EXECUTIVE SUMMARY Due to increased regulatory scrutiny and improved controls following Sarbanes-Oxley, financial companies are paying closer attention to the recognition of fees from loan origination. Recognition of fees from loan origination is subject to FASB Statement no. 91, which requires that these fees be netted
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The magazines
Computer Forensics: An Essential Guide for Accountants, Lawyers, and Managers
by Michael Sheetz, J.D. John Wiley & Sons Inc., 2007, 152 pp. For novices and experts alike, Michael Sheetz traces the evolution of computer forensics from computer crime investigators, who focused on securing a system, into entities dedicated to the preservation and recovery of digital evidence for admissibility and use
A Treasure Trove of Accountancy’s Past
here else would you find a complete set of back issues of the journal The Management Accountant of India? Or photos of the 1907 staff baseball team of Haskins & Sells, a predecessor firm of Deloitte & Touche? Or you might want to go back to where it
Professional Issues
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,
Add Muscle to Excel
» Key to Instructions To help readers follow the instructions in this article, we used two different typefaces: Boldface type is used to identify the names of icons, agendas and URLs. Sans serif type shows the names of files and the names of commands and instructions
Banking
Disclosures about interest-only and payment option mortgages. A chart that compares the required monthly payments of traditional fixed mortgages, five-year interest-only adjustable-rate mortgages (ARMs), and payment option ARMs and their effects on loan balances over the life of the loan. A table that could be included with any monthly statement
Disregarded Entities Held in High Regard
In the decade since the “check-the-box” (CTB) regulations took effect, tax and business planners have taken advantage of their flexibility to structure a wide variety of transactions. Perhaps the most beneficial tax and business planning tool encouraged by CTB regulations is the single-member limited liability company (SMLLC).
Crackdown on Fraudulent Tax Return Preparers
Recent criminal and civil enforcement against fraudulent tax preparers has been highlighted in stepped-up activity by the Treasury and Justice departments. Total investigations initiated by the IRS’s Criminal Investigations division rose in fiscal year 2006 from the previous year, as did the division’s time spent on tax-related
Out, Out, Darn Insert Key
Join the club. I used to hate it, too. Notice I said used to. I figured out a way to dismantle it. Here’s how to do it in Word: Click on Tools, Customize, Options and Keyboard. In the Categories box, (left pane) select All Commands and in the Commands box
Data Point: 12,748
The number of companies using the five-story Ugland House in George Town, Cayman Islands, as their address. The office building was mentioned in several Senate committee hearings regarding U.S. tax compliance implications and tax havens. Source: Senate Finance Committee, http://finance.senate.gov .
ABCs of Batch Processing
EXECUTIVE SUMMARY In batch processing, if costs are not isolated, high-volume customers and products tend to subsidize lower-volume ones. This article reviews different types of batch activities and how they would be handled under traditional costing and two different variations of activity-based costing (ABC). Traditional costing
Employee Benefits
The TPAs address the types of investments covered by the FASB staff position, financial statement presentation of investments in common collective trust funds and master trusts, and related disclosure requirements. The TPAs are available at www.aicpa.org/download/acctstd/TIS6931.08.pdf .
Some Better Ways
Also in the March issue (page 76), I showed a way to determine the day of the week of a future date. Roy Harrill, a retired CPA from Charlottesville, Va., suggests another way: Use Excel’s WEEKDAY formula, which returns a number for the weekday (Sun=1, Mon=2, etc.). It can be
Accounting Best Practices (Fifth Edition)
by Steven M. Bragg, CPA John Wiley & Sons Inc., 2007, 490 pp. Steven M. Bragg is back with new and enhanced tips designed to improve the efficiency of business accounting departments. Bragg, a prolific author and former CFO and controller, has penned the fifth edition of his accounting best
All Work and No Play
The Topline note (“ A Taxing Workload,” May 07, page 19), concerning the average number of days worked to pay taxes and other household expenses, totals 365 days, after deducting two days for savings. I always thought the “average,” non-CPA American worked 250 days a year (assuming a two-week vacation),
Recent CPA Exam Passing Rates
Exam Section 2006, Q1 2006, Q3 2007, Q1 AUD 41% 47% 44% BEC 42% 46% 44% FAR 42% 47% 44% REG 39% 45% 42% (Percentages rounded) Source: The Uniform CPA Examination, www.cpa-exam.org .
No “Alternatives” to Tax Lien Foreclosures
The IRS is not required to exhaust “alternative collection methods” before foreclosing tax liens, because IRC § 7403 contains no such requirement, a district court in Nebraska ruled. The court rejected the argument of taxpayer Jennifer Meisner to apply section 6331(j)(2)(D), which applies to levies, because levies and tax lien
Avoiding the Commitment Dip
Firms use thousands of dollars and work hours to make change initiatives a success—and then the bottom falls out. Or in this case, employee commitment to the change drops off, and all signs point to failure. Richard Lepsinger, a human resources consultant and co-author of Flexible Leadership: Creating Value by
Perspectives on “Feed the Pig”
As a dues paying member of the AICPA, the New York State and Louisiana societies of CPAs, I am writing to express my total disgust with the “Feed the Pig” program for retirement planning (“ Inside AICPA,” May 07, page 102). I have never found it to be appropriate, and
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