AccountingWEB Weekly News Wrap-Up - Issue 115
October 5, 2001
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THIS WEEK'S NEWS FROM ACCOUNTINGWEB
1. FASB Finds Terrorist Costs Not Extraordinary
2. FASB Minutes Give Insight into Controversial Decision
3. PwC Receives Medicare Contract
4. Sage Acquires Fund Accounting Software Provider MIP
5. New York CPAs Have Message for AICPA
6. Rules Change for Excise Tax Returns
7. Intacct Releases Automated, Customized CCH Tax Software Link
8. New York CPAs Contribute Time to Disaster Victims
9. H.D. Vest Discontinues Free Online Tax Prep
10.Andersen Acquires PwC French Consulting Operation
A controversy arose this week over the accounting treatment of losses associated with the tragic events of September 11, 2001, and their aftermath. It appeared that the Financial Accounting Standards Board would allow companies to report such losses as extraordinary items; then at the last minute the decision was rescinded. Members of the accounting profession have voiced their objections to the choice that such expenses should be included with normal operating expenses, for what is normal about terrorist attacks?
Before choosing sides in this matter, let's all remember that there is no blueprint for decisions stemming from these acts. People who are confronted with a new situation are trying to make the best choices they can and are attempting to proceed with caution and intelligence.
Let's be grateful that there is no normalcy in the tragic events that have occurred and give the men and women with whom we have placed our trust a chance to figure out the best solutions for everyone.
IN THE NEWS
In a reversal of an agreement reached by the Emerging Issues Task Force, the Financial Accounting Standards Board has determined that costs and expenses from the September terrorist attack on the U.S. are not to be treated as an extraordinary item.
Last week, the Financial Accounting Standards Board rejected recommendations by the Emerging Issues Task Force that costs and expenses relating to the September 11 terrorist attacks on the United States should be considered extraordinary items for financial statement reporting. The AICPA and others have lashed out against this opinion. You can read the complete text of the minutes from the two EITF meetings.
Big Five firm PricewaterhouseCoopers along with Electronic Data Systems Corp. and Oracle Corp. have been awarded a contract to provide the new Medicare and Medicaid accounting system for the U.S. Department of Health and Human Services. The estimated value of the contract is over $325 million.
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Sage, a leading U.S. provider of business management solutions for small and mid-sized businesses, has acquired not-for-profit accounting software giant, Micro Information Products (MIP). MIP markets NPS Intro, NPS Pro, and the Advantage NonProfit Series.
The New York State Society of Certified Public Accountants has passed a resolution encouraging its members who belong to the council of the AICPA to, among other things, oppose any attempt on the part of the AICPA to delay or rescind plans for a membership-wide vote on the proposed global credential, currently referred to as the XYZ credential.
The IRS has issued final regulations on the requirements for excise tax returns, payments, and deposits. These regulations are effective for calendar quarters beginning after September 30, 2001, and they relate to taxpayers who file Form 720, Quarterly Federal Excise Tax Return.
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Intacct Corporation has announced the release of its automated, customized link to CCH ProSystem fx Tax business products, the leading tax preparation software solutions among the nation's 40,000 CPA firms. The integrated service, which is available exclusively to Intacct customers, cuts CPA workloads by automatically transferring tax-related information from the Intacct accounting system to ProSystem fx Tax business products including Partnership, Corporation, and S-Corporation.
Members from the New York State Society of Certified Public Accountants have set up an information table in the downtown New York area disaster relief center. CPAs will man the table each day to answer questions regarding insurance, tax returns, pensions, small business start-up, and they will help victims complete Federal forms.
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H.D. Vest Financial Services will no longer offer its free online tax preparation services. The free service was created with the hope of driving business to the other financial services offered by H.D. Vest, however the referral service was not as significant as expected.
Andersen has announced the acquisition of the French firm, Price Waterhouse Management Consultants S.A.S., forming the leading strategic operational consultancy in France. The combined professional services firm will house 900 consultants and is expected to generate combined annual fees of $140 million.
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