Accountants Round Up

"Accounting Firms Witness Uptick with Downturn"

By Matt Allen: John Oeltjen, director of risk advisory services at MPP&W PC, normally fields six to 10 calls over the course of a year from clients seeking alternatives to bankruptcy. Earlier this month, he handled five such calls over five days.

The slumping economy has boosted business at accounting firms, and MPP&W is among those firms benefiting.

Read complete article Accounting Firms Witness Uptick with Downturn
Source: St. Louis Business Journal, 21 November 2008. © 2008 American City Business Journals, Inc. and its licensors. All rights reserved.

By Matt Allen: John Oeltjen, director of risk advisory services at MPP&W PC, normally fields six to 10 calls over the course of a year from clients seeking alternatives to bankruptcy. Earlier this month, he handled five such calls over five days.

The slumping economy has boosted business at accounting firms, and MPP&W is among those firms benefiting.

Read complete article Accounting Firms Witness Uptick with Downturn
Source: St. Louis Business Journal, 21 November 2008. © 2008 American City Business Journals, Inc. and its licensors. All rights reserved.

"Most Fun Thanksgiving Card!"

By Michelle Golden: Just received this fantastic card from an accounting firm, KOS (Kessler Orlean Silver) in the Chicago area

Read complete post Most Fun Thanksgiving Card!
Source: Golden Practices, 21 November 2008. 

By Michelle Golden: Just received this fantastic card from an accounting firm, KOS (Kessler Orlean Silver) in the Chicago area

Read complete post Most Fun Thanksgiving Card!
Source: Golden Practices, 21 November 2008. 

"IRS Lowers Deductible Mileage Rates"

By WebCPA: The Internal Revenue Service has reduced the 2009 optional standard mileage rates used to calculate the deductible costs of operating an automobile, citing lower gas prices.

Beginning on Jan. 1, 2009, the standard mileage rates for the use of a car, van, pickup or panel truck will be 55 cents per mile for business miles driven, 24 cents per mile driven for medical or moving purposes, and 14 cents per mile driven in service of charitable organizations.

Read complete article IRS Lowers Deductible Mileage Rates
Source: WebCPA, 25 November 2008. © 2007 WebCPA and SourceMedia, Inc. All rights reserved.

By WebCPA: The Internal Revenue Service has reduced the 2009 optional standard mileage rates used to calculate the deductible costs of operating an automobile, citing lower gas prices.

Beginning on Jan. 1, 2009, the standard mileage rates for the use of a car, van, pickup or panel truck will be 55 cents per mile for business miles driven, 24 cents per mile driven for medical or moving purposes, and 14 cents per mile driven in service of charitable organizations.

Read complete article IRS Lowers Deductible Mileage Rates
Source: WebCPA, 25 November 2008. © 2007 WebCPA and SourceMedia, Inc. All rights reserved.

"CPA Firms See Continued Growth"

By SmartPros: A large majority of CPA firms reported continuing strong growth during the past two years according to the 2008 National Management of Accounting Practice survey by the American Institute of Certified Public Accountants and the Texas Society of Certified Public Accountants.

“CPA firms continue to do well,” said James C. Metzler, CPA, AICPA vice president - small firm interests.

Read complete article CPA Firms See Continued Growth
Source: SmartPros, 24 November 2008. © 2008 SmartPros. All Rights Reserved.

By SmartPros: A large majority of CPA firms reported continuing strong growth during the past two years according to the 2008 National Management of Accounting Practice survey by the American Institute of Certified Public Accountants and the Texas Society of Certified Public Accountants.

“CPA firms continue to do well,” said James C. Metzler, CPA, AICPA vice president - small firm interests.

Read complete article CPA Firms See Continued Growth
Source: SmartPros, 24 November 2008. © 2008 SmartPros. All Rights Reserved.

"SEC Debates Mark-to-Market Accounting"

By WebCPA: In the last of a series of roundtable discussions of mark-to-market accounting before issuing a congressionally mandated study, a panel of accounting experts told the Securities and Exchange Commission about the challenges of valuing assets in a rapidly sinking market.

"The markets are stressed to a point we have not seen in a very long time," said SEC former Chief Accountant Don Nicolaisen. "We could use more disclosure.

Read complete article SEC Debates Mark-Market Accounting
Source: WebCPA, 24 November 2008. © 2007 WebCPA and SourceMedia, Inc. All rights reserved.

By WebCPA: In the last of a series of roundtable discussions of mark-to-market accounting before issuing a congressionally mandated study, a panel of accounting experts told the Securities and Exchange Commission about the challenges of valuing assets in a rapidly sinking market.

"The markets are stressed to a point we have not seen in a very long time," said SEC former Chief Accountant Don Nicolaisen. "We could use more disclosure.

