AccountingWEB Weekly News Wrap-Up - Issue 108

AccountingWEB Weekly News Wrap-Up - Issue 108

August 17, 2001

This Newswire is Sponsored by:

"Oracle Small Business"

THIS WEEK'S NEWS FROM ACCOUNTINGWEB

 

  1. International Showdown Brewing Over Accounting Standards
  2. U of Mississippi Becomes The Library of the Accounting Profession
  3. SEC Urged to Speed Up Investigations
  4. US Companies Face International Tax Disadvantages
  5. SEC May Start Curtailing Pro Formas
  6. US Governors Push For Internet Taxation
  7. Five Time Management Tips of the Commanders in Chief
  8. Seven Golden Rules To M&A Success
  9. AICPA – Proposed Global Business Credential – Open Forum
  10. Ten Amazing Statistics On The Changing World Of Work

 

EDITORIAL

We encourage our members to share their thoughts and to attend the AICPA's Open Forum workshop this coming week. Kathy Eddy, Chairman of the AICPA would like a chance to educate and explain the reasoning behind the Global Business Credential. Please join us in welcoming Miss Eddy and others from the AICPA as they share their vision with the AccountingWEB members. We want to welcome them and to encourage our members to attend this informative session with open minds.

If you have any questions for Miss Eddy, please feel free to send them beforehand and we will gladly share them with Miss Eddy. You may send your questions to kmcrae@accountingweb.com in advance of the August 22, 2001 workshop – open forum. Please use AICPA in the subject line. We will do all we can to forward requests, comments and questions to the Board before the day of the session. The session is limited to 100 particpants. Thank you!

Kelly McRae
Operations Manager
AccountingWEB, Inc.
kmcrae@accountingweb.com

 

IN THE NEWS

1. International Showdown Brewing Over Accounting Standards

The IASB has indicated that it plans on attacking some of accounting's most disputed issues, including an examination of whether companies should cut profits to account for the cost of awarding stock and stock options to workers - an echo of a 1993 US plan that all but disappeared amid a business outcry.

 

2. U of Mississippi Becomes The Library to the Accounting Profession

The largest and most prestigious accounting library collection in the world - that of the American Institute of Certified Public Accountants (AICPA) - has arrived at the University of Mississippi (UM) to be housed permanently in the John Davis Williams Library.

 

 

ILLINOIS BUSINESS & TECHNOLOGY SOLUTIONS SHOW

One of the largest and most prestigious technology conferences for accounting and finance professionals is being held August 28-29 at the Donald Stephens Convention Center in Chicago. Over 6000 attendees are expected to attend the educational sessions and one of the largest accounting technology trade shows, featuring over 250 vendors and solutions providers to the profession. For information and a free pass to the exhibit hall, click on the link above.

 

 

CCH's SPECIAL NOTE

Visit CCH Booth #604 for industry-leading tax information and software. http://tax.cch.com http://www.prosystemfx.com

 

3. SEC Urged to Speed Up Investigations

Jim Copeland, CEO of Deloitte Touche Tohmatsu, urged the SEC to speed up its investigative processes and bring more definitive conclusions to its investigations of audit failures.

 

 

OUR SPONSOR'S SPECIAL OFFER

"Sign up for the FREE Oracle Small Business Accountants Program" and get a FREE copy of Building a Profitable Online Accounting Practice," by Jack Fox. Then have the description of the suite and the, "use code 16630 in the affiliate field as you sign up."

 

4. US Companies Face International Tax Disadvantages

Tax laws that allocate US interest expense to foreign source income and that limit the use of foreign tax credits can frequently result in double taxation for US companies.

 

5. SEC May Start Curtailing Pro Formas

The SEC is currently investigating a couple of companies for what they believe is bordering on fraudulent reporting of corporate earnings, and may end up making an example of some. For now they are holding off on a larger crackdown, but if the practice isn't curtailed to their liking, new rules may follow.

