Fund balance is an important measure that represents the difference between a fund’s assets and liabilities. The overall objective of fund balance reporting is to isolate that portion of fund balance that is unavailable to support the following period’s budget. Because governmental funds’ measurement focus is the flow of financial
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Identity Theft
The AICPA asked the Federal Trade Commission (FTC) to exempt CPAs from certain provisions of its Red Flags Rule to prevent identity theft that was scheduled to go into effect Nov. 1, 2009. The Red Flags Rule, which was released Nov. 9, 2007, under the Fair and Accurate Credit Transactions Act
Indexing, While Helpful as a Search Tool, Puts a Drag on a Computer
Q: My two partners and I use the same make and style of computer, the same XP operating system and pretty much the same application software, plus we maintain the computers with the same antivirus, junk-cleaning and performance-enhancing software. Yet one partner’s computer runs significantly faster than the other two.
Banking
FDIC-insured banks and savings institutions reported an aggregate net loss of $3.7 billion in the second quarter of 2009, an $8.5 billion negative swing from the $4.8 billion profit insured institutions earned in the second quarter of 2008. The regulator also reported a sharp increase (36%) in the number
Shortcuts
EXCEL To add a line break inside an individual cell, position your cursor at the place you want the break and press Alt+Enter. To synchronize data from one cell to another (even in another worksheet), go to the source cell, press =, then go to the target
A Reader Suggests a Shortcut
If you have a file or folder that you use fairly often but you do not want to clutter your desktop or your Start menu with shortcut icons, consider this method suggested by Paul McClain, controller at the Hillcrest Medical Center in Tulsa, Okla.: In Office 2003’s Word or Excel,
Employee Benefits
The Pension Benefit Guaranty Corp. (PBGC) released the Pension Insurance Data Book 2008. The report said the number of PBGC-insured single-employer plans was 27,900 at the beginning of 2008, down from a high of 112,200 in 1985. The PBGC insured another 1,500 multiemployer plans. The plans covered 43.9 million participants.
Highlights
FASB issued Accounting Standards Update (ASU) 2009-06 to provide additional implementation guidance on accounting for uncertainty in income taxes and to eliminate the disclosures required by FASB Accounting Standards Codification (ASC) Paragraphs 740-10-50-15(a) through (b) for nonpublic entities, including pass-through and not-for-profit entities. The new guidance involves requirements under what
Auditing at the Speed of Change
Henry Keizer is the global head of audit for KPMG International and U.S. vice chair of audit for KPMG LLP. He also is a member of the AICPA board of directors. He spoke with JofA Publisher and Editor-in-Chief Joanne Fiore following the AICPA’s board of directors meeting in August and
Windows 7: Is It Right for You?
Windows 7, the newest version of Microsoft’s desktop operating system, comes with numerous functional improvements over its widely used predecessors, Vista and XP. Some of these enhancements—such as more powerful hard drive search and data encryption capabilities—will save time and boost security; others, including 64-bit application support and Apple-like multifinger
Financial Reporting
FASB issued an exposure draft of a proposed Accounting Standards Update that would affect all entities that are required to make disclosures about recurring and nonrecurring fair value measurements. The board says the proposal would improve Fair Value Measurements and Disclosures—Overall Subtopic (Subtopic 820-10) of the FASB Accounting Standards
Enterprise Risk Management
The Committee of Sponsoring Organizations of the Treadway Commission (COSO) published a document to help boards of directors strengthen their oversight of enterprise risks. The four-page paper, Effective Enterprise Risk Oversight: The Role of the Board of Directors, calls attention to COSO’s Enterprise Risk Management—Integrated Framework (2004) and its definition
Auditing
The PCAOB published staff questions and answers about references to authoritative accounting guidance in PCAOB standards. The series of Q&As serves as a reminder that auditors should look to the FASB Accounting Standards Codification and SEC rules for authoritative U.S. GAAP guidance for SEC registrants, even though PCAOB standards may
FYI
The SEC appointed James L. Kroeker as chief accountant. In this role, he will oversee accounting interpretations, professional practice issues and international accounting matters. He replaces Conrad W. Hewitt, who retired from government service in January 2009. Kroeker had been acting chief accountant since January 2009 and guided the
International
The International Accounting Standards Board (IASB) published for public comment an exposure draft of proposed amendments to 11 IFRSs under its annual improvements project. The proposed amendments range from clarification of the measurement of noncontrolling interests in IFRS 3, Business Combinations (as revised in 2008), to changes of wording
Unrelated Child as a Qualifying Relative
One requirement for claiming a qualifying child (QC) for purposes of the dependency exemption deduction is that the child must be related to the taxpayer, that is, the taxpayer’s child (including stepchild or foster child), sibling, half-sibling, step-sibling or descendant of any of them (IRC § 152(c)(2)). However, dependents alternatively
An Outlook-Improvement Idea for the Low-Tech Crowd
Q: I get loads of e-mails, and while I appreciate your suggestions, I’m just a low-tech guy and would like to remain low-tech—if you get my meaning. So, is there some easy way to bring more order to my inflow of e-mails without making my life more complicated by loading
Toggle Between Relative and Absolute Cell References in Excel With F4
Q: My partner says there’s an F4 shortcut to creating absolute cell references in Excel formulas, but for the life of me I can’t make it work. What am I doing wrong? A: Your partner is right, but while I can’t tell you what you’re doing wrong, I can
Keeping Them Satisfied
Fifty-seven percent of accountants in a recent survey said they plan to stay with their current employer once the economy improves. But almost one-quarter (23%) plan to look for a new job. The survey, by Ajilon Finance, also found that less than 2% of accounting jobs nationwide have been cut
On Second Thought
Several readers questioned my suggestion about using a USB flash memory thumb drive to add zip to a computer’s operating system (“Boost Your System Memory With a USB Flash Memory Stick,” June 09, page 86). On further investigation, I am scratching that suggestion. I’ve since learned that not only doesn’t
Features
FROM THIS MONTH'S ISSUE
Flip out with the latest Tech Q&A
The September Technology Q&A column shows how to create dynamic to-do lists with Excel's checkboxes and also how to set up multifactor authentication texts that don't rely on phones. Flip through both items and view a video walkthrough in our digital format.
From The Tax Adviser
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2025 tax software survey
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