|
IT E-News
In This Issue:
IFRS XBRL Taxonomy Guide Now Available
CFOs Say Tech Knowledge Spurs Careers
IT Spending in Financial Services Sector is Decreasing
Computers Increasingly Infected by Fake Antivirus Products
Member News & Reminders
New IT Section and CITP Members for August
Reader Feedback
In the News
IFRS XBRL Taxonomy Guide Now Available
The International Accounting Standards (IAS) Committee Foundation recently published its guide to the eXtensible Business Reporting Language (XBRL) version of International Financial Reporting Standards (IFRS).
According to a story on WebCPA, the IFRS Taxonomy Guide 1.00 provides information about the XBRL version of the standards and translates them into an interactive data format. The SEC is pushing for U.S. adoption of XBRL and IFRS by public companies over the next several years.
The XBRL format promises to make financial statements from various companies easier for investors to analyze, while IFRS is being promoted as a way to make the financials of U.S. companies more easily comparable with those of foreign companies. The IFRS Taxonomy Guide is aimed at financial statement preparers, supervisors, software developers and others who have a basic understanding of XBRL and familiarity with IFRS and its interpretations.
Back to top
CFOs Say Tech Knowledge Spurs Careers
Being a successful CFO requires finance and accounting adeptness, but what else is needed? According to Robert Half Management Resources, IT expertise was ranked higher than knowledge of operations, law, and sales and marketing.
After accounting and finance, half of 1,400 CFOs who responded to a survey said IT knowledge is "most beneficial" for their careers. These results represent a real sea-change from 2003 when Robert Half asked the same question to CFOs. At that time, only 28 percent of respondents said tech was most valuable, 18 points fewer than operations scored.
The results of the new survey reflect companies' increasing investment in IT systems and e-commerce capabilities. "IT was important back in 2003, but more so today," says Paul McDonald, executive director of Robert Half Management Resources. "It represents a larger share of the capital budget, and as a result of the higher spend, it's become more impactful to the bottom line. Cost overruns are prevalent, and many CFOs are tasked with keeping IT projects on time and on budget."
Read the full story at CFO.com.
Back to top
IT Spending in Financial Services Sector is Decreasing
A new survey by Forrester Research reports that larger tech companies are seeing their most lucrative customers in the financial services sector decrease spending on existing and new IT projects.
In a poll of almost 950 high-ranking technology managers at large businesses in North America and Europe, Forrester found that more than 40 percent of the companies decreased their technology spending. More U.S. businesses have cut their spending than anywhere else, and financial services firms have been the most aggressive in trimming their technology purchases.
According to the article in The New York Times, the hesitancy of financial services companies to spend money is not surprising, given the mortgage crisis and broader cost savings plans.
Back to top
Computers Increasingly Infected by Fake Antivirus Products
Just when you thought the Internet might be a safe place, a new variation of virus-related problems recently popped up. According to PandaLabs, malware labeled as fake antivirus products attempts to defraud users. These applications, classified as adware by PandaLabs, pass themselves off as antivirus utilities and often appear on the Internet as free downloads. Alternatively, they can be concealed in other files downloaded by users, including music or video files.
Once on a system, the malware informs users (often unaware the application are even on their systems) that a virus has been detected. The program then invites users to buy the full version of the antivirus to disinfect the computer.
If users don't purchase the antivirus, the program continues displaying non-existent infections and pop-ups inviting users to purchase the security software, which in reality does not detect or delete anything. If users buy it, they will have paid for a useless program. This is how cyber-crooks reach the main objective: to profit financially through malware.
Read the full story at MarketWatch.
Back to top
Member News & Reminders
AICPA Training School:
IT Considerations in Risk-Based Financial Statement Audits
October 27-30, AICPA Boardroom, New York City
This all new course is designed to help you better understand how Information Technology impacts the audit and financial reporting. Open to only 50 participants, CPAs who perform audits, and controllers, staff members, and internal audit managers who document the IT function for financial reporting audits, will want to attend this special program written and presented by colleagues who serve on the AICPA IT Executive Committee.
