118 News, notes and items of interest.




F Y I

Short takes, notes and items of interest

Way to Go!
Lyne Manescalchi, director of marketing for Boulay, Heutmaker, Zibell & Co. in Minneapolis, was named the CPA Marketing Reports 1997 Accounting Marketer of the Year. Manescalchi received the award at the Association for Accounting Marketing conference in New Orleans. The award is the only national honor for marketing excellence within the accounting profession.

You Can Practice Here
The Alabama State Board of Public Accountancy adopted a substantial equivalency rule, effective June 18, 1997. According to the rule, any applicant with a valid unrevoked license to practice as a CPA from any jurisdiction and who is in compliance with the current Uniform Accountancy Acts CPA registration requirements is qualified to practice in Alabama. Alabama and Texas are the first two states to pass such a rule.

Ready for 2000?
The Securities and Exchange Commission issued a report on the readiness of the SEC, the U.S. securities industry and public companies in addressing the Year 2000 computer problem. The report said most members of the securities industry are involved in the assessment and remediation phases of the effort to address the problem but some companies had only recently become aware of the problem. The report is available on the SEC Web site at http://www.sec.gov .

Governmental Queries
The Federal Accounting Standards Advisory Board issued two exposure drafts for public comment. Accounting for Internal Use Software provides recommended standards for general property, plant and equipment software used to operate an entitys programs. The second ED, Governmentwide Supplementary Stewardship Reporting Standards , solicits comments on proposed standards amending Statement of Recommended Accounting Standards no. 8, Supplementary Stewardship Reporting . Comments on both proposals are due by mid-September. For more information, contact the FASAB at 202-512-7350.

America Loves Mutual Funds
The Investment Company Institute reported investments in mutual funds continue to rise. In May 1997, the net assets of all mutual funds totaled $3.905 trillion, up from $3.174 trillion a year earlier.

CPAs Wrest Money From the Government
Congressman Bobby L. Rush (D-Ill.) chaired the Illinois earned income credit program, sponsored by the Illinois CPA Societys CPAs for the Public Interest. CPAs helped more than 4,300 low-income taxpayers prepare federal and state returns; the program resulted in $3.3 million in refunds.

The "Golden Door" Opens Wide
Multilingual CPAs may find themselves with a big advantage. The most recent Census Bureau statistics show more than 9% of U.S. residents are foreign born and more than 25% of them came to the United States after 1990.

CICAs New Leadership
The Canadian Institute of Chartered Accountants announced a change in leadership at its recent annual meeting: Donald H. Penny, FCA, managing partner of Meyers Norris Penny & Co., is the groups chairman. Michael H. Rayner, FCA, remains as president.

The International Environment
The International Federation of Accountants is seeking comments on a proposed international auditing practice statement. The Consideration of Environmental Matters in the Audit of Financial Statements examines issues such as considering relevant environmental laws and regulations, having sufficient knowledge of the environmental matters and using the work of environmental experts. Comments on the exposure draft are due by September 30. A copy is available on the IFAC home page at http://www.ifac.org or by calling 212-302-5952.

Gone But Not Forgotten
Two FASB retirees were honored recently. Dennis Beresford, immediate past FASB chairman, received the California Society of CPAs National Lifetime Service Award. The award goes to a Californian who has made an extraordinary contribution to the accounting profession on a national level. Also, JT Ball, recently retired assistant director of research and technical activities, was surprised with $20,000 in pledges from current and former FASB fellows to establish a scholarship. The JT Ball/FASB Fellows Endowed Scholarship Fund is being established at the School of Accountancy at the University of South Florida, Tampa.



SPONSORED REPORT

How to make the most of a negotiation

Negotiators are made, not born. In this sponsored report, we cover strategies and tactics to help you head into 2017 ready to take on business deals, salary discussions and more.

VIDEO

Will the Affordable Care Act be repealed?

The results of the 2016 presidential election are likely to have a big impact on federal tax policy in the coming years. Eddie Adkins, CPA, a partner in the Washington National Tax Office at Grant Thornton, discusses what parts of the ACA might survive the repeal of most of the law.

QUIZ

News quiz: Scam email plagues tax professionals—again

Even as the IRS reported on success in reducing tax return identity theft in the 2016 season, the Service also warned tax professionals about yet another email phishing scam. See how much you know about recent news with this short quiz.