Accountants Round Up

"CPA Financial Execs Pessimistic About Economy"

By WebCPA: Senior-level executive CPAs have low expectations of the economy over the coming year, according to a new survey.

The quarterly survey, by the American Institute of CPAs and the University of North Carolina's Kenan-Flagler Business School, found that 57 percent of the more than 1,400 CPAs polled said they were pessimistic or very pessimistic about the economic outlook for the U.S. over the next 12 months.

Read complete article CPA Financial Execs Pessimistic About Economy
Source: WebCPA, 16 May 2008. © 2007 WebCPA and SourceMedia, Inc. All rights reserved.

"SEC to Require Mandatory XBRL Filing in 2009"

By AccountingWEB: Approximately 500 companies will be part of the first wave of companies required to submit their financial results electronically using XBRL, the eXtensible Business Reporting Language, if a staff recommendation set out by the U.S. Securities and Exchange Commission at an open meeting on Wednesday, May 14th is implemented.

Our sister site, AccountingWEB.co.uk, reports that the SEC plan suggests a phased implementation beginning with companies turning over more than $5 billion annually for financial periods beginning on or after December 15th, 2008 and extending in successive years to other U.S. and international filers who use U.S. GAAP a year later.

Read complete article SEC to Require Mandatory XBRL Filing in 2009
Source: AccountingWEB, 14 May 2008. Copyright © 2008 AccountingWEB, Inc. All rights reserved.

"10 Seeeeeriously Cool Workplaces"

By Alexander Kjerulf: Physical space matters. It’s easier to be productive, creative and happy at work in a colourful, organic, playful environment than in a grey, linear, boring one.

And I’m not talking about the outside of the building. Many companies have buildings that are sleek, modern, architectural glass-steel-and-cement sculptures on the outside - and cubicle wastelands on the inside.

Read complete post 10 Seeeeeriously Cool Workplaces
Source: Chief Happiness Officer, 5 October 2006.

"Women of Color Face Barriers in Accounting: Report"

By SmartPros: Workplace experiences of women of color are vastly different from those of white women, white men, and men of color, according to Women of Color in Accounting, the second report in Catalyst Research's Women of Color in Professional Services Series.

A survey of 1,424 respondents compares the experiences of women of color with other demographic groups and provides a critical look at "intersectionality," which this study defines as the juncture between race/ ethnicity and gender as it specifically impacts women of color.

Read complete article Women of Color Face Barriers in Accounting: Report
Source: SmartPros, 13 May 2008. © 2008 SmartPros Ltd. All rights reserved.

"More Thoughts on Following Up After Losing to a Competitor"

By Tom Kane: In a recent post I talked about following up whether you win or lose an opportunity for new work. The idea being to learn how to improve and do even better at winning the next time. 

Following my post I heard from Ford Harding who sent me a copy of his book Rainmaking: Attract New Clients No Matter What Your Field, 2^nd Edition. The book includes a chapter “When You Lose a Sale,” which includes the following suggestions in seeking feedback:

• Encourage stark honesty, like a Dutch uncle;

Read complete post More Thoughts on Following Up After Losing to a Competitor
Source: Legal Marketing Blog, 15 May 2008. Copyright © 2008, Kane Consulting, Inc. All rights reserved.

"DiMasi's Friend Resigns From Firm"

By Andrea Estes and Stephen Kurkjian: Richard D. Vitale resigned yesterday from the large Charlestown accounting firm he cofounded 30 years ago, Vitale, Caturano & Co., after the recent disclosure that he helped Massachusetts ticket brokers push legislation on Beacon Hill while failing to register as a lobbyist.

The resignation came under pressure from his partners at the firm, according to someone who read a letter from the partners warning Vitale that he would be fired if he did not resign by yesterday at noon.

Read complete article DiMasi's Friend Resigns From Firm
Source: Boston.com, 15 May 2008. © Copyright 2008 Globe Newspaper Company. All rights reserved.

