January 1997 - Journal of Accountancy

EXECUTIVE SUMMARY UNDER THE TAXPAYER BILL OF RIGHTS 2, tax-exempt organizations face significant new reporting requirements and penalty taxes. President Clinton signed the bill on July 30, 1996, but many provisions are retroactive to September 14, 1995. UNDER INTERNAL REVENUE CODE section 4958, penalty taxes are imposed on excess benefit

EXECUTIVE SUMMARY COMPANIES THAT MUST apply Financial Accounting Standards Board Statement no. 115, Accounting for Certain Investments in Debt and Equity Securities, can use the Internet and spreadsheet software to do the job most efficiently. AN INTERNET WEB PAGE offers, at no charge, up-to-the-minute prices of securities in customized portfolios.

The management accounting profession is going through a major sea change as two opposing forces come into play. The first is the downsizing through reengineering of the financeand hence management accountingfunction; the second is the growing importance of cost management. (For more on these subjects, see A Smarter Way to

Although more and more companies have streamlined, outsourced and automated their finance departments, there still are plenty of companies that do business the old-fashioned way. The traditional companiesthe ones that spend the bulk of their resources processing generic transactions and assembling data from unintegrated systems—will not realize the cost benefits

For Further Reading: The New Finance: A Handbook of Business Management . By American Institute of CPAs/Society of Management Accountants of Canada. A comprehensive collection of research publications providing managers with clear guidance for implementing leading-edge management techniques and practices. New and revised guidelines are issued annually. 1996. Jersey City,

When your finance department reengineers its processes, it is important that employees are prepared for the changespoorly planned financial transformation programs hurt employee morale and production. To be successful, the CPAs in charge of quality improvements, such as controllers, must manage the human side of finance transformation constructively by gaining

In a major expansion of its services to CPAs in the private sector, the American Institute of CPAs established the Center for Excellence in Financial Management on January 1, 1997. The center serves as the umbrella for the AICPA programs, products and services that support the 140,000 members in business

Using Workshops to Sell Finance Transformation T homas F. Ambery, CPA, the finance reengineering team leader at CBS, Inc., in New York City, is in the process of transforming CBSs finance departmentshe wants the finance staff to spend less time on detailed transactions and more time providing managers with value-added

In the 21st century, managers will continue to face global competition, sophisticated information technology and continuous process improvement initiatives. As cross-functional teams do their work, management accounting information will play an integral role in supporting the teams decision-making processes. How can accounting educators prepare students for such a future? At

Operating a company in todays business environment is tough. Managers need all the help they can get. This article offers much-needed assistance by demonstrating how two management tools can help a company cut costs, boost profits and, at the same time, remain focused on its strategic business targets. The tools