Optimism about the U.S. economy’s prospects improved sharply in the second quarter, but compensation freezes, layoffs and capital spending cuts were still on the horizon for about half of companies, according to a survey of CPA financial executives. Nearly one-fifth of respondents were optimistic or very optimistic about the U.S.
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Who Says You Can’t Create a Watermark in Excel?
Q: My firm’s tech support guy says watermark functionality is not available in Microsoft Office Excel 2003. I can’t see how Microsoft could have left it out. Accountants typically have to be able to circulate a financial report with such words as CONFIDENTIAL or DRAFT printed in light type right
When to Use Stand By, Hibernate or Sleep—It Does Make a Difference
Q: Does it make any difference whether I put my computer to “sleep” by choosing Stand by or Hibernate? A: They both are techniques for putting your computer to sleep—and saving power. So, when you wake them up, the recovery is fast—that is, relative to a startup from a complete
Fiscal Beats Out Physical
Financial fitness topped the list of self-improvement priorities in a Charles Schwab survey on families and money. According to the 2009 Young Adults & Money Survey, 52% of young adults (between the ages of 23 and 28) said that “making better choices about managing money” was the single most important
Shortcuts
For Excel Ctrl+Shift+!—Applies the number format with two decimal places, thousands separator and minus sign ( – ) for negative values. Ctrl+Shift+$—Applies the currency format with two decimal places (negative numbers in parentheses). Ctrl+Shift+%—Applies the percentage format with no decimal places. Ctrl+Shift+#—Applies the date format with the day, month and
Highlights
The PCAOB issued Staff Audit Practice Alert no. 4 to describe potential implications of three FASB Staff Positions on reviews of interim financial information and annual audits. The FSPs relate to fair value measurement and other-than-temporary impairment. They are: FSP FAS 157-4, Determining Fair Value When the Volume and
Compilation and Review Engagements: Why Tackle This Project Now?
Editor’s note: This article is a sidebar to “A Fresh Approach for Compilation and Review.” Based on concerns expressed by stakeholders in compilation and review engagements, the Accounting and Review Services Committee (ARSC) turned to the AICPA’s Private Companies Practice Section (PCPS) for help in its consideration of how to
Mackey McNeill, CPA/PFS
Being a successful financial adviser requires a good understanding of people. After I became a personal financial specialist (PFS), I noticed that although people would ask for advice about finances, often they wouldn’t change how they managed their money. I was curious to know why. A friend introduced me to
Financial Reporting
The AICPA’s accounting standards staff issued Technical Practice Aid (TPA) 6931.11, Fair Value Measurement Disclosures for Master Trusts. The aid, available at tinyurl.com/d94du2, provides guidance on fair value measurement disclosure requirements for an employee benefit plan when the plan holds investments in a master trust. The Financial Crisis
Auditing
The AICPA’s Auditing Standards Board issued Proposed Statement on Auditing Standards, Subsequent Events and Subsequently Discovered Facts. The proposal would supersede AU sections 530, Dating of the Independent Auditor’s Report, 560, Subsequent Events, 561, Subsequent Discovery of Facts Existing at the Date of the Auditor’s Report, and paragraphs .71–.73 of
Supercharge Your Excel Sum Operations
Many CPAs, frustrated by rigid and inadequate reports from their general ledger or other enterprise systems, turn to Microsoft Excel. Nimble but powerful, Excel often manipulates data faster and more effectively than less agile applications. But to perform certain tasks optimally, a CPA sometimes may have to bypass what apparently
Self-Employment or Other Income?
Taxpayers frequently have income reported on Form 1099-MISC. It may represent earnings from a trade or business that should be reported on Form 1040, Schedule C. If not, it generally is reported as other income on Form 1040. Of course, net income from a trade or business is subject to
U.S. More Stressed Out
Asked how current economic conditions have affected their individual employees, nearly half (48%) of U.S. hiring managers in a Robert Half survey cited increased stress, compared with an average of 39% globally. Managers surveyed from Australia and Ireland also reported the highest levels of stress among their financial teams (48%).
International
The IASB announced a detailed timetable for replacing its existing financial instruments standard, IAS 39, Financial Instruments: Recognition and Measurement. The IASB’s comprehensive project on financial instruments responds directly to and is consistent with the recommendations and timetable set out by the G-20 nations at their April meeting, according
FBAR Disclosure Questions Answered
The IRS has answered 51 “frequently asked questions” (FAQs) about its voluntary disclosure and settlement option for previously unreported offshore financial accounts and entities and income from them. The six-month window for making disclosures under the program ends Sept. 23. Although IRS Commissioner Doug Shulman said the program can allow taxpayers
Accounting Majors in Demand
Even when the economy is down, there is room for top students in the profession. The National Association of Colleges and Employers’ 2009 Student Survey found that, even though students in the class of 2009 were graduating with fewer jobs available, accounting majors are still in high demand. Accounting and
Finally, A Simple But Effective Tool Overcomes Office 2007 Complexity
Q: I’m at my wits’ end. I haven’t got the time or patience to figure out how to use—and let alone find—all the wonderful tools I’m told are in Office 2007. Isn’t there something to get me up to speed so I can concentrate on my work—at least until Microsoft
Shortcuts
EXCEL: WORD: Ctrl+Shift+D—Double underlines the selected text Ctrl+Shift+N—Applies Normal style to current paragraph If you want to change the formatting of a paragraph—say from align left to center—just click anywhere in the paragraph and then right-click, opening this menu: Then click on Paragraph and make your
Price Psychology
Editor’s note: This is a sidebar to “Pricing on Purpose: How to Implement Value Pricing in Your Firm.” People tend to buy emotionally and justify intellectually, which makes the study of price psychology a worthwhile endeavor. Essentially, price psychology has two characteristics: 1. Price leverage 2. Pricing emotions
Importing Data Into Microsoft Excel 2007 From Databases and Web Sites
Spreadsheets contain many tools for analyzing and manipulating data. The trouble is much of the data CPAs need to analyze resides in company databases or on the Internet. So, after finding the required data, you may have to cut and paste them into a spreadsheet. This laborious and error-prone process
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