EXECUTIVE SUMMARY CONSTRUCTION OFFERS A DIVERSE MARKET TO CPAs. Major contractors handle federal government projects (such as dams and military buildings) and other heavy construction work including refineries, power plants and utilities, highways, municipal centers and international ventures. Each subcontractor for discrete phases of such projects (wiring and plumbing, for
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Give Excel Cells A Descriptive Name
Q. I’ve been trying to give descriptive names to spreadsheet cells—rather than use cell-location codes (A1, B2 and so forth)—and while sometimes it works, other times I get error messages. Can you help? A. Perhaps you’re committing a naming error. Many people fall into the trap because of a programming
Time for CPAs to Take a Stand
The letter, “ Sees Profession as Scapegoat ” ( JofA, Dec.02, page 15), suggested Congress should shoulder part of the blame for not providing the SEC with enough resources to actually review public-company reports submitted to it and that management perpetrates the fraud in these companies. It also claimed the
Treatment of Earnings
The accounting profession has had a long and unsuccessful history of trying to determine how to treat nonoperating and nonrecurring items on a financial statement. The current movement toward including most of them in GAAP earnings has led to an increasing disconnect between GAAP earnings and what stockholders want to
Mutual Fund Redemptions
EXECUTIVE SUMMARY CLIENTS REDEEMED A RECORD AMOUNT OF MUTUAL FUND shares during the summer of 2002, apparently fed up with markets that continued to decline. CPAs can help these investors use the basis elections in Treasury regulations section 1.1012-1 and the capital loss provisions in IRC sections 1211 and 1212(b)
Shortcuts
Shortcuts Excel: A fast way to delete a cell—not the contents of a cell but the cell itself: Highlight the cell and press Ctrl+- (minus sign). The cell will disappear, and you will be offered options on which adjacent cells will shift to fill the empty space. Word: To create
Collaboration Without Headaches
nyone who’s been part of a team that had to review a lengthy document knows how hard it is to track—let alone merge—the editorial changes recommended by each member. But thanks to sophisticated word-processing tools such as Microsoft’s latest version of Word in Office XP, the situation situation has improved.
RSVP ASAP
Source: Survey of 3,000 executive-level employees, Net Future Institute, North Hampton, New Hampshire, www.netfutureinstitute.com , 2002.
Lease to Save Most
Source: A joint survey by the Equipment Leasing Association, Arlington, Virginia, www.elaonline.com , and Entrepreneur Magazine, Irvine, California, www.entrepreneur.com , 2002.
Pensions
The Department of Labor’s Pension and Welfare Benefits Administration (PWBA) releases revised Form 5500, Annual Return/Report, for plan year 2002 filings by employee benefit administrators ( www.efast.dol.gov/ ). The PWBA modified forms 5500 and 5500-EZ slightly to reflect changes in ERISA, the Internal Revenue Code and related regulations; to clarify
System Needs More Than Band-Aids
I take exception to the letter “ Sees Profession as Scapegoat ” ( JofA, Dec.02, page 15). The Enron debacle did not result because “one Andersen partner didn’t do his job.” If one Andersen employee could cause the magnitude of grief that resulted from the Enron situation, there are more
Auditing
The ASB issues Statement on Auditing Standards no. 101, Auditing Fair Value Measurements and Disclosures. It addresses audit considerations relating to the measurement and disclosure of assets, liabilities and specific components of equity presented or disclosed at fair value in financial statements. The SAS is effective for audits of financial
Smart Stops on the Web
Survival Tips home3.americanexpress.com/smallbusiness/tool/security/protect.asp This page of the American Express Web site offers small business owners articles such as “Protect Your Business: Stop Fraud Before It Starts,” as well as quizzes on security risk including “Are You Vulnerable to Fraud and Theft?” Other resources provide guidance on running a small business
FYI
The SEC appoints Charles D. Niemeier, CPA, acting chairman of the Public Company Accounting Oversight Board to serve until the commission fills the post permanently. Previously, he was chief accountant in the SEC’s division of enforcement. The Fdration des Experts Comptables Europens (European Federation of Accountants) (FEE) appoints as its
Treat Them Right on the Telephone
MONTHLY CHECKLIST SERIES Fostering a long-lasting client relationship starts from that very first contact someone makes with your firm. Here are 10 phone-etiquette tips to make sure you and your employees give all callers the five-star treatment. Give a warm welcome. Be sure to identify your firm, your employer or
Frequency of the CPA Letter to Increase; Full Edition Goes Online
JAccountemps and the AICPA are offering two scholarships to promote undergraduate study of accounting. In August a committee of representatives from both organizations will award $2,500 in tuition assistance to each recipient on the basis of his or her academic achievement, leadership skills and career interests. Applications and information can
International
The International Federation of Accountants now offers free access to all documents it and the international auditing and assurance standards board post on the IFAC Web site ( www.ifac.org/store ).
Seven-Year Switch
Source: Survey by Drake Beam Morin of more than 4,600 participants in a career-transition program, www.dbm.com , 2002.
Accounting
For news from the AICPA and state societies, visit www.cpa2biz.com , which also offers online CPE, AICPA professional literature, practice management aids and links to state society Web sites. FASB issues Statement no. 148, Accounting for Stock-Based Compensation—Transition and Disclosure ( www.fasb.org/news/nr123102.shtml ), amending Statement no. 123, Accounting
Two ABVs Honored
Neil J. Beaton, CPA/ABV, and R. James Alerding, CPA/ABV, shared the 2002 AICPA Business Valuation Hall of Fame Award, presented to them in November. Alerding has been a member of the standards task force for this discipline since 2000. Beaton is a current member of the valuation of private equities
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