FASB 125 and Governments
¤ The Government Finance Officers Association said in
its April 24 newsletter that although FASB Statement no. 125,
Accounting for Transfers and Servicing of Financial
Assets and Extinguishments of Liabilities, may not
apply to governments, it may affect them anyway: Statement 125
affects counterparties to repurchase transactions with
governments and may change the nature of the underlying
repurchase agreement from a buy-sell transaction to a
collateralized loan. Treating repurchase transactions as
collateralized loans would make them illegal for local
governments in many states.
¤ Robert J. Freeman, CPA, PhD, is now
vice-chairman of GASB. He has been a member of GASB since 1990
and is distinguished professor of accounting at Texas Tech
University. Previously, Freeman was national director of state
and local government activities at Arthur Young & Co. He
was a charter member of the National Council on Governmental
Accounting, the GASBs predecessor, and sat on the AICPAs
government accounting and auditing committee.
Plain Speaking on Online Taxes
¤ The National
Governors Association passed a resolution urging Congress to
regulate Internet sales but not to tax Internet access or
monthly fees. The resolution asks individual states to
establish single tax rates for all e-commerce or to impose no
taxes at all.
Get Along to Get Ahead
¤ Alan R. Schonberg, chairman of Management Recruiters
International, a large executive placement company, has
written a book, 169 Ways to Score Points with Your Boss
. Some of Schonbergs favorites: Avoid saying, Thats not
my job; get to the pointbrevity is a virtue; have a passion
for your job; and eagerly accept any offer to be compensated
on a performance basis.
¤ The number of Asian-owned businesses increased 56%
from 1987 to 1992, according to the most recent Census Bureau
data. During the same period, receipts generated by these
businesses increased 163%, to $96 billion. Owners of Chinese
origin have 153,096 businesses, those of Korean origin have
104,918, and those of Asian Indian origin have 93,340.
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They Werent Audited
¤ Dutch researchers
apparently have found some of the oldest accounting examples
known. In an appendix to a 15th century Italian manuscript are
266 journal entries, some of which refer to well-known
companies of the time. The entries include taxes and brokerage
costs as well as references to major commodities of the day,
such as silk and grain. An English translation is being
Online Scholarship Awarded
¤ Judy Short, a senior at Arizona State University,
won the $3,000 Account for Your Future scholarship. The award
is sponsored by AccountingNet, Great Plains Software and IBM.
Short, a member of Beta Alpha Psi and the Asian Business
Leaders Association, will join Andersen Consultings technology
group after graduation. This is the first scholarship offered
entirely online, through AccountingNets Web site, and it drew
over 300 applicants worldwide.
CPA Goes to
¤ President Clinton appointed 100
business leaders to attend the first national summit on
retirement income savings. Joining the group will be at least
one CPA, Diahann W. Lassus, of New Providence, New Jersey. She
is co-owner of Lassus Wherley & Associates, a financial
planning firm. Lassus will represent the National Association
of Women Business Owners, of which she is president-elect.
New Fraternity Chief
¤ Bernard J.
Milano is the new president of Beta Alpha Psi, the national
accounting fraternity. Milano is the executive director of the
KPMG Peat Marwick Foundation, the firms philanthropic arm, and
partner-in-charge of university relations, diversity and
The SEC Office of the Chief Accountant has named Eric W.
Casey, Pascal Desroches and Paul R. Kepple professional
accounting fellows for two-year terms, which began in June.
Casey and Desroches are senior managers in KPMG Peat Marwicks
department of professional practice in New York, and Kepple is
a senior manager in the national office of Price Waterhouse in
Stamford, Connecticut. They will be involved in the study and
development of rule proposals and will work with professional
accounting and auditing standard-setting bodies. The SEC
started the fellows program in 1972.