Read complete article SEC Debates Mark-Market Accounting
Source: WebCPA, 24 November 2008. © 2007 WebCPA and SourceMedia, Inc. All rights reserved.

"Accounting Schools Retooling for IFRS"

By Richard Stolz: Accounting schools are scrambling to stay ahead of the IFRS curve.

Last spring, Rama Ramamuthy, a professor of accounting at William & Mary's Mason School of Business, devoted eight weeks of a graduate class to IFRS. Her students were "very receptive," she said, and the classroom discussions over application of IFRS principles in accounting situations became "quite feisty."

Read complete article Accounting Schools Retooling for IFRS
Source: WebCPA, 17 November 2008. © 2007 WebCPA and SourceMedia, Inc. All rights reserved.

By Richard Stolz: Accounting schools are scrambling to stay ahead of the IFRS curve.

Last spring, Rama Ramamuthy, a professor of accounting at William & Mary's Mason School of Business, devoted eight weeks of a graduate class to IFRS. Her students were "very receptive," she said, and the classroom discussions over application of IFRS principles in accounting situations became "quite feisty."

Read complete article Accounting Schools Retooling for IFRS
Source: WebCPA, 17 November 2008. © 2007 WebCPA and SourceMedia, Inc. All rights reserved.

"World Leaders Move Toward Tougher Financial Rules"

By Jennifer Loven: World leaders prepared Friday to adopt an early warning system for financial calamities, a commitment to tougher accounting rules and other modest steps to try to prevent future crises like the one now threatening the livelihoods of billions of people around the globe.

Nearly two dozen leaders assembled in Washington on Friday in the largest gathering of its kind here in nearly a decade. They dined in extravagance at the White House in a prelude to a day of closed-door negotiations Saturday over how best to wrestle both large and developing economies back from the brink of economic disaster.

Read complete article World Leaders Move Toward Tougher Financial Rules
Source: WashingtonPost.com, 15 November 2008. © Copyright 2008 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

By Jennifer Loven: World leaders prepared Friday to adopt an early warning system for financial calamities, a commitment to tougher accounting rules and other modest steps to try to prevent future crises like the one now threatening the livelihoods of billions of people around the globe.

Nearly two dozen leaders assembled in Washington on Friday in the largest gathering of its kind here in nearly a decade. They dined in extravagance at the White House in a prelude to a day of closed-door negotiations Saturday over how best to wrestle both large and developing economies back from the brink of economic disaster.

Read complete article World Leaders Move Toward Tougher Financial Rules
Source: WashingtonPost.com, 15 November 2008. © Copyright 2008 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

"Smart Marketing: Focusing on Clients in a Dismal Economy"

By Tom Kane: Thanks to John Moore at Brand Autopsy for the alert to Neal Stewart’s YouCan’tBuyThat.com blog, and especially his post “Recession Marketing Strategies.” Both John and I particularly liked Neal’s strategy when it comes to existing customers (read clients):

"Find ways to engage in conversation with your heavy users and fanatical consumers.

Read complete post Smart Marketing: Focusing on Clients in a Dismal Economy
Source: Legal Marketing Blog, 20 November 2008. Copyright © 2008, Kane Consulting, Inc. All rights reserved.

By Tom Kane: Thanks to John Moore at Brand Autopsy for the alert to Neal Stewart’s YouCan’tBuyThat.com blog, and especially his post “Recession Marketing Strategies.” Both John and I particularly liked Neal’s strategy when it comes to existing customers (read clients):

"Find ways to engage in conversation with your heavy users and fanatical consumers.

Read complete post Smart Marketing: Focusing on Clients in a Dismal Economy
Source: Legal Marketing Blog, 20 November 2008. Copyright © 2008, Kane Consulting, Inc. All rights reserved.

"Pension Accounting Rules 'Bizarre' Says Regulator"

By AccountancyAge: David Norgrove, chairman of the pension regulator, has described as 'bizarre' accounting rules which have unintentionally linked discount rates for calculating liabilities to the fortunes of the distressed financial sector.

His remarks coincide with a study showing pension liabilities of the UK’s 350 biggest companies are understated by about £160bn because of the rules, the Financial Times reports.

Read complete article Pension Accounting Rules 'Bizarre' Says Regulator
Source: AccountancyAge, 13 November 2008. © Incisive Media Ltd. 2008 Incisive Media Limited. All rights reserved.

"Revised Fair-Value Rule Is Weaker: Moody's"

By Marie Leone: The effects of a fair-value accounting rule change are popping up in the third-quarter earnings reports of banks — and at least one credit-rating agency thinks investors were better off before the revision.

In a report issued Friday, Moody's Investors Service analysts take issue with changes to IAS 39, the international accounting standard related to valuing financial assets. 

Read complete article Revised Fair-Value Rule is Weaker: Moody's
Source: CFO.com, 14 November 2008. © CFO Publishing Corporation 2008. All rights reserved.