The Federal Accounting Standards Advisory Board issued an exposure draft of a proposed Interpretation, “Items Held for Remanufacture” ( www.fasab.gov/pdffiles/edinterpretation.pdf ), that would provide guidance for the classification, valuation and reporting of items held for remanufacture prior to sale or issuance, such as items being inspected, disassembled, evaluated, cleaned, rebuilt,
Advertisement
TOPICS
Information management and technology assurance
XBRL
AICPA President and CEO Barry C. Melancon and SEC Chairman Christopher Cox will be keynote speakers at the 14th International XBRL Conference & Exhibition in Philadelphia on December 4–6, 2006. “XBRL’s potency as a business tool is recognized worldwide,” Melancon said. “It facilitates the transmission and analysis of financial information
Accounting
For news from the AICPA and state societies, visit www.cpa2biz.com , which also offers online CPE, AICPA professional literature, practice management aids and links to state society Web sites. FASB posted on its Web site a compilation of all changes made through July 10, 2006, to the guidance in Accounting
Financial Reporting
The SEC granted relief from a Sarbanes-Oxley Act section 404(b) auditor attestation requirement to foreign private issuers that are accelerated filers (but not large accelerated filers) that file their annual reports on forms 20-F or 40-F ( www.sec.gov/news/press/2006/2006-136.htm ). They will not have to comply with the section 404(b) requirement
Auditing
The Public Company Accounting Oversight Board (PCAOB) issued Staff Audit Practice Alert no. 1, Matters Relating to Timing and Accounting for Options Grants, which advises auditors of emerging risks to consider during audits of financial statements or of internal controls over financial reporting ( www.pcaobus.org/news_and_events/ ). The alert was prompted
FYI
Kathleen L. Casey was sworn in as the 88th SEC commissioner by Chairman Christopher Cox in July. She is a 13-year veteran of Capitol Hill, having served as legislative director and chief of staff for Senator Richard Shelby (R-AL) and staff director of the Senate Banking Committee’s Subcommittee on Financial
International
As the direct result of December 2005 talks between SEC Chairman Christopher Cox and Committee of European Securities Regulators (CESR) Chairman Arthur Docters van Leeuwen, the two groups in August published and implemented a joint work plan on the application by international companies of international financial reporting standards (IFRSs) in
Highlights
In the most sweeping change to pension law since the Employee Retirement Income Security Act of 1974, Congress passed and President George W. Bush signed the Pension Protection Act of 2006 in August. Key provisions include the following: Increased funding requirements for single- and multi-employer defined benefit plans. The rules
Get the Most Out of Word’s Find and Replace
Key to Instructions To help readers follow the instructions in this article, we used two different typefaces: Boldface type is used to identify the names of icons, agendas and URLs. Sans serif type shows the names of files and the names of commands and instructions that users should type into
Edit the Recently-Used-File List
When I’m out of the office, other accountants often use my computer, which by itself doesn’t bother me. What does disturb me is that a few clicks will reveal the names of the last nine files I’ve opened, and that invades my privacy. Short of password-protecting my computer, is there
A Substitute for the Hard-to-Reach Equal Sign
Why don’t computer manufacturers put an equal sign (=) in a more convenient place on keyboards? It’s such a pain to find that out-of-the-way key we use in so many Excel formulas. The answer is simple: Keyboard designers aren’t accountants. But cheer up, here’s a simple work-around. When you enter
Highlights
The AICPA Auditing Standards Board issued three exposure drafts. A proposed Statement on Quality Control Standards (SQCS), A Firm’s System of Quality Control, will replace all existing SQCSs and provide guidance for a CPA firm’s responsibilities for its system of quality control over its accounting and auditing practice ( www.aicpa.org/download/members/div/auditstd/ed_sqcs.pdf).
Nobody Asked Me, But…
Here are a few tidbits that readers might find useful: A gem of a calculator: Microsoft quietly introduced a powerful little conversion calculator that not only adds, subtracts and divides but also converts all the major world currencies to the currency of your choice. The exchange rates are current—downloaded in
Excel Shortcuts
Ctrl+1: Displays the Format Cells dialog box Ctrl+9: Hides selected rows Ctrl+0: Hides selected columns Ctrl+(: Unhides any hidden rows within the selection Ctrl+): Unhides any hidden columns within the selection Ctrl+~: Applies the general number format Ctrl+$: Applies the currency format with two decimal places (negative numbers in parentheses)
Search Out Files Across A Network With Google
In theory, going paperless is a great idea. In practice, however, the biggest obstacle, at least in my office, is not the work to convert documents into electronic files; it’s finding them afterward and retrieving them. We try to get everyone in the office to agree on a unified way
Accounting
For news from the AICPA and state societies, visit www.cpa2biz.com , which also offers online CPE, AICPA professional literature, practice management aids and links to state society Web sites. The Institute submitted comments on IRS technical advice memo (TAM) 200603027, which holds that a taxpayer’s LIFO election must be extended
The Work/Life Balance Sheet So Far
EXECUTIVE SUMMARY Studies show work/life balance programs go a long way to help CPA firms of all sizes attract and retain high-quality professionals and are a key factor in employee satisfaction. Successful programs address elder-care as well as child-care needs. The growing demand for attending to parents is one
Practice Management
Strategic planning and developing a marketing plan are critical topics to be covered in live, online forums the AICPA’s Private Company Practice Section (PCPS) is offering free to its members. The series, which began in June, includes events in August and September, with others to follow, and features presentations by
Government Accounting
The Federal Accounting Standards Advisory Board issued a concepts statement exposure draft titled Definition and Recognition of Elements of Accrual-Basis Financial Statements ( www.fasab.gov/pdffiles/ ). It seeks respondents’ views on proposed definitions of certain elements— assets, liabilities, net position, revenue and expense —in such financial statements and on the essential
XBRL
Strategic planning and developing a marketing plan are critical topics to be covered in live, online forums the AICPA’s Private Company Practice Section (PCPS) is offering free to its members. The series, which began in June, includes events in August and September, with others to follow, and features presentations by
Features
FROM THIS MONTH'S ISSUE
Data governance: How finance builds trust in data
Learn how finance can use data governance to improve data quality, strengthen internal controls, and build trust in business data.
From The Tax Adviser
July 31, 2026
Current developments in S corporations
July 31, 2026
