AccountingWEB Weekly News Wrap-Up - Issue 109

AccountingWEB Weekly News Wrap-Up - Issue 109

August 24, 2001

This Newswire Sponsored by:

QuickBooks ProAdvisors Program


1. AICPA Chairman Makes the Case for a Global Credential
2. PDAs Causing Headaches for Business Users
3. E&Y Joins the Online Monster
4. KPMG Plans Acquisition of UK Cousin
5. Discarded Office Equipment is Loaded with Sensitive Data
6. Accenture Cuts Workforce Again
7. Ernst & Young Named Top Tax Advisor
8. Cisco Accountants Plead Guilty to Massive Share Scam
9. FASB Issues Statement on Asset Retirement Obligations
10. AICPA to Set Best Practice for Cheap Stocks


It's not too late to participate in the debate. Later this year the AICPA plans to put the proposed global business credential to a membership vote, and you need to know what the issues are. AICPA Chairman Kathy Eddy presented an explanation of this proposed credential to an online audience at AccountingWEB this week. Ms. Eddy and members of the global credential committee fielded some questions posed by members of the audience, and then the debate continued in the AccountingWEB workshop room.

Gail Perry
Managing Editor


1. AICPA Chairman Makes the Case for a Global Credential

In a lively online discussion on AccountingWEB, Kathy Eddy, Chairman of the AICPA, presented a detailed explanation of the concept of the proposed global business credential that will come to a vote before the entire AICPA membership later this fall. Read Ms. Eddy's explanation of this new credential.

2. PDAs Causing Headaches for Business Users

Those little handheld computers are working their way into the pockets of business users everywhere. Some are claiming there are risks associated with loading these machines with confidential information. Others are finding the handhelds are causing unexpected problems with their desktop computers.

3. E&Y Joins the Online Monster

Big Five firm Ernst & Young is finding recruiting on an international level is not the least bit scary, now that the firm has associated itself with a monster.


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4. KPMG Plans Acquisition of UK Cousin

Partners from the UK firm of KPMG Consulting stand to earn a fortune if the US firm goes ahead with a plan to buy its UK associate.

5. Discarded Office Equipment is Loaded with Sensitive Data

Do you delete all the files before selling your out-of-date computer? Do you remove the original document from the copy machine after you make a copy? Do you take your sensitive information away from the fax machine after you have faxed it to someone else? You probably answered yes to all or most of these questions, and you probably think you have done everything necessary to protect your important company information. Well, think again.


Everyone agrees that a client or customer newsletter is important, but the time, money and effort to create a unique product never seem to materialize. Now, the unique ideas, tips and stories you have come to expect from AccountingWEB are being given a client twist and are available to you on a subscription basis to use in newsletters, emails, and even your web site!

6. Accenture Cuts Workforce Again

Accenture has announced another layoff, the second this year. This time, 1,500 will go and another 1,000 will be placed on sabbatical for six to 12 months. The stock market responded with an increase in the price of Accenture stock.

7. Ernst & Young Named Top Tax Advisor

For the fifth consecutive year, Big Five firm Ernst & Young has brought home the gold in Canada. The firm garnered top honors in the areas of tax planning and tax transactions in a survey of thousands of in-house experts and CEOs across Canada.

8. Cisco Accountants Plead Guilty to Massive Share Scam

Two former accountants with Cisco Systems have admitted to stealing more than $5 million in company shares by hacking into the company computer systems.

9. FASB Issues Statement on Asset Retirement Obligations

The Financial Accounting Standards Board today issued Statement #143, Accounting for Asset Retirement Obligations. Originally initiated seven years ago to deal with nuclear power plant decommissioning, the scope of the project has been expanded over the years to include the accounting for similar closure costs of other assets at any time during their life.

10. AICPA to Set Best Practice for Cheap Stocks

Three years after the project was initiated, and with just a little nudge from the SEC, the American Institute of Certified Public Accountants is now preparing to develop a report on best practices for addressing the practice of a company issuing cheap stock to its employees in the period just preceding an IPO.


Tuesday, August 28, 4:00-5:00 EDT
Topic: How to Use Resumes to Effectively Evaluate Applicants
Presenter: Robbie Kaplan, Author of Sure Hire Resumes

Thursday, August 30, 4:00-5:00 EDT
Topic: Mentoring Process for CPAs
Presenter: Rex P. Gatto, Ph.D., Founder and President of
Gatto Training Associates

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


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.


Definitions and directions are needed for the proper methods for accounting for leasehold interests.

What are the pros and cons of employee leasing, and what percentage of companies use this process?

Where can one find information about presenting accounts in European Format and converting to Euros?

How does a new firm go about setting fees?

How is stock turnover reported in terms of days based on the change of inventory?

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