Journal of Accountancy articles from April 2003

Journal of Accountancy archives from April 2003

FASB issues Interpretation no. 46, Consolidation of Variable Interest Entities, which applies to a broad array of such organizations including special-purpose entities, off-balance-sheet structures and, generally, corporations, partnerships.
April 1, 2003... FASB issues Interpretation no. 46, Consolidation of Variable Interest Entities, which applies to a broad array of such organizations including special-purpose entities, off-balance-sheet structures and, generally, corporations, partnerships,...

The Institute issues a competency assessment tool that enables CPAs to evaluate their knowledge of fraud prevention, detection and investigation techniques and develop a learning plan to refine their skills in this area.
April 1, 2003... The Institute issues a competency assessment tool that enables CPAs to evaluate their knowledge of fraud prevention, detection and investigation techniques and develop a learning plan to refine their skills in this area...

The AICPA, the National Association of State Boards of Accountancy (NASBA) and Prometric, a technology-based testing company, announce the April 5, 2004 commencement of a computerized version of the uniform CPA exam .
April 1, 2003... The AICPA, the National Association of State Boards of Accountancy (NASBA) and Prometric, a technology-based testing company, announce the April 5, 2004 commencement of a computerized version of the uniform CPA exam (www.aicpa.org/news/2003...

The Bush administration launches a Web site (www.regulations.gov) where interested parties can find, review and comment on proposed rules any government agency publishes in the Federal Register.
April 1, 2003... The Bush administration launches a Web site (www.regulations.gov) where interested parties can find, review and comment on proposed rules any government agency publishes in the Federal Register. Earlier research by the Department of...

Mastering the Art of Marketing Professional Services .(Book Review)
April 1, 2003... What does marketing have to do with being a CPA? In today's market, everything. In today's world of firms consolidating and other professionals elbowing in on CPA turf, marketing your services is more essential than ever. Fortunately, it's...

CPA's Handbook of Fraud and Commercial Crime Prevention.(Book Review)
April 1, 2003... The best-selling "CPA's Handbook of Fraud and Commercial Crime Prevention" has just been updated with a timely 2003 supplement that includes the latest developments in restoring investor confidence. But as this checklist shows, stopping...

Mind your e-mail manners.
April 1, 2003... Most of us are guilty of it: We use lowercase letters and sparse punctuation throughout our e-mails with little regard for the beginnings and ends of sentences or even paragraphs. However, using good manners, proper English and sensitivity to...

Hot stuff: what you need and what you don't: your technology setup may be sufficient for your needs.(accountants)
April 1, 2003... Ready for some good news? For the past decade or two, your office technology goal probably was to stay reasonably current--or at least avoid obsolescence. That was a challenge because nearly every year many of your critical applications...

CFOs for hire: the rewards and pitfalls of being an itinerant executive.
April 1, 2003... By any objective measure, CPA Cynthia Jamison had built an enviable career. After two years in public accounting, a couple of years as a consultant and several more in corporate accounting, planning and treasury, Jamison secured a series of...

Maximize your global IP: strategic planning helps multinational companies enhance profits and avoid pitfalls.
April 1, 2003... As companies seek earnings growth and sources of investment capital, it becomes critical for them to manage resources more productively. In today's global economy, many enterprises rely extensively on developing and effectively exploiting their...

Corruption: causes and cures; auditors can help detect and deter bribery and kickbacks.
April 1, 2003... You'll never catch Burgin," television investigative reporter Marsha Halford said to me during an off-camera interview regarding rumors of bribery in the Mississippi senate. "He is the smartest and most corrupt politician in the state." ...

Management is responsible, too; practical advice to help corporations prevent, detect and deter fraud.
April 1, 2003... The audit standard issued by the AICPA auditing standards board (ASB) in October 2002--SAS no. 99, Consideration of Fraud in a Financial Statement Audit--does something no audit standard has ever done. It contains a document titled Management...

Before the deluge--and after: CPAs can help clients prepare to pick up the pieces when Mother Nature hits hard.
April 1, 2003... At the eastern edge of North Dakota, the Red River flows north toward Canada, forming the state's border with Minnesota. The city of Grand Forks sits in the Red River Valley, north of Fargo and south of Winnepeg, on the North Dakota riverside...

The A to Z of keeping staff: few firm employees leave without a good reason - here's how not to give them one.
April 1, 2003... "How you gonna keep 'em there at the firm, after staff want to go free" could be a new managing partner refrain according to the numbers in the yearly AICPA staffing survey. To cross-check those findings (see "Here for the Duration?" at left),...

Fear, greed and the madness of markets: the decisions investors make.
April 1, 2003... "I can calculate the motions of heavenly bodies, but not the madness of people," Sir Isaac Newton wrote in 1721. His words were as much a lament as an acknowledgment of his own limitations: Newton was one of many investors who had lost their...

Treasury clarifies third-party transfers.
April 1, 2003... Under IRC section 1041, taxpayers recognize no gain or loss on property transfers between spouses during marriage or related to a divorce. The section's intent is to treat spouses as a single economic unit and defer (but not eliminate) any tax...

Shareholder legal fees.
April 1, 2003... With the increased number of legal problems corporate officers, directors and shareholders face, it's important to understand the correct tax treatment of legal fees a corporation pays on their behalf. Kenneth Guarino created Capital Video...

Eighth Circuit shifts burden of proof to IRS.
April 1, 2003... Under IRC section 7491, in any court proceeding the IRS has the burden of proof with respect to any factual issue relevant to determining a taxpayer's liability for any income, self-employment, gift, estate and generation skipping transfer...

The IRS launched an amnesty program in January for taxpayers who, by means of offshore credit card accounts, evaded taxation of reportable income (www.irs.gov/pub /irs-drop/rp-03-11.pdf). (Tax Notes).
April 1, 2003... The IRS launched an amnesty program in January for taxpayers who, by means of offshore credit card accounts, evaded taxation of reportable income (www.irs.gov/pub /irs-drop/rp-03-11.pdf). Under the offshore voluntary compliance program, such...

A new IRS unit assumed responsibility in January for oversight of tax professionals (www.irs.gov/newsroom/article/0,,id=105533,00.html). (Tax Notes).
April 1, 2003... A new IRS unit assumed responsibility in January for oversight of tax professionals (www.irs.gov/newsroom/article/0,,id=105533,00.html). The Office of Professional Responsibility has more than twice the staff of its predecessor--the Office of...

The National Taxpayer Advocate's annual report to Congress, issued in January, identified impediments to service and compliance, as well as the issues most frequently litigated.
April 1, 2003... The National Taxpayer Advocate's annual report to Congress, issued in January, identified impediments to service and compliance, as well as the issues most frequently litigated (www.irs.gov/pub/irs-utl/nta_2002_annual_rpt.pdf). It said...

Amnesty for offshore tax evasion: April 15 is the last chance to avoid certain penalties.
April 1, 2003... The IRS's offshore voluntary compliance initiative is a one-time amnesty program applicable generally to taxpayers who underreported their 1999, 2000, 2001 and/or 2002 taxable income using payment cards (debit, credit and charge cards) issued...

Frequency of CPA Letter to increase; full edition to be available online.
April 1, 2003... As part of its efforts to continually improve communications with members, the AICPA is both increasing the frequency of the CPA Letter and taking advantage of new technologies to make the newsletter's entire text available online. After the...

Directory of AICPA selected services. (Inside AICPA).(Directory)
April 1, 2003... DIRECTORY OF AICPA SELECTED SERVICES To order publications, call the order department and not the issuing division. All addresses and job change information should be mailed or faxed to membership records in New Jersey (the changes will...