| Small Businesses Pay the
small business such as a hair salon plays a radio as background
music, the business owner may have to pay a royalty even though
the radio station is already paying a licensing fee. However,
Congressman James Sensenbrenner (R-Wis.) has introduced the
Fairness in Music Licensing Act (HR 789) to eliminate royalties
on incidental music. At Journal press time, the
bill was still being discussed in a House Judiciary
Know Your Benefits-and
Employee Benefits Research Institute published the fifth
edition of Fundamentals of Employee Benefits Programs
. This 557-page book, which describes a wide variety of
private- and public-sector employee programs, covers the Small
Business Job Protection and the Health Insurance Portability
and Accountability acts. For more information, call the EBRI
Play "Space Invaders" on Your Own
been estimated that 23% of PC game players use their office
computers to play. Now DVD Software has released its AntiGame
3.0 program, which is designed to strip thousands of games off
office computers. For more information, call DVD at
Cook Gets Another Chair
J. Michael Cook, in addition to heading Deloitte &
Touche, is also chairman and president of the Financial
Accounting Foundation and a past chairman of the AICPA.
Recently, he also became chairman of the board of governors of
United Way of America.
FASAC's New Head Comes From Biotech
C. Butler, senior vice-president and chief financial officer
of Celgene Corp., a biotechnology company, was named chairman
of the Financial Accounting Standards Advisory Council, which
advises the Financial Accounting Standards Board. Butler
formerly was senior vice-president and chief financial officer
of International Paper Co.
Their Cup Overfloweth
For the first time since its 1974 creation, the Pension
Benefit Guaranty Corp., which guarantees pension benefits, has
a surplus-$869 million. The improved condition is a result of
increased premiums exceeding $1.1 billion, investment income
of more than $900 million and an absence of major plan
terminations. In 1993, the PBGC's deficit was a record $2.9
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Congressman Jim Moran (D-Va.) has introduced legislation (HR
883) that would permit governments to pass fees and surcharges
on to people who make mandatory payments, such as taxes, fines
and penalties, to governments with their credit cards. The
bill would require governments to disclose the fee amounts and
limit the amounts that can be charged for credit cards to
settle such payments.
Keep Your Standards at Hand
International Accounting Standards Committee published its
1997 Bound Volume of International Accounting Standards
. The volume can be obtained for $64, including postage,
by calling the IASC at +44-171-353-0565 or by e-mail at email@example.com
FASB Gets New Assistant Director
Financial Accounting Standards Board staffer Leslie F.
Seidman, CPA, is the FASB's new assistant director of research
and technical activities, replacing the retiring JT Ball (read
here ). In her new position, she will supervise staff
members involved with implementation and practice issues.
Before joining the FASB in 1994, Seidman was a vice-president
in the accounting policies department of J. P. Morgan and an
auditor with Ernst & Young.
Kaplan Will Head AcSEC
David B. Kaplan, a partner and associate national director
of accounting services at Price Waterhouse, will succeed G.
Michael Crooch as chairman of the American Institute of CPAs
accounting standards executive committee on October 1. Kaplan
currently serves on AcSEC's planning subcommittee. This month,
Crooch became an AICPA delegate to the International
Accounting Standards Committee.
There's a Bug in My System!
Intenal Revenue Service will not impose deposit penalties on
companies enrolled in the electronic federal tax payment
system that make errors when attempting to use the system
before the official start date. According to information
release 97-20, IRS Commissioner Margaret Milner Richardson
said there was no reason to impose penalties on businesses
that were simply trying to get comfortable with EFTPS but made
mistakes doing so. Approximately 1.2 million businesses are
required to begin using the new payment system by July 1.