Two Former AICPA Chiefs A top government accountant and a Big 8 managing partner with long records of service to the Institute died in April. Maurice Stans was 19541955 president (the position now called chairman) of the American Institute of Accountantswhich later became the AICPA. Although he never finished college,
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Credit union bill wins committee approval.
Credit Union Bill Wins Committee Approval The Senate Banking Committee approved, by a 16 to 2 vote, a bill that would impose new audit requirements on credit unions. The Credit Union Membership Access Act (HR 1151) is intended to protect and preserve credit unions and their members while keeping their
Smart stops on the Web.
GENERAL INTEREST Personal Financial Planning Sites www.umsl.edu/~eyssell/afs/afspage.html The Academy of Financial Services created this site to encourage research in personal financial planning and financial services and to further interaction between PFP professionals and academics. It links to other PFP-oriented sites, including those of the SEC and the National Business Resource
The IRS problem resolution program.
IRS assistance for taxpayers. From The Tax Adviser: The IRS Problem Resolution Program O ne of IRSs major, well-publicized initiatives has been to make the service much more customer-service-oriented by reducing taxpayer burdens (to the extent possible) and improving quality and customer satisfaction. To that end, several programs addressing taxpayer
New GAAP hierarchy for federal government audits.
New Hierarchy for Federal Government Audits The General Accounting Office has issued for exposure an amendment to Government Auditing Standards (the yellow book) that would establish a GAAP framework for federal financial statements. The ED formally defines the meaning of presents fairly in accordance with GAAP for the federal government
Upgrade to Windows 98 Or Skip to NT?
EXECUTIVE SUMMARY IF YOURE STILL RUNNING DOS or an early Windows operating system, it makes sense to upgrade to Windows 98. BUT IF YOUR COMPUTER is equipped with Windows 95, the answer is a bit more complicated and you must address some technical issues before making a decision. WHILE THERE
The IASC approves statements on discontinuing operations and impairment of assets.
Two New Statements The IASC approved two new standards recently, one of which differs from guidance in FASB statements. IAS no. 35, Discontinuing Operations, addresses when to make disclosures. It covers presentation and disclosure only; earlier IASC statements provide guidance on recognition and measurement. The new standard says a discontinuing
Even small state CPA societies have Web sitesfor their members, the general public …
State CPA societies have created a virtual network. A More Perfect Union By Richard J. Koreto Y our state CPA society probably has a Web site with the information you needas long as you stay in your state. But if youre a controller whose company is expanding into
Robert R. Woodson, retired CEO, wins AICPA award.
Corporate Chairman Honored The AICPAs business and industry executive committee presented its 1998 Outstanding CPA in Business and Industry Award to Robert R. Woodson, a 32-year veteran of John H. Harland, an Atlanta-based supplier of products and services to the financial industry. After a stint at Deloitte, Haskins & Sells
Are you ready to set up a virtual office?
The Office That Isnt Send your staff home. Tell the landlord you wont be renewing the office lease. Set up your computer in the spare bedroom. You now have a virtual office, which exists only as a series of phone, fax and e-mail connections. But is this the right move
News, notes and items of interest.
F Y I Short takes, notes and items of interest 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
Postmortem Estate Planning
EXECUTIVE SUMMARY A SMALL BUSINESS OWNERS DEATH can create a severe cash crunch as well as other problems stemming from federal estate tax rates that reach 55%. Postmortem planning can help such clients and may save hundreds of thousands of dollars even if lifetime estate planning was inadequate, erroneous or
What are start-up costs and how should entities account for them?
Entities should expense start-up costs as they are incurred. Resolved: Start-Up Costs Are Not Assets By Charles L. McDonald and Daniel Noll Charles L. McDonald , CPA, PhD, is associate professor of accounting, Fisher School of Accounting, University of Florida, Gainesville. Daniel Noll , CPA, is a technical
Long-Term Success in the Short-Term Employment Market
EXECUTIVE SUMMARY CHANGES IN CORPORATE POLICIES mean that more companies seek high-level employees for short-term projects. Four CPAs created Accountants 4 Contract, a company that provides businesses with high-end accounting, finance, tax and business management talent for assignments that might last from a few weeks to a couple of years.
FASB extends the Jenkins committee recommendations to the Internet and invites comment.
Model Company Goes Online FauxCom, Inc., established in 1994, has proved itself a remarkably long-lived company considering it never existed. The AICPA special committee on financial reporting (the Jenkins committee) founded it to illustrate some of the issues in its comprehensive report, Improving Business ReportingA Customer Focus . The committee
Federal audit report card.
Federal Audit Report Card Twenty-four of the largest U.S. federal agencies and departments consolidated their financial statements in the first-ever audit of the federal government for fiscal year 1997 (see News Report). Unfortunately, most of the agencies received poor grades, and nine failed to turn in their financial statements on
Corporate Spin-Offs
EXECUTIVE SUMMARY CORPORATE SPIN-OFFS HAVE BECOME POPULAR ways for companies to release shareholder value and achieve other business purposes. The transaction involves the pro rata distribution of a controlled corporations stock to the distributing corporations shareholders without their having to surrender any stock in the distributing corporation. Since the Tax
Take My Manual Audit, Please
Executive Summary IN TODAYS BUSINESS WORLD, where data increasingly are in electronic format, manual audits may not be good enough. Powerful software applications that audit through rather than around the computer can examine raw accounting data faster than is possible manually and in as much detail as desired. SUCH SOFTWARE
Seven Steps to Success
EXECUTIVE SUMMARY KANSAS SOLE PRACTITIONER DeAnn Hill has succeeded by sticking to her small business niche. However, these companies are interested in far more than basic traditional services. TO AVOID BECOMING COMPLACENT about her client base or about her clients capabilities, Hill has begun to investigate online opportunities for her
Government issues first consolidated financial report with poor results.
The FY 1997 Balance Sheet The consolidated balance sheet of 24 federal departments and agencies (In billions of dollars) Total assets $1,601.5 Total liabilities 6,604.5 Net position -5,003.0 Total liabilities and net position $1,601.5 Disclaimer of opinion: Because of the governments serious systems, recordkeeping, documentation
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SPONSORED REPORT
Preparing clients for new provisions next tax season
As the 2025 filing season approaches, H.R. 1 introduces significant tax reforms that CPAs must be prepared to navigate. These legislative changes represent some of the most comprehensive tax updates in recent years, affecting both individual and corporate taxpayers. This report provides in-depth analysis and guidance on H.R. 1.
From The Tax Adviser
November 30, 2025
Digital asset transactions: Broker reporting, amount realized, and basis
October 31, 2025
Recent developments in estate planning
October 31, 2025
