News Wrap-Up - Issue 269

This News Wrap-Up Brought To You By:

CCH Tax & Accounting's Accounting Research Manager(TM)

Industry Profiles from First Research

THIS WEEK'S NEWS
  1. FASB Says Companies Should Book Tax Break as Deduction
  2. AICPA Adopts New Ethics Requirements for Outsourcing
  3. SEC Considering Plan to Standardize Exchange Governance
  4. McDonough Predicts Some Won't Meet Reporting Deadline
  5. Deloitte Faces $2B Claim Over Audits of Insurance Company
  6. El Paso Corp. Shareholders Advised to Dump PWC, Committee Members
  7. Defendants Convicted in First Enron Trial
  8. U.S. Court Freezes $500M in Probe of Doctors' Tax Shelter
  9. Treasury, IRS Issue Proposed Regulations on Phased Retirement
  10. IRS Investigating Bank of America Pension Plans
  11. Justice Dept. Seeks Injunction Against Promoter of Tax Scheme
  12. SunTrust Fires Three, Restates Earnings Upwards

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

*** SPONSOR OFFER ***

CCH Tax & Accounting's Accounting Research Manager(TM)

Get fast answers on accounting, auditing, government, and SEC matters. CCH's online database provides objective, expert, and up-to-date guidance on authoritative and proposal-stage literature from the FASB, AICPA, SEC, EITF, PCAOB, IASB, GASB, GAO, and OMB. Find out more today!

If you've forgotten your AccountingWEB.com login details, we can send you a reminder.

**Attention Outlook 2003 Users**

If the Table of Contents of this e-newswire appears as one long paragraph, instead of a "clean" formatted list, then click here to fix it!

**PLATT'S PERSPECTIVE**

A new survey released this week shows that one of the residual effects of Sarbanes-Oxley is a growing angst among companies that the accounting profession is stretched too thin and that service levels are suffering. According to the J.D.Powers 2004 Audit Firm Performance StudySM, "the result has been, at least in the short term, relatively low ratings of the financial audit process and an erosion in confidence of the accounting profession."

It seems to me that each time a survey comes out that impacts the perception of the accounting profession, the same issues drive that perception - communication, communication, communication. The J.D.Powers survey confirms this, acknowledging that those firms that are able to clearly and concisely communicate the issues consistently earn the highest ratings. What does this mean for your firm and how can you counter that perception?

If there is any doubt in your mind that you score less than a perfect 10 on a 10-point rating scale in terms of your ability to explain difficult issues in a clear manner and ask the hard questions demonstrating your understanding of all areas of business, then your next training dollars are best spent on shoring up these communication skills. Dollar for dollar, you will not find a higher return on your training investment. You may read the results of this survey here!

Michael Platt
Founder, AccountingWEB, Inc.
editor@accountingweb.com

THIS WEEK'S NEWS
  1. FASB Says Companies Should Book Tax Break as Deduction

Companies that benefit from a new tax break should book it as a "special deduction" against taxable income over time. That recommendation came from the Financial Accounting Standards Board Wednesday, and U.S. companies are likely to greet the news warmly because it means they won't take a one-time hit on earnings.

  1. AICPA Adopts New Ethics Requirements for Outsourcing

The American Institute of Certified Public Accountants has adopted new ethics rules that place new requirements on members who outsource work. Two new rules and one revised rule spell out the responsibilities AICPA members now must meet when outsourcing clients' work to third-party providers.

*** SPONSOR OFFER ***

Industry Profiles from First Research

AccountingWEB, in partnership with First Research, offers over 150 online Industry Profiles. Cut-and-paste industry information directly into your business valuation reports, use them for sales calls, or just to stay up-to-date on client industries! Take advantage of marketing research from First Research and get the knowledge you need fast. Find out more today!

  1. SEC Considering Plan to Standardize Exchange Governance

The Securities and Exchange Commission's five commissioners agreed to float a plan released this week that would require 10 U.S. stock markets to file quarterly reports with regulators.

  1. McDonough Predicts Some Won't Meet Reporting Deadline

November 15 marks the deadline for meeting financial reporting requirements required under Sarbanes, and McDonough said companies need to be prepared to report bad news as well as good news.

  1. Deloitte Faces $2B Claim Over Audits of Insurance Company

Deloitte & Touche LLP is facing a $2 billion legal claim related to its audits of a North Carolina insurance company that specialized in reinsurance for aviation risk.

MORE HEADLINES...

