EXECUTIVE SUMMARY THERE’S NO COOKIE-CUTTER STRATEGIC PLAN that works for all firms, but all strategic plans encompass clear initiatives that enable a practice to analyze the effectiveness of alternative actions and logically link tasks and relationships designed to move an organization in a particular, or perhaps new, direction. FIRST, CLARIFY
Advertisement
TOPICS
Information management and technology assurance
Government Accounting
The U.S. Department of Health and Human Services (HHS) plans to consolidate the 53 different accounting systems it uses to track the nearly one billion Medicare claims it pays each year. HHS says that by 2010 the project will have reduced costs by approximately $1.2 billion. ( www.hhs.gov/news/press/2001pres/20010927.html )
Employee Benefits
Phased-in retirement plans—in which, for example, employees receive a portion of their pension benefits while earning a salary—are attracting attention as skilled labor shortages persist and many older employees work past normal retirement age to supplement their inadequate savings. A new report from the Employee Benefit Research Institute says educational
Financial Reporting
Two advisories from FASB will help entities implement new rules. One defines the “reporting unit” of an enterprise as a key element in testing for goodwill impairment resulting from an acquisition. A second release clarifies certain provisions for making the transition to two new standards—FASB Statement nos. 141, Business Combinations,
Legal
BDO Seidman LLP sues the AICPA, its Web portal and a group representing state societies participating in a related business venture with the Institute. The suit alleges the CPA2Biz portal unfairly competes against BDO Seidman and other firms providing online consulting and assorted services similar to those CPA2Biz offers. According
FYI
The SEC and state regulators launch the Investment Adviser Public Disclosure Web site, which offers investors free access to registration documents from more than 9,000 investment advisers. ( www.adviserinfo.sec.gov ) To better assist those representing clients in the Social Security Administration’s hearings and appeals process, SSA introduces a Web site
International
The European Federation of Accountants (FEE) advises its member states to permit groups of companies to file consolidated tax returns—a practice currently not allowed in certain European nations. The FEE says it is essential that all member states endorse its proposal so none will have an unfair competitive advantage over
How to Build an Outsourcing Niche
EXECUTIVE SUMMARY THERE’S WIDER RECOGNITION OF OUTSOURCING as a tool for day-to-day management. Outsource services CPA firms provide most often are accounting and finance functions—payroll, accounts receivable/payable, financial statement preparation and analysis, budgeting, cash management, internal audit and tax—but the possibilities include CFO functions, too. REDUCING THE COST IS THE
Put Me In, Coach
EXECUTIVE SUMMARY COACHING IS A HYBRID PROFESSIONAL and personal service that has potential as a popular CPA service niche. CPA coaches do everything from assisting practitioners and other entrepreneurs to improve staff productivity to helping businesses target, acquire and integrate technology or other niche acquisitions. A COACH HELPS THE CLIENT
Ranking the Products
Tax preparation software products continue to get high marks from the professionals who use them, with 83% reporting that they are sufficiently satisfied with the products they use that they do not plan to switch this year. That’s the conclusion of a survey conducted by the National Association of Tax
People in the News: Two CPAs Honored for Lifetime Achievements
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. AUDITING Before dissolving itself on July 31, the Independence Standards Board approves issuance, as a staff report, of
Auditing
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. AUDITING Before dissolving itself on July 31, the Independence Standards Board approves issuance, as a staff report, of a
The Internet as an Investment Tool
EXECUTIVE SUMMARY CPA/FINANCIAL PLANNERS NEED TO BE WEB SAVVY. The Internet makes it possible for CPA/financial planners and individual investors to be notified on-screen when news breaks about a particular stock. INVESTORS FOLLOW A STOCK BY WATCHING its price and trading volume and factors such as the P/E ratio and
E-Commerce
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. E-COMMERCE The SEC adopts rule amendments that permit registered investment companies and advisers to store required records on electronic
Accounting
For news from the AICPA and state societies, visit www.cpaweb.org , which also offers online CPE, AICPA professional literature, practice management aids and links to state society Web sites. A FASB statement will provide guidance on asset retirement obligations related to tangible long-lived assets, such as factories or storage
Privacy
A study commissioned by a technology trade group says federal legislators should obtain more information before passing online privacy laws. It also says that, if passed, current legislative proposals will effectively require businesses to build costly compliance tracking systems and many companies will stop sharing information about their online customers
Compliance
At a securities industry conference on money laundering, an SEC director encourages compliance by broker-dealers ( www.sec.gov/news/speech/spch486.htm ).
Professional Issues
Questions about the independence of investment analysts are attracting the SEC’s attention. Its acting chairman and its chief accountant worry that brokerage house researchers may be tailoring investment recommendations to suit their investment banking clients ( www.sec.gov/news/speech/spch477.htm ; www.sec.gov/news/speech/spch485.htm ).
Banking
The federal reserve board of governors adopts a rule that revises official staff commentary on regulation E, which implements the Electronic Funds Transfer Act. The new rule provides compliance guidance on electronic check conversion transactions, computer-initiated bill payments and electronic authorizations of recurring debits from a consumer’s bank account (
E-Commerce
To combat online fraud and improve the public’s confidence in doing cross-border business on the Internet, the United States joins 12 other nations in launching econsumer.gov, a multilingual Web site where consumers can obtain information about relevant laws and agencies and submit e-commerce-related complaints online ( www.ftc.gov/opa/2001/04/econsumer.htm ).
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
