AccountingWEB Weekly News Wrap-Up - Issue 157
1. Nasdaq Invites You to Take XBRL For a Test Drive
2. Warning Sign: Companies Narrowly Meeting Expectations
3. AICPA Describes Transition to New Regulatory Framework
4. Audit Shows DOJ Needs a Lesson in Accountability
5. SEC Blasted For Allowing IBM to Retain PwC as Auditor
6. At Accenture, Partners Take Pay Cuts, Staff Forego Raises
7. Congressmen Urge Bush to Drop Proposed Tax Regulation
8. FASB Mulls Retroactive Expensing of Stock Options
9. Silicon Valley Workers Get Hotlines to The FBI
10.White House Interpretation Leaves Whistle-Blowers at Risk
11.Don't Forget Next Week's Tax Filing Deadline
With all the clamor about the validity of financial statements shaking Wall Street these days, it is a welcome development to be able to see the financial reporting tools of the future begin to arrive now. An AICPA-led consortium of companies has developed XBRL, a new financial reporting language that has been in the planning and testing stages for the last few years. This week, a pilot test has been launched where you can kick the tires and see for yourself what it is all about. We encourage you to read the first story below on the XBRL pilot test that will help investors better understand the numbers behind the financial statements.
We applaud all the organizations that have been driving this initiative. "Apples to apples" financial comparisons will empower a whole new generation of investors and will vastly improve their understanding of financial statements. XBRL should also elevate the status and perception of CPAs beyond financial statement preparation to a new level of analyst and consultant to American businesses.
Michael Platt, CEO
The Nasdaq Stock Market has made available a pilot test of
Microsoft's Extensible Business Reporting Language (XBRL).
You are invited to take it for a test drive.
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Formerly a sign of good management, a pattern of narrowly
meetingor exceeding the earnings estimates of securities
analysts can now attract added scrutiny from the SEC.
The American Institute of CPAs has outlined its plans for the next few months as the profession transitions to the new regulatory framework established by the Sarbanes-Oxley Act.
A recent report from the Inspector General shows the Department of Justice has lost at least 400 laptop computers and 775 weapons.
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Congressman Edward Markey blasted the Securities and Exchange Commission for its "dead wrong" decision to allow IBM to keep PricewaterhouseCoopers as its auditor after acquiring PwC's consulting practice.
In response to a continuing industry slump, Accenture, the
consulting firm that went public after separating from Andersen, is implementing a drastic austerity program to cope with today's tough times for the consulting industry.
Early in 2001, the Internal Revenue Service issued a proposed regulation that requires U.S. banks to make annual reports of all payments on interest made to non-resident aliens. Last week, the IRS issued a new proposed regulation withdrawing the previous proposed regulation, announced a new public hearing date, and extended the comment period to November 14, 2002.
With more companies deciding to switch their method of accounting for stock options this year, the Financial Accounting Standards Board agreed to consider a significant change in the transition requirements that apply to the year of the switch.
Silicon Valley workers have been provided with hotlines to send tips about accounting irregularities and securities frauds directly to the FBI. These fraud tip services are believed to be the first of their kind in the United States.
Lawmakers urged President Bush to reconsider an interpretation of the new whistle-blowing law. In the meantime, experts offer practical advice for accountants and others.
More than five million taxpayers chose to use the automatic
extension to extend the due date of their tax return from April 15 to August 15, 2002. These taxpayers have until midnight August 15 to get their tax returns postmarked or filed electronically or face a late filing penalty.
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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.