The Group of 20 reaffirmed its commitment to strengthening the financial system and again weighed in on accounting issues as it did last November in Washington. The primary communiqué released at the end of a summit held in London on April 2 said the G-20 would “call on the
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The State of Schemes
The Deloitte Forensic Center analyzed and reported on hundreds of SEC Accounting and Auditing Enforcement Releases (AAERs) issued from January 2000 through December 2007. The results of the analysis were compiled in the report Ten Things About Financial Statement Fraud—Second Edition, released in December of 2008. Among the findings: From
Internet Telephone Services for Individuals and Small Businesses
In a typical home or small office the traditional wired phone line has undergone many changes. High-speed Internet service and advances in voice and data compression have improved voice quality tremendously, making conversations possible without a telephone network while significantly lowering communications costs. Larger organizations have been using VoIP (Voice
Government
To address a lack of consistency in fund balance reporting, GASB’s new Statement no. 54, Fund Balance Reporting and Governmental Fund Type Definitions, establishes a hierarchy of fund balance classifications based primarily on the extent to which a government is bound to observe spending constraints imposed upon how resources reported
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SIXTH CIRCUIT UPHOLDS LIFE TABLES FOR LOTTERY LUMP SUMThe Sixth Circuit Court of Appeals ruled in Negron v. U.S. (No. 07-4460 (6th Cir. 1/28/09)) that the IRS annuity tables of IRC § 7520 provide a realistic and reasonable estate valuation of a state lottery prize paid as a lump sum
Data Point: 196,040
Tons of greenhouse gases that would not be injected into the atmosphere if an additional 2% of American households switched to electronic bills, statements and payments, according to the PayItGreen Alliance, a group of financial services firms. Such a move would also save 15 million pounds of paper and 181,128
Valuations for Financial Reporting in Today’s Market
The current economic environment has presented unprecedented circumstances for members of the business valuation profession. Those who perform valuations for financial reporting are grappling with issues surrounding impairment, market capitalization versus fair value determinations, reasonable rates of return, and active versus distressed and inactive markets, to name a few. The
Loan Covenants Tighten Up
In the first quarter of 2009, 22% of CPA financial executives said previous sources of credit had dried up, according to the AICPA/UNC Kenan-Flagler Economic Outlook Survey. As a result, many businesses are shopping for new loan sources. Consider the following before you talk to a lender: For operating capital
Third Party’s Activities Create Nexus
The U.S. Supreme Court declined to review a finding of substantial nexus by New Mexico for gross receipts tax on mail-order and online sales in that state by a subsidiary of Texas-based computer maker Dell Inc. The New Mexico Court of Appeals last summer affirmed an assessment of gross receipts
Fraud
Suspicious activity reports (SARs) for suspected mortgage fraud increased 44% in the 12-month period ending June 30, 2008, according to Filing Trends in Mortgage Loan Fraud, a report compiled by the Financial Crimes Enforcement Network (FinCEN). In the most recent reporting period, financial institutions filed 62,084 SARs relating to mortgage
Victor J. Sirchia, CPA
Everybody needs a stress-reliever. Mine is driving my 2003 Ford Mustang Cobra 140 mph. Of course, I can’t—and wouldn’t—do that on the street. But everyone who has a Mustang, a Corvette, a Porsche or a BMW wants to take it out and “open it up.” Many of us do that
FASB Updates Fair Value Guidance
Editor’s note: This is a sidebar to “Valuations for Financial Reporting in Today’s Market,” May 09. At its April 2 meeting, FASB voted to release three new pieces of guidance to address concerns over the application of fair value accounting standards in current market conditions. As a result, FASB
Strengthening Tax Services’ Foundation
The AICPA’s Statements on Standards for Tax Services (SSTSs) have been updated, clarified and streamlined in proposed revisions now available for study and comment by AICPA members. They can be found on the Tax Division pages of the AICPA Web site at tinyurl.com/5be2rk. The SSTSs are enforceable rules of conduct
Economic Outlook Remains Uncertain
Recessions—roughly two per decade—have occurred quite regularly since World War II. Most last less than four quarters, according to International Monetary Fund data. But the depth and breadth of recessions are notoriously difficult to predict. This article focuses on what CPA financial executives have experienced in the current recession, using
Small Business
The U.S. Small Business Administration announced revisions to procedural guidance governing lender participation and loan processing for the two SBA major loan guarantee programs: 7(a) and 504. The SBA said in a press release that the changes to Standard Operating Procedure 50 10 (5) will make it easier for lenders
Compliance Tests
A fundamental requirement for every qualified retirement plan is that the benefits or contributions be provided in a manner that does not discriminate in favor of highly compensated employees (HCEs). The IRC requires a qualified plan to demonstrate its compliance with this nondiscrimination requirement by satisfying a particular test. Some
Deduction Denied for ESOP Stock Redemption
The Eighth Circuit Court of Appeals denied food giant General Mills’ deductions for “cash distribution redemptive dividends” it paid participants in the company’s employee stock ownership plans (ESOPs). In so doing, the Eighth Circuit reversed a district court decision and ignored the Ninth Circuit’s ruling six years ago in Boise
Retirement Planning Using a Client’s Tax Return
Many CPAs never follow up with clients after tax season, but CPAs can provide valuable assistance by taking some time after busy season to use the tax return as a guide to helping clients prepare for retirement. A tax return is an excellent starting point for the personal financial planning
How to Prepare for the Inevitable Hard Drive Crash
Q: I recently had to replace my hard drive. My tech support person said it had crashed, and he didn’t know why. When I asked him what I could have done to prevent it, he shrugged his shoulders. What advice do you have? A: I assume, since you had to
Introducing the New Principles-Based Peer Review Standards
Editor’s note: G. William Graham is the AICPA Peer Review Board chair. The effects of the newly revised AICPA Standards on Performing and Reporting on Peer Reviews (Standards) will be far-reaching. They directly impact more than 30,000 firms enrolled in the AICPA’s practice-monitoring program. In addition, the revised standards
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Create interactive dashboards with Excel PivotCharts and slicers
Leave the static spreadsheets behind. This JofA Technology Q&A article with video walkthrough provides a step-by-step guide for creating interactive dashboards in Excel that decision-makers can use.
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Trust distributions in kind and the Sec. 643(e)(3) election
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Effects of the OBBBA on higher education
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