Advisers

On Monday, the Treasury Department and the IRS issued four items of administrative guidance as part of their ongoing effort to halt abusive tax avoidance transactions and maximize effective use of IRS audit resources. The first of the items released Monday is aimed at strengthening the tax system through heightened standards for tax advisors. The other three are aimed at increasing transparency and disclosure of information to the IRS.
Technology

Internet Fraud is Driving New Technologies to Safeguard Online Payments

Consumer and business concerns about Internet security are well founded. Amid an explosive upsurge in hard dollar losses and a holiday shopping season plagued with ever-changing scams, fraudsters continue to take advantage of the Internet's anonymous transaction environment -- with everyone from one-time hackers to organized crime testing the market's boundaries.In the face of these threats, momentum is building for a new breed of technologies and services to protect consumers, companies and financial institutions.

Top Selling Books On AccountingWEB

AccountingWEB has compiled a list of the top selling books on the AccountingWEB.com site. Browse through this selection and see if you need to add any of these books to your library.

Sound Bites From Around The Profession - Potpourri

AccountingWEB presents our favorite funny, quirky quotes of the year to give you a good feeling for the debates and discussions that have gone on around the accounting profession in 2003.Editors Note: These stories are archived, which will require you to be logged in to the site to access them.

Sound Bites From Around The Profession - IRS, Taxation

AccountingWEB presents our favorite funny, quirky quotes of the year to give you a good feeling for the debates and discussions that have gone on around the accounting profession in 2003 related to the IRS and taxation.Editors Note: These stories are archived, which will require you to be logged in to the site to access them. If you forgot your log-in information, click here and we’ll send it to you."Is it legal?

Sound Bites From Around The Profession - AICPA

AccountingWEB presents our favorite funny, quirky quotes of the year to give you a good feeling for the debates and discussions that have gone on around the accounting profession in 2003 related to the American Institute of CPAs.Editors Note: These stories are archived, which will require you to be logged in to the site to access them.

Sound Bites From Around The Profession - Accounting Scandals

AccountingWEB presents our favorite funny, quirky quotes of the year to give you a good feeling for the debates and discussions that have gone on around the accounting profession in 2003 related to Accounting Scandals.Editors Note: These stories are archived, which will require you to be logged in to the site to access them.

Sound Bites From Around The Profession - Audit Reform - PCAOB

AccountingWEB presents our favorite funny, quirky quotes of the year to give you a good feeling for the debates and discussions that have gone on around the accounting profession in 2003 related to the Public Company Accounting Oversight Board.Editors Note: These stories are archived, which will require you to be logged in to the site to access them.

Sound Bites From Around The Profession - Audit Reform

AccountingWEB presents our favorite funny, quirky quotes of the year to give you a good feeling for the debates and discussions that have gone on around the accounting profession in 2003 related to audit reform. Editors Note: These stories are archived, which will require you to be logged in to the site to access them.
Technology

More Than 1/3 of Corporate America May Use Smart Cards For Corp. Security

A recent study, performed by Frost & Sullivan, a growth consulting company, provides insight into the present security systems, needs, and prospective future trends of American Fortune 500 companies.According to the survey results, based on interviews with 69 Fortune 500 senior executives, there is a profound interest in using smart cards as part of their physical and/or logical security systems."More than 63% of the Fortune 500 executives interviewed either have investigated or are investigating smart cards for network security," says Deepak Shetty, Senior Industry Analyst at Frost & Su
Practice Management

CEO Pay Increases, Outside Director Pay Also on The Rise

Median total compensation for outside (non-employee) directors of U.S. boards in 2003 is up from last year in all three major industry sectors covered in The Conference Board's annual study of outside director pay. The study is based on a survey of director compensation and board practices in 606 companies.The increased scrutiny of corporate governance practices in the wake of the recent scandals has put increasing pressure on members of boards of directors. Audit and compensation committees are especially under pressure to observe rigorous standards.

Workplace/Workforce Forecasts For The Coming Year

As the economy picks up, employers may face a shortage of skilled labor. Unprecedented churning in the labor marketplace will begin by mid-year. Skilled labor shortages in the United States will move even more jobs to other countries, where workers will improve their skills to perform new tasks. More people will become independent contractors, selling their services to employers on a project or set-term basis. This movement will expand the work of specialized staffing firms and electronic job boards.
Community News

Second Annual 'What Directors Think' Study Published

Reforms are increasing pressures and workload in the boardroom, but directors remain committed to governance, according to a recent study by Corporate Board Member magazine. The survey responses of directors of public companies will be highlighted in the magazine's special year-end "What Directors Think" issue.Corporate Board Member's second annual "What Directors Think" study measures the opinions of directors and CEOs of publicly traded companies listed on the New York Stock Exchange, NASDAQ Stock Market, and American Stock Exchange.
Community News

Tighter Regulations in Store for UK Corporations

A new bill in the UK calls for criminal charges against directors who lie about company finances and beefed-up enforcement powers for regulators.The bill, which is expected to become law next year, is designed to improve standards of corporate behavior in the UK to prevent the kinds of accounting scandals that have plagued U.S. companies, The Guardian of Manchester, England reported."There is no denying that financial markets around the world have been badly shaken by the corporate failures of the last few years,” said Trade Minister Jacqui Smith.

Freddie Mac Agrees to Pay $125 Million Fine

Freddie Mac has agreed to pay a $125 million civil fine to settle federal regulator's allegations of mismanagement at the mortgage finance giant that is blamed for a $5 billion understatement of earnings.The Office of Federal Housing Enterprise Oversight (OFHEA), which regulates Freddie Mac and the larger Fannie Mae, also released a report saying that weaknesses existed in every aspect of Freddie Mac's accounting process. The Wednesday report cited "a pattern of inappropriate conduct and improper management of earnings" at the company.
Community News

AICPA Chair, Voynich Calls For More Changes

S. Scott Voynich, Chair of the American Institute of Certified Public Accountants, said today that further changes were necessary to regain the confidence of American investors. Voynich was the keynote speaker at the Institute's 2003 AICPA National Conference on Current SEC Developments, which opened today."It is not enough to embrace change," Voynich said to an audience of nearly 2,000 CPAs, regulators and reporters.

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