Financial Reporting
In an effort to keep pace with myriad financial innovations that companies use to manage or hedge risk exposure, FASB issued Statement no. 133, Accounting for Derivative Instruments and Hedging Activities. It applies to all derivative instruments—even those yet to be developed.
Professional Issues
For years, the AICPA and NASBA have been working on a new model of the Uniform Accountancy Act that would both reflect the realities of today's business world and continue to protect the public interest. With the third edition, both organizations have the solution.
Education / Practice Management
Online CPE is the newest way to fulfill your educational requirements—and one of the least expensive. Learn about the vendors, hear what the advantages and problems are and see what improvements are on the horizon.
Banking
Federal regulators are changing external audit requirements for small banks. The new policy gives the CPAs an opportunity to offer a new attestation service. Case Study: A pilot project—an attestation engagement with Nebraska bank.
Software
When many people have access to the same spreadsheet file—each reconfiguring the data for their special needs—it's critical to think carefully through the file's initial design. Users may accidentally enter data in the wrong place or unknowingly enter a cell containing a formula, changing it slightly and producing erroneous results. This article—the third in the Technology Workshop series—demonstrates how to avoid that problem.
Personal Financial Planning
The Uniform Laws Commission introduced a new version of the Uniform Principal and Income Act in 1997. As states consider adopting it, CPAs should familiarize themselves with the features that have the potential to change the accountant's role in advising estates and trusts.
Banking
You can introduce small business clients to bankers that really want their business. You should understand your client's needs, anticipate what the bank will want to know about your client, know what services to ask about and be ready to bargain for lower fees. Case Study: Beard & Co.'s Mark Caltagirone found the right bank for his client, a $2.6 million private company. He asked for—and got—concessions from the bank on a loan origination fee.