Action Steps
The best contacts and resources to help you get it done

Utilize accounting information resources for technical issues

If you need help with information on accounting principles and standards, take advantage of nonauthoritative resources that aim to provide accounting references to tax professionals.

I recommend: The American Institute of Certified Public Accountants (AICPA) offers members an accounting and auditing technical hotline. You can call an 800 number or use an online form to get free nonauthoritative advice on accounting principles, auditing, attestation and SSARS standards. The Governmental Accounting Standards Board (GASB) also employs a technical inquiry system to encourage uniform application of Generally Accepted Accounting Principles (GAAP). Call, e-mail or submit an online form if you have technical questions regarding governmental accounting and financial reporting.

Get authoritative accountancy information from the government sources

Go straight to a government source when you need official guidance on procedures, regulations, rulings and more. Utilize online government resources to access forms, publications and other tools for tax professionals.

I recommend: Read interpretations of federal securities laws or seek guidance from the Office of the Chief Accountant (OCA) through the U.S. Securities and Exchange Commission (SEC) website. Questions regarding accounting, financial reporting, auditing as well as auditor independence are encouraged. The Internal Revenue Service (IRS) website offers tax accounting information for tax professionals. Visit the website for guidance on code and regulations as well as other resources that include Tax Hints, e-News, bulletins and more.

Subscribe to accounting research and reference sources and journals to enhance industry knowledge

Request research on accounting journals as well as news feeds, commentaries and other sources to stay abreast of changes in the field.

I recommend: The Center for Audit Quality (CAQ) provides alerts, comment letters, news feeds, research and more. Sign up to receive notifications from the SEC Regulations Committee and International Practices Task Force. The American Accounting Association (AAA) offers links to accounting research resources that include the AAA Monographs as well as access to databases with indexed accounting research.

Helpful advice for making the most of this Guide

• •  Professional associations for accountants typically offer a wide range of accounting information resources that includes magazines, newsletters, career development and more. Become a member of an organization to stay informed and get connected with other professionals in the field.

Guide to Accounting Information Resources

Support your financial staff with an accounting reference library.

By Heather Topham Wood, Freelance Writer

1. Use current accounting information to design your office’s policies and procedures. At start up, you want to develop a library of reference documents to help your accounting department perform day to day duties efficiently.
2. Get tax accounting information to perform accounts payable and receivable tasks correctly. Utilize reputable websites that provides state tax information and updates.
3. Consistently update your reference information on accounting. Always use accounting information resources that can give you the most up to date policies in a timely fashion.

Action Steps
The best contacts and resources to help you get it done

Download an accounting research and reference program

You'll want to provide your accounting department with access to accounting references that are easy to use and that require little training in order to implement. Your accountants will want a software program that is customizable as well.

I recommend: Sign up for a free trial on the Copedia website and see the accounting reference documents that they provide to their members. Most of the information on accounting provided within the program is formatted in MS Word or Excel.

Build a library of accounting reference materials

Use various online directories to secure and manage documents that relate accountancy information. Change the accounting reference documents if they appear outdated and do not reflect current accounting policies and procedures.

I recommend: Access accounting reference documents by using the links found on the Internet Public Library. If you rather have a reference document that gives you current accounting information without having to browse through links, download the e-book version of the Accounting Reference Desktop. Find a large amount of accounting information and tools at CCH. There's a very extensive listing of tax and accounting reference sites at TaxSites.com.

Subscribe to an online news wire to receive accounting info and news

The accounting information viable to business owners is always changing. You should recommend that your accounting department subscribe to an online accounting news wire as a way to stay on top of changes that could affect your business operations.

I recommend: On Topix, you can locate thousands of accounting news stories and reference documents. This site is updated on a daily basis as a way to provide the most up to date information. You’ll find that Accounting Web is equally helpful at providing the latest news for accountants. To keep up with state and local tax changes, try the Tax Cybrary; for small business tax updates, see Small Business Tax News.

Find tax accounting information

I recommend:

Helpful advice for making the most of this Guide

• •  If you want to streamline your accounting information library, use a software program that systematically updates your reference documents automatically as a part of your service package.

Action Steps
The best contacts and resources to help you get it done

Receive the latest research on accounting for less than $200 per year

Stay in the know with accountant information by subscribing to electronic or print journals as well as other tax resources that cost less than $200 annually.

