Audit & Accounting

The International Federation of Accountants has endorsed a set of proposals made at last week’s G-20 Summit of world leaders that aim to reform the global financial regulatory system.

The Public Company Accounting Oversight Board has scheduled a series of forums around the country on auditing in the small business environment.

With the repeal of the federal estate tax set for 2010 and its reinstatement scheduled just one year later, estate tax planning has become more complicated than ever. Wealthy clients need to incorporate flexibility into their current plans while taking advantage of favorable planning opportunities.

As the economy continues its downturn and the financial pressure on business increases, the risk of fraud becomes higher than ever.To help your clients protect their businesses, suggest that they evaluate the current state of their anti-fraud program to minimize the duration and potential loss of fraud. When evaluating a current program, they should consider their preventative measures, not just their detective measures.

SCHENCK FORMS CRISIS TEAMAppleton, Wis. - Schenck Business Solutions has formed a Financial Crisis Response Team to guide and assist companies challenged by the current economy. The multi-disciplinary team is comprised of firm members with expertise in cash management, banking and financing, operations consulting, process improvement, inventory and receivables management, strategy development, and technology integration. The resources of the team are coordinated by shareholder Dan Koszalinski, CMA, CPA.

Many are surprised to learn that while it sometimes appears that the Internal Revenue Code reaches into every aspect of our lives, it lacks focus in addressing the complex tax consequences that face the unfortunate victims of Ponzi schemes.Of course, if the reports are true, there may have never before been a Ponzi scheme like Bernard Madoff's, so it is time to take a fresh look at things.

Given the current economic situation, conducting a financial planning practice isn't getting easier. With the financial uncertainty of the past several years, investors have become uncomfortable with the "business as usual" planning approach.To some extent, this is good news for planners, as it provides the opportunity to perform more in-depth planning for many clients, as well as providing clients with a more proactive approach to investing and planning. With investor goals undergoing frequent revisions, and the means to achieve those goals also increasingly unstable, clients are increasingly willing to allow you to play a more active part in monitoring their investments on an ongoing basis and suggesting changes when appropriate, not just at an annual or bi-annual planning session.

As governments desperately seek all kinds of additional revenue, senior business professionals see the increased possibility of an audit by taxing authorities as the most significant tax risk facing their organizations today, according to a new survey.

The Monitoring Board that was recently established to add more public accountability to the International Accounting Standards Board has held its inaugural meeting and picked its first leader.

The Financial Accounting Standards Board has issued a “plain English” summary of the board’s actions when it modified the standards for fair value and mark-to-market accounting in response to congressional demands.