AccountingWEB Weekly News Wrap-Up - Issue 193

This News Wrap-Up Brought To You By:

PPC's Guide to Fraud Risk Assessment

FRx Forecaster

THIS WEEK'S TOP NEWS

  1. Enron Criminal Case Includes Ten New Defendants
  2. IRS Wants Proof From Earned Income Credit Recipients
  3. SEC Stops Executives From Quietly Selling Stock
  4. AccountingWEB Interviews...Barry Melancon, AICPA President
  5. FASB Approves Expensing of Stock Options
  6. SEC Formally Reaffirms FASB, Approves PCAOB
  7. Two E&Y Partners Suspended by SEC For Failure to Catch Fraud
  8. Tyco Audit Uncovers New Accounting Errors
  9. H&R Block Readies Refund to Peace-Seeking Taxpayers
  10. AFL-CIO Launches Anti-E&Y Campaign
  11. IRS Amnesty Plan Nabs 1,200 Taxpayers, $100 Million


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EDITORIAL

Leaders of the profession gathered this week in Washington for the AICPA Spring Council Meeting. Among the topics of discussion was the future of the various AICPA-led specialty designation programs, which were in danger of being eliminated.

Rumors and speculation about the possible demise of the
designations - including Accredited in Business Valuation (ABV), the Certified Information Technology Professional (CITP), and the Personal Financial Planning Specialist (PFS) - were rampant in the weeks leading up to the meeting.

In the end, calmer heads prevailed, and the Council has resolved to not act in haste, to listen to the membership concerns, and to further explore strategies to enhance the credentials. It's refreshing to finally see the debate process within the profession work so effectively. Read the full story.

Michael Platt, CEO
AccountingWEB, Inc.
mailto:editor@accountingweb.com


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THIS WEEK'S TOP NEWS

1. Enron Criminal Case Includes Ten New Defendants

Criminal charges were filed this week against ten former Enron executives, including the wife of ex-Chief Financial Officer Andrew Fastow. From wind farms to online movies to floating power plants in Nigeria, the number of schemes the defendants were allegedly involved in is staggering.

2. IRS Wants Proof From Earned Income Credit Recipients

The Internal Revenue Service has devised a new program whereby certain recipients of the Earned Income Credit will be required to offer proof of their relationship to the child that qualifies them for the credit as well as proof of the fact that the child lived with them for more than six months during the tax year. Find out how this will affect your clients.

3. SEC Stops Executives From Quietly Selling Stock

Beginning June 30, corporate insiders have two days to electronically report their transactions to the Securities and Exchange Commission Web site and to post the actions on their company Web site.


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4. AccountingWEB Interviews... Barry Melancon, AICPA President

Supporters and critics of AICPA President Barry Melancon agree on one thing - as the head of a profession in the midst of unparalleled change, Mr. Melancon has experienced a leadership perspective not often experienced by many others. AccountingWEB sits down with Barry Melancon to get his views of the profession and to get a rare personal insight into the man charged with the responsibility of advocacy of a profession in the throes of change.

5. FASB Approves Expensing of Stock Options

The debate on mandatory expensing of stock options moved center stage last week when the Financial Accounting Standards Board voted unanimously to require companies to expense employee stock options.

MORE TOP NEWS. . .

6. SEC Formally Reaffirms FASB, Approves PCAOB

7. Two E&Y Partners Suspended by SEC For Failure to Catch Fraud

8. Tyco Audit Uncovers New Accounting Errors

9. H&R Block Readies Refund to Peace-Seeking

10. AFL-CIO Launches Anti-E&Y Campaign

11. IRS Amnesty Plan Nabs 1,200 Taxpayers, $100 Million

Visit the AccountingWEB News page for all of this week's
headlines at http://www.accountingweb.com/news

PREMIUM CONTENT

Below is a sampling of the Premium Content available to
subscribers of the AccountingWEB Premium service. Along with your yearly Premium Membership, you gain access to all the archived Premium Content on the Site.

1. Developing Your Company's Ethics Policy

2. Ten Steps to Branding Your Firm

3. Nine No-Fail Tips For Becoming An Undisputed Value Leader

FROM THE ARCHIVES. . .Visit the Premium Content Page for more archived articles and content available to all Premium Subscribers.

RESOURCES ON ACCOUNTINGWEB...

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Shipping & Receiving Policy Templates - $95.00

Q&A FORUM

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!

1. Computerized CPA Examination. How will the computerized CPA examination affect the accounting profession?

2. Manufacturing Internal Control Questionnaire. I need an
internal control questionnaire for a manufacturing company. Does anyone know where I might obtain one?

2003 TAX CALENDAR

Visit the AccountingWEB.com 2003 Tax Calendar today.

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Upcoming CPE Webinars

Jul 16
Hand off work to others with finesse and success. Kristen Rampe, CPA will share how to ensure delegated work is properly handled from start to finish in this content-rich one hour webinar.
Jul 17
This webcast will cover the preparation of the statement of cash flows and focus on accounting and disclosure policies for other important issues described below.
Jul 23
We can’t deny a great divide exists between the expectations and workplace needs of Baby Boomers and Millennials. To create thriving organizational performance, we need to shift the way in which we groom future leaders.
Jul 24
In this presentation Excel expert David Ringstrom, CPA revisits the Excel feature you should be using, but probably aren't. The Table feature offers the ability to both boost the integrity of your spreadsheets, but reduce maintenance as well.