U.S. Senate: Y2K Will Not be Destructive to Nation

The Senate Special Committee on the Year 2000 Technology Problem has announced that it believes the Y2K bug will not be a nationwide crisis as first predicted.

Still, the panel says that individuals may experience some mishaps, but major problems from computer errors are not likely to occur. Most susceptible to the Y2K bug are medical offices, schools, government services and small businesses. Because many countries may be behind in updating computer systems, the panel predicts that matters may be worse outside the boundaries of the United States.

The 228-page report was presented 100 days prior to the beginning of the new year by committee Chairman Senator Robert F. Bennett (R-Utah).


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.