March 2005 - Journal of Accountancy

ccountants spend too much time moving data from one financial reporting spreadsheet to another, leaving less time for analyzing information to enhance reporting integrity and improve management’s decision making. The extensible business reporting language (XBRL) can reduce time spent manually finding and preparing information and improve data quality through fully

EXECUTIVE SUMMARY SARBANES-OXLEY REQUIRES MANAGEMENT to include an assessment of internal controls over financial reporting, using a suitable framework, in the annual report. While a number of frameworks are available, some do not adequately assess technology controls. SEC RULES SAY MANAGEMENT MUST BASE its evaluation of the effectiveness of internal

EXECUTIVE SUMMARY EVERY BUSINESS HAS TO PAY ITS STAFF and its taxes. Many CPAs are addressing those twin needs by offering to help their small-business clients, not just with taxes but also with the many chores that go into payroll processing, from after-the-fact tax filings to benefits administration. IMPROVED TECHNOLOGY

EXECUTIVE SUMMARY COMPANIES INCREASINGLY OFFER LONG-TERM-CARE insurance as a benefit to owners and key employees. Company-sponsored LTC insurance is an economical way to prefund long-term care and protect executive retirement income from the cost of nursing home care. ACCORDING TO GOVERNMENT STATISTICS, individuals age 65 or older have a 40%

EXECUTIVE SUMMARY RETIREMENT PLANS ARE OFFERED BY a variety of providers, including financial institutions, insurance companies and payroll service providers. But adherence to IRS regulations is the responsibility of the business owner. ANY BUSINESS WITH ONE EMPLOYEE that does not have any other type of retirement plan can set up

n 2003 small companies made up 99.7% of the 23.7 million businesses in the United States, according to the federal government, and research shows CPAs are among the top professionals to whom small businesses turn for professional and personal financial advice. AICPA members long have maintained important relationships with small

EXECUTIVE SUMMARY HAVE A CLEAR TRAVEL POLICY signed off on by the highest levels of management, and give someone responsibility for managing the program. BEST PURCHASING PRACTICES are to maximize the amount of business you do with a small number of suppliers. But small firms often do better letting travelers

This is the second of two articles on how to use Excel to conduct powerful business analyses. xcel experts know Scenario Manager conveniently calculates what-if analyses of multiple versions of budgets and other financial projections. But if more than 10 scenarios are being considered, experienced users know the project can

here’s a new philosophy in the marketplace about life insurance, and we believe it warrants a change in the accounting method used for this popular investment product. Traditionally, life insurance has been viewed as a legacy paid to designated beneficiaries after the insured’s death. But in recent years policyholders have