AccountingWEB Weekly News Wrap-up - Issue 7

The AccountingWEB Newswire - Issue 7
September 2, 1999

In the headlines this week:

1. New AICPA Initiative To Develop Financial Reporting Computer Language
2. IRS Issues Alternate ID Numbers For Tax Preparers
3. Microsoft Stumbles A Bit As Security Issues Dominate the News
4. US Fund Managers Push For Adoption of International Accounting Standards
5. Two Wisconsin CPA Firms Merge To Become #17 in the USA
6. Dealing With The Four Types of People in Your Office
7. Internet Tip: Update Your System With

This week marks the four-month countdown to the end of the millenium. Many nostalgic lists are being developed marking different aspects of our lives and our culture. AccountingWEB would like to add its own list by identifying the greatest accounting-related events of this century. Nominations for events are now being accepted. Please email me at with your suggestions for the accounting events that have shaped the last 100 years. These can be technically related, business related, trends, legislation, etc. Your input will place the event on the ballot later this fall to be voted on by all of our members across the country. Please email me with your thoughts!

AccountingWEB this week welcomes Pencor Mazur, LLC - a marketing advisory, publishing and association management company -- as a Press Zone partner serving the accounting community. Be sure to visit Pencor Mazur to understand their offering and to see how they can help your firm.

Michael T. Platt

Around the Profession

1. New AICPA Initiative To Develop Financial Reporting Computer Language

Are you still having trouble understanding what "HTML" means in Internet language? Forget about it and focus on "XFRML" - a new computer language announced this week which is being developed by Microsoft, the AICPA and the Big 5 accounting firms to provide the business community with standards in online financial reporting methods. The language will also provide lower costs of financial reporting, and improved access for the public. Still unsure what all this means and how it will affect you? Unless you plan on retiring in the next 48 months, read on.

2. IRS Issues Alternate ID Numbers For Tax Preparers
Have you, as a tax preparer, ever been concerned that your social security number isn't quite as secure as you think? Do you wonder who has access to all those forms where you as a preparer have to sign your name and your social security number? The IRS has heard your concerns, and announces a new program to allow tax preparers to use alternate ID numbers on client returns. Download IRS form W-7P or call the IRS's toll-free tax forms line at 800/829-3676 to apply. For the full story, click here.

3. Microsoft Stumbles A Bit As Security Issues Dominate the News
Software giant Microsoft had a bit of egg on its face this week as three separate stories came out regarding security breaches. One in Microsoft NT software, one in Internet Explorer 5.0, and the most recent with their free email system, Hotmail. (All of these stories can be found in our Top Stories section.) Do we detect a bit of a chink in the armor at Microsoft or is this just some routine bugs being worked out? Read what others are saying.

4. US Fund Managers Push For Adoption of International Accounting Standards
A recent survey by Broadgate Consultants indicates that as US fund managers shift their investment focus to long term prospects of the international companies they invest in, more and more are calling for the adoption of international reporting standards. A lack of information is a big deterrent to investing in a non-US company, according to the survey. How might this push affect you? Your clients? Your practice?

5. Two Wisconsin CPA Firms Merge To Become #17 in the USA
470 person Virchow Krause & Company announced this week a merger with 150 person Schumaker Romenesko & Associates forming a CPA firm with over $70 million in revenues. The third merger for Virchow Krause in the past year, this one will move it to the position of #17 in the country, and will solidify for the firm offices across the state of Wisconsin. The resulting firm will be know as Virchow Krause & Company. Click here for a local view.

6. Dealing With The Four Types of People in Your Office
Everyone knows that the office environment is made up of distinctly different worker types. You know how to identify them, but do you know what to do with them? Check out the results of a recent study by the Hay group which talks about how to deal with Superstars, Open Minded workers who want to grow, Skeptics, and Recalcitrants who block any future progress. "Treat them all the same at your peril," concludes the survey. Click here for some good ideas, and link to even more ideas on what to do with each different worker type.

7. Internet Tip: Update Your System With
------------------------------------- is a free update service that will analyze your entire hard drive and tell you what software needs to be updated. It will even provide you the link for downloading updates. Additionally, analyzes hardware and gives tips for improving performance. To use their service, you must have cookies enabled and download a 1.2 meg Netscape plug-in (Note: be sure to close your browser before installing the plug-in.)

If you know of an Internet tip, or a technology tip that others can benefit from, you are encouraged to send it in to us.

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