AccountingWEB Weekly News Wrap-Up - Issue 166
- FASB Moves Toward IASB, Big Investors Disagree
- KPMG Fights Back at Hearing on Tax Promoter Issues
- Economic Fallout Casts Spotlight on Pension Accounting
- IRS Cracks Down on Three Tax Shelters
- Study Measures Impact of Intangibles on Future Earnings
- SEC's Pitt Backs Off on Support For Oversight Board Leader
- Federal Reserve Governor Calls on Accountants For Help
- NIRI Sets Guidelines For Disclosure in Earnings Releases
- Justice Department Clears Path For Tax Consortium
- BDO Cyprus Settles With SEC
State societies and accounting associations have been inundated with requests from members and clients in recent years to provide executive and leadership training - citing leadership as the number one skill area that most accountants need help in. Programs are developed, venues are booked, promotions are mailed and guess what - attendance isn't close to what the organization had expected, and many programs are cancelled due to low registration.
This week, I spoke with three different program sponsors who have had to cancel what were otherwise very relevant, compelling programs. Is it that associations and societies are so off-base that they completely miss the mark of what the members are asking for? Or is it that when it comes down to committing dollars to get trained in "soft skills" accountants have a tendency to be leery that it will do any good, therefore "why waste the money?"
Leadership training leading to behavior modification isn't an easy fix. Like the overweight man who wants to look like a world-class bodybuilder, it takes long-term commitment, discipline, practice, skill and proper information to get you from where you are to where you want to be. Leadership training programs are the first step to get you on your way and it is up to you to commit to the follow-through. Successful organizations have that commitment. Does yours?
Michael Platt, CEO
FASB announced its decision to add a project designed to reduce or eliminate differences between U.S. accounting standards and those issued by the International Accounting Standards Board. But a new capital market survey shows big institutional investors don't see the need.
Now, more than ever, is the time to upgrade your accounting
research library. Backed by the world's largest professional services firm and used by over 1,500 companies around the world, PricewaterhouseCoopers Comperio contains over 150,000 pages of global financial reporting and assurance literature that is accessible from your web browser and searchable by key words, topics, or terms. For your free 30-day trial of Comperio, visit us on the Web.
KPMG set a precedent last week in a hearing in federal district court in Washington DC. The hearing was viewed as a testing ground for the extent to which tax practitioner privilege serves as a defense against summonses issued by the Internal Revenue Service.
Auditors of companies with large defined benefit plans would be wise to pay extra close attention to their clients' pension accounting this year, as investors and analysts cast a wary eye on corporate pension woes.
Don't miss the upcoming issue of the AccountingWEB Weekly
Resource Guide. Featured articles and tips will include:
- Ten Top Technologies For CFOs
- Dealing With Difficult Partners
- Use Fill-in-the-Blank Form to Enter Spreadsheet Data
- Making The Audit Process Work For You
- IRS Updates Per Diem Travel Rates and more!
If you're not receiving the free Resource Guide, you can
subscribe to it by going to The Profile Page and clicking on the "My Services" tab.
The Internal Revenue Service has announced that participants in three highly-complex tax shelters have a limited time span in which to settle up with the government and avoid the cost of litigation.
Global consultant Watson Wyatt conducted a study that measures the impact of key intangibles on a company's future financial performance. The intangibles are aggregated into a human capital index that assesses the levels of value or risk in a company's management practices.
Harvey Pitt, chairman of the Securities and Exchange Commission, has withdrawn support for John H. Biggs, chairman of the teachers' pension fund TIAA-CREF, to chair the new accounting oversight board being created as a results of the Sarbanes-Oxley bill.
AccountingWEB members can take advantage of special discounts from Profit Builders Success Coaches through this unique offering. Discover how to attain the meaningful, long lasting results you want today, instead of struggling through the steep learning curve to get what matters most to you. So, whether you want to create a strategy to quickly reach bigger, more rewarding goals or eliminate a problem, just ask the coach!
Speaking to a risk management symposium at Fordham University, Federal Reserve Governor Susan Bies commented on lessons learned from recent accounting scandals. She said confidence can be restored in the capital markets if companies improve their risk reporting and accountants return to their core values.
The National Investor Relations Institute has adopted guidelines for quarterly earnings releases. The guidelines urge companies to consider expanding their releases to add information that would help investors with their analysis of financial statements.
Your organization will experience an unprecedented level of
ease and efficiency when you systematize the processes
throughout your organization. Take advantage of special pricing for AccountingWEB members and download the tools that can help systematize the accounting department of a small company, corporate business or a public accounting firm.
The Department of Justice has given its approval for several private-sector tax preparers and tax software companies to form a consortium that will offer free tax filing services through the IRS Web site. The free services will be offered to at least 60% of the nation's taxpayers as part of the IRS plan to have 80% of U.S. taxpayers filing electronically by 2007.
BDO Cyprus, an overseas affiliate of BDO Seidman, has reached a settlement agreement with the Securities and Exchange Commission over the audit of collapsed company ACLN Ltd. ACLN, a Cyprus corporation, now de-listed from the New York Stock Exchange (NYSE:ASW), is the subject of a fraud action filed this week by the SEC.
Below is a sampling of the featured Premium Subscription content available to Premium Members. $49 buys full access to all Premium Subscription features for an entire year. To subscribe, go to the order form today.
To find out about corporate subscriptions, please contact us at: firstname.lastname@example.org.
- Dealing With Difficult Partners
- Become an Explorer - The Power of Questions
- A Little Used Business Secret, Plus Free Book Download
- Excel Tip: Use Fill-in-the-Blank Form to Enter Spreadsheet Data
To find out about corporate subscriptions, please contact us at: mailto:email@example.com
When the economy is at the bottom there is no better time to advertise and build your brand. It is better to stand out now rather than wait for good times when everyone is fighting for the same audience. Get your message in front of over 56,000 accounting and finance professionals today. Our sales team will uncover promotional opportunities on AccountingWEB that are right for you.
You may modify your newswire subscriptions, cancel your newswire delivery or change your password information by visiting the Profile Page on our secure server.
Subscribe to the AccountingWEB Premium Subscription Service. For full unrestricted access to all articles in AccountingWEB, become a premium subscriber for just $49 a year!
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.