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
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Management accounting
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
2010 Small Business Jobs Act: Good for Big Business
Larger companies should be aware there’s something for them, too, in the Small Business Jobs Act of 2010 (PL 111-240). Perhaps because of the name of the law enacted Sept. 27, larger businesses might not be aware of a potentially valuable provision that could apply to them: for tax years
Make Your Accounting Department More Efficient
In today’s world, accounting departments run lean. Asked to do more with less, accountants are being pushed to the max. Since adding staff is usually not an option, here are seven ways to lighten accounting’s workload. Challenge every step, every piece of paper, every input and every output. Chances are
ASB Issues Interpretation Regarding Insured Depository Institutions
The Auditing Standards Board has issued Interpretation no. 1, “Reporting Under Section 112 of the Federal Deposit Insurance Corporation Improvement Act,” of AT section 501, An Examination of an Entity’s Internal Control Over Financial Reporting That Is Integrated With an Audit of Its Financial Statements (AICPA, Professional Standards, vol. 1).
Navigating Nexus
Nexus can be a hidden danger for a company with a multistate presence. Certain activities might cause nexus for sales and use tax, income tax, franchise tax or other business taxes. One key to successfully navigating these widely varying provisions is for tax professionals to review the statutes and rulings
Futurist to CPAs: Prepare for the Inevitable
The U.S. economy won’t be getting back to “normal” anytime soon, strategic forecaster David Pearce Snyder said Monday in a presentation to the AICPA’s 2010 fall meeting of Council in New Orleans. Increased emphasis on personal saving will combine with tightened credit and higher taxes to keep “consumer spending 5%
FDIC Tells Creditors to Expect Losses in Dodd-Frank Liquidations
The FDIC board last Friday proposed a rule clarifying how the agency would treat certain creditor claims under the new orderly liquidation authority established under the Dodd-Frank Wall Street Reform and Consumer Protection Act. The proposal advances the principle that all creditors must expect to absorb losses in any liquidation.
Featured Online Content for October 2010
FEATURED VIDEO Tech Tips From Clarke Price Clarke Price, president and CEO of the Ohio Society of CPAs, is something of a techie. He has made it a habit to reach out to CPAs and other professionals for feedback on their favorite apps for everything from smartphones to the iPad.
Small Business Stimulus Passes Congress
The House on Thursday passed the Small Business Jobs Act of 2010 (HR 5297) by a vote of 237–187, and sent it to the President, who is expected to sign the bill into law. The bill, which passed the Senate last week, expands loan programs through the Small Business Administration
Obama Taps Dodaro for Comptroller General
President Barack Obama on Wednesday announced his intent to nominate Gene L. Dodaro for the job of U.S. comptroller general. As such, Dodaro would lead the Government Accountability Office (GAO), which reviews how the federal government spends taxpayer dollars. Dodaro has served as acting U.S. comptroller general and head of
Survey: Investors Remain Confident in Audited Financial Statements
Despite fluctuating markets over the past year, individual investors remain confident in investing in publicly traded U.S. companies and in their audited financial information, according to the fourth annual “Main Street Investor Survey,” released Thursday by the Center for Audit Quality (CAQ). For the third consecutive year, 75% of respondents
PCAOB to Host Round-Table Meeting, Extend Comment Period on Communications with Audit Committees
The PCAOB announced Tuesday that it will hold a public round-table meeting regarding its proposed standard on auditors’ communications with audit committees, and that it is reopening the comment period on the proposal until Oct. 21, 2010. “The Sarbanes-Oxley Act strengthens the audit committee’s oversight of the audit process, and
Corporate Finance Staffing Survey
Accounting is well suited to weather economic downturns. After all, bad economy or good economy, tax returns need to be prepared and audits completed. But what about CPAs in industry? The JofA partnered with the AICPA/UNC Kenan-Flagler Business and Industry Economic Outlook Survey Q2 2010 to learn more about how
Financial Regulatory Reform: What You Need to Know
The Dodd-Frank Wall Street Reform and Consumer Protection Act, which became law in July, will create new regulations for companies that extend credit to consumers, exempt small public companies from Sarbanes-Oxley section 404(b), make auditors of broker-dealers subject to PCAOB regulation and change registration requirements for investment advisers. The profession
Maximizing the Section 199 Deduction
Every business in the manufacturing sector, whether small or large, should consider the manufacturing deduction under IRC § 199. While section 199 comes with a complex set of rules, it nonetheless represents a valuable tax break for businesses that perform domestic manufacturing and certain other production activities. However, businesses should
Optimism Falls Amid Concern Over Unemployment, Government Policies
Unemployment, government regulation and availability of credit caused optimism among CPA financial executives to drop sharply this quarter, and now half of executives do not expect the U.S. economy to return to pre-recession levels until after 2012, according to a survey conducted by the AICPA and the University of North
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