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Accountants Round Up
"Accountancy Profession Becoming ‘Closed Shop’ For Rich"
By Paul Grant: Breaking into the accountancy profession is becoming increasingly difficult for those from low income families, according to a government report. The study into social mobility found that top professions are being closed off to all but the......
"Financial Reporting Complexity: Can It Be Reduced?"
By Dan Meyer: The Global Accounting Alliance, a group of accounting standard-setting bodies from throughout the world, recently met in New York to discuss complexity in financial reporting. They found some agreement on the desirably of simplifying financial reporting but......
Accountants Round Up is Retiring
Dear loyal readers, it is time for ARU to bid you farewell after this week. We greatly appreciate your readership and trust over the past few years and it has been enjoyable to serve you with a collection of emerging......
"EU: Banks Using Looser Accounting Rules"
By Brussels (AP): European banks are increasingly using looser accounting rules to report a higher value in their 2008 accounts for complex investments that depreciated during the financial crisis, EU market supervisors said Wednesday. Rules which required assets to be......
"Accounting Not To Blame For Financial Crisis"
By Mario Christodoulou: Accounting rule makers should remain independent from `undue commercial and political pressures', a group of recognised leading financial experts has warned in a report which defends accounting standards as `not a root cause of the financial crisis'.......
"Financial Services Careers: Rising Tide of Regulation"
By Nick Huber: It’s shaping up to be the year of regulation as well as recession, with the government introducing a new regulatory framework in response to the banking crisis. Earlier this month the government unveiled its long-awaited financial white......
Big News Network.com Custom Stories
Toyota says Prius is an easy fix
Troubled carmaker Toyota has announced the problem attributed to brakes on its Prius model has now been fixed....
McDonald's sets record in Russia
US-based McDonald's has marked 20 years of business in Russia....
Reese Witherspoon dating agent?
London, Feb 5 : Actress Reese Witherspoon is now rumored to be dating a Hollywood talent agent - just days after she was falsely linked to Scottish actor Gerard Butler....
PCB chief Butt denies sleeping during Pak NA sports committee meeting
Karachi, Feb.5 : The Pakistan Cricket Board (PCB) chief Ijaz Butt has rebuffed media reports which quoted Sindh Sports minister Dr Mohammad Ali Shah, as saying that he took a nap during the National ...
Indo-Pak conflicting security concerns in Afghanistan'dilemma' for US: Holbrooke
Washington, Feb.5 : US Special Representative to Afghanistan and Pakistan Richard Holbrooke has said that the conflicting security concerns of countries like India and Pakistan...
US not to play 'intermediary' in Indo-Pak talks: Holbrooke
Washington, Feb.5 : The United States has once again rejected the notion regarding it playing a role of an 'intermediary' between India and Pakistan to help both nuclear...
AccountingCoach.com Q&A
Is there a difference between an expense and an expenditure?
An expense is reported on the income statement. An expense is a cost that has expired, was used up, or was necessary in order to earn the revenues during the time period indicated in the heading of the income statement. For example, the cost of the goods that were sold...
If we dispose of an asset, will there be a change in the owner’s equity?
The owner’s equity of a sole proprietorship will change only if the disposal of an asset causes a gain or loss to be reported on the income statement. To illustrate this, let’s assume that a truck that was used in the business is sold for $5,000. If the truck had a...
How do you record the interest that is unpaid on a note payable?
Interest that has occurred, but has not been paid as of a balance sheet date, is referred to as accrued interest. Under the accrual basis of accounting, the amount that has occurred but is unpaid should be recorded with a debit to Interest Expense and a credit to the current...
What to do with the balance in Allowance for Doubtful Accounts?
You need to adjust the balance in the contra asset account Allowance for Doubtful Accounts to be your best estimate of the amount in Accounts Receivable which are not collectible. In other words, adjust the credit balance in the allowance account to become the amount of the receivables that is...
In accounting there are several meanings of a credit. In the context of debits and credits, a credit is an entry made on the right side of an account. For example, accountants will state that a payment on a company’s outstanding bills will be recorded with a credit to Cash and...
