Archive for June, 2008
June 30, 2008 at 5:12 am · Filed under Tax Accounting
The Knowledge Congress, the leading producer of regulatory-focused teleconferences and webinars has announced today that Charles C. (Chester) Abell, Jr., Director of Tax Accrual Services, Tax Accounting and Risk Advisory Services of Ernst & Young LLP will speak at the Knowledge Congress’ upcoming teleconference and webinar entitled: “FAS 109 & IAS 12 Explored”. The event is scheduled on July 23, 2008, Wednesday, at 1:00 PM - 3:00 PM EDT. (For further details of the event and an updated list of panelists, please visit: (http://www.knowledgecongress.org/event_2008_FAS109.html)
The FASB, together with the IASB is working on a new regulation that would modify several income tax accounting rules. This would reconcile the distinctions between FAS 109 and IAS 12 resulting in improved accounting methods for income taxes of companies. An exposure draft is expected to be released in the second quarter of 2008. Companies are encouraged to take note of the amendments as they would serve as effective guidelines in the preparation of their financial statements.
The Knowledge Congress is producing a two-hour teleconference and webinar aiming to discuss the important aspects, as well as the impact of this joint undertaking to affected industries. Industry experts and government regulators are scheduled to speak at this event.
About Charles C. Abell, Jr.
Charles C. (Chester) Abell, Jr., is a leader in Ernst & Young LLP’s Tax Accounting and Risk Advisory Services group. As the Director of Tax Accrual Services, Chester is one of the firm’s leading authorities on Accounting for Income Taxes (SFAS 109) and on the tax aspects of Sarbanes-Oxley Section 404 (internal controls). He works closely with National Accounting to assist the firm’s clients and engagement teams in implementing today’s complex tax accounting principles. Chester also assisted in authoring the firm’s auditing guidance for income tax accounts.
Chester joined the firm in Louisville, Kentucky, in 1981. In August 1985, he transferred to Lexington, Kentucky, as Tax Director of that practice. He has served in a number of roles since then. Chester’s clients include some of the firm’s largest public companies, for whom he focuses on both tax provision and tax advisory services.
Chester graduated in 1975 from the University of Kentucky with a B.S. in Accounting and Mathematics. He is a certified public accountant licensed in the states of Kentucky and Ohio. Chester is a member of the American Institute of Certified Public Accountants, the Ohio Society of CPAs, and The Kentucky Society of Certified Public Accountants.
About Ernst & Young LLP
Ernst & Young is a global leader in assurance, tax, transaction and advisory services. Worldwide, its 130,000 people are united by shared values and an unwavering commitment to quality. They make a difference by helping people, clients and wider communities achieve potential.
For more information about Charles C. Abell, Jr. and Ernst & Young LLP, please visit: www.ey.com
About The Knowledge Congress
The Knowledge Congress is an organization that produces teleconferences and webinars that examine regulatory changes across a variety of industries. “We bring together the world’s leading authorities and industry participants through informative two-hour teleconferences and webinars to study the impact of changing regulations.” To contact or to register for an event, please visit: www.knowledgecongress.org.
http://pr-canada.net/index.php?option=com_content&task=view&id=36317&Itemid=61
June 30, 2008 at 5:10 am · Filed under Student Accounts
The days of paying bank fees for online student loan or child support payments are over.
As of Tuesday the 2.9% fee will no longer apply when people use their online debit and credit card accounts.
Revenue Minister Peter Dunne says the change has been made to make things easier for overseas based student loan holders and child support paying parents.
He says Inland Revenue will now pay the fee on their behalf.
http://tvnz.co.nz/view/page/536641/1882051
June 30, 2008 at 5:07 am · Filed under Small Business Accounting
Dear Aunty B,
I have a successful small business and decided its year nine, and time to sell! How on earth do I go about it? Business brokers don’t seem to get the business or inspire any confidence. Can I sell my business myself?
L,
Newcastle, NSW
Dear L,
No, you can’t. A business is not something you whack on eBay and watch the bids climb. In fact very few people would even consider selling their business themselves.
Tom McKaskill is SmartCompany’s columnist on selling a business. As he points out, the entrepreneur knows her business and should understand better than anyone where it has growth potential – which is the basis for a higher sale price.
BUT selling a business is a specialist activity with its own set of legal and accounting issues, and this is one area where experience does count.
Even an experienced entrepreneur who has sold several businesses might like to have an adviser in his team to assist in the negotiations. There is considerable benefit in having an objective, knowledgeable person on your team to provide feedback, suggestions and to keep the negotiation process moving forward.
So should you use a business broker or investment banker to help sell your business? The answer really depends on how well you understand the process of selling a business, whether you already have willing buyers in your sights, and whether you have prepared the business for sale.
He says if you are unsure about how you should prepare your business in order to achieve the best offer, or if you are uncertain how to attract the right buyers, then getting help from professionals who undertake those tasks on a regular basis makes sense.
But make sure the professionals don’t take over or are after a quick sale to grab a commission.
So L, our advice to you is keep looking for the right broker. Keep interviewing until you find someone who shares your vision and sees the potential of your business (while realising that all entrepreneurs are prone to rose coloured glasses syndrome when it comes to price).
Good luck!
http://www.smartcompany.com.au/Free-Articles/Agony-Aunt/20080627-Business-brokers-dont-get-my-business
June 30, 2008 at 5:04 am · Filed under Savings Account
An interest rate war in the savings market heated up on Thursday as Halifax unveiled a no-strings savings account paying 10 percent.
Its new “regular saver” account will pay a fixed 10 percent for one year, and — unlike other high-interest savings accounts — people need not open a current account with the bank to qualify.
However, those who keep at least 5,000 pounds in a nominated Halifax savings account will earn an extra 2 percent interest.
It is the latest in a string of high-yielding savings accounts launched in recent months as banks and building societies try to shore up their balance sheets in the wake of the credit crunch.
The offering comfortably beats existing best-buy fixed-rate deals: FirstSave is paying 7.10 percent, Icesave 7.01 percent and the Bank of Cyprus 6.85 percent respectively on their one-year fixed-rate bonds, data from Moneyfacts.co.uk shows.
Regular monthly deposits of 25 to 500 pounds must be made by standing order into the Halifax account, and no withdrawals are allowed during the year to achieve the 10 percent rate.
Open to new and existing customers, it is available for six weeks from Monday to July 20.
Andrew Hagger, PR and communications manager at price comparison website moneynet.co.uk, said: “The intensity of competition in the savings market shows no sign of abating, with big names coming to the table with new highly competitive products on almost a weekly basis.
http://uk.reuters.com/article/personalFinanceNews/idUKHIL54724020080605
