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CPA Success
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2016 blog@macpa.org (CPA Success)
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Appeals court rules PCAOB is constitutional
<p><img title="Justice" alt="Justice" src="http://www.macpa.org/blog/resources/assets/-
723162946.jpg" border="0" style="FLOAT: right; MARGIN: 0px 0px 5px 5px" />File this one under
"Was there ever any doubt?"</p> <p>Remember the <a href="http://www.cfo.com/article.cfm/5516686">lawsuit</a> a while back that claimed the <a href="http://www.pcaobus.org">Public Company Accounting Oversight Board</a> is unconstitutional? It seemed a bit far-fetched at the time, and it seems even moreso now that a federal appeals court has ruled that <a href="http://www.cfo.com/article.cfm/11993827/c_11992313">the
PCAOB is, indeed, constitutional</a>.</p> <p>The decision by the <a href="http://www.cadc.uscourts.gov/internet/home.nsf">U.S. Court of Appeals for the District of
Columbia Circuit</a> can still be appealed. The <a href="http://www.sec.gov">SEC</a> and the
PCAOB, though, are celebrating the news as a victory.</p> <p>In <a href="http://www.pcaobus.org/News_and_Events/News/2008/08-22.aspx">a written statement</a>, the PCAOB said it was "gratified" by the decision. SEC Chair Christopher Cox, meanwhile, <a href="http://www.sec.gov/news/press/2008/2008-180.htm">called it</a>
"welcome news for the Commission, investors and U.S. capital markets."</p>
<p>"The Commission believes that the PCAOB is a highly effective organization whose continued existence is vital to protecting investors and furthering the public interest in the preparation of accurate and informative audit reports,” Cox said.</p> <ul><li><a href="http://pacer.cadc.uscourts.gov/docs/common/opinions/200808/07-5127-
1134687.pdf#xml=http://www.cadc.uscourts.gov/isys/Alldbs/isysquery/6cac85bb-8580-4eae-a2c1a5234cb1be17/1/hilite/">Read the court's decision in its entirety.</a></li></ul> <p>Do you agree with the decision? Are reforms on the horizon for the PCAOB and the Sarbanes-Oxley Act anyway?</p><!-
- Imported Assets --> http://www.macpa.org/blog/2544/appeals-court-r bill@macpa.org(Bill Sheridan)
Sat, 23 Aug 2008 03:12:21 GMT http://www.macpa.org/blog/2544/appeals-court-r
SEC dumps EDGAR for electronic alternative
<p><img title="Sec" alt="Sec" src="http://www.macpa.org/blog/resources/assets/-931373975.jpg" border="0" style="FLOAT: right; MARGIN: 0px 0px 5px 5px" />The <a href="http://www.sec.gov">SEC</a> is apparently serious about this <a href="http://www.macpa.org/Content/24331.aspx">XBRL</a> thing.</p> <p>We knew that, of course, long before the commission ruled that <a href="http://www.cpasuccess.com/2008/05/tag-thatdata-s.html">companies must begin using the data-tagging technology</a> to file their financial reports.</p> <p>Now comes word of an equally bold step: The SEC is doing away with its EDGAR database and replacing it with <a href="http://www.macpa.org/Content/24391.aspx">Interactive Data
Electronic Applications, or IDEA</a>. The electronic system will utilize XBRL to give investors, analysts and other audiences fast, easy access to the financial information they need.</p>
<p>"This is not just a new name for EDGAR, this is a fundamental change in the way the SEC collects, manages and distributes information," <a href="http://www.reuters.com/article/businessNews/idUSN1928857220080819?feedType=RSS& feedName=businessNews&pageNumber=1&virtualBrandChannel=0">Cox told
Reuters</a>, adding, "IDEA’s launch represents a fundamental change in the way the SEC collects and publishes company and fund information – and in the way that investors will be able to use it."</p> <p>The nation's largest companies will be using XBRL to file their financials as
soon as the fiscal periods ending late this year.</p> <p>What you think of the demise of EDGAR?