Is the deposit for a booth at a future trade show an asset?
The deposit for a booth at a future trade show is an asset until the trade show occurs. Once the trade show occurs the deposit amount should be moved from the balance sheet asset account to an income statement expense account. Learn more about Accounting Principles. Related QuestionsIs a security deposit for a...
NewsGator Daily
Join NewsGator at the Virtual Enterprise 2.0 Conference 2010
If you've been following your blog recently, you'll know that NewsGator submitted 5 speaking session proposals for Enterprise 2.0 Boston, which is taking place in June of this year. But you don't have to wait until June to interact with......
Nine Enterprise 2.0 Predictions for 2010
We could make a million Enterprise 2.0 predictions for 2010, but nine jump out to us as especially salient. And since these lists always have “10 things,” can you help us out by offering a 10th prediction? Think about it......
The 2.0 Adoption Council – Social Computing Webinar Series
The 2.0 Adoption council is a collection of managers in large enterprises that are charting the course for 2.0 adoption. These managers use different platforms and tools, but all share a common enthusiasm for bringing a new way of working......
I’m thrilled to announce today that we’ve acquired Tomoye, a long-time leader in enterprise collaboration and social computing. As we mentioned in the release, the combination of Tomoye and NewsGator means: The largest commercial and government enterprise 2.0 customers and......
FAQS - NewsGator Acquisition of Tomoye
1) Please tell me about Tomoye. a. Based in Ottawa Canada, Tomoye has pioneered enterprise social computing, communities of practice and communities of interest, and cross-enterprise learning and collaboration since its inception in 2000. Tomoye continues to garner award after......
Vote for Our Speaking Submissions for Enterprise 2.0 Boston
The Enterprise 2.0 Conference in Boston in June year is one of the most important industry events that NewsGator attends. This year we've submitted a record 5 speaking proposals. Our desire is to communicate, along side our clients, a wide......
AccMan Pro
Yesterday, I had a conversation with Duane Jackson, CEO Kashflow. The company’s site has plenty of information worth mining as both buyer and seller but I wanted to get an update for where it is at. Duane was good enough to share a lot of information with me which helped...
What if your reseller went away?
Reseller issues are an emerging topic for SaaS vendors. That means it should also be a topic for buyers. For years, buyers haven’t needed to give a second thought as to whether their software reseller will be around. Despite some consolidation, it has been a case of business as usual. SaaS...
Intacct: in tune with the SaaS trend
Yesterday evening I fielded a quick fire, in depth conversation with Intacct executives. If you’re a UK based business or vendor the name may be new, less so in the US where they’ve accumulated 3,300 customers (representing some 30,000 users) and have a pipeline of more than 1,000 CPA firms...
As the SaaS database and wiki progress
The last few days have seen me almost wholly absorbed in developing the SaaS accounting apps database and wiki. Development will continue over the next few weeks. It is proving to be an interesting experience at many levels. If page view data is an indicator, it is clearly proving a...
Nine Common SaaS marketing errors
I’ve said a few times that I think SaaS vendor marketing sucks. That doesn’t win me many friends so as a helper, here goes as to why. As I’m building out the online apps wiki it’s amazing just how much information providers forget to put on their websites. Much of...
Making the SaaS accounting market scale
The SaaS market is at a point where mega growth is not a matter of when but how. The SaaS vendors have to find ways of managing growth. However, to date, they’ve mostly been poor at understanding what needs to be done in order to grab the prize. It’s well...
Accounting News
Reichbach Says Regulatory Overhaul to Take Several Years: Video
Feb. 4 -- Jim Reichbach, vice chairman of Deloitte & Touche LLP, talks with Bloomberg's Pimm Fox about the outlook for legislation to overhaul regulation of the U.S. financial system....
NEW DELHI, 4 FEB: The Supreme Court today granted bail to PricewaterhouseCoopers auditor Mr Srinivas Talluri who was arrested in the Satyam fraud case for allegedly conniving with its founder Mr B Ramalinga Raju and other aides....
The Small Picture: More OpenOffice.org Extensions
Every few weeks, I like to browse the OpenOffice.org Extensions site to see what is available, and what people are using....