I recommend: Get an annual subscription to the National Tax Journal ranging from $100 to $190 depending on your subscriber status as domestic, foreign or library. Written for a diverse audience of accountants, lawyers, tax administrators and academicians, the journal addresses government finance and taxation issues. The National Technical Information Service (NTIS) distributes Internal Revenue Service (IRS) tax products on CD and DVD for approximately $35 if the order is placed online, slightly more if ordered by phone or mail. These products include forms, instructions and publications of the current and prior year as well as Internal Revenue Bulletins, an IRS Tax Map, technical support and more.

Get tax accounting references at mid-range prices

Tax accounting research and reference materials range from $125 to $500. Online tax accounting information tends to be less expensive than print products.

I recommend: The Governmental Accounting Standards Board (GASB) provides a variety of CD-ROM products that include different versions of the Governmental Accounting Research System (GARS) that range from $365 to $495. Some of these products come with different hard copy editions that include Codification, Original Pronouncements and a Comprehensive Implementation Guide. The American Accounting Association (AAA) offers 13 journals that include research and theory in various aspects of the accounting. Purchase a subscription for the Journal of Management Accounting Research for as little as $125 to $160, depending on whether you choose a print or online version. The online version has access to previous issues. Online and print packages, as well as, an online package that gives access to all 13 journals is also available.

Utilize electronic research tools to quickly research accounting policies and procedures

Receive accounting reference materials that include technical bulletins, interpretations, implementations guides, alerts, original pronouncements and more when you subscribe to an online reference library. You can access reference materials in different libraries for less than $2000 per year.

I recommend: CPA2Biz offers an annual online subscription to AICPA Core Library with FASB Library and GASB Library that ranges from $1369 to $1711 depending on AICPA membership. CPA2Biz is a leading e-commerce website of accountancy information for accounting professionals. Thomson Tax & Accounting offers International Accounting and Financial Reporting online from $490 to $530, online or print respectively, with four updates a year. This resource includes an analysis of International Financial Reporting Standards (IFRS) and additional application features.

Helpful advice for making the most of this Guide

• •  Check government websites such as that provided by the IRS for free access to the Internal Revenue Code, Treasury Regulations and other sources that provide official guidance on accounting policies and procedures.

Action Steps
The best contacts and resources to help you get it done

American Institute of Certified Public Accountants, or AICPA

The American Institute of Certified Public Accountants, or AICPA, is the professional association for certified public accountants in the United States. This organization sets auditing standards for companies, federal, state and local governments, and nonprofit organizations. AICPA has lots of accounting information resources for you.

I recommend: Visit the American Institute of Certified Public Accountants.

Public Company Accounting Oversight Board, or PCAOB

Public Company Accounting Oversight Board, or PCAOB, is a private, nonprofit corporation that was created when the Sarbanes-Oxley Act was passed in 2002. The board is responsible for overseeing audits of public companies and has many government-like attributes. The PCAOB Web site is a great resource for accounting information relevant for public companies.

I recommend: Get more information from the Public Company Accounting Oversight Board.

Sarbanes-Oxley Act

The Sarbanes-Oxley (SOX)Act was passed to set new standards and to enhance older standards for U.S. public company boards. It was passed in 2002 as a result of some major scandals that resulted in investors losing billions of dollars.

I recommend: Learn more by going to SOX Law.

International Practices Task Force, or IPTF

The International Practices Task Force, or IPTF, is a task force of the SEC regulations committee. The task force meets with the SEC staff and discusses international accounting and reporting issues that relate to SEC rules and regulations. IPTF is a good resource for emerging issues related to accounting.

I recommend: You can find more information at The Center for Audit Quality.

CFA, or chartered financial analyst

CFA stands for chartered financial analyst, which is a professional designation offered by the Chartered Financial Analyst Institute to financial analysts once they complete a series of three examinations.

I recommend: You can find helpful information at the CFA Institute.

Generally accepted accounting principles, or GAAP

Generally accepted accounting principles, or GAAP, represent the guidelines for financial accounting. GAAP includes the rules and standards accountants should follow when they record and summarize transactions as they prepare financial statements. GAAP is one of the most important resources for accounting information.

I recommend: Wiley Publishing has Cliff Notes to simplify this information for you.