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    One-Write Plus: Help Your Small Business Clients Help You

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    Parineeta Sharma
    Registrants must disclose nature and extent of repurchase and reverse repurchase agreements. The amendments require disclosure regarding the degree of risk involved in those transactions. Additional hearings by the subcommittee are anticipated but not yet scheduled.

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    One-Write Plus: Help Your Small Business Clients Help You

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    Parineeta Sharma
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    Registrants must disclose nature and extent of repurchase and reverse repurchase agreements. The amendments require disclosure regarding the degree of risk involved in those transactions. Additional hearings by the subcommittee are anticipated but not yet scheduled.

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    Registrants must disclose nature and extent of repurchase and reverse repurchase agreements. The amendments require disclosure regarding the degree of risk involved in those transactions. Additional hearings by the subcommittee are anticipated but not yet scheduled.

    Copyright:

    Attribution Non-Commercial (BY-NC)
    Download as PDF, TXT or read online from Scribd
    Download as pdf or txt
    20 views3 pages

    One-Write Plus: Help Your Small Business Clients Help You

    Uploaded by

    Parineeta Sharma
    Registrants must disclose nature and extent of repurchase and reverse repurchase agreements. The amendments require disclosure regarding the degree of risk involved in those transactions. Additional hearings by the subcommittee are anticipated but not yet scheduled.

    Copyright:

    Attribution Non-Commercial (BY-NC)
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    isting statutory authority and taken major regulatory steps to address these problems.

    " Additional hearings by the subcommitee are anticipated but not yet scheduled. REGULATION S-X AMENDED TO REQUIRE REPO DISCLOSURES As a result of an action taken at an open meeting held in late January, the Securities and Exchange Commission has announced that the disclosure requirements of regulation S-X have been amended to require disclosure regarding the nature and extent of registrants' repurchase and reverse repurchase agreements and the degree of risk involved in those transactions. Specifically, the amendments require that where the higher of carrying or market value of assets sold under repurchase agreements or the carrying value of reverse repurchase agreements exceeds 10 percent of total assets, the amounts in-

    volved should be disclosed as a separate line item in the balance sheet. Where the higher of the carrying value or market value of assets sold under repurchase agreements exceeds 10 percent of total assets, footnote disclosures are required regarding the assets sold and the terms of the agreements. Repurchase agreements that involve the sale of securities or other assets for which unrealized changes in market value are reported in current income, or which were obtained pursuant to reverse repurchase agreements, need not be considered for purposes of this requirement. Where the carrying value of reverse repurchase agreements exceeds 10 percent of total assets, footnote disclosures are required regarding the registrant's policies with respect to taking possession of the underlying assets and the existence and nature of provisions, if any, to ensure that the market value of the underlying assets remains suf-

    ficient to protect the registrant in the event of default by the counterparty. Where the risk of loss (as defined) under repurchase or reverse repurchase agreements with an individual counterparty or group of related counterparties exceeds 10 percent of shareholders' equity (or, in the case of management investment companies, net asset value), footnote disclosure of certain information regarding the agreements, including the identity of the counterparty, is required. This action by the SEC also highlights what it describes as recent developments in the government securities market. Among other groups, it mentioned the report of the American Institute of CPAs auditing standards board special task force and the AICPA savings and loan associations committee's publication of an exposure draft of a statement of position concerning disclosure issues related to certain repurchase and reverse repurchase agreements.

    Help Your Small Business Clients Help You


    If your clients are already familiar with the One-Write system of manual bookkeeping, they know everything they need to automate. One-Write Plus is exactly Lke the manual system: it displays their checks and journals right on the screen. They simply fill in the blanks. It does the rest. This means your clients can easily prepare their time-consuming journals and ledgers for you. You can spend your valuable time on more important issues of accounting, such a.s auditing and financial reporting. You can also spend more profitable hours helping your clients with management and tax decisions. The bottom line is that your clients will be able to run their businesses better. One-Write Plus starts with check writing, income and cash receipts, and related (ieneral I-edger, Modular options inciude Accounts Payable. Accounts Receivable, and Payroll. One-Write Plus, The one accounting system you can confidently recommend to your own clients. Ask your software dealer for a demonstration. Or call

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    One-Wrile Pius runs on IBM and iximpalihlf m]cn>t(iniput('rs Minimum hardware requiremenis 2Stik mpmory, Iwii S 'A " ili.sk drives, and an Sn-iolumn prinli-r IBM and IBM PC art n-^slereil iradenurksoflniernalional Business Maihint's, Inf.

