| Information Express |
- The Independence Standards Board has implemented a
Document Express feature at its Web site. After
cpaindependence.org and choosing the category of
information they want (meeting notices and minutes,
exposure drafts, final standards and press releases),
users will receive e-mail updates of new site postings.
Professor to Be SEC Fellow
- The SEC's Office of the Chief
Accountant selected J. Richard Dietrich, professor of
accountancy at the University of Illinois at
Urbana-Champaign, as an academic accounting fellow for a
one-year term beginning in August.
Academic accounting fellows are selected by the SEC each
year to interpret research, assist in rule making and act as
liaisons with professional standard-setting entities.
Dietrich has published numerous articles on the
interrelationship of accounting information and decision
making in securities trading.
Has a Heart of Gold
- The IRS
received a 1999 Golden Heart Award for its role in
assisting in the collection of child support payments from
deadbeat parents. Through an agreement with the Department
of Health and Human Services, the IRS has acted as the
national collection agent for state agencies in this
federally mandated program. Under the program, the IRS
withholds all or part of a delinquent parent's income tax
refund and applies the amount against the amount that the
parent owes for child support.
IRS collected over $1 billion of child support in 1997, and
has collected more than $7.4 billion since the program began
in 1981. The award was presented to the IRS by the
Association for Children for Enforcement of Support.
IMA Launches New Monthly
- The Institute of Management Accountants (IMA)
recently began publishing Strategic Finance ,
a monthly magazine for finance and accounting
professionals. The IMA's Management Accounting
, which it had published as a monthly since 1969, has been
redesigned as a quarterly journal that will feature
scholarly work, case studies and descriptions of current
Not a Bad Job
- According to Jobs Rated
Almanac , accounting makes the short list of great
jobs. Accounting ranked seventh in a survey of 250 jobs.
Using information from the Department of Labor, the census
and telephone surveys, almanac author Les Krantz rated the
jobs according to income, stress level, physical demands,
potential growth, job security and work environment. Web
site manager topped the list as the best job; oil field
roustabout bottomed out with a ranking of 250.
Treasury Overpaid Funds
- Between 1980 and 1998, the Treasury Department
overpaid the Social Security trust fund to the tune of
$1.4 billion. The culprit was a computer glitch that
incorrectly calculated interest payments to all the
government trust funds including Social Security,
Medicare, the Civil Service Retirement and Disability Fund
and the Thrift Savings "G" Fund. Treasury has
corrected the problem. Its new methodology to determine
investment returns for government trust funds will be more
consistent with that used in the private sector.