News Wrap-Up - Issue 255

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THIS WEEK'S NEWS
  1. Grant Thornton Expected to Settle with SEC
  2. Companies, Auditors Parting Ways More Often
  3. Court Sides With SEC in Keeping Ex-Chairman's Records Private
  4. Corporation Lobbies to Close Corporate Loophole
  5. Tough Prosecutors Changing Corporate Environment
  6. IRS Issues Depreciation Regulations, Expands Small Biz Tax Deductions
  7. Corporate Scandals Attract Students to Accounting
  8. Treasury, IRS Finalize Regulations for Incentive Stock Options (ISOs)
  9. Franklin Advisers to Pay $50 Million; Undergo Compliance Reform
  10. IRS Statistics of Income Released; Includes IRA's and Tax Rates
  11. Proposed Changes Would Modernize NYSE Trading
  12. Companies Struggle with New Chief Compliance Officer Position

Check out the News Page for this week's news and more.

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PLATT'S PERSPECTIVE

I heard one of the most powerful statements the other day that an employee can say about her boss. I was speaking with a woman named Linda, and she described her boss, Gary, as not always right in what he does, that she doesn't always agree with him, but that she "would take a bullet for him." She would take a bullet for him!

When I asked her why, she smiled and said three things. "First, he is brutally honest - he never lies, even if it hurts. Second, he is consistently trustworthy - he always does what he says. And third, he has unbridled passion for his work - he so deeply believes in what we are doing that it is contagious."

Brutal honesty, consistent trustworthiness, unbridled passion - are these characteristics part of your everyday behavior, enough so that others feel these traits emanating from your very being? There are dozens of traits that embody exceptional leadership. What areas do you have to work on to have your employees ready and willing to "take a bullet" for you?

Michael Platt, Founder
editor@accountingweb.com

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THIS WEEK'S NEWS
  1. Grant Thornton Expected to Settle with SEC

Grant Thornton LLP plans to settle Securities and Exchange Commission charges that the firm aided and abetted securities fraud by paying $1.5 million and training employees in fraud detection.

  1. Companies, Auditors Parting Ways More Often

They say that breaking up is hard to do, but companies and auditors are parting at record rates this year. By the end of July, more than 900 public companies had either fired or ended relationships with their auditors, which is about the number of breakups that occurred in all of 2003.

  1. Court Sides With SEC in Keeping Ex-Chairman's Records Private

A federal appeals court has ruled this week that the Securities and Exchange Commission was right to deny a media group access to former chairman Harvey Pitt's telephone logs, message slips and appointment calendars. The court said that even though Pitt's calendar was kept on the SEC computer system, it was not an official record.

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  1. Corporation Lobbies to Close Corporate Loophole

Kelly Services Inc. is credited with helping end a tax dodge that cost states more than $1 billion over the last decade. The loophole allowed companies to greatly reduce the money they paid to state unemployment trust funds.

  1. Tough Prosecutors Changing Corporate Environment

The consequences of bad corporate behavior have never been so severe or so well publicized. As yet another high-profile executive is led away in handcuffs on the nightly news, corporate officials are getting the point that fraud does not pay.

MORE HEADLINES...

  1. IRS Issues Depreciation Regulations, Expands Small Biz Tax Deductions
  2. Corporate Scandals Attract Students to Accounting
  3. Treasury, IRS Finalize Regulations for Incentive Stock Options (ISOs)
  4. Franklin Advisers to Pay $50 Million; Undergo Compliance Reform
  5. IRS Statistics of Income Released; Includes IRA's and Tax Rates
  6. Proposed Changes Would Modernize NYSE Trading
  7. Companies Struggle with New Chief Compliance Officer Position

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  1. Web Tip: Making Web Pages Available for Offline Viewing
  2. Keys to Effective Employee Communication
  3. Outlook Tip: Color Code Incoming E-Mail Messages

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  1. Salaries Increasing for Finance and Accounting Professionals
  2. New Overtime Regulations Go into Effect August 2004
  3. New Law Means Speedy Clearing of Checks
  4. FASB's Plan Could Mean "Major Hit" to Earnings
  5. Treasury Issues Comprehensive Health Savings Account Guidance

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