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Y2CYouth to College (initiative; Learn and Serve America)
Y2CYear 2000 Compliant
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The issue was limited to upgrading internal use software and did not address purchases of hardware or software to replace existing software that is not year 2000 compliant. It also did not address impairment or amortization issues relating to existing assets.
As we move to a Year 2000 compliant economy, some countries, companies and individuals will thrive while others will struggle and be left behind.
Our policy for year 2000 compliance now demands that any new hardware or software purchased must be certified by the manufacturer and/or vendor that it is year 2000 compliant. Any current system not passing our compliance tests must be compliant by September 1, 1998.
"While the large banks are all regulated by the federal government and must be Year 2000 compliant, there are a number of state-chartered banks that have no such similar regulation," he said.
The article also will show how some companies have solved the problem and the hurdles CPAs face, such as liability exposure, in making systems year 2000 compliant.
"It may take years before a company is completely Year 2000 compliant. I know of companies that spent in excess of one year to gather their software inventory before they were able to determine the size of their problem.
There are fears that computers will not recognise the date change at the turn of the millennium but the NHS has checked more than 300,000 pieces of equipment and systems to ensure they are Year 2000 compliant.
Businesses who are spending money to ensure that their computer systems are Year 2000 compliant, or are having to adapt systems to work in euros, might be able to get tax relief on some of the costs, according to Mr Rob Hitchenor, a partner in Wolverhampton based accountants, Barringtons.
In determining whether the assessment of its Year 2000 issues is complete, a company should take into account whether third parties with whom a company has material relationships are Year 2000 compliant. For vendors and suppliers, the relationship is material ff there would be a material effect on the company's business, results of operations, or financial condition if they are not compliant.
IBM Credit wants these business partners to move equipment, has so for years, and it is willing to use scare tactics because quite frankly, it has nothing to lose, especially when none of this old equipment is Year 2000 compliant anyway.
Speaking on the Nice flight, Capt Lloyd Cromwell Griffiths, BA's flight operations general manager, said: "If a country fails to be year 2000 compliant then we won't fly there."
It spent pounds 2.6 million ensuring equipment and services were year 2000 compliant.