May 2009 Of Interest

What We Are Seeing and Hearing About Post-Busy Season Layoffs:   This document supplements the commentary from consultant Bill Reeb that was published in the May 2009 INSIDE Public Accounting Newsletter. (Bill Reeb)

IN FIRM View on Minimizing the Impact of a Pandemic:   Most firms have a disaster plan in the case of fire, hurricane or tornado. But few have a working plan in place if a flu pandemic keeps a large percentage of your workforce away from the workplace. In light of the H1N1 virus, we are republishing this document created by Roman Kepczyk, originally published in the CPA Technology Advisor in 2007. (InfoTech Partners North America)

The Habits of Highly Effective Law Firm Partners:   This article from the Legal Intellingencer is a good overview of what it takes to be a successful partner in a law firm. All of the qualities of a successful law partner also apply to CPA firm partners. (Law.com)

Partners – What is Your Development Strategy?:   Consultant Gary Boomer shares his thoughts on how firms ought to be developing partners to be most successful for the future. (Boomer Consulting)

Work-Life Benefits Fall Victim to Slow Economy:   Arrangements such as telecommuting, ‘flex time’ and paid leave that allow employees to balance the demands of work and family life are slipping away, worker advocates say. (Los Angeles Times)

3 Things I learned about the CPA Profession from Twitter :   Twitter may not be at the top of the priority list for many CPA firm partners, but clients and staff are quickly incorporating this newest social media craze as part of their everyday life, and firm owners, HR staff and marketing departments need to recognize that fact. (Axiom CPA Blog)

Maryland CPAs Connect During Financial Crisis:   The Maryland Association of CPAs wants to send a message to its members that it’s there to help them survive the turbulent economy. The association’s home page, www.macpa.org, highlights several programs to help members cope with the recession and position themselves to take advantage of the economic recovery. (WebCPA)

Downsizing, Layoffs Change Game Plans:   This spring, when scores of fresh-faced college students move their mortarboard tassels from the right to the left, they will graduate into one of the toughest job markets in recent history. “If I knew how this would be, I would have stayed in school for at least another year.” (The Modesto Bee)

CFOs on IFRS: Forget About It:   CFOs urge the SEC to drop a proposal mandating U.S. companies to use the international accounting rules. The SEC head indicated “I will not be bound by the existing roadmap that’s out for public comment.” She also expressed reservations about the independence of the overseas standards-setter that writes IFRS and the quality of the rules themselves. (CFO.com)

Guessing the Costs of IFRS Conversion:   U.S. executives expect to pay more than their European counterparts did to convert to International Financial Reporting Standards. Depending on company size, they estimate they’ll spend between 0.1% and 0.7% of annual revenue to move from U.S. GAAP to the global rules, an endeavor publicly traded companies in Europe undertook four years ago at an average cost of 0.05% of revenue. (CFO.com)

New Withholding Tables May Produce Questions From Employees:   As a consequence of using the new withholding tables in IRS Publication 15-T, some employees will discover that their withholding and take-home pay haven’t changed at all, even though they will be entitled to the full credit. Others may need to file new Form W-4s in order to avoid being underwithheld. “This could result in new headaches for payroll departments and employees alike,” says Bob Trinz, Senior Tax Analyst from the Tax & Accounting business of Thomson Reuters. (Thompson Reuters)

PCAOB Releases List of Countries Where It Intends To Inspect Audit Firms:   The Public Company Accounting Oversight Board released a list of countries abroad where it intends to conduct inspections of auditing firms. The PCAOB said in December that it would begin conducting the inspections of non-U.S. firms this year after an initial delay. It said at the time that it was delaying the inspections in order to avoid conflicts with the laws in other countries. (PCAOB)

Deloitte to PCAOB: Don’t Second-Guess Us:   Deloitte is not happy with the PCAOB’s “Monday morning quarterbacking” of some of its audit findings and isn’t shy about telling PCAOB to back off. (CFO.com)