An entity that enters into an insurance or reinsurance contract must determine whether deposit accounting treatment is warranted. Once that s been established, the entity should follow SOP 98-7 for guidance on how to account for the transaction. A feature of Excel 97 called Web Query enables you to import from the Internet dynamic, real-time data such as stock quotes, currency exchange rates, money market rates and even sports scores into a spreadsheet for analysis. Over the years, accounting standards have gotten more complex as auditors, corporations and regulators have asked for more guidance. The former chairman of FASB explains that the challenge to today s standard setters and the key to combating this creeping complexity is to provide enough specifics to assure reasonably comparable application without going overboard on detail.
Changed standards permit direct attestation.
The Big 5 now require quarterly reviews of all audit clients, as smaller firms remain silent. More businesses try e-filing. In January, the Journal discussed the top 10 technology issues. The euro is here sort of. Changes for the CPA, at least for now, should not be major.