  1. El Paso Corp. Shareholders Advised to Dump PWC, Committee Members
  2. Defendants Convicted in First Enron Trial
  3. U.S. Court Freezes $500M in Probe of Doctors' Tax Shelter
  4. Treasury, IRS Issue Proposed Regulations on Phased Retirement
  5. IRS Investigating Bank of America Pension Plans
  6. Justice Dept. Seeks Injunction Against Promoter of Tax Scheme
  7. SunTrust Fires Three, Restates Earnings Upwards

Don't miss a beat, check out ACCOUNTINGWEB'S NEWS PAGE. If you know someone who'd like to read this News Wrap-Up, please forward it to them.

$$ PREMIUM SUBSCRIPTION CONTENT $$

See a sampling of this week's Guest-Authored Premium content below. Subscribe today for only $49/year and gain access to the Premium Content Archives. If you've forgotten your login details, we can send you a reminder.

  1. Managing the Cost - and Value - of Failure
  2. How to Get Employees To Walk the Talk
  3. Nurturing Your Own "Green Grass", Ways to Reinvest in Your Current Clients

HOT TOPICS ON ACCOUNTINGWEB

If you've forgotten your login details, we can send you a reminder.

  1. IRS Highlights Examples of Abusive Return Preparer Investigations
  2. NAACP Chairman's Statements Endanger Tax-Free Status
  3. Former E&Y Audit Partner Faces 5 Years on Obstruction Charges
  4. Wells Fargo Customer Data on Stolen Computers
  5. DaimlerChrysler Hit with Whistleblower Suit, SEC Investigation

*** SPECIAL NOTE FROM ACCOUNTINGWEB ***

Going forward, all news articles on AccountingWEB over 30 days will be accessible to Premium Members only. If you are not a premium member, Subscribe online today by clicking here and don't miss a beat!

LAST WEEK'S RESOURCE GUIDE HIGHLIGHTS

If you missed last week's Resource Guide, here are just some of the highlights below.

  1. Certification Puts Bookkeepers in Key Financial Role
  2. IRS.gov Cited as Most Reliable Government Web Site
  3. Starting a Business? What Business Owners Should Know
  4. Financial Planner Shares how to Exchange Real Estate Tax Free
  5. Spyware Infiltration Rises in Corporate Networks

*** SPONSOR AN UPCOMING NEWS WRAP-UP ***

If you'd like to reach the accounting and finance profession e-mail us at sales@accountingweb.com

WHAT'S ON ACCOUNTINGWEB

ACCOUNTINGWEB MARKETING SOLUTIONS

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 of our audience of accounting and finance professionals today. Our team can help you uncover promotional opportunities that are right for you.


Your Personal Membership Information

Take a moment today to ensure that we have accurate, up-to-date information in our records. Just go to your Profile Page and login to update your information today! If you've forgotten your AccountingWEB.com login details, we'll send you a reminder.

Premium Subscriber Information

Access to the growing library of the latest insights, ideas and tools is available for only $49 a year. Subscribe today!

Copyright © 2004 AccountingWEB, Inc.
All rights reserved.
http://www.accountingweb.com
"To inform, to enrich, to enlighten, to entertain."

Contact AccountingWEB, Inc.
P.O. Box 68748, Indianapolis IN 46268
Contact Us

You may like these other stories...

Which of America’s major cities offer the most favorable tax structures for businesses? According to a study released on Tuesday by KPMG International, the top five in the United States are Cincinnati, Cleveland,...
Contact: Dave Shatkowski, Indiana CPA Society Phone: (317) 726-5022 Email: dshatkowski@incpas.org INDIANAPOLIS - After four years of planning and development, the CPA Center of Excellence® is ready to take CPAs to the...
On any normal day Katie Bailey, audit manager at CPA firm Dauby O'Connor & Zaleski, LLC (DOZ) in Carmel, Indiana, would definitely consider herself an active person. She runs 20-plus miles a week, logs lunch hours in...

Upcoming CPE Webinars

Aug 5
This webcast will focus on accounting and disclosure policies for various types of consolidations and business combinations.
Aug 20
In this session we'll review best practices for how to generate interest in your firm’s services.
Aug 21
Meet budgets and client expectations using project management skills geared toward the unique challenges faced by CPAs. Kristen Rampe will share how knowing the keys to structuring and executing a successful project can make the difference between success and repeated failures.
Aug 28
Excel spreadsheets are often akin to the American Wild West, where users can input anything they want into any worksheet cell. Excel's Data Validation feature allows you to restrict user inputs to selected choices, but there are many nuances to the feature that often trip users up.