News, Notes and Items of Interest


Short takes, notes and items of interest

Get Ready for Y2K Now
¤ The FDIC and the Georgia Department of Banking and Finance issued cease-and-desist orders against three Georgia banks to ensure that the banks computer-related operations will function effectively on January 1, 2000, and beyond. The orders outlined necessary remedies and timetables for the banks to be year 2000 (Y2K)-compliant. They are the first enforcement actions taken by the FDIC and other supervisory agencies to address Y2K compliance issues. Copies of the joint order are available from the FDICs Public Information Center at 800-276-6003.

You Love Us; Now Support Us
¤ According to an Institute of Management Accountants survey, most financial managers believed the controllers image had improved in the past two years. But while 90% said demands on their departments had increased, only 30% saw increases in professional staff. In fact, 14% reported staff decreases.

Dont Forget the Firm Handshake
¤ Accountemps has some key advice for students looking for their first jobs: Research the company you are applying to and its industry (the Internet is a great tool for this). Be prepared to discuss the company knowledgeably during an interview. The agency also notes that office temp work is a good way of sampling a company before an applicant or employer makes a firm commitment.

No Ordinary Government Job
¤ The AICPA is now accepting nominations for the 1998 Outstanding CPA in Government Award. Each nominator may submit one name to the AICPA members in government committee. Nominees must be AICPA or state CPA society members employed in federal, state or local government. Judges will consider a nominees contributions to his or her governments increased efficiency and to the growth and enhancement of the profession. Submissions, due April 1, should be addressed to the AICPA Outstanding CPA in Government Award, Attention Jessica Sacco, AICPA, 1455 Pennsylvania Avenue, N.W., Washington, D.C. 20004.

Old College Gets New Accreditation
¤ Atlantas Morehouse College, a private four-year mens liberal arts college, has become the eighth historically black college to achieve accreditation by the American Assembly of Collegiate Schools of Business. Of the approximately 1,200 colleges and universities in the United States that offer business degrees, only 340 carry the AACSB accreditation.


Less Paperwork for Banks
¤ The FDIC amended its regulations concerning annual independent audits and reporting requirements to conform with section 2301 of the 1996 Economic Growth and Regulatory Paperwork Reduction Act. The amendment eliminates from the FDICs regulations the requirement that each insured depository institution over a certain size have an independent CPA perform specified procedures for determining compliance with designated safety and soundness laws. For more information, contact Doris L. Marsh, examination specialist in the FDIC Division of Supervision, at 202-898-8905.

CPA Wins Graduate Honors
¤ Howard L. Eisenberg, CPA, PFS, CFP, of Silver Spring, Maryland, is the College for Financial Plannings 1998 Outstanding Masters Graduate of the Year. A 1997 graduate of the colleges masters program, he had a GPA of 3.9. Eisenberg formerly was a consultant in Ernst & Youngs mid-Atlantic office and is now a senior manager in the firms national tax department where he focuses on retirement planning and executive compensation. The award is based on educational and professional experience, industry and community involvement, practical application of knowledge gained in the masters program and faculty recommendation.

Hot Off the Press From the Feds
¤ The U.S. Government Printing Office has a variety of accounting and auditing titles, such as Consolidated Audit Guide for Audits of HUD Programs and the DCAA Contract Audit Manual . For details, call the superintendent of documents at 202-512-1800.

FASBBehind the Scenes
¤ The Financial Accounting Standards Board published a special report, The Framework of Financial Accounting Concepts and Statements , focusing on the foundation the board has developed for its standards. The report examines the environment in which standards developed and the forces shaping them. Copies are available for $11.50 each by calling the FASB at 203-847-0700, ext. 555, and requesting product SRFRAME.


©1998 AICPA


Year-end tax planning and what’s new for 2016

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Recent reports focused on a survey that gauges the worries about retirement among CPA financial planners’ clients, a suit that affects tax practitioners, and a guide that offers advice on fraud risk. See how much you know with this short quiz.


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