Extensions available!!!
Just a reminder, California now has mandatory peer review. First deadline is rapidly approaching for firms whose first peer review is due July 1, 2011. This would be CPAs whose licenses end in 01 through 33.
The Cal Society has a memo on their website allowing extensions.
See announcement here.
To get an extension, a firm must: …
I have a new cartoon posted at Once Upon Internal Control showing good internal controls in a local church. The dramatization is based on a reporter calling for comment about rumors of a high-flying lifestyle.
Cartoon called: When a reporter calls, good procedures save the day. Visit the other blog for the cartoon. I will be posting cartoons there.
Cartoon posted to illustrate good controls protect the innocent from false accusations Read More »
FASB Action Alert describing the board decision to drop the straight line amortization of “other than financing” lease liabilities is described here.
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Current plan – short term leases amortized on interest method (topic 840)Read More »
Current plan – short term leases amortized on interest method (topic 840) Read More »
CPAs ought to start looking at social media. At the moment, a CPA is at the leading edge merely by doing anything beyond a plain web site and contact-only Linked-in page. Start blogging or effectively using twitter and you are bleeding edge. Eventually, we will all have to be in the space just to be part of the crowd.
Time to start thinking about it. Here’s an interview that talks about getting started: David Albrecht’s blog post Sheridan (MACPA) Interviews Michelle Golden
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Short intro to social media for CPAs Read More »
Going Concern is a blog that’s worth reading everyday. Would be worthwhile to include it in your RSS reader. The site covers the Big 4 world from a staffer’s perspective. Lots of juicy news from the trenches. Lot’s of great accounting news.
Today’s scoop is an excel spreadsheet that lists the PwC compensation structure from new staff level through year 14 director and new partner. Includes base pay and bonus.
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Compensation grid for PwC Read More »
John Hufnagle has this month’s update on the FASB’s thinking on how to revise lease accounting. In his post, Lease Accounting (ASC 840) – More Changes to Proposal, he explains the FASB is now thinking of requiring the interest method for amortizing other-than-financing leases (think what is currently an operating lease). That would be a change from their previous thought of allowing a straight line amortization of the liability.
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Changes to new lease accounting (topic 840)– May editionRead More »
Changes to new lease accounting (topic 840)– May edition Read More »
Don’t know how to interpret this. You can figure for yourself what it means for your practice.
Looks like the prospects for new accounting grads is good.
CPATrendlines, in their article, Number of Accounting Grads Hits New High, reports:
Newly minted accountants have some of the brightest job prospects in the nation, with nearly 90 percent of accounting firms forecasting the same or increased hiring of graduates this year compared with 2010, and nearly three quarters, 71 percent, of the largest firms anticipating more hiring – an indicator of a rebounding economy.
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Hiring trends strong for new accounting graduatesRead More »
Hiring trends strong for new accounting graduates Read More »
Stat data from the AICPA lists information for CPA firms sorted by size: big 4, top 100, large (21-75), medium (11-20), small (2-10), and sole practitioners. Table includes number of firms in each category, total revenue for that sector, number of professional staff in each category. This is 2009 data.
We’re All Small Firms Now, from CPATrendlines; data from AICPA.
A few tidbits of interest to me:
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Overall data on CPA firms by size including revenue and number of professionalsRead More »
Overall data on CPA firms by size including revenue and number of professionals Read More »
I wrote an article for Bank of the West called Essentials of Internal Control. It discusses one superb internal control you should be using for cash, explains that trust is not an internal control, and offers a creative idea to improve control over cash.
A one sentence summary of internal control is at the end of this paragraph:
CPAs can talk for hours about internal control. Can the concepts in all those long presentations be made a little simpler to grasp? Let’s try to boil down all those internal control ideas to one sentence. Ready? Internal controls are the procedures you put in place so that one person cannot do something wrong and hide having done so.
The three key ideas discussed:
Please read the full article.
My article was included in this newsletter.
Essentials of Internal Control – article for Bank of the West newsletter Read More »
Future cartoons will be announced on this blog and can be seen at my other blog, Once Upon Internal Control.
Here is the cartoon discussing how to maintain dual control over the offering count, which is a place where churches typically have a struggle maintaining good procedures:
[youtube=http://www.youtube.com/watch?v=wuboFGqXAi4]
Other cartoons available at Once Upon Internal Control.
Offering count procedures illustrated in cartoon Read More »
Just launched a new blog, Once Upon Internal Control, at www.onceuponinternalcontrol.com.
That will be the home of cartoons I create to illustrate the ideas from the book of the same name. Will also have extracts from the book and eventually the full text.
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New blog for cartoons from Once Upon Internal ControlRead More »
New blog for cartoons from Once Upon Internal Control Read More »
The team at Econstories.tv have made the Fear the Boom and Bust and Fight of the Century available on MP3. For free. If you enjoyed the video, you might enjoy the mp3.
The videos of the rap songs are also available for download. For free.
You can get them on the right side of their home page, linked above.
Keynes / Hayek raps available on MP3 Read More »
Have a post, Inflation watch, up on my other blog. April numbers are continuing at the increased level that started in late 2010. See my post for graphs.
Just launched the first in a series of cartoons at my other blog, Nonprofit Update.
The series will tell the story of internal controls in a local church. Click here to see the video.
Start of cartoon series Read More »
Is IFRS adoption on the ropes? Read More »