AccountingWEB Weekly News Wrap-Up - Issue 172
- Block Offers to Settle Texas Class Action
- PCAOB Hesitates to Endorse AICPA's Audit Standards
- States Vote to Proceed With Internet Sales Tax
- PwC Announces Its Global Code of Conduct
- FASB Issues 2nd Draft on Accounting For Stock Options
- Deemed IRAs Provide New Retirement Saving Opportunity
- New Report Examines Questionable Accounting Practices at United Way
- Accounting Associations Unite in Anti-Fraud Programs
- Grant Thornton Ranks Top Middle Market Concerns
- Giuliani to Help Restore Investor Confidence
Thanksgiving is traditionally a time to reflect on all that you have to be thankful for - family, friends, security, career, health, finances and other important measurements in your life. This past year has been a challenge for many with post-September 11 concerns, threats of war and the continued battering of the stock market. For those in the accounting profession, the extra challenge of the scandals that have rocked the profession and the reforms that followed have tarnished the hard-earned image of the hundreds of thousands of honest and ethical accounting professionals across the United States.
Ironically, it was one year ago - November 29, 2001 - that the SEC investigation into problems at Enron was expanded to include alleged illegal activities at its accounting firm, Arthur Andersen. The dominoes started to fall for the accounting profession on that day and repercussions will likely continue well into the future.
As we get ready for the holidays, all of us at AccountingWEB hope that the one-year anniversary of the SEC investigation into Arthur Andersen marks the beginning of a more productive, more prosperous and more rewarding year for everyone in the profession. Happy Thanksgiving from all of us! (So that our staff can celebrate Thanksgiving with their families, we will not be publishing our weekly e-mail newswire next Friday, but will resume the normal publication schedule the following week.)
Michael Platt, CEO
Information Transparency is critical to your success. Learn how to achieve it with four exclusive Executive Digests from Oracle CFO Jeff Henley. Responsible financial management begins with you. Do you have what it takes? Click here to receive the FREE Executive Digests - and get a FREE Amazon.com gift certificate valued at $15.
H&R Block, surprised last week when a Texas judge indicated his plans to order the nation's largest tax preparer to pay $75 million in a class action lawsuit, has announced it's intention to settle the suit for coupons, not cash.
At its first meeting, the Public Company Accounting Oversight Board stopped short of temporarily endorsing AICPA's audit standards. It also decided to leave to the SEC the decision of appointing an acting PCAOB chairman.
Crunch your numbers more efficiently. Better protect your
sensitive financial data. Boost your bottom line.
For a limited time, get an IBM NetVista with Microsoft(R)
Windows(R) XP Professional and Office XP Professional
pre-loaded for as low as $899.99. Visit Insight at www.insight.com/numbers to take advantage of these special savings. But don't wait. This offer expires December 31, 2002.
Tax officials and legislators from 31 states and the District of Columbia met in Chicago on Tuesday and voted unanimously to proceed with a plan to simplify their respective tax laws in order to position themselves to collect sales tax on Internet sales.
PricewaterhouseCoopers announced the firm's adoption of what is believed to be the accounting profession's first global code of conduct. This step follows the firm's release of its first-ever "showcase" annual report.
The Financial Accounting Standards Board has issued another invitation to comment on stock-based compensation. This one asks for your views on accounting for the fair value of employee stock options.
Each tax season, clients and employees look to you for tax saving ideas and tips to help them. Beginning early January through April 15, 2003, the IRS will provide Tax Tips for individual taxpayers. AccountingWEB has created a unique scrolling "Tax Tips Ticker" for your firm to place on its Web site, which will display these tips. This ticker will offer you dynamic content and a valuable client service with little time or effort on your part. Find out more today.
Beginning January 1, 2003, employees will have a new saving option for retirement. The deemed IRA, created by the Economic Growth and Tax Relief Reconciliation Act of 2001, allows employees to contribute to IRA accounts as part of their overall investment in qualified employer plans, including 401 (a), 401(k), ESOP, 403(a), 403(b), and 457(b) plans.
Double booking of revenues, counting revenues targeted to other organizations, and booking volunteer's time as contribution revenues are all accounting practices that are now being questioned at the United Way, according to a report by the New York Times.
Financial professionals across the nation have discovered the client service benefits of Industry Profiles from First Research. If you have been hesitating or have not yet discovered the benefit of industry profiles, now is the time to act. New additions include, Agricultural Chemical Manufacturing, Beverage Manufacture and Bottling, Industrial Chemical Manufacturing and Outpatient Surgical Centers. Choose from over 130 industry reports.
Seven professional associations have jointly issued recommendations to help companies combat fraud. The guidelines tell how to prevent, deter and detect frauds ranging from falsified financials to employee theft.
Research by Grant Thornton identifies business planning in uncertain times as a top middle market concern and shows why companies are looking beyond traditional financial measures to boost their corporate IQs.
Former New York City Mayor Rudolph Giuliani said he is committed to help turn around WorldCom because WorldCom represents the "biggest challenge" in returning investor confidence in the public markets.
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. Subscribe today!
Visit the Q&A Forum "Member Questions" Page for the most recent questions/answers posted by our subscribers. Add your comments and lend a hand!
Visit the AccountingWEB news page for the latest news and
information available on AccountingWEB.
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!
Let AccountingWEB help your organization customize a marketing campaign for your products and services. Make sure you book your ad campaign in advance! Get your message in front our audience of accounting and finance professionals today. Our team can help you uncover promotional opportunities that are right for you.
All rights reserved.
"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.