Accountants Round Up

"Look for Changes on 2008 Form 1040"

By AccountingWEB: The IRS is mixing it up a little and keeping it fresh this year by adding some new lines and moving some items to different places. Here are the changes to the Form 1040. The only changes to the 2008 Form 1040 appear on page 2 of the form.

Read complete article Look for Changes on 2008 Form 1040
Source: AccountingWEB, 28 January 2009. Copyright © 2009 AccountingWEB, Inc.. All rights reserved.

"What Impact Do The Current Market Conditions Have On Accounting And Reporting?"

By Mahesh Mani: As many of you are painfully aware, companies are dealing with their current financial reporting in highly challenging economic conditions. Over the past year, financial market conditions have been characterized by significant trading difficulties compounded by a reduction in liquidity. Although the primary market shock arose due to defaults on sub-prime mortgages in the United States, the effect has been felt in Canada due to widespread use of structured securities and leveraged funding. Canadian companies are facing additional economic challenges, including decreased demand from the US and fluctuations in currencies and energy and resource prices.

Read complete article What Impact Do The Current Market Conditions Have On Accounting And Reporting?
Source:  Ottawa Business Journal, 26 January 2009. All reproduction and distribution rights reserved.

"Will a Tortoise Pace Win the Global Accounting Race?"

By Marie Leone: Staffers from President Obama's transition team called the Financial Accounting Standards Board before the new president took office to ask for updates on current projects. That's standard operating procedure for an incoming administration, but it is nice to know that accounting issues were on some White House agenda before the new president took office. It also probably means that the administration, via the Securities and Exchange Commission, will be announcing its new list of priorities sooner than later.

Read complete article Will a Tortoise Pace Win the Global Accounting Race
Source: CFO, 23 January 2009. © CFO Publishing Corporation 2009. All rights reserved.

"Demand for Accountants to Remain Strong in 2009"

By A.E. Feldman: Despite the current recession, demand for accountants remains strong. Although a number of industries are cutting back, the accounting industry projects jobs to maintain at their current rate or possibly increase. In fact, the 2008 Trends in the Supply of Accounting Graduates and the Demand for Public Accounting Recruits from the American Institute of Certified Public Accountants (AICPA), 91% percent of accounting firms expect hiring to remain steady or increase.

Read complete article Demand for Accountants to Remain Strong in 2009
Source:  A.E. Feldman Blog, 12 January 2009. © Copyright A.E. Feldman. All Rights Reserved.

"Inside the Minds of Young CPAs - Part Two"

By Rita Keller: Be sure to read yesterday's post first - just page down. I am referencing an article in the Ohio Society publication, Catalyst. It is an interview with seven young CPAs. All worked in public (at least interned) but only three are still working in public accounting.

Here is a comment I wish all young accountants could read in relation to number of hours worked:
"I've seen more of a difference between public accounting and industry. Being at the office for 10 or 12 hours a day seemed more important in industry. In public accounting it was more about getting my work done. Working from home or on the weekends was fine as long as I got everything done."

Read complete post Inside the Minds of Young CPAs - Part Two
Source:  Possibilities for CPA Firm Leaders, 16 January 2009.

"Tax Season Temps: What Kinds Of Work Do They Do?"

By AccountingWEB: With tax season rolling up fast, some CPA and tax preparer firms will supplement their full-time staff with temporary help to ease the workload. What kinds of help do they hire? The answer has changed over time. Some firms hire temps to do actual tax work. But since Internet technology has made it easier to share the workload with colleagues in multi-location firms or to take work home, the tasks for which temps are now hired may be different than they once were.

Here's what some firms are doing.

Read complete article Tax Season Temps: What Kinds Of Work Do They Do?
Source:  AccountingWEB, 16 January 2009. Copyright © 2009 AccountingWEB, Inc.. All rights reserved.

"The Great Debate: Accountants and The Environment"

By Rob Lewis: Accountants have a whole host of professional obligations, but nowhere in the code of conduct for any accountancy body is the obligation to put the environment first – whatever that actually means. It seems that few here on AccountingWeb.co.uk are willing to stand up against the awesome political correctness of the green movement, and so it falls to me to play the devil’s advocate.

What I won’t argue against is the scientific case for global warming. ... So what should accountants, in particular, be doing about it?

Read complete post The Great Debate: Accountants and The Environment
Source: Across The Pond, 4 December 2008. Copyright © 2009 AccountingWEB, Inc.. All rights reserved.

"Recession-proofing Your Firm"

By Ron Baker: From what I can tell, most firms are responding to the economic downturn with the following tactics:

• reducing costs
• increasing productivity, utilization and realization rates
• reducing or eliminating capital investments
• some are aggressively hiring talent, others have frozen hiring
• exiting unprofitable markets
• increasing hourly rates
• unbundling pricing (tactics like adding photocopy and administrative fees to each bill)

Read complete post Recession-proofing Your Firm
Source: VeraSage, 25 January 2009.  2006 © Verasage Institute. All rights reserved.

"Fair Value Accounting Is Important Right Now"

By Hugh Shields: Sir, Jeremy Hosking (Letters, January 19) notes that “fair value accounting is flawed because it blindly assumes efficient market theory (that short-term prices reflect true value)”. In fact, the accounting definition of fair value simply defines it to be the price at which a willing buyer and a willing seller are prepared to transact today. It says nothing about whether or not the market is efficient but it does give highly relevant information to investors.

Read complete article Fair Value Accounting Is Important Right Now
Source:  Financial Times, 21 January 2009. © Copyright The Financial Times Ltd 2009. All rights reserved.

"U.S. Companies Stepping Up Convergence Efforts, IFRS Talent in Demand"

By A.E. Feldman: U.S. companies need to prepare for the convergence of global accounting standards. Although convergence is still five years away, companies are not wasting any time examining its potential staffing and tax implications, according to FinancialWeek. A recent report in USA Today calls the looming transition, “a regulatory sea change that could cost billions of dollars.” According to the report, the impact is likely to surpass that of the Sarbanes-Oxley Act of 2002. USA Today also warns that the change is inevitable.

Read complete post U.S. Companies Stepping Up Convergence Efforts, IFRS Talent in Demand
Source: A.E. Feldman Blog, 20 January 2009. © Copyright A.E. Feldman. All Rights Reserved.