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Scholar-in-Residence
¤ The SEC named Joseph H. Godwin to serve as academic
accounting fellow in the Office of the Chief Accountant for a
one-year term that started in August. Godwin is chairman of
the Department of Accounting and Taxation at the Seidman
School of Business at Grand Valley State University, Grand
Rapids, Michigan. In his new position as fellow, Godwin will
work on various projects, including rulemaking. His recent
research has focused on issues near and dear to the SEC:
derivative financial instruments and international accounting.
Leading Government Accountant Dies
¤ Lorin Hall Drennan, retired chief accountant and
principal adviser at the Federal Energy Regulatory Commission
(FERC) died recently. Drennan had a long career in federal
government auditing: From 1958 to 1961 he was audit manager
for several government agencies, including the Corps of
Engineers. In 1963, as assistant director of the civil
division of the GAO, he supervised the auditing and accounting
practices of the Veterans Administration. He joined a
predecessor of FERC in 1969. He won the GAO Distinguished
Service Award and the FERC Chairmans Medallion. A navy
veteran, Drennan was buried at Arlington National Cemetery.
I Spy
¤ The FBI estimates that in 1996 corporate spies stole
information worth $300 billion from 1,300 companies. This is
up from 1992 when only 242 companies reported such theft.
How the Other Half Is Taxed
¤ In 1995, an individual had to have an adjusted gross
income of at least $96,221 to rank in the top 5% of taxpayers,
according to the IRS. To be in the top 1%, a taxpayer had to
earn $209,406. Only 565,437 returns reported income taxed at
the top rate of 39.6%.
Comments Wanted on Insurance and Investments Guidance
¤ AcSEC has issued exposure drafts of two audit and
accounting guides. Life and Health Insurance Entities
(product no. 800122) will help financial statement
preparers and auditors with GAAP issues and includes
discussions of statutory accounting practices. Comments are
due by December 4. Audits of Investment Companies
(product no. 800123) will provide new guidance on
accounting for offering costs, amortization of premium/
discounts on bonds, liabilities for excess expense plans and
reporting complex capital structures. Comments are due by
December 22. Both EDs are available online at www.aicpa.org or
by calling the AICPA order department at 888-777-7077.
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The Aardvark Accountant
¤ Every parent and grandparent knows about Arthur the
Aardvark, a character in Marc Browns popular series of
childrens books who has his own animated show on PBS. Recent
Arthur books revealed that his mother is an accountant who
prepares tax returns out of the family home. In one story,
Arthur is disappointed when, during tax season, his mother
needs the computer and he cant play his video games.
Online Scholarships
¤ Once again, AccountingNet, Great Plains Software and
John Wiley & Sons are offering three $1,000 scholarships
to students who embrace the relationship between technology
and consulting. Judges from the three companies and the Big 5
will evaluate applicants on their academic records, career
goals, communication skills and understanding of the
accountingtechnology relationship. More details and
applications are available at www.accountingstudents.com
. Applications are due by December 15.
GASB Invites a Guest
¤ The GASB held a two-day task force meeting recently to
discuss its reporting model undertakingone of the most
important projects the board will ever address, according to
GASB Chairman Tom L. Allen. To get additional input, the board
invited George A. Scott, a former member of the AICPA
government accounting and auditing committee, to participate.
Your Money and Y2K
¤ Examiners have visited the 6,034 institutions
regulated by the FDIC and rated them for Y2K readiness. About
88%5,296are making satisfactory progress in all key areas;
12%695need to improve their efforts; and the remaining 43
institutions were rated as unsatisfactory. Examiners will
closely review institutions with less than satisfactory
ratings at least once each quarter. |