 

 

FREE OFFER

Oracle now does Small Business Accounting: The Oracle Small Business Suite offers integrated accounting, payroll, expense reporting and more. PC Magazine’s 2001 Editor’s Choice Award Winner, the Oracle Small Business Suite has a FREE Accountant’s Program offering a free Oracle Small Business Suite Account.

 

6. US Governors Push For Internet Taxation

The moratorium, which has been in place since the fledgling days of the Internet to help foster e-commerce growth, is set to expire October 21, 2001.

 

7. Five Time Management Tips of the Commanders in Chief

From noted scholar William Doyle, here are five time management tips practiced by US Presidents of the 20th century to have mastered the skill of time management.

 

8. Golden Rules To M&A Success

Increasing shareholder value is one of the key reasons to pursue a merger or acquisition, yet only about one third of the largest deals in the last couple of years resulted in increased value.

 

9. AICPA – Proposal Global Business Credential – Open Forum

Kathy Eddy, Chairman of the Board of Directors of the AICPA will present a live open forum on AccountingWEB on Wednesday, August 22 at 11:00 am EDT. Kathy will discuss such issues as what market forces are driving this proposal, what is the proposed global business credential, how will the global business credential be positioned, will the market accept a global business credential, what impact would a global business credential have on students and why should CPAs take the lead? Join us live for this session and hear what the AICPA has to say about the proposed Global Business Credential.

 

10. Ten Amazing Statistics On The Changing World Of Work

Current economic times are leading to a variety of challenges for employers. From the shrinking labor force, to retention, to the "free agent" mentality, the world of work is changing fast and furiously.

 

 

ACCOUNTINGWEB WORKSHOP SCHEDULE

Tuesday, August 21, 4:00-5:00 EDT
Topic: E-Business: Increasing Your Value to Your Clients
Presenter: Gregory Price, Director of Business Systems Consulting, PKF of Texas, P.C.

Wednesday, August 22, 11:00-12:30 EDT
Topic: AICPA Open Discussion on the Proposed Global Business Credential: Should CPAs Lead the Way?
Presenter: Kathy G. Eddy, Chairman of the AICPA
Sponsor: American Institute of Certified Public Accountants

Thursday, August 23, 4:00-5:00 EDT
Topic: Generating a Higher Return from Your Web Site
Presenter: Sandi Smith, President, Sandra L. Smith, P.C.
Sponsor: National Payment Corporation

Check out the Workshop Schedule for the upcoming sessions in our ongoing workshop series.

 

 

ACCOUNTINGWEB Q&A FORUM

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.
Any Answers

Click on the link(s) below to offer your insight and feedback or to see what others recommend or visit the Q&A Forum to lend a hand.

 

MEMBER QUESTIONS

Seeking Dimasys Touchstone 2000 Information

Where can Iget a CD-rom database of various accounting standards?

Any IRS clarification on "Deemed Sales" in 2001?

New FASB rules--What are the long term effects?

New ruling on disposition of depreciable property?

W9 Forms – are they necessary?

 

 

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AccountingWEB Inc,
http://www.accountingweb.com

"To inform, to enrich, to enlighten, to entertain."

 

Upcoming CPE Webinars

Apr 24
In this session Excel expert David Ringstrom, CPA introduces you to a powerful but underutilized macro feature in Excel.
Apr 25
This material focuses on the principles of accounting for non-profit organizations' revenues. It will include discussions of revenue recognition for cash and non-cash contributions as well as other revenues commonly received by non-profit organizations.
Apr 30
During the second session of a four-part series on Individual Leadership, the focus will be on time management- a critical success factor for effective leadership. Each person has 24 hours of time to spend each day; the key is making wise investments and knowing what investments yield the greatest return.
May 1
This material focuses on the principles of accounting for non-profit organizations’ expenses. It will include discussions of functional expense categories, accounting for functional expenses and allocations of joint costs.