AccountingWEB Weekly News Wrap-up - Issue 35

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The AccountingWEB Friday Wrap-Up Newswire - Issue 35

March 24, 2000

In the news this week:

1. SEC, FASB Concerned About Dotcom Accounting Smoke & Mirrors
2. Twice as Many Millionaires - Twice the Need For Good Advice
3. Why Are CPAs Jumping Ship?
4. School Benchmarking Now Offered By PricewaterhouseCoopers
5. The Final Word on Internet Taxation -- "Maybe"??
6. First Publicly Traded Accounting Firm Coming To The UK
7. No Fixed Desks, No Fixed Offices, No Meetings
- Just a Highly Successful Firm
8. Using Instant Messaging in Your Business
9. National Association of Black Accountants Opens Career Center
10. Internet Tip: Control Your Modem Volume

Editor's Note

Staff Recruiting was a big issue in AccountingWEB this week. If you are involved with recruiting at all, be sure to check out the following resources, covered this week in AccountingWEB:

On-Campus Recruiting Strategies Workshop

National Association of Black Accountants Opens Career Center

E-cruiting Business Newsletter

Jumping Ship: Why Do CPAs Flee?

Michael T. Platt
mailto:[email protected]

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AccountingWEB's Online Workshop Schedule

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AccountingWEB workshops continue to generate a "buzz" and have resulted in a number of excellent programs with some great tools for you to do your job better. Be sure to mark your calendars for these upcoming workshops, and tell others in your firm who would benefit from these sessions to join you online too!

Mar 27 9:00pm EST - Tax Season Q&A

Mar 28 4:00pm EST - Differentiating From The Competition

1. SEC, FASB Concerned About Dotcom Accounting Smoke & Mirrors

Traditional accounting methods are being s-t-r-e-t-c-h-e-d by Dotcom CFOs in order to pump up their stock price, according to the SEC. FASB has been brought into the discussion, and will be investigating 20 different areas of accounting that are being questioned by the SEC at some of the most recognized Dotcom companies. A recent Fortune magazine series outlines the issues, which include: Net vs. gross sales; barter; coupons, discounts and loss leaders; fulfillment costs; and auction accounting.


Business Accounting Software You Can Customize

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This newswire will be read by thousands of accounting professionals this week. For advertising information, contact Ryan Carmen at mailto:[email protected]

2. Twice as Many Millionaires - Twice the Need For Good Advice

The 1990s have been good to the average investor. Recent records show that there are twice as many millionaires today as there were just five years ago. AccountingWEB has captured some of the best advice from JP Morgan, Deloitte & Touche and KPMG on how to help these new millionaires better preserve their wealth. If you have high net worth clients, you might want to check this out.

3. Why Are CPAs Jumping Ship?

Stock option alternatives, 150-hour rules, auditor independence rules, a 10 year partner track -- what reasons do you see for CPAs getting out of public accounting and getting into a more lucrative alternatives? A recent article in BusinessWeek pointed to these issues, as well as the SEC crackdown on independence (restricting Big 5 auditor participation in a booming stock market) as the biggest factors affecting the profession. How do you combat these trends? More money, more quality of life, more work options are all requirements for today's tight labor markets.

4. School Benchmarking Now Offered By PricewaterhouseCoopers

PWC has formed an alliance with Ohio-based SchoolMatch to provide consulting services and benchmarking testing to school districts and public schools across the USA. PricewaterhouseCoopers has a K-12 education practice which provides management consulting services to local school boards to help improve many areas of operation, including financial, personnel, instructional, food service, transportation, purchasing, and maintenance. The new alliance will provide schools with the kind of information they need to become more competitive.

5. The Final Word on Internet Taxation -- "Maybe"??
With corporate interests on one side and state and local government groups on the other, the Advisory Commission on Electronic Commerce is under the gun to make its recommendations to Congress. The group has until April 21 to submit its recommendations and met for the fourth and final time this week without reaching a clear direction on how to proceed. A majority of the members wish to see a five-year extension on the taxation moratorium established in 1998, due to expire in 2001. But the two-thirds majority needed to accept the proposal was not there. The final recommendation should be coming soon . . .

6. First Publicly Traded Accounting Firm Coming To The UK

Accounting firm consolidation and capital building have hit the UK marketplace. The Tenon Group has been formed and expects a £50 million flotation on the Alternative Investment Market later this month to finance the acquisition of accounting firms and advisory firms across Britain to compete with the Big 5 firms. No firms are yet on board, but the principles behind the Tenon Group believe that they will revolutionize the accounting industry in Britain, and have a number of high quality firms join them in providing services to the middle market.

What Do You Think About CPA/Attorney Partnerships?

Are CPA/Law partnerships a good thing for the accounting profession? Are they good for clients? Voice your opinion on the topic in our poll this month. Your input is appreciated!

7. No Fixed Desks, No Fixed Offices, No Meetings - Just a Highly Successful Firm

What would happen if your organization cancelled all partners' meetings, eliminated fixed offices, and gave you wheels on your furniture so you can come in each morning and "roll" into your workgroup of the day? Extraordinarily high productivity and profitability, according to one firm that tried this approach. Read the details of what Steve Siegel and his partners at the 30-person Lipschultz, Levin and Gray in Chicago did to get rid of the ordinary and turn the firm into something spectacular.

8. Using Instant Messaging in Your Business

You may be one of the "Internet pioneers" in your organization that set up a buddy list on AOL and "chatted" real time with your friends who were also on the Internet. But businesses across the country are discovering the efficiencies and cost-savings of corporate Instant Messaging, allowing you to communicate with your colleagues down the hall or across the state quickly, easily and cheaply. Explore how corporate instant messaging may work in your business - with your employees or with your clients - and drop your communication costs quickly with this feature.


AICPA and ITA present:

TECH 2000 - 20th Annual Computer and Technology Conference

May 10-12, 2000 Atlanta, GA

Come to this conference and discover the newest technology products and trends. Plus learn how to increase the profitability of your organization or clients. For further information, visit

9. National Association of Black Accountants Opens Career Center

The National Association of Black Accountants, a trade association representing over 100,000 African American accounting professionals, has launched an online career center linking employers and employees. A quick registration process will allow anyone to access the jobs database. Employers may choose from a variety of packages to post jobs -- from a one time fee of $285/month per job to unlimited job postings at $5,550/year.

10. Internet Tip: Control Your Modem Volume

If you don't like the screech of your dial-up modem as it connects, you may want to consider changing the volume, which can be done with just a few key strokes. In Windows, go to Start|Settings|ControlPanel|System|Device Manager, and select your modem from the Modems branch. Click Properties, select the Modem tab, and adjust the slider for speaker volume. Caution: Think twice about silencing it completely - it can be very reassuring to hear that screech and knowing that everything is working properly!

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