Trends

Technology

PwC Report Shows XBRL Still The Wave of The Future

XBRL is expected to continue its growing influence on business reporting, especially in the post-Sarbanes-Oxley era of enhanced transparency and accountability, reported Big Four accounting firm PricewaterhouseCoopers as it issued its Technology Forecast: 2003-2005, The Intelligent Real-Time Enterprise.
Tax

IRS Sets New Tax Filing Season Records

The Internal Revenue Service announced that its recently completed tax season was a solid success, with new records being set in several key areas, including e-filing, home computer use, web usage and refunds.The IRS saw significant jumps involving e-filing and its Web site. E-filing topped 51 million for the first time. Home computer e-filing surged nearly 27 percent with the help of the new Free File program.
Practice Management

Warren Buffett Speaks Out on CEO Compensation

This past weekend Berkshire Hathaway Chairman Warren Buffet had a few things to say about CEO compensation. At an annual stockholder’s meeting, which Mr. Buffett dubs “Woodstock for Capitalists,” Mr. Buffet told shareholders that many CEOs are paid too much. Mr. Buffett also said that stock options are unfair because good executives can be hurt when the market is on a downturn and poor executives can profit during a boom.Mr. Buffett isn’t alone in thinking that current compensation methods don’t properly reward executive performance.
Technology

Companies Expand Recycling Programs For Electronic Equipment

In recent months, a number of manufacturers and retailers have stepped up their efforts to get consumers to recycle used computer and electronic devices. The Environmental Protection Agency (EPA) estimates that in the next three years, consumers will throw 350 million tons of computer equipment into landfills. In addition, the EPA estimates that by 2005, 130 million cell phones will be discarded, adding 65,000 more tons to the waste pile.Throwing old computers and electronic devices into landfills poses a serious environmental risk.

Survey Finds Credit Card Companies Raising Fees

At a time when interest rates are low and personal bankruptcies are high, credit card companies have come up with new ways to boost revenues. Increasingly, customers are seeing new income-generating tactics, such as increased late fees and surcharges for overseas purchases.
Community News

Public Companies Are Increasingly Going Private

by Grant Thornton, LLPRecently, it was the mad rush for private companies to go public and offer initial public offerings (IPOs).

While You Were Out . . . Tax Season Developments Across The Profession

Many of you have been "nose to the grindstone" for the last few months preparing client tax returns. Now that the crunch is over, you've got an opportunity to pick your head up, look around, and see what's been happening around the profession.Here, AccountingWEB presents some of the highlights of the last few months.
Technology

Creating And Delivering Value is Top Concern For CIOs

Chief information officers and IT executives at leading companies face complex challenges in creating and delivering value related to technology investments, as well as defining that value across the enterprise, according to a new survey conducted by the Management Solutions and Services Group at Deloitte & Touche LLP, and IDG Research Services Group.
Tax

Workers Seek Pension Plan Protections

After a three-year lull, debate on cash balance pensions heated up last week when workers and labor advocates asked the Internal Revenue Service and the Treasury Department to safeguard the pensions of older workers.Labor supporters are asking the government to mandate employee protections for plan conversions. At stake are the pensions of thousands of older workers, who stand to lose promised benefits in the conversion from traditional plans to cash balance plans.
Tax

Tax Time Provides Insight Into Human Nature

Tax payers and tax preparers have toiled since January 1 in gathering the critical data needed to pay Uncle Sam. But while this group rummaged through shoeboxes and 1040 forms, social scientists sat back and observed, looking for clues into human nature.What do they see, these scientists who look at taxpayers the way a doctor observes a virus in a microscope?

Are Women More Ethical in Business?

Do men and women have different ethical behavior in the business world? Apparently inquiring minds want to know.

Social Security: 'Not Sustainable For Long-Term'

The Social Security Board of Trustees has declared that the Social Security program is not sustainable over the long term.
A&A

War Uncertainty Shades CFOs' Revenue Predictions

For Chief Financial Officers of U.S. companies, a short successful war will mean positive revenue growth over the next year according to the March "CFO Outlook Survey," conducted this week by Financial Executives International (FEI) and Duke University's Fuqua School of Business. However, a prolonged war with Iraq would cause revenues to remain flat for the coming 12 months.
Education & Careers

Career Fairs—Your Shortcut to Job Interviews

By, Deborah Walker, CCMC In many cities and local communities, spring is career fair season. While these events often prove disappointing, job-seekers who understand how “work” career fairs use these events as powerful networking sessions leading to interviews with future employers. If you are considering attending a job fair soon, you’ll get more out of the event by following these three rules.Rule #1: Plan ahead.Know ahead of time which companies will attend the event. Decide which employers you are interested in contacting.
Practice Management

CEO Incentives Fail to Boost Company Performance

The topic of CEO compensation has taken center stage recently with news about top executives becoming incredibly wealthy even though they did little for their company’s stockholders. Over the years boards have supported incentive-heavy packages for CEOs by rationalizing that what’s good for the executive is good for the company.
Education & Careers

Professional Trends in Accounting For 2003

By Max Messmer, chairman and CEO of Robert Half International Inc.A number of important developments will affect accounting professionals in 2003. New regulations, changing job responsibilities, emerging technologies and specialties, and a more moderate hiring climate are a few of the key issues. Individuals who adapt quickly to these trends will be in the strongest position for career advancement this year. WANTED: A DIVERSIFIED SKILL SET Accountants continue to assume broader responsibilities, undertaking more of an advisory role with their clients.

Corporations Take Big Hits on Goodwill in 2002

U.S. corporations wrote $750 billion off their books last year to reflect the decline in value of business acquisitions. If the market continues to slide, analysts believe that goodwill write-downs could reach $200 billion in 2003. Most of the write-downs are for businesses acquired in the merger and acquisition frenzy in the late 1990s and 2000, especially those in the technology sector. The Financial Accounting Standards Board (FASB) statement on goodwill, FASB 142, requires companies to perform an annual goodwill impairment test and write down to value.

Bankruptcies Reached Record Heights in 2002

Last year was a record breaker for bankruptcy filings. There were a total of 1,577,651 bankruptcies in 2002, an increase of 5.7 percent over the previous year, according to data released by the Administrative Office of the U.S. Courts. The last three months of 2002 showed a slight improvement, with filings declining 1.5 percent from the third quarter.Personal bankruptcies rose 6 percent from 2001 to 2002 and accounted for the overwhelming majority of the filings, nearly 98 percent.
Community News

Second-Tier Accounting Firms Poised to Move Up

In light of the changes in the accounting profession in the last year, CFO.com weighs in this month with a special report about the current state of the industry. The report looks at how these changes have affected the second-tier, or Group B, accounting firms, such as Chicago-based Grant Thornton or Seattle-based Moss Adams.The report explores the possibility of the Second Six, that is the six largest Group B firms, expanding into Big Four territory.

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