AccountingWEB Weekly News Wrap-Up - Issue 104

AccountingWEB Weekly News Wrap-Up - Issue 104

July 20, 2001

This AccountingWEB Newswire Sponsored by:

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THIS WEEK'S NEWS FROM ACCOUNTINGWEB

1. AICPA Announces Plans for Vote on 'XYZ' Credential
2. IRS's Tax Rebate Boondoggle
3. Consulting Firms Enter Price War
4. Independence Standards Board to Shutter its Doors
5. Microsoft's Confusing New Licensing Structure
6. KPMG Ad is Par for the Course
7. IRS Subject of Treasury Department Sting Operation
8. Accenture Launches IPO
9. Proposed Amendments to FAS 67
10. KPMG Consulting Faces Unexpected Problems

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IN THE NEWS

1. AICPA Announces Plans for Vote on 'XYZ' Credential

This September the AICPA plans to announce the official name for the controversial global credential, and, soon after the fall council meeting, a national ballot will be offered to all members of the AICPA, wherein members can cast their vote on the fate of the credential.

2. IRS's Tax Rebate Boondoggle

The IRS has dispatched over 500,000 letters containing incorrect information about the impending income tax rebate. An ill-informed computer is being blamed for the problem.

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3. Consulting Firms Enter Price War

A tight economy and corporate cutbacks on spending for IT consulting are resulting in a price war, the likes of which few have seen. The price cuts, occurring in the Chicago area, are a sign of a trend that is eroding earnings at most consulting firms, including the Big Five.

4. Independence Standards Board to Shutter its Doors

The Independence Standards Board (ISB) has served its purpose and is ready to disband. The ISB's chief responsibility was to help shape the auditor independence rules that were adopted last year.

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FREE Web Seminar: Achieving Quantum Gains in Performance Management. Thursday August 9th, 1 to 2:00 pm EDT! Learn how companies like Dell, Wyndham, and First Union use portal technology to better manage their consolidation, reporting and performance management processes. Register today!

5. Microsoft's Confusing New Licensing Structure

You may have heard that Microsoft is introducing a new licensing plan and that it will affect your firm. But do you have any idea how it will affect you? Find out all the details of this new pricing and licensing scheme.

6. KPMG Ad is Par for the Course

These may look like trick shots, but the shots are real, and so is the alliance between golfing great Phil Mickelson and KPMG CEO Rand Blazer. KPMG's new advertising campaign is set to air this weekend. You can preview the ad spots here.

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7. IRS Subject of Treasury Department Sting Operation

The kinder, gentler IRS may be striving for excellence, but undercover Treasury agents have found something less than quality service at IRS walk-up centers around the nation. Find out where the problems exist and what is being done to beef up operations at the IRS.

8. Accenture Launches IPO

The much-anticipated initial public offering of the firm formerly known as Andersen Consulting went off without a hitch while the market remained in a slump.

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9. Proposed Amendments to FAS 67

The Financial Accounting Standards Board (FASB) has proposed to amend Statement No. 67, Accounting for Costs and Initial Rental Operations of Real Estate Projects, to exclude from its scope the accounting for acquisition, development, and construction costs of real estate developed and used by an entity for subsequent rental activities. Comments are being solicited.

10. KPMG Consulting Faces Unexpected Problems

When KPMG Consulting floated its initial public offering earlier this year, the next step on the firm's agenda was to consolidate its worldwide operations into one legal entity. Now it appears that the plan for consolidation is on shaky ground. Find out what happened.

ACCOUNTINGWEB WORKSHOP SCHEDULE

Thursday, July 26, 4:00-5:00 EDT
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