FYI


FYI

A congressional study assesses the current U.S. economic slowdown and offers varied scenarios for an eventual recovery ( www.house.gov/jec/press/2001/07-03-1.htm ).

Following Senate banking committee approval, the full Senate confirms Harvey L. Pitt’s nomination to the SEC. Since President George W. Bush has indicated he will appoint Pitt SEC chairman if the Senate confirms him, that formality is expected to take place soon. ( www.senate.gov/~banking/prel01/0724pitt.htm ).

Lynn E. Turner, the chief accountant of the SEC, leaves for an academic post in which he will continue his advocacy of high-quality financial reporting, a focal point of his commission tenure ( www.sec.gov/news/press/2001-77.txt ).

The SEC’s enforcement chief resigns, and it names an interim successor ( www.sec.gov/news/press/2001-68.txt ; www.sec.gov/news/press/2001-69.txt )

The AICPA issues a guide for lawmakers and other public policymakers to help them evaluate proposed changes in the tax system ( http://ftp.aicpa.org/public/download/members/div/tax/3-01.pdf ).

A new book explains what CPAs need to know about XBRL (extensible business reporting language) ( www.cpa2biz.com/CS2000/Products/CPA2BIZ/XBRL+Essentials.htm ).

NEWS

IRS sets start date for tax season

The IRS announced that tax season will start in late January and that it will issue refunds to taxpayers despite the partial shutdown of the federal government.

PODCAST

Why CPAs can’t wait on automation tools

What do accounting firms waiting on others to develop AI, automation, and data analytics tools have in common with a baseball fan sitting in a stadium filling with water at an exponential rate? The answer could determine your firm’s fate.