AccountingWEB Weekly News Wrap-Up - Issue 103
July 13, 2001
This AccountingWEB Newswire Sponsored by:
Intuit's QuickBooks ProAdvisor Program
THIS WEEK'S NEWS FROM ACCOUNTINGWEB
1. SEC Takes on Accounting Fraud
2. Don't Fall for IRS Rebate Scam
3. FASB's New Rules are Now in Effect
4. Research Reveals Vacation E-Mail Addicts
5. L.A. Property Tax is Out of This World
6. Bush Nominates New SEC Leader
7. H&R Block Finds $1 Million Winner
8. AICPA Releases Statement on Auditing Standards
9. CPA2Biz Acquires Capital Professional Advisors
10. Wal-Mart Says: Bring Us Your Tax Rebates!
Hey, it's summer! A recently published research study reveals that most vacationers can't resist checking their e-mail while away from the office. That being the case, I want to take this opportunity to wish all of you who are reading this from your beach-side resort a lovely holiday. Now go outside and have some fun!
Gail Perry, Managing Editor
IN THE NEWS
Hundreds of companies are now under investigation by the SEC as it searches for examples of earnings manipulation and other reporting abuses. Congress is expected to join forces with the watchdog agency.
Some scam-mongers have figured out an underhanded method for making money on the IRS rebate program. Don't let yourself (or your clients) fall victim to this scheme.
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The new FASB rules are slipping into the mainstream of accounting for mergers and acquisitions. Check out this special report on business combinations and find out how these rules should be applied.
2001 TAX ACT CLIENT MATERIALS AVAILABLE FROM ACCOUNTINGWEB
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There may be some people out there who actually leave their work behind when they take a vacation, but research shows that most people who use the Internet just can't stay away from the Siren call of the e-mail box.
Taxing authorities in the Los Angeles area may have gone too far with their attempts to tax that which is not on this planet...
The process is underway. Senate confirmation hearings will begin in earnest now that President Bush has made his selection for Arthur Levitt's replacement.
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He came forward just in the nick of time. The New Jersey man who thought the $1 million giveaway was too good to be true will finally receive his money.
The American Institute of Certified Public Accountants has released an exposure draft of the newly revised SAS 41. Read the draft and submit your comments by August 27.
CPA2Biz has announced the acquisition of Capital Professional Advisors, Inc., the exclusive provider of financial services to 17 of the top public accounting firms in the U.S.
Of course you don't HAVE to spend your tax rebate at Wal-Mart, but the giant retail chain wants to make sure taxpayers of the nation are visiting Wal-Mart when their pockets are bulging with that extra cash.
ACCOUNTINGWEB WORKSHOP SCHEDULE
Thursday, July 19, 4:00–5:00 EDT
Topic: CPA Firm Information Management
Presenter: Tom Davis, President of Knowledge Concepts, and Managing Partner of Davis, Nichols & Associates LLP
Sponsor: Knowledge Concepts, Inc.
Check out the Workshop Schedule for the upcoming sessions in our ongoing workshop series. Go to:
ACCOUNTINGWEB Q & A FORUM
Click on the link(s) below to offer your insight and feedback or to see what others recommend:
1. In the hospitality industry, should the cost of complimentary rooms be categorized as business promotion or direct cost?
2. What is the general feeling surrounding alternative EPS figures, specifically ones that try to give an indication of maintainable earnings? Is it possible to standardize the requisites for such a figure?
3. If a student entered college in September of 1998 does he need to have 150 credit hours in order to take the CPA exam in New York?
4. A client currently operates as a Sole Proprietor and is converting his business to a Sub S Corp. The Sub S was legally established in California in April of 2001. Can the client establish a corporate startup date that is more appropriate, such as September 1, 2001?
5. A member needs to identify financial modeling packages that can be used with the Freedom General Ledger software and/or Excel.
6. I will be giving a 3 hour seminar a couple weeks from now that is tentatively entitled "Damage Control for Trusts and Executors." My plan is to give a seminar that is really "Basics and Beyond." I feel certain that I can easily fill three hours, but I want to be sure I answer the most pressing questions that general tax practitioners have about trust taxation. So, anyone who would be so inclined, shoot me your most pressing Trust question. From the simplest to the most insane. I want to really rock this seminar and advance questions will certainly help. This is not an advertisement for my services, tax or speaking, but I will respond directly if requested. In advance, THANK YOU.
7. A member from Russia performs some research connected with accounting of formation and distributing stocks. Her special concern is methods of assessment of stocks in the United States. She would like any information even if it originated from a manual of accounting.
8. A member of the Finance and Budget Committee for a Home Owners Assn. (a non profit Corporation) has this concern. At year-end the auditor reclassifies fixed assets purchased to the Fixed Asset account and depreciates accordingly. Being non profit the annual depreciation is not computed in the annual budget. The question is: Can Management inform the property owners (2,942) that the annual operating expenses are being reduced with the journal entry transferring fixed assets purchased with cash to the fixed asset fund and thereby reducing the operating expenses? This transfer reduces expenses, not the cash, thereby allowing management to meet the budget projection.
Visit the Q&A Forum to post your questions and share your ideas! Simply click on the Add Comments option at the bottom of any question to add your response and comments.
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