AccountingWEB Weekly News Wrap-Up - Issue 168

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THIS WEEK'S TOP NEWS

  1. Treasury Announces New Tax Shelter Regulations
  2. AICPA Elects New Chairman, Releases XBRL Draft
  3. Deloitte Sued For Inflating Financial Statements
  4. AICPA Briefs CPAs on Open Issues Under Sarbanes-Oxley
  5. FASB Wants Your Vote on "Principles-Based" Standards
  6. Testimony of Ex-Tyco Exec Passes Blame to PwC
  7. IRS Announces 2003 Pension Plan Limitations
  8. Cable Companies Set Industry Reporting Standards
  9. Good News, Bad News Regarding Offshore Finances
  10. GAO Reports on Financial Restatements and Reforms

THIS WEEK'S FEATURED RESOURCES & PRODUCTS

  1. Free Sampling of Premium Subscription Articles
  2. AccountingWEB 2003 Tax Ticker
  3. Employee Orientation & Training Document
  4. "Did You Know" AccountingWEB Tip

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EDITORIAL

The AICPA said thank you and goodbye to one of its most
respected leaders Monday as it awarded the Institute's Medal of Honor to John Hunnicutt, who officially retires this week after more than a decade of service as a Senior Vice President of the AICPA. John Hunnicutt has been a strong asset to the AICPA and always embodied the meaning of "class act" during his tenure with the Institute. In my dealings with John over the years, I have always found him to be open, honest, direct, eager to listen, and eager to help. In addition to his other responsibilities, he has been a tremendous asset to the state societies and accounting associations over the years, bringing all aspects of the profession closer together in a skillful and diplomatic fashion.

To the chorus of other well-wishers, we add our admiration and gratitude to John, and wish him health, happiness and prosperity in his retirement.

Michael Platt, CEO
mailto:mplatt@accountingweb.com

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THIS WEEK'S TOP NEWS

1. Treasury Announces New Tax Shelter Regulations

The Treasury Department has released amended regulations for the disclosure of tax shelters. These rules expand the reporting requirements currently expected of corporations to include individuals, trusts, and subchapter S corporations.

2. AICPA Elects New Chairman, Releases XBRL Draft

William F. Ezzell was elected chairman of the AICPA. The theme of his chairmanship will be "restoration." Separately, the Institute released a draft of the XBRL taxonomy framework that is expected to help restore transparency in U.S. financial reporting.

3. Deloitte Sued For Inflating Financial Statements

Critics will be harder-pressed to complain about "drive-by" audits after the AICPA issues SAS 99. Slated for release within the next month, this new audit standard will help ensure material fraud is detected early on, before investors are taken in by fraudulent financial statements.

4. AICPA Briefs CPAs on Open Issues Under Sarbanes-Oxley

The Sarbanes-Oxley Act may eventually have a major impact on accountants. But most of the rules affecting practitioners are still not finalized, leaving considerable uncertainty about what might lie ahead. The AICPA addresses questions from CPAs in this overview of the open issues.

5. FASB Wants Your Vote on "Principles-Based" Standards

The Financial Accounting Standards Board is putting some flesh on the bones of the much idealized but little understood "principles-based" approach to U.S. standard-setting. Read what you can expect from the new approach.

6. Testimony of Ex-Tyco Exec Passes Blame to PwC

Last week, PricewaterhouseCoopers was assured that individual auditors would not face criminal charges related to "secret bonuses" at Tyco International. But this week, PwC found itself back in the hot seat, thanks to statements made by the company's former general counsel.

7. IRS Announces 2003 Pension Plan Limitations

The Internal Revenue Service has announced its annual cost-of-living adjustments and dollar limitation adjustments for pension plans for tax year 2003.

8. Cable Companies Set Industry Reporting Standards

Companies in at least one industry group have banded together to set their own industry-wide reporting standards. The reaction on Wall Street was largely positive, despite the accounting scandals at WorldCom and bankruptcy of industry giant Adelphia earlier this year.

9. Good News, Bad News Regarding Offshore Finances

The news this week - or lack thereof - of Congressional activity on punishing illegal offshore activities will leave you either frustrated or relieved, depending on which side of the debate you are on.

10. GAO Reports on Financial Restatements and Reforms

The U.S. General Accounting Office released a 262-page report containing the results of its 8-month study on accounting restatements.

THIS WEEK'S FEATURED RESOURCES & PRODUCTS

1. Free Sampling of Premium Subscription Articles

Visit our Premium Subscription Sampling Page to see samples of Premium articles and tips.

2. AccountingWEB 2003 Tax Ticker

Each tax season, clients and employees look to you for tax saving ideas and tips to help them. This year, be proactive and provide your constituents with daily ideas and tidbits that show you are thinking of them. The AccountingWEB ticker will offer you dynamic content and a valuable client service with little time or effort on your part. Find out more today.

3. Employee Orientation & Training Guide

The most important day for an employee - and for the employer are the days that surround the hiring, orientation, training and development of an employee. This booklet is an outline to give guidance to companies as they take this initial step. Download this document today for just $39.

4. "DID YOU KNOW" AccountingWEB Tip

Did you know that when you are visiting the AccountingWEB Web site you can easily jump to related topics that you are interested in? Just go to the bottom of any news story or article you are reading and click on one of the "Related Topics" hyperlinks. Try it today!

ACCOUNTINGWEB'S WEEKLY RESOURCE GUIDE PREVIEW

Don't miss next Tuesday's issue of the AccountingWEB Weekly Resource Guide. If you're not receiving our free Resource Guide, you can subscribe to it by going to the profile page and clicking on the "My Services" tab to subscribe to the Weekly Resource Guide. Below is just a small sampling of the articles/features highlighted in next week's Resource Guide.

  1. Six Lessons Accountants Can Learn From Customers
  2. Resume Fraud, More Common Than You Think
  3. Taxpayers Should Check, Revise Withholding Before Year-End

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