News Wrap-Up - Issue 288

This News Wrap-Up Brought To You By:

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THIS WEEK'S NEWS
  1. IRS: $300 Billion A Year Goes Unpaid
  2. Consolidation Rules for Sole General Partner LPs & LLPs
  3. FASB Issues Final Interpretation of Accounting for Conditional Asset Retirement Obligations
  4. SEC's Office of the Chief Accountant Release Staff Accounting Bulletin on Share-Based Payments
  5. Accounting Oversight Board to Meet Today on Internal Controls
  6. CFOs Project Increase in Accounting & Finance Hirings
  7. Buffet Faces Questioning in AIG Flap
  8. Is Your Health Provider Overbilling You?
  9. SEC Names 3 Academic Accounting Fellows
  10. New Roth 401(k)Adds to Workers' Investment Options

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

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*** PLATT'S PERSPECTIVE ***

The movie "Pay it Forward" told a wonderful story of genuine, selfless acts of kindness that were initiated by those who were the recipients of similar acts. I was reminded this week - both in the giving and the receiving end - that in the professional world, we have a similar unique opportunity every day.

By combing through our network of contacts, identifying pairs of people who may have common interests, and making an introduction, we hold the power to "pay it forward" in a real and meaningful way. Call it what you will - networking, professional courtesy, serving others - it's not about finding ways to make money on every transaction; it's about building the relationships that strengthen your network.

All it takes is a commitment to try. For the next eight weeks, I would encourage you to identify two people each week that might benefit from knowing each other and making a simple introduction. At the end of the eight weeks, you'll be amazed at the good will, good feelings, and good response you receive, and will develop a habit that will pay dividends throughout your career.

Michael Platt
AccountingWEB Founder
editor@accountingweb.com

THIS WEEK'S NEWS
  1. IRS: $300 Billion A Year Goes Unpaid

Taxpayers are holding back more than $300 billion in taxes each year, with small businesses and self-employed workers largely to blame for the shortfall.

  1. Consolidation Rules for Sole General Partner LPs & LLPs

In its comments on EITF Issue No. 04-5, "Investor's Accounting for an Investment in a Limited Partnership When the Investor Is the Sole General Partner and the Limited Partners Have Certain Right," TIC noted that the title should be revised to clarify it also covers entities that are equivalent to limited partnerships, such as LLCs.

  1. FASB Issues Final Interpretation of Accounting for Conditional Asset Retirement Obligations

The Financial Accounting Standards Board (FASB) on Wednesday published FASB No. 47, Conditional Asset Retirement Obligations.

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  1. SEC's Office of the Chief Accountant Release Staff Accounting Bulletin on Share-Based Payments

The Securities and Exchange Commission's Office of the Chief Accountant and its Division of Corporation Finance announced on Tuesday announced the release of a Staff Accounting Bulletin relating to the Financial Accounting Standard's Board (FASB) accounting standard for stock options and other share-based payments.

  1. Accounting Oversight Board to Meet Today on Internal Controls

The Public Company Accounting Oversight Board (PCAOB) is scheduled to meet at 10 AM Eastern Standard Time to consider an auditing standard for reporting on companies that correct material weaknesses in internal controls over financial reporting.

MORE HEADLINES...

  1. CFOs Project Increase in Accounting & Finance Hirings
  2. Buffet Faces Questioning in AIG Flap
  3. Is Your Health Provider Overbilling You?
  4. SEC Names 3 Academic Accounting Fellows
  5. New Roth 401(k)Adds to Workers' Investment Options

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  3. Auditors Show IRS Workers Too Willing to Cooperate
  4. Family Partnerships are Under the Microscope
  5. New Roth 401(k) Adds to Workers' Investment Options

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