The AICPA and the London-based Chartered Institute of Management Accountants (CIMA) are proposing forming a joint venture to develop and promote a new global management accounting designation. The joint venture is designed to give management accounting a higher profile in the United States, advance the science of management accounting worldwide,
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Management accounting
Optimism Growing Despite Rising Inflation Concerns
Economic outlook is brightening this quarter, with optimism for the U.S. economy up sharply and expectations for hiring and business expansion improving as well, according to results from the AICPA/UNC Kenan-Flagler Business & Industry Economic Outlook Survey Q1 2011. However, optimism was slightly tempered by an increase in concern over
Scenario Planning: Navigating Through Today’s Uncertain World
Imagine you are sitting at your desk in September 2007. The Dow is close to 13,900; U.S. unemployment is 4.5%; and oil is $45 a barrel. You are in the middle of developing your organization’s plans and budgets for 2008. How likely is it that the assumptions in your 2008
Corporate Finance Salary Outlook
In corporate finance these days it pays to specialize. A look at anticipated starting salaries for 2011 shows positions that are more niche than generalist in flavor are likely to see the biggest pay gains compared with 2010. “The more specialized you are, the more desirable you are,” said Carol
How to Land an SBA Loan
With all of the uncertainty around maintaining a predictable flow of capital to businesses, a commercial loan provided by a bank but guaranteed by the federal government almost sounds too good to be true. Standing behind such loans is one of the responsibilities of the U.S. Small Business Administration’s (SBA)
Act 2 for Business Tax Incentives
Enacted in the waning days of the 111th Congress, the Tax Relief, Unemployment Insurance Reauthorization, and Job Creation Act of 2010 (2010 Tax Relief Act, PL 111-312) was a creature of political compromise. But the act nonetheless built upon already attractive incentives that had been passed only a few months
FDIC: Banks Earned $87.5B in 2010, But “Problem List” Grew
FDIC-insured commercial banks and savings institutions reported an aggregate profit of $21.7 billion in the fourth quarter of 2010 and $87.5 billion for the full year, a gain largely attributed to large declines in loan-loss provisions. But not all the news was good. Loan and lease balances fell for the
Handling of Litigation Contingency Disclosure Facing Greater SEC Scrutiny
The SEC appears to be increasing its scrutiny of compliance with financial statement disclosure rules regarding potential court losses. The heightened attention is intersecting with a three-decades-old treaty for lawyers and accountants forged by the AICPA and the American Bar Association. The JofA spoke with attorney Michael Young, chair of Willkie
Enterprise Risk Management: Combating a Growing Organizational Threat
The catastrophic meltdown of financial markets that began in September 2008 resulted in a full range of challenges—both old and new—for organizations worldwide. Similar to other periods of adversity and uncertainty, it prompted organizations to re-evaluate their policies, processes and procedures from a renewed perspective, and implement change wherever it
CPAs Share Continuation Strategies
Editor’s note: Also read “Who Would Run Your Firm?” Feb. 2011, page 40. In August 1988, 48-year-old CPA Jim Feigel was in an accident that left him in a coma for 23 days. “If anything ever happens to me, the first thing you should do is sell the practice,”
Who Would Run Your Firm?
There comes a time when every sole practitioner or small firm owner needs to consider the consequences of a disruption in leadership of his or her CPA practice. Illness, disability, family obligation or death can be devastating for the CPA’s clients, family and employees. Proper planning, however, can mitigate the
FDIC Assures That Creditors, Not Taxpayers, Bear Risk of Failures
The FDIC on Tuesday approved an interim final rule under the Dodd-Frank Wall Street Reform and Consumer Protection Act that Chairman Sheila Bair said furthers the statutory intent that “creditors bear the losses of any failure.” The rule clarifies how the agency will treat certain creditor claims under the new
COSO Publishes New ERM Implementation Guidance
The Committee of Sponsoring Organizations of the Treadway Commission (COSO) on Tuesday released two new thought papers relating to enterprise risk management (ERM) and aimed at providing guidance to help organizations advance their ERM programs. The first thought paper, Embracing Enterprise Risk Management: Practical Approaches for Getting Started, describes how an
Board of education: Other client advisory board models
Editor’s note: Also read “Board of education: CPA firms, businesses can profit from clients’ advice,” in the Jan. 2012 issue of the JofA. The client advisory board model recommended by the PCPS is far from the only format used by CPA firms and other businesses. Buffalo, N.Y.-based Dopkins & Co.
Taking the “Sting” Out of S Corporations’ Earnings and Profits
Under current tax law, an S corporation cannot produce earnings and profits (E&P); only C corporations can. However, if the S corporation was previously a C corporation, it may have accumulated E&P from years when it was a C corporation. Similarly, if an S corporation was a party to a
Survey: Large Companies Heavily Engaged in Sustainability Strategies
More than three-fourths of large companies surveyed have a formal sustainability strategy compared to a third of smaller companies, according to findings released Thursday by the AICPA, the Chartered Institute of Management Accountants (CIMA) and the Canadian Institute of Chartered Accountants (CICA). On a comparative basis, 88% of CIMA respondents
Firm Survey Shows Profitability Preserved Amid Flat Revenues
Despite flat revenues, CPA firms managed to maintain profitability during the past two years, according to the 2010 PCPS/TSCPA National Management of an Accounting Practice (MAP) Survey, a biennial survey conducted by the AICPA’s Private Companies Practice Section and the Texas Society of CPAs. The survey results provide a comprehensive benchmarking
Broker-Dealer Audits, Reporting Model on PCAOB Agenda
Broker-dealer audits, the auditor’s reporting model and foreign inspections will be among the PCAOB’s top priorities in 2011, according to the board’s acting chairman, Daniel L. Goelzer. The Dodd-Frank Wall Street Reform and Consumer Protection Act gave the board authority over auditors of all SEC-registered securities broker-dealers. Those auditors had previously
CPA Financial Execs Plan for Slow and Cautious Hiring, Higher Health Care Costs
After a dramatic drop in optimism the previous quarter, CPA executives regained some confidence about the economic prospects for their organizations, according to results from the AICPA/UNC Kenan-Flagler Business & Industry Economic Outlook Survey Q4 2010. This improved sentiment, however, is not translating into hiring growth, which remained virtually unchanged
Highlights of the Small Business Stimulus Act
The Small Business Jobs Act of 2010 (PL 111-240), which Congress passed and President Barack Obama signed in September, expands loan programs through the U.S. Small Business Administration (SBA), strengthens small business preference programs for federal government projects, provides incentives for exporters, offers a variety of small business tax breaks
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