AccountingWEB Weekly News Wrap-Up - Issue 122
November 23, 2001
This News Wrap-Up Sponsored by:
NEWS AND RESOURCES FOR ACCOUNTINGWEB MEMBERS
- Disaster Recovery Planning – AccountingWEB Workshop
- Two Leading Associations To Merge January 1
- Deloitte Leads the Pack With Advances for Women
- Employers Should Inform Staff of Tax Break
- Senate Approves Tax Bill Relief
- IRS Launches Fast Track Dispute Resolution Program
- IFAC Urges Small Businesses to Work Together
- IRS Issues Incentive Stock Options Guidelines
- PwC Value Report Charts New Measurement Trends
- Ernst & Young Bursts Outsourcing Bubble
This week's newswire contains a reminder of next Tuesday's Disaster Recovery Planning workshop with presenters from the National Conference of CPA Practitioners. Please take an hour on Tuesday to join us in this timely and informative workshop!
Please join us on Tuesday, November 27, at 3:00 p.m. EST in the AccountingWEB workshop for this informative session presented and sponsored by the National Conference of CPA Practitioners.
Topics will include the need for a Disaster Recovery Plan, elements of a Disaster Recovery Plan, organization of The Disaster Recovery Team and more.
The Boards of Directors of two of the leading North American accounting firm networks - TAG International and AGN International-North America, Inc. - announced the merger of the North American memberships of these two associations into one effective January 1, 2002.
The Big Five firm has taken a significant step to increase female representation at high levels, a commitment it made publicly earlier this year with the release of a long-range plan for women's advancement called Vision 2005.
The IRS is encouraging all employers to inform employees now of this new tax saving procedure which becomes effective January 1, 2002. Employees can begin planning now to take advantage of this tax break.
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The Senate on November 16 approved, by voice vote, legislation that would provide tax relief to survivors and victims of the September 11 terrorist attacks.
The Internal Revenue Service has launched a pilot program aimed at cutting the time it takes to resolve disputes between the tax agency and corporate taxpayers.
Developing connections between practices and introducing innovative new service areas can help small- and medium-sized practitioners extend their global presence, the International Federation of Accountants (IFAC) has urged.
Visit the AccountingWEB IndustryZONE for the latest news, links, and information on Automobile Dealerships, Banking, Construction, Healthcare, Law Firms, Manufacturing, Real Estate, Retail, and State & Local Governments.
The proposals, which would affect employers granting such options and employees exercising the options, provide guidance concerning the application of the Federal Insurance Contributions Act (FICA), the Federal Unemployment Tax Act (FUTA) and Collection of Income Tax at Source to the options.
PricewaterhouseCoopers has launched the latest edition of the firm's ValueReporting Forecast which finds that major global corporations are leaving behind traditional financial reporting disciplines to implement more transparent and informative performance indicators. ValueReporting has become a crusade for the Big Five firm.
Senior executives from 26 leading financial service companies said that since they have outsourced major parts of their operations they appreciated the short-term cost saving, but admitted that it could mean a loss of control in their relationship with the customer.
Visit our Q&A Forum to post your questions and share your ideas with the members of AccountingWEB! Simply click on the "Add Comments" option at the bottom of any question to add your response and comments.
Here is a sample of the questions that have been posted this week. Check out all the questions at our Q&A Forum and see if you can lend a hand.
- Tax accounting requires costs associated with a loan, such as attorney's fees, to be amortized over the life of the loan. Does GAAP also make this requirement? If so, what is the pronouncement?
- What is the best way for owners of an S Corp to take money out of the corporation?
- Corp X repurchases shares of its outstanding stock at a premium to par. How does one account for this on both the P&L and the balance sheet?
"To inform, to enrich, to enlighten, to entertain."
Voice of the Editor
Which isn’t completely true. I mean, occasionally I drop by when I manage to sneak out of the nonstop frat party over at Going Concern, but I’m mostly a wallflower over there. I’m happy to say that I’ve been given express permission (or explicit orders, if you like) to wander over here to AccountingWEB more often.
Why is that, you might ask? My job is to replace the irreplaceable Gail Perry as Editor-in-Chief. What does that mean? I don’t really know! I think it’ll be fun getting a feel for things, throwing in my own thoughts here and there, and listening to the discussions you’re having about the accounting profession.