The Biggest Challenges Facing Biotechs
It's clear to most health-care investors and industry insiders that biotech drugs are the future of the pharmaceutical industry, but those tiny biotechs that seem so promising need a lot of support from the government and venture capitalists....
The five major banks in New Zealand have been hammered by bad debt in the past year but they have come through the recession surprisingly robust....
Concur's Profit Rises 13 Pct, Outlook Falls Short
Concur Technologies Inc.'s quarterly profit jumped 13 percent as the company reported higher sales of its employee travel and expense services....
Skeptical CPA
"Politicians and scientists who don't like what their data show lately have simply taken to changing the numbers. They believe that their end--socialism, global climate regulation, health-care legislation, repudiating debt commitments, la glorie francaise--justifies throwing out even minimum standards of accuracy. It appears that no numbers are immune: not GDP,...
"China, which for more than a year has been pushing its banks to pump out cash to offset the global downturn, abruptly reversed course Tuesday, in the clearest sign yet that Beijing has turned its attention to controlling the repercussions of that credit explosion. The People's Bank of China [PBOC]...
"Bank of America Corp.'s [BofA] shotgun marriage to Merrill Lynch & Co. has produced plenty of ill will, and big profits in real-estate investment banking. ... The secret of success: [BofA] leveraged its relationships with real-estate borrowers to generate a flood of investment-banking work, much of it handled by former...
Taylor on Zimbabwe Ben's Apologia
"[Fed] Chairman Ben Bernanke spent most of his speech to the American Economic Association on Jan. 3 responding to the critique that easy monetary policy during 2002-2005 contributed to the housing boom, to excessive risk taking, and thereby to the financial crisis. Many have expressed the view that monetary policy...
WC Varones Salutes Zimbabwe Ben
WC Varones (WCV) issued a 30-year, 5% fixed-rate mortgage. An overpriced California house came with it, but WCV short-sold the dollar. WCV is now a veritable Timmy Boy. Attaboy WCV! I'm looking to issue a 30-year 5% fixed-rate mortgage too. Here's a link to WCV's 12 January 2010 post: http://wcvarones.blogspot.com/2010/01/how-i-learned-to-stop-worrying-and-love.html....
"It is taken for granted that, for the sake of peace, justice and order, the courts must have a monopoly on judicial power within the boundaries of their jurisdiction. Yet, the ability of today's courts to achieve any any of those values with the monopoly power they possess is subject...
Tick Marks
Tax Implications of the FY 2011 Federal Budget
Also: Congressional Testimony on BudgetPresident Obama introduced his FY 2011, with unprecedented appropriations of $3.8 trillion. The budget includes a mixture of tax cuts and tax increases. Among the cuts are an extension of the "Making Work Pay" credit, an increased child care credit, eliminating certain capital gains...
This Week's State of the Union: A Tax Perspective
A variety of tax proposals were included in President Obama's State of the Union speech. The credit for hiring workers was mentioned by both Tom Ochsenschager (hereafter TO) of the AICPA, who believed that it would allow employers to avoid the employer share of Social Security and Dean Zerbe...
Apologies for the gap since last post:[1] Make sure to go to Don't Mess with Taxes next Monday for the Carnival of Taxes. Time will tell whether I will be able to submit a post.[2] The full weight of tax season probably starts to hit practitioner bloggers next week....
Not So Cagey: Nicholas Cage Plans to Fork Over $14 Million to IRS
Actor Nicholas Cage announced that he soon will pay two liens totaling close to $13-14 million and has sold off mansions and other assets toward that end. The actor is suing former agent/accountant Samuel Levin for failing to assure that the actor's taxes were current.We congratulate the actor for...
"Taxes/Math is Too Hard for Me"--This is the IRS Commish, not a Dumb Barbie/Blonde Joke
IRS Commissioner Douglas Shulman acknowledged that he uses a paid tax preparer for his [family's] own taxes. When pressed as to whether this was a good reason to simplify taxes, Shulman countered that tax law was established by Congress; not the IRS.Although somewhat embarrassing, I have no problem with...
