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
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TOPICS / TAX
International tax
Smart Stops on the Web
GENERAL INTEREST SITES This Site Warrants a Visit www.ewarrantycard.com Filling out and mailing warranty cards that come with electronic items you purchase can be burdensome. This site allows you to fill out these cards online. You input basic information—name, address and phone number—only once. It’s then stored on your hard
The Station Never Sleeps
EXECUTIVE SUMMARY A TREASURY WORKSTATION INCLUDES both hardware and treasury management applications. Systems that go by that name generally allow companies to automate most of their core treasury operations seamlessly with a database and communicate directly with banks, other financial institutions and sometimes even customers and suppliers. They can typically
How to Select the Right Accounting Software
EXECUTIVE SUMMARY THE INTERNET IS CHANGING the way businesses do business, and that means business managers must rethink what they expect from their accounting software. Your software should be able to Publish Web catalogs directly from, and make links to, the software’s inventory module, which means customers can see, among
Diversity Is Good for Business
EXECUTIVE SUMMARY MANY COMPANIES AND FIRMS ARE DISCOVERING that staff from different ethnic backgrounds bring valuable perspectives to the table and are effective in working with a wide spectrum of customers and clients. At the same time, businesses are finding that achieving and maintaining diversity is a complex undertaking. FOR
Eastern Exposure
EXECUTIVE SUMMARY ON SUMBAWA, A REMOTE INDONESIAN ISLAND east of Bali, Newmont Mining Corp. began developing a huge mining project that represented tremendous opportunity as well as political, social and financial risk. Newmont tried to anticipate risk during the 13-year development of Batu Hijau but did not foresee government overthrow,
International Accounting
What Accountants Can Do to Stop Corruption CPAs may not be able to stop corruption on their own, but they should be leaders of their countries’ collaborative efforts to oppose it. In particular, they should do everything they can to encourage organizational controls that expose corruption early—and stop it well
International Accounting
IASC Puts Derivatives on the Balance Sheet The International Accounting Standards Committee issued in March its long-awaited standard on accounting for financial instruments. International Accounting Standard no. 39, Financial Instruments: Recognition and Measurement, clarifies the need for disclosing derivatives and other hedge transactions, as well as conventional financial assets and
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
Are You Euro-Fluent?
EXECUTIVE SUMMARY IN JANUARY, THE EUROPEAN UNION introduced a new currency named the euro. By 2002, it will be used by at least 11 EU nations, whose national currencies will pass into history. TO HELP PEOPLE GET ACCUSTOMED TO the euro, the European Commission allowed for a three-year transition period
International Accounting
NEWS REPORT INTERNATIONAL Calls Heard for More Independent IASC FASB does not believe the International Accounting Standards Committee (IASC) is ready to issue accounting standards that will be accepted worldwide. In a letter to the IASC, FASB and the trustees of the Financial Accounting Foundation said the IASC
International
Great Britain and Ireland embrace WebTrust; other countries consider it
International
Show Me the (New) Money The euro made its debut with the new year, but its going to be a long introduction (see sidebar), giving residents in member nations ample time to adjust to a one-currency continent. Meanwhile, U.S. companies with overseas operations or trading partners should look at several
International
Of Rubles and Dollars When the Soviet Union collapsed and a slew of newly independent republics began looking for financing to operate a capitalist economy, a foreign banker was heard to comment, Governments come and go. Money remains. If money is a universal constant, it may explain why, as their
Another View of Software
The use of specific brand names in Guide to Accounting Software (JofA, Mar.98, page 44) gives the appearance of loss of independence and objectivity. I think the profession would have been better served had the authors just explained the tests and criteria used to form their opinions. Readers could then
Comprehensive Income Is an International Issue
How Companies Report Income (JofA, May98, page 45) offers an excellent review of the requirements of FASB Statement no. 130, Reporting Comprehensive Income . CPAs also should be aware that the following standard setters are working on the question of how best to report financial performance: The U.K. Accounting Standards
Journal Dispenses Medicine
Congratulations on Facts and Fables About Computer Viruses (JofA, May98, page 39). It was one of the more intelligent discussions of computer viruses I have seen. The author correctly says the risk of virus infection is not as severe as some would believe. His tips and suggestions are excellent recommendations;
Credit union bill wins committee approval.
Credit Union Bill Wins Committee Approval The Senate Banking Committee approved, by a 16 to 2 vote, a bill that would impose new audit requirements on credit unions. The Credit Union Membership Access Act (HR 1151) is intended to protect and preserve credit unions and their members while keeping their
New GAAP hierarchy for federal government audits.
New Hierarchy for Federal Government Audits The General Accounting Office has issued for exposure an amendment to Government Auditing Standards (the yellow book) that would establish a GAAP framework for federal financial statements. The ED formally defines the meaning of presents fairly in accordance with GAAP for the federal government
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