While you're thinking, check out these other XBRL-related resources:</p> <li><a href="http://www.cpasuccess.com/2008/07/virtual-worksho.html">Virtual workshop examines reality of XBRL</a></li> <li><a href="http://www.cpasuccess.com/2008/07/competing-tofi.html">Competing to find XBRL solutions</a> </li> <li><a href="http://www.xbrl.org/">XBRL
International</a></li> <li><a href="http://www.xbrl.us/">XBRL U.S.</a></li> <li><a href="http://www.sec.gov/spotlight/xbrl.shtml">SEC resources</a></li> <li><a href="http://www.iasb.org/xbrl/index.html">IASB resources</a></li> <li><a href="http://www.cpasuccess.com/2008/03/the-abcs-of-xbr.html">The ABCs of XBRL: Here's what it can do</a></li> <li><a href="http://www.xbrl.org/CaseStudies/">XBRL case studies</a></li> <li><a href="http://www.xbrl.org/Demos/">Demonstrations of XBRL in action</a></li> <li>More demos: <a href="http://www.microsoft.com/msft/IC/default.aspx">Microsoft</a> | <a href="http://www.edgaronline.com/products/imetrix.aspx">Edgar Online</a> | <a href="http://www.rivetsoftware.com/content/index.cfm?fuseaction=showContent&contentID=19
5&navID=166">Rivet Software Crossfire</a> | <a href="http://www.iphix.net/resources/nunavut.htm">Google OneBox</a></li> <li><a href="http://www.xbrl.org/Taxonomies/">XBRL taxonomies</a></li> <li><a href="http://www.aicpa.org/pubs/jofa/feb2008/six_steps.htm">Six Steps to XBRL</a> (from the
<em>Journal of Accountancy</em>)</li> <li><a href="http://www.aicpa.org/PUBS/JOFA/jun2007/stantial.htm">ROI on XBRL</a> (from the
<em>Journal of Accountancy</em>)</li> <li><a href="http://www.xbrl.org/us/us/FFIEC%20White%20Paper%2002Feb2006.pdf">Improved Business
Process through XBRL</a></li> <li><a href="http://www.xbrl.org/XBRLandBusiness/">Benefits and uses for business</a></li><!-- Imported Assets --> http://www.macpa.org/blog/2546/sec-dumps-edgar bill@macpa.org(Bill Sheridan)
Wed, 20 Aug 2008 03:33:24 GMT http://www.macpa.org/blog/2546/sec-dumps-edgar
New film's inconvenient truth: We're going broke
<p><img title="Iousa_ae_masthead" alt="Iousa_ae_masthead" src="http://www.macpa.org/blog/resources/assets/149864467.jpg" border="0" style="FLOAT: right;
MARGIN: 0px 0px 5px 5px" />David Walker's gone Hollywood.</p> <p>The former U.S. comptroller general is on <a href="http://www.cpasuccess.com/2007/03/is_the_us_on_a_.html">a crusade to inject some fiscal responsibility</a> into the U.S. government. His message: Unless the country gets smart and starts reining in its spending, a financial nightmare awaits the next generation.</p> <p>Walker has toured the town hall circuit extensively, was the subject of <a href="http://www.cbsnews.com/stories/2007/03/01/60minutes/main2528226.shtml">a "60
Minutes" piece</a> and even appeared on Comedy Central's <a href="http://www.comedycentral.com/videos/index.jhtml?videoId=85875">"The Colbert
Report."</a> (In the latter, between host Stephen Colbert's brilliantly snarky commentary,
Walker said the oncoming wave of baby boomer retirements will bring "a tsunami of spending that could swamp the ship of state." Responded Colbert, tongue planted firmly in cheek:
"Well, just don't let them retire.")</p> <p>Now, Walker is taking his message of fiscal reform to the masses with the theater release of the documentary <a href="http://www.iousathemovie.com/">"I.O.U.S.A."</a> Reuters is already saying the film "may be to the U.S. economy what 'An Inconvenient Truth' was to the environment."