"SOX Hiring Slows Down at Big Four Firms"

By Ty West and Lizette Wilson: Call it the bean-counter bubble.

The $10,000 referral bonuses and car giveaways popular during the talent crunch of 2004 are gone.

Work created by the Sarbanes-Oxley Act - designed to increase transparency and prevent another Enron - has largely been carried out.

Read complete article SOX Hiring Slows Down at Big Four Firms
Source: Birmingham Business Journal, 9 May 2008. © 2008 American City Business Journals, Inc. and its licensors. All rights reserved.

"Say Thank You"

By Christine Nelson:  I came across an old issue of Real Simple Magazine (www.realsimple.com) that had a short article on writing a great thank you note. I love getting thank you notes, especially by snail mail. It’s a wonderful tool in your business development and networking kit because it’s so easy to do, but makes a big impact. Unfortunately for the world of etiquette, it makes a big impact because not many people do it anymore. It can also be done poorly, which is worse than not sending a thank you. 

Read complete post Say Thank You
Source: The Pub, 29 April 2008. Copyright © 2007 by Ingenuity Marketing Group LLC. All rights reserved.

"Sellers Change Pricing Strategies, Not Buyers"

By Ron Baker: The history of commerce teaches us that almost every single innovative pricing change has been done by sellers, not buyers. This is because most pricing strategies are often changes in business models—that is, how companies monetize the value they create.

Yet, across the professional knowledge sector we hear endlessly how firms and their customers are going to have to jointly get rid of the billable hour. This is nonsense. 

Read complete article Sellers Change Pricing Strategies, Not Buyers
Source: VeraSage, 2 May 2008. 2006 © Verasage Institute.

"Valuation Work: Is It Worth It?"

By Rob Lewis: Valuation work is a strange beast. Practitioners, and particularly auditors, might like to think that when they take on a business client their work gives them – and possibly everyone else - a pretty good idea what that company is worth. Specialist valuers think otherwise, and their annual fee incomes, at least, would appear to support their argument.

“Quite a lot of valuation gets done by people outside of the profession such as investment analysts or bankers,” says Mark Bezant, chair of the ICAEW’s valuation group.

Read complete article Valuation Work: Is It Worth It?
Source: AccountingWEB-UK, 1 May 2008. Copyright © 2008 Sift Media. All rights reserved.

"FASB Issues GAAP Hierarchy"

By SmartPros: The Financial Accounting Standards Board on Friday issued FASB Statement No. 162, The Hierarchy of Generally Accepted Accounting Principles.

The new standard is intended to improve financial reporting by identifying a consistent framework, or hierarchy, for selecting accounting principles to be used in preparing financial statements that are presented in conformity with U.S. generally accepted accounting principles for nongovernmental entities.

Read complete article FASB Issues GAAP Hierarchy
Source: SmartPros, 12 May 2008. © 2007 SmartPros Ltd. All rights reserved.

"Auditor Angst"

By Alix Stuart: Want to drive your auditors crazy? Try this: First, meet with them ahead of the annual audit and agree on a date when your work papers will be ready. Then, when they arrive for the audit, tell them you're "almost ready" and hand over just enough material to keep them busy until lunch. Repeat as necessary. Later, suddenly remember a contract or revenue-recognition problem that you haven't previously discussed (the more complex, the better). Finally, as the deadline nears, demand a 24-hour turnaround for the 10-K draft and complain loudly when the auditors tell you it can't be done.

This scenario may sound like a joke, but in fact auditors say it's exactly what many CFOs do every year.

Read complete article Auditor Angst
Source: CFO.com, 1 May 2008. © CFO Publishing Corporation 2008. All rights reserved.

"Nickel 'n Diming"

By Bill Kennedy: Would you like an iron-clad, guaranteed way of annoying your clients and ensuring they think twice before calling you? A friend was venting this week about the bills he was getting from the firm supporting his accounting system.

Every time I call them, they bill me for fifteen minutes.

Read complete post Nickel 'n Diming
Source: Energized Accounting, 11 May 2008.

