Opportunities in D.C.
The Securities and Exchange Commission Division of
Corporation Finance in Washington, D.C., is seeking CPAs to
examine financial statements in public filings and to help
find solutions to SEC-related accounting issues. Candidates
must have at least three years experience in SEC reporting for
publicly registered corporations or accounting firms. For more
information, contact the divisions Office of the Chief
Accountant at 202-942-2960.
Corporate contributions to worthy causes rose 13% to
$2.3 billion in 1996 from $2 billion in 1995. According to a
survey of 289 large and midsize companies, contributions are
keeping pace with corporate profits. Most companies gave cash
gifts, but noncash contributions, such as company products,
property and equipment, also were up in 1996.
The New York Stock Exchange board of directors voted to
continue using the current circuit-breaker rules with some
modifications. The current rules call for a 30-minute halt in
trading when the Dow Jones Industrial Average drops 350 points
and a 60-minute halt in trading when the average drops 550
points. In addition, the board proposed that the Securities
and Exchange Commission allow companies to buy back their
shares under safe-harbor provisions during the last 30 minutes
Put It Away for Later
President Clinton signed into law the Savings Are Vital
to Everyones Retirement (SAVER) Act (PL 105-92), which directs
the Department of Labor to provide public education on saving
for retirement, such as running service announcements, holding
public meetings and distributing literature. The SAVER act
also calls for national summits on retirement savings at the
White House beginning in July.
NPOs, HUD and OMB A-133
The Department of Housing and Urban Development (HUD)
published in the November 18, 1997, Federal Register
implementing regulations for the Office of Management and
Budget Circular A-133, Audits of States, Local
Governments, and Non-Profit Organizations. The new
regulations add a provision to clarify the audit requirements
for not-for-profit organizations participating in HUD
programs. For more information, contact HUDs Mark Rosenfeld at
202-708-3444, ext. 103.
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Forces for Good
Accountants for the Public Interest presented its 1997
Volunteer Achievement Awards to Susan S. Lamar, New Haven,
Connecticut; G. Jerry Chiocca, Miami, Florida; Pat McGowan,
St. Paul, Minnesota; William C. Harris, East Brunswick, New
Jersey; James K. Scalier, New York City; Bernard Werner, New
York City; Winfield Ernst Akeley, Philadelphia; Deborah
Kramer, Pittsburgh; and David R. Legge, Burke, Virginia.
Gun-Shy on Derivatives
Despite all the fuss about accounting for derivatives,
many companies arent even using them, according to an
Institute of Management Accountants survey of companies
ranging from or under $1 million to $100 million in annual
sales. The nonusers (88%) said they were not using them mostly
because derivatives were inconsistent with company objectives.
Over a quarter of businesses that do not use derivatives said
their employees simply did not have the technical expertise to
And Theyre All Potential Clients
As of January 1, the estimated U.S. population was
268,921,733, a 0.9% increase over the past year, according to
the Census Bureau. Approximately 3.9 million people were born
in the United States in 1997, a steady decline from 1990, when
4.2 million births occurred.
Whats Your System?
The American Institute of CPAs conducted a poll at its
TECH 97 conference. Of the 446 respondents, more than 350 used
Windows 95 as their desktop operating system. Distant second
was Windows 3.X, with about 175 users. For network operating
systems, Novell NetWare was the clear leader, with 312 users;
Windows NT Server trailed with 134 users.
No, the Other Regulatory Body
The National Association of State Boards of Accountancy
maintains a three-person office in New York City in the same
building as the considerably larger National Basketball
Association. Mail missing NASBAs suite number often gets
misdirected because of the similarity between NASBA and NBA.
When writing to the boards New York office, note the full
address: NASBA, 645 Fifth Avenue, Suite 1101, New York, New
York 10022; phone: 212-644-6469; fax: 212-644-5961.