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Online Issues > August 2005 > Top Line
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Top Line
NEWS WIRE The election of Neria Douglass, an attorney with no accounting background, as Maines state auditor has some local residentsand especially Rep. Darren Hall, CPAup in arms. Im absolutely appalled she did not have the initials CPA after her name, Congressman Hall said in an impromptu but impassioned speech on the floor of the Maine House of Representatives. Its an insult to our profession and an insult to me. Even as Douglass explained that the state auditor job (which carries a $75,000 annual salary) is more about management than accounting, and that her qualified staff of CPAs and finance professionals will handle any actual audit work, she told the JofA she has been hitting the accounting books. Meanwhile, a bill requiring that all future state auditors be CPAs passed Maines House of Representatives but stalled in its Senate. Meanwhile, Hall said being a CPA made his 2004 election possible, since it had allowed him all kinds of free time from April 16 to June to work every day on my campaign. Despite having no background in politics, he won by a landslide, thanks to his tax practices supportive clients and his promise not to vote for one single tax increase. Juggling the two jobs during tax season was extremely difficult, though, he acknowledged; hed often shuttle home from Augusta at night, do a couple of tax returns and rush right back for an early morning session. Hall obviously is still smarting over Douglass and other lawyers encroaching on CPA territory. Theres nothing else we can do for now, he concedes. But Ill resubmit the bill next termalong with one that says you shouldnt have to be an attorney to be Maines Attorney General. Cheryl Rosen
NUMEROLOGY With the vast majority of U.S. workers planning to take time off this summer, the proliferation of cell phones, PDAs and laptops means most wont be able to leave their work behind for very long. A survey by Hudson, a professional staffing company, found that 23% of employees planned to check in with the office by phone or e-mail on most days while on vacation. That number rose to 38% for managers and 40% for entrepreneurs. With so many thinking about work instead of relaxing on the beach, its not surprising the survey showed that 34% return to the office feeling more stressed or just as stressed as when they left. BOOK MARKS E2: Using the Power of Ethics and
Etiquette in American Business This detailed primer on conducting business civillyin the office, out of the office and around the worldis a refresher course to benefit everyone. Good manners arent merely gracious; theyre shrewd.
ON THE RECORD To assess XBRLs effectiveness as a data-tagging technology that can help public companies and investors and improve the SECs own efficiency, the commission established a program under which registrants can voluntarily submit SEC filings in XBRL format. While it is still very early in the life of that program, I remain cautiously optimistic about XBRL and its ability to enhance the financial reporting process. Developing an innovation such as XBRL is a tremendous undertaking, and I commend the AICPA for its vision and leadership in that effort. Peter Derby, managing executive for operations & management, SEC The AICPA and the profession have contributed leadership, personnel and other resources in support of XBRL from its inception. Why? Because it fundamentally transforms and improves the way companies, investors, lenders, analysts and regulators exchange, aggregate and analyze business information. The AICPA also helped found the Enhanced Business Reporting Consortium, an international, independent nonprofit organization whose mission is to develop a voluntary, global disclosure framework for presenting nonfinancial indicators of a companys performancean important, innovative process that XBRL facilitates. Promoting such advances is a key part of the AICPAs mission. But now is the time for individual CPAs to act; the tools are ready. For their part, public companies should participate in the SECs voluntary XBRL filing program. And CPAs also should promote XBRL in the private sector; its not just for public company reporting. Barry C. Melancon, CPA, AICPA president and CEO
HONORED Volunteer
Service Forbes is national chair of volunteers of the American Red Cross and served as vice-chair and audit committee chair of the National Board of Governors, which managed $1 billion in donations received following the September 11, 2001, terrorist attacks. Executive vice-president and CFO of eTec, an engineering firm in Phoenix, Forbes also is president of the AICPA Foundation, a member of the National CPA Financial Literacy Commission and a past member of the AICPA board of directors. Lewis, Hooper & Dick LLC has been active in public service since 1955 and helped establish the Western Kansas Community Foundation, which makes philanthropic grants to humanitarian, educational and cultural groups. The firm also supports the YMCA, United Way, Rotary, Kiwanis and other such organizations.
Survey Savvy
GOLDEN BUSINESS IDEAS Synchronize Credit and Sales
Strategies Thats not good business. But it often happens anyway because of the absence of a specific policy on overdue accounts. There may be times when loosening the credit standards makes good senseas a courtesy to an especially good customer and with the CFOs OK. But it never should be an informal arrangement between the sales and credit departments. Stanley Zarowin
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