Tapping the World Wide Web.

Some of the best sites for accountants.

The World Wide Web can be a baffling maze. It also can be one of the most valuable sources of business and accounting information. To become familiar with what the Web has to offer CPAs, follow this tour of some of the best accounting-oriented Web sites. To facilitate the tour, refer to the list of selected Web sites, organized by major topic, in the exhibit beginning on page 74. Many of the sites described in this article are known as directory sites: A directory site (also referred to as an index) contains hyperlinks--highlighted text or graphics that, when clicked on, transport the visitor to another, related site (hyperlinks are also referred to as hot links).

Starting at a directory site is an excellent way to explore accounting information on the Web, because it allows you to browse through the indexed resources, read any available descriptions and then immediately link to any listed site.

ACCOUNTING AND AUDITING

There are several quality directory sites listed in the exhibit. A good place to start is Kaplan's AuditNet Resource List. It contains an international smorgasbord of accounting and auditing resources on the Internet and other online services and bulletin boards. The list is updated monthly, with the latest additions highlighted.

Another good directory site is Rutgers Accounting Web (RAW). It contains a wide assortment of accounting information. Each section has many hyperlinks. For example, if you scroll down to RAW's auditing section and see an item of interest, simply click on that item and it will open up.

Another interesting site is the Securities and Exchange Commission's EDGAR Database. It allows users to download at no charge publicly available electronic filings submitted to the SEC from 1994 to the present.

The Internal Auditing World Wide Web page also contains a warehouse of information useful to accountants.

TAXATION

Perhaps the best tax directory on the Web is McNeil's TaxSites. It contains a comprehensive list of tax resources-- including federal and state tax forms; legislative, judicial and administrative U.S. tax law; state and foreign tax laws; news groups; mailing lists; newsletters; discussion forums; information about tax software; and vendors' products. McNeil updates TaxSites frequently and highlights the latest additions.

The Internal Revenue Service home page contains information about the IRS. Users can download tax forms, instructions and IRS publications. State and federal tax forms are available from the Taxing Times site. Schmidt's Tax and Accounting Sites (the site is maintained by Dennis Schmidt, one of the authors of this article) and Omer's Tax World are good directories with links to many federal, state and international tax sites, including a searchable version of the U.S. tax code. (See also the case study on page 76.) To keep up with current tax events, you can participate in any of the 21 special topic discussion groups moderated by Tax Analysts' Discussion Groups' editors.

FINANCIAL MARKETS

The Web contains an abundance of financial information. WWW Virtual Library-Finance and Yahoo-Market and Investments are two good directory sites. The New York Stock Exchange, American Stock Exchange and NASDAQ stock market all maintain Web sites. Current stock market data can be obtained from the StockMaster and Security APL Quote Server sites. The Holt Stock Market Report provides daily summaries of domestic and foreign markets. Information related to exchange-traded financial futures and options is available from the Chicago Mercantile Exchange site. The NETworth and GNN Personal Finance Center sites provide additional financial information especially useful to individual investors.

LAW AND LEGISLATION

The Internet contains a great deal of legal information. Although many of the accounting home pages provide links to important legal sites, there are more extensive legal directories available. Some of the best are maintained at American Bar Association LawLinks, Cornell's Legal Information Institute, Counsel Connect LAWLinks and FindLaw sites. The House of Representatives Internet Law Library includes more than 1,600 links to federal, state and foreign law sources. Full texts of recent legislation, as well as the Congressional Record, are available from the Thomas Legislative Information site. Information for all 50 states can be accessed through the Library of Congress Web page.

GOVERNMENT AGENCIES AND INFORMATION

One of the biggest advantages of the Internet for CPAs is the ability to locate and retrieve documents and other information from a variety of government agencies. Without the Web, collecting such information would be a formidable task.

For general information, FedWorld provides a comprehensive central access point for locating and acquiring government information. Document libraries, mailing lists (including one for accountants), discussion forums and other major resources are available at the FinanceNet site. The House of Representatives Home Page contains links to a variety of government information sources. Federal Government Agencies and Federal Government Materials are good directories for other information.

ACCOUNTING EDUCATION

Before the advent of the World Wide Web, academics were the predominant users of the Internet. When the Web became available, academics were some of the first users of its multimedia features. An excellent example of this in the accounting area is the International Accounting Network (lAN) group, which consists of the Rutgers Accounting Web and the University of Hawaii in the United States, ANet in Australia, Nordic Accounting Network in Finland/Sweden and the Summa Project in the United Kingdom. The five members of IAN provide a networked, electronic forum for the exchange of information and the discussion of accounting and auditing issues. They also provide extensive links to professional associations and home pages of professionals and academics active on the Web.