"Accounting Degrees Top 36-year High With 64,000 Graduates This Spring"

By AccountingWEB: More than 64,000 students graduated with bachelor's and master's degrees in accounting in the 2006-07 school year, according to a new report by the American Institute of Certified Public Accountants. This is the largest number of graduates in the 36 years the Institute has been tracking this data.

The total pool of newly minted accounting talent is 19 percent greater than the one reported in the previous survey, which covered the 2003-04 school year.

Read complete article Accounting Degrees Top 36-year High With 64,000 Graduates This Spring
Source: AccountingWEB, 7 May 2008. Copyright © 2008 AccountingWEB, Inc. All rights reserved.

"New York State Senate Suspends Gas Tax"

By WebCPA: The New York State Senate has agreed to suspend the gasoline tax for the summer, as the topic continues to be the talk of presidential candidates.

The Republican-sponsored bill would suspend the state's 32-cents-per-gallon gas tax between Memorial Day and Labor Day. The measure passed by a margin of 46-15.

Read complete article New York State Senate Suspends Gas Tax
Source: WebCPA, 9 May 2008. © 2007 WebCPA and SourceMedia, Inc. All rights reserved.

"AICPA Proposes Changes to CPA Exam, Seeks Comment"

By AccountingWEB: The American Institute of Certified Public Accountants released a draft proposal for public comment outlining proposed content updates for the CPA exam. The proposal increases emphasis on ethics and provides more in-depth descriptions of the skills necessary for entry-level CPAs. It proposes including International Financial Reporting Standards (IFRS) on the exam for the first time.

"The CPA Examination tests the knowledge and skills that are relevant for entry-level CPAs. In doing so, the public is protected," said Craig Mills, executive director of examinations for the AICPA.

Read complete article AICPA Proposes Changes to CPA Exam, Seeks Comment
Source: AccountingWEB, 7 May 2008. Copyright © 2008 AccountingWEB, Inc. All rights reserved.

"Develop a Marketing System to Collect Testimonials"

By Wendy Maynard: Offer proof to your prospects. It’s not enough to say that you solve problems - you have to show that your customers are getting results from your business. Testimonials are one of the most powerful and cost effective selling tools you can implement in your arsenal of marketing. Why? Because you are offering evidence to your prospects from their peers attesting that your services/products actually work.

Providing testimonials from current and prior customers that demonstrate their actual problem and the specific results from your company enhances your credibility.

Read complete post Develop a Marketing System to Collect Testimonials
Source: Kinetic Ideas, 5 May 2008.

"Canadian Accounting-Standards Changes are Sign of the Times"

By Tamarind Phinisee: Canada recently announced that it will be changing its accounting standards in 2011.

Currently, Canadian public companies report their financial information based on Canadian Generally Accepted Accounting Practices (GAAP). These standards are very similar to those used in the United States.

Read complete article Canadian Accounting-Standards Changes are Sign of the Times
Source: Washington Business Journal, 2 May 2008. © 2008 American City Business Journals, Inc. and its licensors. All rights reserved.

"Treasury Committee Suggests Professional Priorities"

By WebCPA: The Treasury Department's Advisory Committee on the Auditing Profession has released a draft report outlining recommendations for improving the profession.

The committee held a four-hour public hearing to discuss the draft report and has opened a month-long public comment period on the report.

Read complete article Treasury Committee Suggests Professional Priorities
Source: WebCPA, 8 May 2008. © 2007 WebCPA and SourceMedia, Inc. All rights reserved.

"SEC Plans to Boost Small-Business Capital Formation"

By Sarah Johnson: The Securities and Exchange Commission will consider a proposal its staff says would boost access to capital for small companies that are either developing or struggling.

The rule amendment would give more small, financially troubled businesses a better chance at getting investment dollars.

Read complete article SEC Plans to Boost Small-Business Capital Formation
Source: CFO.com, 8 May 2008. © CFO Publishing Corporation 2008. All rights reserved.