Willie Aames--Financial Planner? Believe It
(Caution: Pun Alert) Former actor ("Eight is Enough", "Paradise") Willie Aames has passed three licensing exams and Waddell and Reed's internal training program and is set to practice as a financial planner within January. Aames will appear at a Waddell and Reed "kickoff" event on January 20. ...
Financial Planning Digest
CPAs must consider issues related to aging society
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Column: Advising clients on college financial aid can be tricky
Many students depend on financial aid to attend college, but applying for such aid can be confusing and stressful, particular -More- ...
IRS develops international high-wealth taxpayer group
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Schapiro, Blankfein support single fiduciary standard
In testimony before the Financial Crisis Inquiry Commission, Mary Schapiro, chairman of the Securities and Exchange Commissio -More- ...
Educators discuss the future of the financial-planning profession
Lance Palmer of the University of Georgia and Deena Katz of Texas Tech University discuss with interviewer Mitch Anthony the -More- ...
Financial planning for expats presents different challenges
For Americans living in another country, financial planning presents a different set of challenges compared with the ones fac -More- ...
A Counting School - Hardcore Chartered Accountancy
How much do first year CA students make in Canada?
If there's one question students in university may find hard to ask - even though it echoes in their mind all the time - it's "how much am I going to earn if I get hired by a CA firm?" If you're bold and outgoing and have friends who are already...
Chinese sales tactics: questionably awesome
One of the many fun things about travelling around the world is finding out the rather different way people do common tasks. Surprises abound, even with something as prosaic as saying "Back in 5 Minutes." At least, that's what I assume this meant in a Chinese mall. Similarly, the sales staff embrace...
Completely random promotion: check out My Life is Polish - the site is hilarious, particularly if you are of Polish descent.If you're not, I recommend keeping a bookmark to Google Translate's Polish to English engine to get some of the jokes painfully true stories.Example: Today, my mom poured water into...
Saving the world with smart meters
I once alluded to instances of ignorant rants being granted precious space in newspapers. The most recent guilty party was written by a Toronto Sun columnist who misunderstands what "smart meters" are supposed to accomplish.Before you ask why I bothered with the Sun, I must explain that I'm willing to...
Stupid angry letters from ignorant people are an excellent source of vitamins
And by "vitamins" I mean, "topics to write about." I had a very good university professor who shared opinion pieces and rants to the editor which were full of flaws - usually due the fact that the people submitting the articles did not have a clue about what they were...
Hope for 2009's unsuccessful UFE writers
Every December, about a quarter or a fifth of the UFE writers from the previous September get the bad news - despite their best efforts, they didn't pass the exam.It sucks, but there's no reason to give up.Much advice will then flow forth, and one of the most repeated points...
Life and Times of Accounting
Oh my, I have been to and back from password hell.Yes, I changed a password, and when logging back in, it did not work.All it takes is the slip of a finger and you have entered password hell.And, all these online sites that now require you to keep changing passwords...
I have been accused of rubbing it in about the fact that I get up, go downstairs, and enjoy the view out my office window and full length door. I enjoy all this snow, since I don't have to get out in traffic and deal with all those local drivers...
It is that time of year again. Yes, the time when I go through many tubes of hand cream. Handling paper just eats that stuff up. And if you have gotten a W2 or 1099 Misc form in the mail, in one of those IMPORTANT TAX DOCUMENT envelopes, you...
If you are not Angelina Jolie or Madonna, you might want to ask Uncle Sam for a little help when you think of adopting. There is an adoption tax credit ... max of $12,170 in 2010 and $12,150 in 2009 ... available from Uncle Sam. Of course, Uncle Sam likes...
Sorry for all this rainy weather. I might be the culprit who brought it your way. See, everyone says it is raining now to get me used to the Seattle weather. Though I tell them that historically, Seattle has less rain per square inch than we do in...
Sometimes you just have to experience things first hand to really evaluate our current health care. Now, granted, I would like to do this on a scheduled basis, but last night I just had to go the emergency route. I got to visit Alexandria Hospitals Emergency Room...
