Many companies, large and small, offer a broad range of products and services to their customers. Often these product and service sales are negotiated at the same time with a single customer, resulting in a single contractually binding arrangement with multiple deliverables. Consider the cell phone company that provides a
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Management accounting
Firm Up Your Data Security
Given the many threats organizations face in protecting critical information and processes, an information security policy is arguably one of the most important documents an organization can create. Consider these best practices for creating a new security policy and keeping an existing policy up to date. —By Ron Box, CPA/CITP/CFF,
Banking
The federal banking agencies, in conjunction with the Conference of State Bank Supervisors (CSBS), released a policy statement on their expectations for sound funding and liquidity risk management practices. The Interagency Policy Statement on Funding and Liquidity Risk Management, adopted by the FDIC, the Federal Reserve, the Office of the
ESOP Article Overdue
I am a CFO associated with a 100% employee-owned company. I found Scott Miller’s article (“The ESOP Exit Strategy,” March 10, page 32) very timely and long overdue. It is my opinion that the ESOP tool is one of the best—if not the best—available tools for owners of companies to
News Highlights for June 2010
The PCAOB proposed for comment an auditing standard, Communications with Audit Committees, and a series of related amendments to its interim standards. The proposal includes a requirement for the auditor to establish a mutual understanding of the terms of the audit engagement with the audit committee and to document that
Jobs Key to Consumer Confidence
Job growth is at the heart of increasing consumer confidence and growing the economy, Quincy Krosby, chief market strategist for Prudential Financial, told AICPA Council members Tuesday in San Diego. “If we don’t bring the word ‘confidence’ in, small business owners will be afraid to hire. They are worried about
Economic Outlook Turns Optimistic
For the first time in more than two years, CPA financial executives were more optimistic than pessimistic about the outlook for the U.S. economy, according to a quarterly survey conducted by the AICPA and the University of North Carolina’s Kenan-Flagler Business School, but more than half don’t expect full economic
Chow, Anderson and Dekker Receive Awards in Management Accounting
The AICPA recently sponsored two Management Accounting Awards presented at the American Accounting Association’s midyear meeting. Chee Chow, an accounting professor at the San Diego State University College of Business Administration, received the Lifetime Contribution to Management Accounting Award. Shannon Anderson, associate professor of management at Rice University in Houston,
Report Assesses Enterprise Risk Management Outlook
Risk management processes within businesses continue to be relatively immature and ad hoc despite increased volume and complexity of risks, according to a study published by N.C. State University’s ERM Initiative in partnership with AICPA’s Business, Industry, & Government Team. The second annual study, 2010 Report on the Current State
Fed Issues Final Rules on Gift Card Fees, Expiration Dates
The Federal Reserve Board on Tuesday released final rules that restrict the fees and expiration dates that apply to gift cards. The rules are intended to protect consumers from certain unexpected costs and require that gift card terms and conditions be clearly stated. The rules go into effect Aug. 22.
Comment Deadlines Nearing for Certain Clarified Exposure Drafts
The Auditing Standards Board recently issued additional Proposed Statements on Auditing Standards resulting from its clarity project, through which all of its auditing standards will be redrafted over the next one to two years. The goal of the clarity project is to make auditing standards easier to read, understand and
Guidance Intended to Help Institutions Fight Money Laundering, Terrorist Financing
The Financial Crimes Enforcement Network (FinCEN) and several other financial institution regulators issued guidance to clarify and consolidate existing regulatory expectations for obtaining beneficial ownership information for certain accounts and customer relationships—information that the agencies said can help financial institutions better understand and address money laundering and terrorist financing risks,
How the R&D Tax Credit Is Calculated
Editor’s note: This is a Web-exclusive sidebar to “Navigating the R&D Tax Credit,” in the March 2010 issue of the JofA. Regular research credit. The RRC is an incremental credit that equals 20% of a taxpayer’s current-year QREs that exceed a base amount, which is determined by applying the
Navigating the R&D Tax Credit
Although it has a well-deserved reputation for complexity and uncertainty for taxpayers, the research tax credit of IRC § 41 nonetheless remains a valuable source of support to businesses that conduct qualified research and development. In fiscal year 2009 alone, the credit represented an estimated $5.6 billion federal subsidy for
How to Get Experience in M&A-Related Disputes
Editor’s note: This is a sidebar to “The CPA’s Role in Quantifying Post-Acquisition Dispute Damages,” March 2010. Most CPAs with an accounting and auditing background have advised a client who has acquired or sold a business or business interest. Disputes may arise related to the M&A transaction as outlined
The CPA’s Role in Quantifying Post-Acquisition Dispute Damages
Given today’s environment of bankruptcies, bank failures and recessionary pressure, consummating merger and acquisition transactions is more challenging than ever. The potential disputes arising from the challenges of an M&A transaction are numerous. The following two types of disputes are the focus of this article: working capital disputes regarding whether
Internal Control: Test Your Knowledge
Today many companies recognize the desirability as well as the requirement to have an effective system of internal control. Yet, designing and implementing a cost-effective system of internal control is a daunting, if not overwhelming, task. One way to overcome resistance to internal control is to educate stakeholders at every
The ESOP Exit Strategy
The scenario is all too common. A majority partner wants to retire, but the remaining partners can’t afford to buy him or her out, or they want out themselves. Key employees eye the door as rumors swirl that the company may be sold to a larger competitor that is sure
Optimism Jumps Among Manufacturing Finance Execs
Amid widespread uncertainty regarding government actions, the real estate market and credit, CPA financial executives expect slow employment and economic growth, according to a survey released Tuesday and co-sponsored by the AICPA. However, the outlook for the beleaguered manufacturing sector brightened considerably from the fourth quarter of 2009. Results from
Regulators Encourage “Prudent” Practices to Spur Lending to Small Businesses
The federal financial institutions’ regulatory agencies and the Conference of State Bank Supervisors issued a statement that reiterates and elaborates their supervisory views on prudent lending to creditworthy small business borrowers, noting a concern that the economic downturn may be making lenders overly cautious. The Interagency Statement on Meeting the
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The key to success with CAS is selecting the best clients. Tools like ideal client profiles (ICPs), buyer personas, and even artificial intelligence can help identify the businesses that best fit each CAS practice.
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