PROFESSIONAL ASSOCIATIONS

The American Institute of CPAs maintains the Accountants Forum on CompuServe (see JofA, Jun.95, page 96) and has recently opened a home page of its own--http://www.aicpa. org. The home page contains news, professional and technical topics and member benefits. In addition, it has useful links to other accounting-related Internet sites, information about products and e-mail links to various teams at the AICPA. Other features will be added in the future.

American Accounting Association and the Institute of Management Accountants sites are maintained at the Rutgers Accounting Web site. Other associations, including those of some state societies, are on the Web. Rutgers and Kent Information Services provide directories of several professional associations.

COMMERCIAL VENDORS

Software developers, publishers and continuing professional education providers have been quick to use home pages. gather than displaying a long list of commercial vendors, the exhibit lists some companies that provide links to useful accounting resources on the Internet, in addition to the products or services they offer.

For example, in addition to sample issues of its publications and lists of its CPE courses, Kent Information Services provides links to accounting and tax software publishers and other CPE providers and publishing companies with accounting and tax products. The vendor also maintains several e-mail discussion groups on such topics as CPA Internet usage, management accounting and application of auditing standards. K2 Enterprises, Accounting Net and Cyber-Accountant also intermingle advertising with useful links to accounting resources, including other commercial providers.

ACCOUNTING FIRMS

In addition to a storehouse of useful data, the Web is an efficient way to provide information to clients. Accounting firms are putting home pages on the Web to advertise their services, to post newsletters and client updates and to seek new employees.

Professional firms need to be cautious about the information they place on the Web. The courts have held that an expert can be liable for malpractice if an unsophisticated consumer relies on a professional's flee advice that results in loss or injury. Professionals should accompany any information provided on the Web with a specific disclaimer.

Many people, including accountants, are betting the Web will soon become an important medium for commerce. If you have not yet connected to the Internet and the World Wide Web, do so soon. There is a wealth of information out there.

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CASE STUDY

Professor's Sideline Is Boon to CPAs

Lots of people surf the Internet for useful Web sites, but coauthor Will Yancey actually provides links through his own Web page, a page that has become a central resource for CPAs. Although all Web browsers have a "bookmark" feature that allows users to save their favorite Web site addresses for quick access (the Internet equivalent of a telephone's speed dial), Yancey has made his Web site his one giant bookmark collection. "My Web page is my personal collection. It's my own eclectic view of what I think is interesting."

He began as an avid user of coauthor Dennis Schmidt's Web page, which provides hotlinks to a number of resources for accountants. Yancey became frustrated at the Internet's slow response times every time he accessed Schmidt's page, so he copied his friend's page to his computer account at Texas Christian University--thus creating the Yancey home page--and continued the process of creating and organizing useful links to a variety of Web pages. Today, his ever-growing list of connections has become a valuable Internet tool for accountants.

"Basically, I collect Web sites, and I focus very much on practitioner-educator types, who are very text oriented" said Yancey. "The graphics don't convey additional information, so I focus on building as many links as I can with text alone." With virtually no graphics (which can take a long time to load online), the page loads quickly. It's clearly organized with headings and subheadings so it's easy to find a desired link.

,4 very small company. Many Web sites are the products of well-funded corporations, but the Yancey site is maintained by one part-time employee---Yancey himself, assisted by a few graduate assistants. "It's really a hobby, rather like wandering in a bookstore and trying to keep track of where I have been and where I might like to go again in the future.

"Maintaining my own Web page gives me fresh material for various presentations I am doing for the Texas Society of CPAs, AICPA Tax Education Conference and American Taxation Association." Yancey didn't even intend to become an information technology expert-- rather, his main area of expertise is tax, and the driving force for expansion is his own use and interest.

Something for everyone. Fortunately, what is interesting to Yancey is very likely to be interesting to most other CPAs as well. His major categories of links include tax law and tax practice, tax education, accounting sites, finance sites, employment and benefits law, general Web resources and university connections. Users can follow his links to accounting publishers, continuing professional education vendors, court decisions, tax forms, articles and information on setting up a home page.

The best way to find out what's on Yancey's continually changing site is to visit it at http://zeta.is.tcu.edu/ ~yancey/. This provides a link to Schmidt's site, which also can be accessed directly at http://www.uni.edu/ schmidt/. (The two sites are similar but have some different connections and are organized differently) Yancey is happy to have visitors make use of his connections-- he points out there are no tolls or permission fees on the Web--but asks as a matter of Web courtesy that those using his links who have their own Web pages create links to the Yancey page. After all, as Yancey knows, the more links, the better.

--Richard J. Koreto