Members attending the fall meeting of council worked through a packed agenda, which began with announcements by AICPA President Barry Melancon about a groundbreaking delivery system for CPE and his vision for an Institute site on the Internet—that would offer members unprecedented access to professional resources needed—and which ended with
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TOPICS
Audit & assurance
International Associations
There are more than 130 associations of accounting firms, 30 of which are international. However, fewer than 1,000 U.S. firms belong to some kind of accounting association. David Albrecht, professor of accounting, Bowling Green State University, Bowling Green, Ohio. he world is our horizon! How can we—a midsize accounting firm
How Midsize Companies Are Buying ERP
EXECUTIVE SUMMARY THE CHOICE OF ENTERPRISE RESOURCE PLANNING software can be a make-or-break decision for a company. ERP comes in modules named after the functions each performs such as general ledger, accounts payable, accounts receivable, payroll, purchase orders, inventory, job costing, point of sale, manufacturing and bill of materials. A
Legal Scene
Statute of Limitations: A Primer Accountants frequently use statute of limitations defenses in professional liability litigation. Therefore, understanding the theory behind these statutes gives CPAs a powerful weapon in fending off such litigation. Limitations, triggers and discovery dates Depending on the circumstances of the case, the statute of limitations dates
Translating the Standards
EXECUTIVE SUMMARY WHEN APPLYING NEW ACCOUNTING STANDARDS to their companies, CPAs recommend a five-step approach: 1. Assign specific groups or professionals to monitor and translate new pronouncements. 2. Use liaisons and questionnaires to analyze how and where the company could be affected. 3. Summarize the technical detail for nonfinancial colleagues.
Federal Financial Statements: The Revolution Is Here!
EXECUTIVE SUMMARY IN THE FISCAL YEAR ENDED September 30, 1998, federal executive branch agencies for the first time prepared financial statements in accordance with a comprehensive set of federal accounting principles. THERE WAS LITTLE AGREEMENT in the past within the federal government about appropriate federal financial accounting standards. As a
What Constitutes Control?
EXECUTIVE SUMMARY FASB ISSUED A REVISED ED SEEKING TO DEFINE what constitutes control of an entity. Under current rules, the condition for a controlling financial interest is ownership of a majority voting interest–unless control is temporary or does not rest with the owner of the majority voting interest. FASB’s goal
Professional Issues
The Accounting Hall of Fame has named Arthur R. Wyatt its 61st member. Wyatt spent the early part of his career teaching at the University of Illinois, where he received his PhD in 1953. He became a full professor and wrote books and articles, including a study of accounting for
Coping With NPO Standards Its Not Difficult
EXECUTIVE SUMMARY NOT-FOR-PROFIT ORGANIZATIONS have had to cope with a number of accounting pronouncements in recent years. The experiences of the Museum of Undersea Exploration, a hypothetical NPO, should help CPAs understand the impact these new rules have had on NPOs. FASB STATEMENT NOS. 116 and 117 require MUSE and
A Common Peer Review Problem
EXECUTIVE SUMMARY AICPA STANDARDS CLEARLY STATE procedures for confirmation of accounts receivable. Nevertheless, and despite an auditing procedure study, peer reviews continue to find that CPA firms have problems understanding the various processes. RECEIVABLE CONFIRMATIONS ARE NOT ALWAYS required if accounts receivable are immaterial, the use of confirmations would be
World meeting of accountants is success.
IASC Board Says No to Adopting FASB Financial Instruments Rules; Core Standards Will Be Delayed The International Accounting Standards Committee board of directors rejected a proposal by the IASC executive committee and its secretary-general, Sir Bryan Carsberg, to adopt the Financial Accounting Standards Board’s rules on financial instruments reporting, including
Do We Understand Each Other?
EXECUTIVE SUMMARY THE AUDITING STANDARDS BOARD issued SAS no. 83 and SSAE no. 7 to provide CPAs with guidance on establishing an understanding with the client. THE TWO NEW STATEMENTS ARE IN LINE with SQCS no. 2, which requires firms to have policies and procedures in place for obtaining an
AmEx wins
Florida First Amendment Case Settles Little On the surface, its a simple court decision: The 11th Circuit Court of Appeals ruled that CPAs, even when working for an unlicensed entity, may advertise their designation. American Express and one of its CPA employees, Stephen M. Miller, had sued the Florida Board
Poor results
SEC Grades Year 2000 Compliance Efforts T he Securities and Exchange Commission issued a report on the readiness of the securities industry, including the SEC, for year 2000 information technology challenges. Most computer hardware, such as mainframes and personal computers, use a two-digit internal clock that will not roll over
SEC chairman reiterates
Levitt Defends FASB “W hat is the Financial Accounting Standards Boards great sin?” asked Arthur Levitt, Jr., chairman of the Securities and Exchange Commission. Speaking to the Economic Club of Detroit in May, Levitt was responding to a throng of criticisms leveled by corporate executives at the accounting standard-setting process
Short takes
F Y I Short takes, notes and items of interest Small Businesses Pay the Piper If a small business such as a hair salon plays a radio as background music, the business owner may have to pay a royalty even though the radio station is already paying a licensing fee.
The Smart Way to Invest in Computers
EXECUTIVE SUMMARY KEEPING CURRENT WITH OFFICE technology doesn’t have to be overly expensive. With the proper planning, it can be both economical and a productivity booster. Here are some of the steps you must take to accomplish that goal: Don’t base your computer-buying decisions solely on price. Plan ahead so
Litigation Services: Standards and Ethics
EXECUTIVE SUMMARY LITIGATION SERVICES continue to grow in popularity, and practitioners must understand the standards and ethics that govern them. MANAGEMENT CONSULTING SERVICES standards govern litigation services. These include serving the client interest, understanding with client and communication with client. AUDITING STANDARDS, ATTESTATION standards and accounting and review services standards
Raising Capital Overseas
EXECUTIVE SUMMARY MORE AND MORE COMPANIES are trying to raise capital by listing their securities for sale on foreign exchanges; however, the costs of reconciling U.S. accounting standards with their foreign counterparts can be high. Therefore, it is important that companies know the questions they will face when going global.
A Refresher Course in Peer Review
EXECUTIVE SUMMARY THE MORE THAT FIRMS know about peer review, the easier the process will be. COMMON MYTHS ABOUT THE PROCESS include that checklists are required, that firms must create elaborate quality control documents and that a firm has no say in the selection of the reviewer. And more than
Features
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Building a better CPA firm: Stepping up service offerings
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