Accountants Round Up

"Accounting Salaries Projected to Increase 3.4%"

By WebCPA: Finance and accounting staff will receive an average salary boost of 3.4 percent next year despite the economic downturn, predicts recruiting company Robert Half International.

Researchers for the 2009 Robert Half Salary Guide said that companies are showing the most interest in professionals who can help their companies reduce inefficiencies and enhance profitability.

Read complete article Accounting Salaries Projected to Increase 3.4%
Source: WebCPA, 27 October 2008. © 2007 WebCPA and SourceMedia, Inc. All rights reserved.

"Fair Value: Lousy, But What's the Alternative?"

By Marie Leone: Fair value accounting may be imperfect, but it is better than the alternatives, according to Thomas Jones, vice chairman of the International Accounting Standards Board.

At an industry meeting last week, Jones naturally sided with investors and accountants rather than bankers on the question of whether fair value exacerbated the current credit crisis. But he cannot be accused of hiding behind rose-colored glasses.

Read complete article Fair Value: Lousy, But What's the Alternative?
Source: CFO.com, 27 October 2008. © CFO Publishing Corporation 2008. All rights reserved.

"Stay Close to Your Clients in These Times: Reinforced"

By Tom Kane: I did a post on how important it is to stay close to your clients in these troubling economic times. Well, it seems that the idea is supported by Hildebrandt’s “Special Client Advisory: Fall 2008.”  

The special advisory suggests nine steps for firms to consider in weathering the storm; and includes such things as concentrating on collections early vs. end of year, work on next year’s credit line now, scrutinize vendor support expenses (even consider hiring an outside vendor contract negotiator like my client, Mattern & Associates), review under-performers and excess capacity, and consider shedding undesirable practice areas, while reassuring key partners and associates who may be anxious.

Read complete post Stay Close to Your Clients in These Times: Reinforced
Source: Legal Marketing Blog, 28 October 2008. Copyright © 2008, Kane Consulting, Inc. All rights reserved.

"Fair-Value Accounting: Here to Stay"

By Colin Barr: Fair value accounting is still fair game for attack, but there may be more common ground than imagined between critics and proponents of the rules governing how financial firms value the securities they hold.

The Securities and Exchange Commission at a Wednesday roundtable heard comments on fair value, or mark-to-market bookkeeping, which requires firms to value securities in their portfolio at, well, market prices.

Read complete article Fair-Value Accounting: Here to Stay
Source: Fortune, 30 October 2008. © 2008 Cable News Network. A Time Warner Company. All rights reserved.

"PCAOB Proposes Seven New Risk Assessment Auditing Standards"

By AccountingWEB: The Public Company Accounting Oversight Board voted this week to propose for public comment a suite of seven new auditing standards related to the auditor's assessment of and responses to risk and related conforming amendments. The proposed standards would supersede the Board's interim auditing standards related to audit risk and materiality, audit planning and supervision, consideration of internal control in an audit of financial statements, audit evidence, and performing tests of accounts and disclosures before year end.

Read complete article PCAOB Proposes Seven New Risk Assessment Auditing Standards
Source: AccountingWEB, 23 October 2008.Copyright © 2008 AccountingWEB, Inc. All rights reserved.

"Securitization's Last Throes?"

By Alan Rappeport: Tweaks to two accounting rules could bring down the market for asset-backed securitization, critics of the proposal contend.

One rule change, to FAS 140, is the proposed elimination of qualified special-purpose entities, which provide a way for banks to keep securitized assets off their balance sheets. Without that option, they will have to absorb the hidden losses. 

Read complete article Securitization's Last Throes?
Source: CFO.com, 24 October 2008. © CFO Publishing Corporation 2008. All rights reserved.

"Ask VeraSage: Is $250,000 Per Employee the Max a CPA Firm Can Achieve?"

By Ron Baker:  received an incredibly thought-provoking email from Jonathan Iannacone, CPA, who blogs as well.

Ron,

I hope this email is not too presumptuous but I consider you one of the rare thought leaders of public accounting. I subscribe to VeraSage (RSS) and am always happy with the thought provoking discussions that you create.

Read complete post Ask VeraSage: Is $250,000 Per Employee the Max a CPA Firm Can Achieve
Source: VeraSage, 26 October 2008. 2006 © Verasage Institute. All rights reserved.

"Building Staff Leadership Through Community Service"

By Alex Vuchnich: Many practitioners realize the value of actively serving in their communities by serving on volunteer boards or sponsoring community events. If you read my previous post on financial literacy then you already know that I believe this is one cause in which the accounting profession needs to be leading the charge. Although many times the principals of a firm may be heavily involved in this type of activity it seems that this same mentality is not fostered and instilled among the younger staff of the firm. As a result there is a tremendous opportunity being missed for developing the firm's future leaders.

Read complete post Building Staff Leadership Through Community Service
Source: AccountingWEB, 28 October 2008. Copyright © 2008 AccountingWEB, Inc. All rights reserved.

"Credit Crisis: Accountants in High Demand"

By SmartPros: As companies focus on maintaining healthy credit lines, it's creating demand for accounting and other specialized financial jobs, according to a job recruitment report.

Tax accountants, credit collection specialists and staff accountants are expected to be in higher demand in 2009, according to Robert Half International.

Read complete article Credit Crisis: Accountants in High Demand
Source: SmartPros, 27 October 2008. © 2007 SmartPros Ltd. All rights reserved.

"Smaller Companies Facing Huge Accounting Challenges"

By Leslie Williams Johnson: When changes hit accounting, they tend to come in waves.

Conversion efforts related to the move to global financial reporting standards are gaining momentum just as the debate begins over the effects of the economic slowdown and $700 billion financial bailout.

Read complete article Smaller Companies Facing Huge Accounting Challenges
Source: Atlanta Business Chronicle, 24 October 2008. © 2008 American City Business Journals, Inc. and its licensors. All rights reserved.