    JOURNAL OF ACCOUNTANCY, MARCH 1986

    39

    FROM THE AICPA

    A most effective study aid.

    CPA Examination Questions and Answers Indexed NOW COMBINED to Content


    SINGLEVOLUME-

    The effective date of these amendments, according to the SEC, applies to financial statements covering fiscal years ending on or after February 28,1986.
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    This new study aid offers today's CPA candidates an extremely effective way to prepare for the CPA examination. It includes virtually all of the multiple choice questions, problems and essays contained in the nine examinations that were given from May 1981 through May 1985along with unofficial answers. The questions were selected by the staff of the AICPA Examinations Division on the basis of current value and pertinence. The unofficial answers were prepared by the staff and reviewed by the AICPA Board of Examiners. To help you focus on specific subject areas, the questions and answers have been organized into four sections which correspond to the four pai ts of the CPA examination itselfAccounting Practice...Accounting Theory ...Auditing...and Business Law. To facilitate study and review, the material in each section has besn organized and indexed by area and group in accordance with its content speciBcation outline. This area and content approach will enable you to study more effectively by making it easier for you to concentrate more heavily on those subject areas where you feel greater effort is required. ADDED FEATUREThe November 1985 CPA examination is presented in its entirety...along with unofficial answers. This will give you an opportunity to familiarize yourself with a recent examination as it was actually given...and see how well you fare.

    CPA Examination Questions and Answers Indexed to Content Specification Outlines 1981-1985
    Order Department, American Institute of CPAs P.O.Box 1003. New York, NY 10108-1003 Great! Please rush me a copy of the above title (079205). n Regular price $37.50 n AICPA member price $30.00 (provide membership number) D Student price $22.50 (provide copy of student ID or teacher's letter)
    386 n Payment enclosed D Mastercard DVISA Account No. Exp. date .

    name firm or school address

    Signature city state zip Cardhoider's address if different

    Please add 8%% sales tax in New York City. Elsewhere in New YorK State, add 4% State tax plus local tax if applicable.

    Edward H. Eleischman was sworn in on January 6 as a commissioner of the SEC, succeeding James C. Treadway, Jr. During his confirmation hearing before the Senate Banking, Housing and Urban Affairs Committee last fall, Fleischman acknowledged the existence of problems created by the civil trebledamage suits under the Racketeer Influenced and Corrupt Organizations Act (RICO). He said it has been the experience of the financial service industry that RICO has been used to circumvent other securities laws Ernest Davenport, CPA, said recently in testimony before the House Judiciary Committee's Criminal Justice Subcommittee that the civil provisions of RICO are "unfair and inappropriate weapons used increasingly in ordinary commercial litigation against legitimate businesses and professionals." The financial threat of civil RICO, he added, is more likely to disproportionately affect small businesses. "Even the mere filing of a trebledamage RICO action would have posed a grave threat to the survival" of the small, 25-employeefirmin Detroit of which he was managing partner The IRS disallowed most business energy investment credits claimed on tax returns, according to a recent GAO study. The findings relate to returns filed from 1978 through 1982, and most of the disallowed amounts related to credit claimed for investments that the IRS viewed as abusive tax shelters. The credit expired at the end of 1985, but Congress may enact a retroactive extension The IRS, in announcement 86-4, said recently that it is modifying regulations to make claiming charitable deductions for contributions of nonpublicly traded securities easier for taxpayers. In the announcement, the IRS establishes a five-part test to permit charitable deductions for securities not traded on public exchanges and not having any published quotations. Stepheyi H. Collins

    40

    JOURNAL OF ACCOUNTANCY, MARCH 1986

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