To successfully implement the Audit Risk Standards, financial auditors must be able to identify areas of potential risk, and determine whether an IT audit expert is needed to provide a more in-depth analysis of risk. You’ll get all this – and much more at this unique training. Visit the CPA2Biz Conference Page for more information. Note that IT Section members receive a $50 discount on registration.
ABV Exam Registration Open until October 31
Now’s the time to register for the AICPA’s 2008 Accredited in Business Valuation (ABV) Exam! This year’s exam window is scheduled from November 10 through December 13. With the increased demand for professionals having accredited valuation experience, now is a great time to become a part of one of the most highly regarded valuation credentials in the legal and business community. Online registration is available; click “Register Online!” Non-AICPA members can apply using the PDF at the same link. CPAs can learn more about the ABV credential or submit questions to FVSinfo@aicpa.org.
Member Spotlight: Mark Forte
Meet this month's CITP member spotlight. Mark is currently a supervisor in the Small Business Department at Freed Maxick & Battaglia, PC and he is the current chair of IT Committee for the New York State Society of CPAs (NYSSCPA) and VP for the Rochester Chapter of the NYSSCPA. Learn More>>
Network With CITPs at the Columbus Accounting Show
Calling all Ohio CITPs! Join us in an open dialogue to discuss technology issues! This networking session is a great opportunity to meet other CITP members in the local area, and discuss or exchange ideas regarding the latest technology issues or concerns. There is no fee to attend this session.
When: October 29 - 12:05 p.m. – 12:55 p.m.
Where: Networking luncheon at the Columbus Accounting Show - Greater Columbus Convention Center
Registration: Contact Janis Wong at jawong@aicpa.org or (919) 402-4841. Details will be provided three days prior to the session date. Space is limited so don’t delay!
New Release of InfoTech Update
As a way to bring even more news and information to IT Section members, InfoTech Update will have new content and a new look beginning this fall. The new InfoTech Update will deliver via e-mail critical news, analysis and research affecting information technology in the CPA profession. This publication is a free monthly summary of news and issues created specifically with AICPA IT Section members in mind. It also includes tips and tactics from the AICPA and the IT Section. When the first issue of InfoTech Update is released, please let us know what you think. This publication will one of three publications offered to all AICPA members. AICPA members will be receiving a daily news digest, or CPA Letter Daily, as well as access to the IFRS Report publication.
Back to top
New IT Section and CITP Members for August
23 New CITPs in August
Welcome: Brian Allen, William Balser, Brian Bartz, Arlene Chemello, Carol Chenoweth, Colonel Cline, Samuel Cruz, Mary Day, Russell Fleming, Clarence Grier, Sandra Hatrak, Nancy Horvath, Mary Huff, Albert Janek, Thomas Lynch, Maria Manno, Todd Matsushita, Charles Matthews, Murray Messner, Nanette Miller, Carolyn Smithhisler, William Vinson, and Torpey White
Back to top
58 New ITMS in August
Welcome: Angela Appleby, Eyal Ardity, Valerie Barker, James Beck, Donald Beresford, Jennifer Brinkman, Frank Bruno, Walt Buckaloo, Richard Butterworth, Terry Campbell, Thomas Canby, Kristin Anne Clayton, Kristin Darby, Brian Diffin, Joyce Draper, Thomas Drennen, James Ewing, Jason Feldman, Thomas Ford, James France, Joseph Frank, Brent Garlick, Michael Grage, Sheryl Hagen, Steven Hake, Jeffrey Hartmann, Russell Jones, Thomas Jordan, Karen Kerber, Brent Kolb, Daryle La Monica, Lynn Larson, Regina Lee, Leslie Leong, Jesus Licon, Bonnie Lilly, Brian Lutters, Mark Mathieu, Mansul May, Richard McMahon, Eric Miles, Michael Mulligan, Douglas Newland, Kenneth Nowak, Janine Pappas, Danish Qureshi, Michele Ramirez, Luis Rodrigues, James Rotter, William Ruf, Jaime Sanabria Hernandez, Brandon Spankle, Wes Sternenberg, Lisa Tenore, James Theilmann, Robert Tirado, Bernard Wedge, and Jason Wills
Back to top
Reader Feedback
If you are aware of any new and interesting IT resources or you have any feedback, we would love to hear from you, E-mail us at infotech@aicpa.org.
Back to top
|