CPA Success
Five talent management strategies in turbulent times
Are we turning the corner? We have been watching for signs of recovery and they seem to be showing up recently. The latest FEI CFO survey shows that CFOs are cautiously optimistic. Here is a recap of that report from......
One last update before things get REALLY busy
You're undoubtedly neck-deep in early tax season work by now, but you'll want to make some time to watch this. It's a video from the folks at ACPEN, a professional training consortium of nearly 40 state CPA societies, including the......
How to change when change is hard
Answer: Switch. Switch your mindset from focusing on problems to finding bright spots of success and building on them. Actually, Switch: How to Change When Change is Hard is the name of the new book by Chip and Dan Heath,......
Profits, transparency join the green movement
Is your "green" glass half empty or half full? Let's find out. It its quarterly CFO Outlook Survey, Financial Executives International found that 48 percent of companies have taken steps to reduce energy consumption, 30 percent are reducing waste and......
Unemployment never looked so good ... or bad
We've read the news reports and watched the network broadcasts and listened to the politicians stress time and time again the need to put people to work. But you've never seen anything that illustrates the unemployment crisis quite like this.......
The EITC gets its day in the sun
Need a reason to celebrate? Well, if the mere fact that it's Friday isn't good enough for you, try this: Today is Earned Income Tax Credit Awareness Day. Seriously. The IRS calls the annual observance "a national grassroots effort spotlighting......
Deloitte Global headlines
Internal Audit in the pharmaceutical industry
Highlights from the second European round table on the role of internal audit in the pharmaceutical industry. ...
Managing IT Audit in volatile times
Highlighting the EMEA forum on IT audit in banking. ...
Global economic outlook - 1st quarter 2010
Deloitte's first Global Economic Outlook of the new decade looks at the near-term outlook for the world’s major economies, while analyzing some of the important issues attracting attention of investors and business leaders in 2010. ...
Telecommunications Predictions 2010: The podcast
Learn what some Deloitte leaders think are this year's most surprising Telecommunications predictions. ...
Technology, Media & Telecommunications Predictions 2010: The podcast
Listen as Deloitte leaders share their perspectives on this year's technology, media and telecomunications predictions. ...
Euromoney’s 2009 Guide to the World's Leading Transfer Pricing Advisers recognizes Deloitte Touche Tohmatsu member firms as having the highest number of leading transfer pricing advisers. ...
Forensic Accounting Today
New Book Gives Credit to JE Moore Blog
Last week, while browsing in my local Barnes & Noble bookstore, I was pleasantly surprised to see my name and blog...in print! The Solo Accountant Reporter (this blog's original name) was listed along with a number of other bloggers/blogs in......
Preventing Fraud in the Workplace
Yesterday, at the conclusion of my "Preventing and Detecting Workplace Fraud and Abuse" presentation at the National Association of Real Estate Companies (NAREC) Annual Conference, I offered the following: Ten Antifraud Suggestions Emphasize "prevention" of fraud; it's much less costly......
Expert Speakers Lined Up for GSCPA Fraud & Forensic Accounting Conference
"Who's who" of Georgia professionals to speak at 9/18/09 event Next Friday's 2nd Annual Fraud & Forensic Accounting Conference, presented by the Forensic and Valuation Services (FVS) Section of the Georgia Society of CPAs, will provide CPA practitioners a wide......
To Catch a Thief: Recovering Assets After an Embezzlement
Lately, primarily due to its amazing ease of use, I've been relying heavily on Twitter to direct my audience to topics pertaining to forensic accounting. In this blog post, I want to emphasize one of my recent Tweets which points......
Markopolos Gives Advice to Aspiring Fraud Examiners
Harry Markopolos, CFE, CFA, now famous for his recent testimony before the U.S. House of Representatives Financial Subcommittee on Central Markets about the Bernard Madoff Ponzi scheme, offered the following tips in an interview for the ACFE's May/June 2009 issue......
Investigating Fraud Takes Courage: How Do You Get It?
Following is one small excerpt of the notes I took the last two days at the ACFE's "Conducting Internal Investigations" conference held in Atlanta. The presenter, who did a super job, was Allen F. Brown, CFE, CPA. To investigate fraud,......
