How to use Excel’s Format command to add two pieces of information to one cell.
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Information management and technology assurance
Give Your Skills a CAT Scan
EXECUTIVE SUMMARY PRACTITIONERS CAN USE the AICPA Competency Self-Assessment Tool (CAT) to evaluate which professional performance areas they need to strengthen to refine skills for their present jobs or train for positions they aspire to. Firms and companies can purchase it as a multiuser tool to help with staff development
Tips for the Sarbanes-Oxley Learning Curve
EXECUTIVE SUMMARY THE SARBANES-OXLEY ACT HAS HAD a far-reaching impact on CPA firms, whether large, midsize or small. Firms that audit public companies have been working out strategies for coping successfully in their internal operations as well as in their relations with clients and prospects. THE STEPPED UP INTERNAL AUDIT
Marketing Materials and Malpractice Exposure
EXECUTIVE SUMMARY CARELESS ADVERTISING ASSERTIONS can lead to lawsuits. When a plaintiff’s lawyer evaluates a potential accounting malpractice claim, he or she typically will examine all of the advertising materials the CPA provided to the client. ADVERTISING THAT CREATES FALSE or unjustified expectations of favorable results is prohibited by law.
The Best-Laid Plans
EXECUTIVE SUMMARY DISASTER ARE UNPREDICTABLE , and one disruption may cause others, so a firm should test its preparedness plan to make sure it will do what it’s supposed to: locate the firm’s people, obtain equipment and support, access job-file and system backups and put staff to work in an
Top Tools for CPAs
oday’s technology buyers face a unique challenge. Just a few years ago buyer beware was the universal watchword for CPAs buying computer equipment. Hardware reliability was so questionable that many cost- and quality-conscious accountants required computer retailers to bench-test hardware to be sure it was sound before they shipped it.
Tap Into XBRL’s Power the Easy Way
BRL—a specialized form of XML (extensible markup language)—is becoming more familiar to creators and users of electronic financial statements, but few people have actual hands-on experience with it. So, to bring XBRL to a wider business audience, Microsoft Corp. has released the Microsoft Office Tool for XBRL—a free, but important,
Disclosure
TThe SEC changed—and proposed further modifications to—its mutual fund rules and forms ( www.sec.gov/news/press/2004-16.htm ). In one action, to improve funds’ disclosure of costs, investments and performance, the commission amended provisions pertaining to shareholder reports and quarterly portfolio disclosures. These new requirements will apply to reporting periods ending on or
Privacy
The AICPA assurance services executive committee and the Canadian Institute of Chartered Accountants’ assurance services development board jointly issue a privacy framework ( www.aicpa.org/innovation/baas/ ). CPAs and chartered accountants—in both industry and public practice—can use it to help the organizations they serve implement privacy programs. The framework incorporates concepts from
Estate Planning
The Federal Deposit Insurance Corp. (FDIC) in January changed its insurance rules for deposits held in connection with a living trust ( www.fdic.gov/deposit/deposits/deposit/index.html ). Under the new provisions, if a bank fails, the FDIC will insure up to $100,000 of deposits for each beneficiary entitled to a living trust’s assets
Government Accounting
The Federal Accounting Standards Advisory Board (FASAB) issues Statement of Federal Financial Accounting and Auditing Technical Release 3 (revised), Auditing Estimates for Direct Loan and Loan Guarantee Subsidies under the Federal Credit Reform Act and Technical Release 6, Preparing Estimates for Direct Loan and Loan Guarantee Subsidies under the Federal
Compliance
A January 2004 Financial Executives International (FEI) survey of more than 300 of its members who work in public companies of all sizes revealed those entities expected to spend more time and money to comply with the section 404 internal-control requirements of the Sarbanes-Oxley Act of 2002 than anticipated in
Professional Issues
The AICPA releases the results of its annual survey to assess the supply of new accounting graduates and public firms’ demand for their services ( www.aicpa.org/members/div/career/edu/sagdpar.htm ). Conducted in 2003 the poll found the number of bachelor’s degrees awarded had dropped while the level of master’s degrees had increased, matching
The Rich Truly Are Different
EXECUTIVE SUMMARY CPAs WILL FIND THAT ULTRAWEALTHY CLIENTS DEMAND a broader range of services and skills than the merely wealthy. To serve this group, CPAs will need to tailor their offerings and sharpen their estate planning and investment management skills. Most financial planners define the truly rich as families with
Banking
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. In February the Office of the Comptroller of the Currency, the Federal Reserve Board, the Federal Deposit Insurance Corp.
Ethics
The AICPA professional ethics executive committee (PEEC) defers until December 31, 2004, the effective date of its recently established requirement—originally effective September 30, 2003—that a member document in writing his or her understanding with a client regarding all nonattest services to satisfy general requirement no. 3 of Interpretation 101-3, “Nonattest
Financial Planning
The AICPA and five other organizations joined forces to sponsor the Project for Financial Independence, which offers free financial planning advice to individuals in need ( www.consultaplanner.org ). Also participating are the Certified Financial Planner Board of Standards, the Financial Planning Association, the National Association of Personal Financial Advisors, the
Financial Reporting
The Institute, in cooperation with industry experts, has updated and revised illustrative financial statements for banks, savings institutions, credit unions and mortgage companies (in separate versions), which members can find online at www.aicpa.org/members/div/acctstd/illustrative_fs.asp . These illustrative statements also are available in the AICPA publication, Checklists and Illustrative Financial Statements for
FYI
The board of trustees of the Financial Accounting Foundation (FAF) appoints Robert H. Attmore chairman of the Governmental Accounting Standards Board (GASB). He succeeds Tom L. Allen, who served as GASB chairman since 1995. Attmore is president of Attmore & Associates, Albany, New York, a consulting firm serving government agencies
International
The International Accounting Standards Board (IASB) publishes an exposure draft, ED 6, Exploration for and Evaluation of Mineral Resources, which proposes guidance for extractive-industry entities required to comply with international financial reporting standards (IFRS) beginning in 2005 ( www.iasb.org/uploaded_files/ ). Because there is no related guidance in place and the
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How to find the right CAS clients
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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