The Federal Deposit Insurance Corporation (FDIC) issued advance notice of a proposed rule that would make it easier to ascertain whether FDIC insurance covered deposits in banks with more than 250,000 customer accounts and $2 billion in domestic deposits ( www.fdic.gov/news/news/press/2005/pr12205.html ). The last time the FDIC updated its deposit
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TOPICS / TAX
International tax
Employee Benefits
The Treasury Department and the IRS released Notice 2005-86, which clarifies that an individual participating in a flexible spending arrangement (FSA) is ineligible to contribute to a health savings account (HSA) during an FSA grace period, which extends the covered expense eligibility time frame up to 2 months into the
Crowding on Millionaires Row
SURVEY SAVVY T he number of U.S. households with more than $1 million in net worth (excluding the primary residence) has increased for the third consecutive year. Surprisingly the rise was fueled neither by real estate investments nor stock market growth but, instead, by the householders’ long-term accumulation of wealth.
Key Issues in Global Reporting
ON THE RECORD Patricia McConnell, CPA, senior managing director, Bear Stearns & Co., New York, speaking at the AICPA Business & Industry Financial Executive Forum, October 27, 2005. “ Section 404 of Sarbanes-Oxley really has no teeth itself. The bite, if a company is noncompliant, is the market reaction caused
Improve Computer Training
Many prepackaged computer training programs fail to discriminate between what trainees already know and what they need to learn. Following are guidelines for making such technology training useful: Ask trainees whether they would rather attend group classes, have one-on-one sessions or do self-training with audio tapes or manuals. Most people
Golf Courses
Top Ten Golf Digest picks the country’s best links. 1. Pine Valley Pine Valley, N.J. 2. Augusta National Augusta, Ga. 3. Shinnecock Hills Southampton, N.Y. 4. Cypress Point Club Pebble Beach, Calif. 5. Oakmont Country Club Oakmont, Pa. 6. Pebble Beach Golf Links Pebble Beach, Calif. 7. Merion Ardmore, Pa.
Bill Gates Quote
As Quoted “ Your most unhappy customers are your greatest source of learning. ” —Bill Gates, in his book Business @ The Speed of Thought
Convergence: In Search of the Best
EXECUTIVE SUMMARY THE CONVERGENCE AGREEMENT BETWEEN FASB and the IASB is significantly affecting U.S. and international financial reporting. THERE IS NO SINGLE PATH TO CONVERGENCE , but an open-minded pursuit of the highest quality guidance should result in standards that foster superior financial reporting. CONVERGENCE WILL REQUIRE CHANGES
Don’t Let Them Walk
GOLDEN BUSINESS IDEAS After a company has invested in training them, many employees leave for better-paying jobs. In some respects, employers create the problem when they place more emphasis on hiring candidates based on their skills rather than on their history of loyalty. A history of frequent job-switching is likely
International
The International Federation of Accountants (IFAC) issued an invitation to comment on a proposed revision of its constitution ( http://ifac.org/downloads/ifac_constitution_draft.pdf ). If approved, the proposal also would create bylaws and a policies and procedures manual. Comments are due February 1, 2006. IFAC’s International Auditing and Assurance Standards Board (IAASB) issued
FYI
Taxpayers can request automatic six-month tax-filing extensions for the most common individual and business returns, under new regulations from the Treasury Department and IRS ( www.irs.gov/newsroom/article/0,,id=150456,00.html ). The service also issued guidance on how large corporations and tax-exempt organizations can seek waivers from electronic filing requirements ( www.irs.gov/newsroom/article/0,,id=150695,00.html ) and
Bookmarks
The Ultimate Accountants’ Reference: Including GAAP, IRS & SEC Regulations, Leases, and More By Steven M. Bragg 774 pages; hardcover John Wiley; Hoboken, N.J. 2004 I n this one-volume desk reference, CPAs can find concise answers to important issues that arise during a typical business day.
What Workers Want
SURVEY SAVVY Source: Survey of 1,400 CFOs of companies with 20 or more employees, Accountemps, Menlo Park, Calif., www.accountemps.com , 2004.
Leaders on Tap
TOP TEN The most important factors in growing and retaining leaders over the next 10 years will be 1. A formal leadership development strategy. 2. The support of top management. 3. A formal succession planning process. 4. Recognizing that leaders must develop other leaders. 5. A big enough budget. 6.
To the Rescue
SIGN OF THE TIMES A s family members from New Orleans settled safely into his Houston home, CPA Richard Forrest was approached by a friend who wasn’t so lucky; he had lost touch with his 80-year-old parents as Hurricane Katrina battered the city. So like any good neighbor, Forrest fueled
Stop Identity Theft in Three Steps
NUMEROLOGY Your credit card bill arrives in the mail and you spot what might be a fraudulent charge—an item purchased in a place you’ve never been or something you know you didn’t buy. How do you correct the error? STEP 1. Call the credit card company immediately to inform them
Auditing
The AICPA governing council authorized the Institute’s board of directors to work with the public company auditing profession and others to implement a new approach to better address public policy issues affecting the public interest for U.S. audit firms registered with the PCAOB. The Institute will implement a framework for
Government Accounting
The Federal Accounting Standards Advisory Board issued an exposure draft (ED), Consolidated Financial Report of the United States Government Requirements: Implementing Statement of Federal Financial Accounting Concepts 4, Intended Audience and Qualitative Characteristics for the Consolidated Financial Report of the United States Government ( www.fasab.gov/pdffiles/consolfinancialreport.pdf ). The proposed standard would
Given Their Druthers
NUMEROLOGY When asked what they would do if money was no object and they had young children, 53% of executives said they would continue to work, but at a reduced load. 39% said they would devote themselves full-time to the family, opting to become stay-at-home parents. 9% said they’d continue
Remodeling Sanity Tips
HOME FRONT Redoing your home can be exciting, but it also takes careful planning. Here’s some advice to keep you on track. Organize. Keep copies of all contracts, change orders, invoices, receipts and permits in a three-ring binder or expandable file folder, so all your important documents and good ideas
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