10 key actions you need to take when starting an accountancy firm
These are not the only ten things you need to do, but they may be the most productive: 1 – Draft a business plan What do you want to achieve in revenues within a year, 2 years, five years? What will you need to do to achieve those objectives and what...
Social media makes it easier for clients to publicise bad service
At 10.30 last night Deb Maddock from Devon posted the following message on twitter: “Yet again Stupid Accountant David Rice of Plymouth didn’t turn up to our appointment and didn’t let us know. Wasted trip! USELESS #fail” A quick online search reveals two accountants with that name in that area (or maybe...
How uptodate are your newsletters?
I was in an accountant’s office recently and was impressed by the range of promotional leaflets and booklets for all of the firm’s different service lines. The only one I picked up though was their 10 page colour ‘magazine’. It was on the table in reception and looked as if it...
Trends that will matter in 2010 – for accountants
I’m not one for making predictions generally. However, for reasons I’ll explain later I’ve set out below a few ‘new’ trends that may have an impact on accountants this year. What do you think? 1 – More clients will be texting communications to their accountants. NB: how do you print off...
How different do you need to be?
The Telegraph Business club has produced a very professional film about a London based firm of accountants: Lubbock Fine. As I watched this I initially felt sorry for the firm. Everyone on film was very positive but we could have changed the name of the firm to one of dozens of...
Having just shared my views re CPD over on AccountingWeb I offer below an adapted summary and a few additional ideas and tips. CPD of course stands for Continuing PROFESSIONAL Development. To some (older?) people this is synonymous with attending courses. It’s what we always did. Historically I recall my obligation to the...
www.Big4.com's Blogs
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Big Four Accounting Alumni Blog by and for ex Accenture, Andersen, BearingPoint, CapGemini, Deloitte, Ernst, KPMG and PricewaterhouseCoopers professionals...
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Golden Practices Blog
Negativity and Social Media - Are You Turning People Off?
Are you a turn-off? There's a risk of this if you hang out on Facebook, Twitter, and LinkedIn—especially if you use the "status updates" features within these tools. If you are a negatively-oriented person, it......
What if You Couldn't Have a Phone on Your Desk?
If you entered the professional workforce more than, say, ten years ago, you probably can't imagine an environment in which computer access was disallowed. Or imagine, twenty years ago, if using the telephone in your......
Today I Remember a Dear Friend
Today, Nov 16, marks one year from when a remarkable man, Paul O'Byrne, closed his human eyes for the final time. My brilliant friend--a fellow senior fellow of VeraSage Institute--fought a noble battle against a......
Think Your Clients Use Your Firm's Website?
If you think your website exists primarily for clients, think again. A lot of firms think about investing in pricey features that would be in a client-only portion of the website. Did you know that......
Disenchanted with the New Facebook?
I'm hearing it everywhere. People are pretty heated over the changes Facebook rolled out last week. Other than some technical problems I'm having with errors and actually using the site, I think there is actually......
Social Media Risk Tolerance Quiz for Firms
I'm working on some risk assessment tools for firms to use to determine the level of rigidity (or lack thereof) needed in their own social media policies--and firms' likelihood, or not, of success in using......
NJSCPA Exam Cram Blog
Hi everyone, So, I have been pushing really hard this past week to get up-to-speed with BEC. I fell behind, but picked up some of the slack. Right now I am about halfway through the material. My plan is to......
Hi All, Much to update you on. First, busy season has begun, so time management has come to the forefront. I’ve struggled to study after coming home from work, so I’ve started to wake up an hour earlier in order......
Hello Everyone, My exams are on temporary hold for now, I am still studying, also awaiting scores for my REG next month. But just to let you all in on a few of my happy struggles with work. I have......
Hi everyone! I'm very sorry I have been so quiet on here. Let me give you a little update on what's been going on over the last few weeks. I took FAR (my first attempt) on the 9th. Again, I......
Hi everyone, I hope all is well. I also hope (and expect!) that you are studying hard and, for those of you taking sections of the exam, doing well on the exam. I have been falling behind with studying. I......