And while debt and financial mismanagement aren't everyone's idea of a great summer film, <a href="http://www.economist.com/finance/displaystory.cfm?story_id=11921663">a review in
<em>The Economist</em></a> says the documentary is "a bold attempt to highlight a potentially huge problem."</p> <p>"'The Dark Knight' it may not be," the article reads, "but for those who care about economic reality as much as cinematic fantasy, it might just be the scariest release of the summer."</p> <p>If you're interested in seeing the film, visit <a href="http://www.iousathemovie.com/">iousaTheMovie.com</a> and click on <a href="http://www.fathomevents.com/details.aspx?eventid=728&utm_source=IOUSATheMovie& amp;utm_medium=Banner&utm_campaign=IOUSA">"Find a Theater Near
You."</a> And once you've seen it, be sure to tell us what you think.</p><!-- Imported Assets --
> http://www.macpa.org/blog/2549/new-films-incon bill@macpa.org(Bill Sheridan)
Fri, 15 Aug 2008 15:08:44 GMT http://www.macpa.org/blog/2549/new-films-incon
Regulators try to build a better financial statement
<p><img title="Mousetrap_2" alt="Mousetrap_2" src="http://www.macpa.org/blog/resources/assets/242876300.jpg" border="0" style="FLOAT: right;
MARGIN: 0px 0px 5px 5px" />Everyone's trying to improve financial statements these days.</p>
<p>Earlier this year, we talked to <a href="http://www.macpa.org/">MACPA</a> member and <a href="http://www.mccormick.com/">McCormick and Company</a> Controller Ken Kelly about <a href="http://www.cpasuccess.com/2008/03/a-new-template.html">his views on a proposed new financial statement template</a> from the <a href="http://www.fasb.org/">Financial Accounting
Standards Board</a>.</p> <p>Now comes word that an <a href="http://www.sec.gov/">SEC</a> panel has released its final recommendations for <a href="http://www.macpa.org/Content/24367.aspx">how to make financial statements more meaningful</a> for investors and analysts. The report from the SEC <a href="http://www.sec.gov/about/offices/oca/acifr.shtml">Advisory Committee on Improvements to
Financial Reporting</a> offers 25 suggestions in five areas:</p> <ol><li>Making SEC filings more useful. </li> <li>Improving the accounting standards-setting process. </li> <li>Improving the design of new standards. </li> <li>Delineating interpretive guidance. </li> <li>Clarifying guidance on financial restatements and accounting judgments.</li></ol> <p>"Our recommendations would make financial reports more useful to investors — with clearer guidelines, fewer exceptions and greater focus on really important information," said Robert C. Pozen, chair of the committee.</p> <p>SEC Chair Christopher Cox has asked his staff to begin examing the recommendations and "prepare regulatory actions based on them wherever appropriate."</p> <ul><li><a href="http://www.sec.gov/about/offices/oca/acifr/acifrfinalreport.pdf">Read the committee's recommendations here.</a></li></ul> <p>How would
<em>you</em> improve financial statements?</p><!-- Imported Assets --> http://www.macpa.org/blog/2557/regulators-try bill@macpa.org(Bill Sheridan)
Thu, 07 Aug 2008 09:00:00 GMT http://www.macpa.org/blog/2557/regulators-try
Obama vs. McCain on the economy
<p><img title="Politics" alt="Politics" src="http://www.macpa.org/blog/resources/assets/1331843768.jpg" border="0" style="FLOAT: right;
MARGIN: 0px 0px 5px 5px" />We know <a href="http://www.cpasuccess.com/2008/06/mccain-vsobama.html">where they stand on taxes</a> ... at least for today. Now it's time to break down the presidential candidates' positions on the economy as a whole.</p> <p>A recent edition of the <a href="http://www.npr.org/">NPR</a> program <a href="http://www.npr.org/templates/rundowns/rundown.php?prgId=13">"Fresh Air"</a> broke down <a href="http://www.npr.org/templates/rundowns/rundown.php?prgId=13&prgDate=7-24-2008">the economic policies</a> of both <a href="http://www.johnmccain.com/">John McCain</a> and <a href="http://www.barackobama.com/">Barack Obama</a>. The program featured the usual run-ofthe-mill sound bites from each of the campaign's top economic advisors -- Douglas Holtz-Eakin on the
McCain side and Jason Furman from the Obama camp. Still, it's a decent place to start. <a href="http://www.npr.org/templates/rundowns/rundown.php?prgId=13&prgDate=7-24-
2008">Listen to the interviews here.</a></p> <p>If you want something a little more substantive, check out the special report from the Aug. 11 edition of <em><a href="http://www.time.com/time/">Time</a></em> magazine. The package included <a href="http://www.time.com/time/magazine/article/0,9171,1828315,00.html">a voter's guide</a> to the candidates' positions on the economy, Joe Klein's take on <a href="http://www.time.com/time/politics/article/0,8599,1828093,00.html">what the next president must do</a> to fix the economy, and a trip inside the battleground state of <a href="http://www.time.com/time/magazine/article/0,9171,1828307,00.html">Michigan</a>.</p>
<p>Finally, we have <a href="http://www.senatorhill.com/articles/taxanalysis.html">an analysis of each candidate's tax plan</a> from Idaho state <a href="http://www.senatorhill.com">Sen. Brent
Hill</a>. Writes Hill: "My intent is not to endorse one plan or another—in reality, they both have their pros and cons—but to help you understand what their positions really are."</p>
<p>Read up, then tell us: Which candidate has the best economic strategy?</p><!-- Imported Assets --
> http://www.macpa.org/blog/2559/obama-vs-mccain bill@macpa.org(Bill Sheridan)
Tue, 05 Aug 2008 09:00:00 GMT http://www.macpa.org/blog/2559/obama-vs-mccain
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