News Wrap-Up - Issue 270

This News Wrap-Up Brought To You By:

PricewaterhouseCoopers' Comperio

Geac

THIS WEEK'S NEWS
  1. IRS Releases 2005 Standard Mileage Rates
  2. CalPERS Backs Reform on Abusive Executive Compensation
  3. IRS, Treasury Updating Non-Profit Pensions
  4. SEC Files Fraud Charges against Hollinger & CEO, Conrad Black
  5. PCAOB to Hold Forum on Small-Business Auditing
  6. SEC Grants Firms Extra Time to Meet Internal Controls Rule
  7. Boiler Room Operations Charged with Fraud, Investor Warning
  8. Financial Accounting Standards Board Delays Action on Rule
  9. Crowe Chizek Acquires Illinois Accounting Firm
  10. PCAOB, Advisory Group Propose Audit, Tax Standards for 2005
  11. Fannie Mae Warns of Possible $9B Loss, KPMG Won't Sign Off
  12. IRS Issues Guidance on Requirements for Reportable Transactions
  13. Former KPMG Consultant Pleads in Conspiracy Case

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

*** SPONSOR OFFER ***

PricewaterhouseCoopers' Comperio Trial Offer

Comperio is the world's most comprehensive library of financial reporting and assurance literature available online. Providing convenient, rapid access to the information you need to meet ever-increasing reporting requirements, Comperio includes information from the FASB, SEC, AICPA, EITF, and many other resources. Sign up for a complimentary trial today and see it for yourself!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**

I met with the managing partner of a small law firm the other day and he was telling me that three weeks ago his office experienced the unthinkable - the electricity was out in the building for three hours and everyone was in a panic. Imagine - no Internet, no e-mail, no computer access, no telephones, nothing. People were really thrown off their routine and the staff members really struggled with what to do next.

So the managing partner called everyone into the conference room, (it had windows so there was light,) handed everyone a pad of paper, and asked each staff member to handwrite three thank you notes or letters of appreciation to a client, a referral source or another staff member. At first the staff members grumbled about the assignment, but they finally got into a rhythm and by the time the electricity came back on there were over 65 handwritten letters ready to be mailed.

Today, those staff members that received a letter have a little bit more bounce in their step. Referrals who received the letter are a little more apt to take a phone call from the law firm. And outstanding receivables from clients show a measurable decrease. In fact, the exercise was so well received, the managing partner is going to schedule "electricity off" time every two weeks to make handwritten appreciation a staple of the operations of the firm. Just an idea to consider for your practice...

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

THIS WEEK'S NEWS
  1. IRS Releases 2005 Standard Mileage Rates

The Internal Revenue Service on Wednesday released the optional standard mileage rates to use for 2005 in computing the deductible costs of operating an automobile for business, charitable, medical or moving expense purposes.

  1. CalPERS Backs Reform on Abusive Executive Compensation

The California Public Employees' Retirement System board members this week approved a new executive compensation strategy linking CEO pay to long-term company performance, a centerpiece of California State Controller Steve Westly's reform proposals.

*** SPONSOR OFFER ***

Geac

Can a balanced scorecard application help you close the gap between strategy and execution? The answer is yes, if you are able to correctly determine the key performance drivers, both financial and non-financial, that need to be measured and included in your scorecard. "Strategy Management and the Balanced Scorecard" is an important whitepaper from Geac that discusses ways to ensure you are measuring the right things and using performance data as a tool to turn strategy into results. Find out more today!

  1. IRS, Treasury Updating Non-Profit Pensions

The Treasury Department and IRS issued proposed regulations this week relating to retirement annuity contracts under section 403 (b), which are generally available to employees of public schools and organizations exempt from tax under section 501(c)(3), along with related temporary regulations clarifying the application of employment taxes to section 403(b) contracts.

  1. SEC Files Fraud Charges against Hollinger & CEO, Conrad Black

The Securities and Exchange Commission announced earlier this week that it has filed an enforcement action against Hollinger International's former Chairman and CEO Conrad M. Black, former Deputy Chairman and COO F. David Radler, and Hollinger, Inc., a Canadian public holding company controlled by Black.

  1. PCAOB to Hold Forum on Small-Business Auditing

The Public Company Accounting Oversight Board last week announced a new initiative to bring important information concerning the PCAOB to small business communities.

MORE HEADLINES...

  1. SEC Grants Firms Extra Time to Meet Internal Controls Rule
  2. Boiler Room Operations Charged with Fraud, Investor Warning
  3. Financial Accounting Standards Board Delays Action on Rule
  4. Crowe Chizek Acquires Illinois Accounting Firm
  5. PCAOB, Advisory Group Propose Audit, Tax Standards for 2005
  6. Fannie Mae Warns of Possible $9B Loss, KPMG Won't Sign Off
  7. IRS Issues Guidance on Requirements for Reportable Transactions

  8. Former KPMG Consultant Pleads in Conspiracy Case

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. The Human Trend: Bonuses for New Hires
  2. "Wanted: Managing Partner That Meets ALL of our Expectations"
  3. Managing the Cost -- and Value -- of Failure
  4. How to Get Employees to Walk the Talk
  5. Nurturing Your Own "Green Grass", Ways to Reinvest in Your Current Clients
  6. Questions to Ask Yourself before You Head to The Office Party

HOT TOPICS ON ACCOUNTINGWEB

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

  1. Deloitte Faces $2B Claim Over Audits of Insurance Company
  2. FASB Says Companies Should Book Tax Break as Deduction
  3. Treasury, IRS Issue Proposed Regulations on Phased Retirement
  4. El Paso Corp. Advised to Dump PWC, Audit Committee Members
  5. AICPA Adopts Ethics Requirements for Members Who Outsource

*** SPECIAL NOTE FROM ACCOUNTINGWEB ***

Effective immediately, 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!

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

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

***SPECIAL NOTE FROM ACCOUNTINGWEB***

Effective immediately, 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 at:
http://www.accountingweb.com/doc/3014 and don't miss a beat!

ACCOUNTINGWEB MEMBER INFORMATION

To unsubscribe from this weekly News Wrap-Up, send a message to
unsubscribe@accountingweb.com and in the body include:
UNSUBSCRIBE AWUSWIRE

To cancel your e-mails and access to the site altogether, please send an e-mail to service@accountingweb.com and ask to CANCEL MEMBERSHIP.

Change your password, or update your member information here

If you've forgotten your AccountingWEB.com login details, we will send you a reminder. Just click here

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


Already a member? log in here.

Editor's Choice

Upcoming CPE Webinars

Nov 24This webcast presents basic principles of revenue recognition, including new ASU 2014-09 for the contract method. Also, CPAs in industries who want a refresher on revenue accounting standards will benefit.
Dec 3The materials discuss the concepts and principles in the AICPA’s new special purpose framework.
Dec 9A key component to improving your firm’s workflow efficiency while enhancing your profitability at the same time is how you leverage emerging technologies.
Dec 9Kristen Rampe will cover how to diffuse the tension in challenging situations in this one-hour webinar.