AICPA President and CEO Barry C. Melancon and SEC Chairman Christopher Cox will be keynote speakers at the 14th International XBRL Conference & Exhibition in Philadelphia on December 4–6, 2006. “XBRL’s potency as a business tool is recognized worldwide,” Melancon said. “It facilitates the transmission and analysis of financial information
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The magazines
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Filing Statistics Products respondents used, switched to and their future plans Tax program 0–50 51–100 101–200 201–500 501–1,000 1,001–2,000 2,001–5,000 5,001–10,000 10,000+ ATX MAX 21.9% 19.9% 27.4% 24.0% 5.5% 1.4% 0.0% 0.0% 0.0% Drake Software 11.1% 12.7% 17.5% 31.7% 17.5% 7.9% 0.0% 1.6% 0.0% GoSystem Tax RS 26.3% 15.0%
Bookmarks
Policies and Procedures to Prevent Fraud and Embezzlement: Guidance, Internal Controls, and Investigation By Edward J. McMillan 308 pages; softcover John Wiley & Sons Inc., Hoboken, N.J., 2006 Nearly every enterprise is a potential victim of fraud, and CPAs well-versed in the scope of fraudulent activities can help businesses prepare
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Tax Software Vendors Tax program name Vendor Postal address Telephone number E-mail address ATX MAX ATX P.O. Box 1040 Caribou, ME 04736 877-728-9776 sales@atxinc.com Drake Software Drake Software 235 East Palmer St. Franklin, NC 28734 800-890-9500 info@drakesoftware.com GoSystem Tax RS Thompson Tax & Accounting 2395 Midway Rd., Building 1
Government CPAs Honored
For the first time the winners of the Outstanding CPA in Government Award came from all three levels of government: federal, state and local. AICPA Board Chair Leslie Murphy gave out the 2006 awards at the AICPA’s 23rd annual National Governmental Accounting and Auditing Update Conference in August in Washington,
Matching Deductions to Payments
EXECUTIVE SUMMARY The matching concept is often used to test whether a particular accounting method clearly reflects income. However, the IRS’s requirement that one taxpayer’s revenue match another’s expense may not be upheld by the courts unless the situation is governed by a specific statutory or regulatory rule. Transactions
Taking Flight
EXECUTIVE SUMMARY Following 9/11 companies of all sizes increased their purchases of business aircraft to make travel easier and more convenient for employees and executives. CPAs should be aware of the tax, financial, operational and regulatory issues involved in acquiring and operating a business aircraft. The first step is
Responsibility at the Top
NUMEROLOGY Source: “Salary Guide 2006 for Accounting and Financial Professionals,” Ajilon Finance and Business Finance magazine.
Family Limited Partnership Transfers Were Indirect Gifts of Stock
TAX CASE RC section 2501 imposes a tax on the transfer of property by gift during a taxable year. IRC section 2511 says this tax applies whether the gift is direct or indirect or the transfer is in trust or otherwise. The gifted property is valued as of the date
AICPA Names New Director
Dennis R. Reigle will become the Institute’s director of academic and career development in January 2007 in its Durham, N.C., office. In this role, he will lead the AICPA’s academic outreach and student recruitment initiatives, the AICPA Foundation, and diversity, work/life and women’s initiatives. Reigle succeeds Bea Sanders, who in
Litigation Breather
BUSINESS TRENDS Investors filed 45% fewer class-action lawsuits alleging securities fraud in the first half of 2006 compared with the same period in 2005, according to a report by Stanford Law School’s Securities Class Action Clearinghouse. The 61 filings marked the lowest number for any six-month period since the first
High School Scores Low
Source: 2006 Survey of Financial Literacy Among High School Students, Jump$tart Coalition for Personal Financial Literacy, Jump$tart Coalition, Washington, D.C., www.jumpstartcoalition.org , 2006.
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 posted on its Web site a compilation of all changes made through July 10, 2006, to the guidance in Accounting
Financial Reporting
The SEC granted relief from a Sarbanes-Oxley Act section 404(b) auditor attestation requirement to foreign private issuers that are accelerated filers (but not large accelerated filers) that file their annual reports on forms 20-F or 40-F ( www.sec.gov/news/press/2006/2006-136.htm ). They will not have to comply with the section 404(b) requirement
Auditing
The Public Company Accounting Oversight Board (PCAOB) issued Staff Audit Practice Alert no. 1, Matters Relating to Timing and Accounting for Options Grants, which advises auditors of emerging risks to consider during audits of financial statements or of internal controls over financial reporting ( www.pcaobus.org/news_and_events/ ). The alert was prompted
When Did the World Change?
I missed one of the great philosophical debates of my generation: whether there should be one or two spaces after a period. When I took Mrs. Higginbotham’s typing class in high school, we learned there are two spaces after a period. Mrs. Higginbotham’s position on this universal question was supported
Smart Stops on the Web
TAX SITES Community Service www.taxalmanac.org CPAs looking for discussions on recent IRS rules and regulations dealing with employee plans, exempt organizations, employment and estate and excise taxes can find them at this Web portal. Content is contributed by visitors who add advice and tax tips to the site’s discussion threads.
Buy Me Some Peanuts and Cracker Jack
SPOTLIGHT f the sun is shining outside, you’re likely to find Jack Oujo, CPA, on a baseball field. The former AAA minor league umpire just can’t get the game off his mind. In addition to running Jack Oujo CPA Inc. of Wall, N.J., Oujo coached his son Christopher’s Junior League
Interest Owed to a Related Foreign Entity
TAX CASE hen a taxpayer owes interest to a related foreign entity that is exempt by treaty, Treasury regulations section 1.267(a)-3 requires that the taxpayer use the cash method. The Seventh Circuit Court of Appeals affirmed the validity of this regulation. Using an acquisition company, Schneider SA, a French corporation,
FYI
Kathleen L. Casey was sworn in as the 88th SEC commissioner by Chairman Christopher Cox in July. She is a 13-year veteran of Capitol Hill, having served as legislative director and chief of staff for Senator Richard Shelby (R-AL) and staff director of the Senate Banking Committee’s Subcommittee on Financial
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How to find the right CAS clients
The key to success with CAS is selecting the best clients. Tools like ideal client profiles (ICPs), buyer personas, and even artificial intelligence can help identify the businesses that best fit each CAS practice.
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