House Banking Committee approved a bill to abolish the Thrift
Depositor Oversight Board. Originally created under the
Financial Institutions Reform, Recovery and Enforcement Act of
1989, the board was responsible for the overall strategies,
policies and goals of the Resolution Trust Corporation (RTC),
which closed failed thrifts and sold off their assets.
According to John D. Hawke Jr., treasury undersecretary for
domestic finance, the oversight board no longer is needed
because the RTC ceased operations in 1995.
Them Know Youre There
The Census Bureau is
mailing economic census forms to 5 million businesses this
December for its 1997 economic census. The census will
introduce the North American Industry Classification (NAICS)
to industries. The bureau is expected to mail copies of the
Accountants Guide to the Economic Census to
assist CPAs who are called on to prepare census forms for
their clients. For more on the subject, visit the Census
Recognizing Cross-Border Efforts
Cowperthwaite received the International Federation of
Accountants Sempier Award for lifelong contribution to the
international accounting profession. Cowperthwaite served as
senior partner of Peat Marwick Canada and participated
actively in the formation of Peat Marwick International. He
received the award, named in honor of IFACs first executive
director, Robert Sempier, at the 1997 World Congress of
Accountants in Paris.
Tar Heel State Makes
North Carolina became the
39th state to pass the 150-semester hour requirement for
Department of Labors Pension and Welfare Benefits
Administration (PWBA) issued Simplified Employee
Pensions (SEPs): What Small Businesses Need to Know .
The booklet explains how SEPs allow an employer to establish
and make contributions to an individual retirement account.
Included is a discussion on which employees must be included
in a SEP, salary reduction SEPs and SEP investments. The
booklet is on the PWBA World Wide Web site at
http://www.dol.gov/dol/pwba/welcome.html . It also can
be ordered by calling the PWBA publication hotline, toll-free,
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Se Habla Espaol?
Spanish-language skills may be the key to growing a business
consulting practice: Hispanic-owned U.S. companies increased
76% between 1987 and 1992; U.S. companies overall grew only
26% during this period. Receipts for Hispanic businesses
increased 134% during these five years; the rate for
businesses in the United States overall was only 67%.
Did Chile Get It Right?
Much has been
written about the controversial Chilean privatized social
security system. The Employee Benefit Research Institute
published an article, "Chilean Social Security Reform as
a Prototype for Other Nations," discussing the systems
advantages and disadvantages and possible application to other
countries. To purchase a copy, call EBRI at 410-516-6946.
CPA, Lawyer, Joins FAF
Nicholas G. Moore,
chairman and chief executive officer of Coopers & Lybrand
(which may soon merge with Price Waterhouse), was elected a
member of the board of trustees of the Financial Accounting
Foundation, which oversees the Financial Accounting Standards
Board and Governmental Accounting Standards Board. He replaces
Lawrence Weinbach, who until recently was head of Arthur
Andersen. Moore, a CPA with a law degree, is also chairman of
Coopers & Lybrand International.
The Governmental Accounting
Standards Board released its semiannual update to the
Governmental Accounting Research System (GARS) in midyear. The
boards new pension implementation guide, however, will be
included in the January 1998 update. GARS is now available in
a Windows version on CD-ROM or 3.5" diskettes. For more
information and to order GARS, call the GASB at 203-847-0700,
PBGC Drops Top Problem List
Because it has newly strengthened enforcement tools,
the Pension benefit Guarantee Corporation (PBGC) said it no
longer needs to compile an annual list of the 50 companies
with the most underfunded pension plans.