Short takes, notes and items of interest.



F Y I

Short takes, notes and items of interest

Alma Mater Honors Founding Father
Robert Sprouse, a founding member of the Financial Accounting Standards Board, received the Outstanding Achievement Award from the University of Minnesota, where he earned his masters and doctoral degrees. Sprouse also was Beta Alpha Psi Accountant of the Year in 1987 and was inducted into the Accounting Hall of Fame in 1994.

Theres a New Sheriff in Town
The American Institute of CPAs auditing standards board has appointed its first chairwoman, Deborah Lambert, a founding partner of Johnson Lambert & Co., Bethesda, Maryland.

Government Finance Info
The Government Finance Officers Association (GFOA) has made available two new legislative updates: Legislative and Regulatory Overview summarizes issues the GFOA is monitoring in Congress and includes a summary of key provisions in the Taxpayer Relief Act of 1997, and GFOA Fact Sheets offer more detailed discussions of issues important to the GFOA. Copies of the overview and fact sheets may be obtained by faxing a request to the Federal Liaison Center at 202-429-2755 or by e-mail at federalliaison@gfoa.org

If We Can Make It Here
The National Association of State Boards of Accountancy has moved its New York office to 645 Fifth Avenue, New York, New York 10022. The staff will continue to support the activities of NASBAs national headquarters in Nashville. The new space is a few blocks from the American Institute of CPAs New York headquarters.

Worldwide Management Accounting
The International Federation of Accountants (IFAC) released Articles of Merit—1997 Competition, a collection of articles that have made, or are likely to make, a valuable contribution to the advancement of management accounting. To obtain copies, call the IFAC at 212-302-5952.

In Search of...
A survey developed by Accountemps, a financial staffing service, revealed that executives waste a total of five weeks a year trying to find missing or lost items. Accountemps advises executives to purchase personal information management software, because the much-heralded "paperless office" is not yet a reality.

Saving the Nest Egg
According to the Employee Benefit Research Institute, employees who have changed jobs, retired or become disabled are increasingly likely to preserve lump-sum distributions from retirement plans. In 1996, 79% of the dollars distributed were preserved by rolling them over into individual retirement accounts or similar vehicles. The likelihood of a rollover increases with the age of the recipient and size of the distribution.

Long Before GAAP
Accountants are generally a law-abiding group, but CPA W. R. Anderson discovered his ancestors were anything but. His book, Norse America, the Tenth Century Onward, is a study of his Viking ancestors with a focus on the Norse presence in North America. The book is $20, including delivery, and may be ordered from W. R. Anderson, Box 60204-91, Evanston, Illinois 60204.

Personal Financial Specialists Love a Parade
"How a Financial Planner Can Help You," an article in the October 12 issue of Parade Magazine, discusses personal financial specialists in a sidebar on choosing a financial planner. The PFS is described as "a certified public accountant with training in financial planning. To qualify, the adviser must pass an exam and have at least three years of professional experience in personal finance." The item includes the AICPA phone number for referrals.

Credit for Debt Figures
President Clinton announced the federal budget deficit for fiscal 1997 was likely to be $22.6 billion—a drop of $267 billion since he entered the White House. Clinton credited the decline of the deficit to his administrations economic program, including a 1993 tax increase and increases in exports. According to the administration, the deficit is at its lowest level since 1974, and it is at its lowest proportion to the gross domestic product (0.3%) since 1970.

"Old Man" FASB
In an article on the derivatives proposal and the threat to the integrity of the Financial Accounting Standards Board, New York Times columnist Floyd Norris pointed out that the FASB, at 24, already has lasted longer than its predecessors: The Committee on Accounting Procedures continued on for 21 years, from 1938 to 1959, and the Accounting Principles Board existed for 14 years, from 1959 to 1973. The FASB was founded in 1973.



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