The Latest

NEOPHARM RETAINS BDO SEIDMANPharmaceutical concern NeoPharm Inc., a marketer of cancer treatment drugs, has engaged BDO Seidman as its new independent accountant, succeeding Big Four firm KPMG.

Two years ago, we criticized the Financial Accounting Standards Board for publishing an exposure draft that proposed doing away with the Rule 203 exceptions that permit, and even encourage, departures from generally accepted accounting principles when compliance would produce misleading financial statements. Underlying this proposed action was a presumption that compliance with published GAAP always leads to relevant and reliable information. Back then we prepared a series of columns describing the intolerable flaws in this premise.The first two focused on how essential it is to allow Rule 203 exceptions to foster innovations when the old ways can no longer be considered adequate.

The government is frustrated over seniors' difficulties with the expanded Medicare menu. Evidently, having so many choices has led to confusion, rather than informed decisions.Maybe they should seek advice from corporate executives, who face a similar dilemma deciphering their compensation alternatives. While highly paid employees may appear to suffer from nothing worse than an abundance of riches, many are wasting money through inaction or ill-advised choices. The effects of these decisions on their retirement plans can be significant. It's an opportunity for wealth advisors to serve a unique market niche.

SEC ADOPTS FRAUD MEASUREThe Securities and Exchange Commission voted to adopt a sweeping anti-fraud rule that targets money managers who deliberately mislead investors.

Gina Gwozdz realized just how valuable blogging can be when, as a sole practitioner vying for clients with three other CPA firms in the small town of Bullard, Texas, she started looking to expand her reach beyond writing articles and columns in her local newspaper.Research led her to find a blogging community within the accounting and tax profession, and there she discovered that she could jumpstart her new practice by taking the plunge. She decided to go online and start Gina's Tax Articles at http://glgcpa.blogspot.com.

Over the past 10 years, technology has become more ubiquitous, as well as more complex.In accounting firms, the definition of technology is now "anything that plugs into the wall" - including telephone systems and copiers/scanners. Previously, these systems were part of the administrative budget. Today they are integrated with the network and should be managed by the IT department.

NETSUITE FILES IPO REGISTRATION FORMOnline business management applications provider NetSuite has filed a Form S-1 registration statement with the Securities and Exchange Commission for its planned initial public offering.

Like motherhood and apple pie, a pipeline process that helps you organize and realize your opportunities is easy to label "a good thing."But there's a considerable gap between knowing this and making it happen in your own firm. My goal in this article is to help you bridge that gap.

Software & HardwareCONTROLSDOC

CHILETax Advisors, Santiago, has joined JHI as the newest member of its Region of the Americas.