Professional Issues

BY STANLEY ZAROWIN

PROFESSIONAL ISSUES
The Financial Accounting Foundation, which oversees FASB and GASB, generated $41.6 million in revenue in 2006, according to the organization’s annual report, a 7.5% increase from the previous year. Net assets were $57.5 million as of Dec. 31, 2006.

Revenue streams included FASB accounting support fees collected from approximately 8,800 registered companies. Those fees totaled $22.4 million, up from $20.2 million in 2005. Publication and subscription revenue climbed to $17.1 million, up from $14.1 million the previous year.

The foundation spent $25.8 million on salaries and benefits in 2006, a 6.2% increase from the previous year.

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The technology assessment engagement

Are you working with the best technology? Do you know how to help your clients determine if their technology stack measures up? In this free report, J. Carlton Collins, CPA, explains how to answer those questions via a technology assessment engagement.

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Maximizing the higher education tax credits

A counterintuitive strategy can save taxes by including otherwise excludable scholarships in gross income.