Journal of Accountancy articles from December 2003

Journal of Accountancy archives from December 2003

The new CPA exam--meeting today's challenges: the revised exam simplifies the process not only for those taking the test but also for their employers.
December 1, 2003... During a recent JofA interview, David A. Costello, president and CEO of the National Association of State Boards of Accountancy (NASBA), said that computerizing the CPA exam required dramatic shifts not only in the test's content and format but...

One on one: the PCAOB Chairman and the JofA: PCAOB Chairman William McDonough talks about accountability, the inspection program aimed at auditors of financial statements and the board's expectations of corporate management.(Public Company Accounting Oversight Board, Journal of Accountancy)(Interview)
December 1, 2003... JofA: Regaining confidence in the capital markets is job number one. From your perspective, what will it take to get things moving again? How will the PCAOB interface with corporate America, Wall Street, lawyers and the accounting profession?...

Closing the gap with non-GAAP state and locals.(generally accepted accounting principles)
December 1, 2003... "As many as 3 in 4 state and local governments may be using non-GAAP financial statements. But the guidance for using OCBOA can be limited and confusing.." A significant number of state and local governments maintain their internal...

Peace of mind for the unexpected.(AICPA Long Term Disability Income Plan)
December 1, 2003... What would happen if you were suddenly unable to work due to an unforeseen illness or accident? Would you be able to sustain some level of your current lifestyle--without depleting the savings you've set aside for the future? Would your...

Tips to track deliveries.(accounting tips)
December 1, 2003... Your client owns a restaurant and watches her budget carefully. She hasn't worried too much about a nearby competitor because her location is better, her food tastier and her place always full. However, lately her costs have risen and she finds...

A primer for brainstorming fraud risks: there are good and bad ways to conduct brainstorming sessions.(auditing techniques)(Cover Story)
December 1, 2003... Auditors are required by SAS no. 99, Consideration of Fraud in a Financial Statement Audit, to conduct a "brainstorming" session in every audit. Its purpose is twofold: to consider fraud risks that may be present and to emphasize the importance...

The ABV credential: leading the way: the ABV is the go-to for the value answer.(accredited in business valuation)
December 1, 2003... Credentialing has always been an essential way for professionals to distinguish themselves and highlight their qualifications in a particular field. This article focuses on the Accredited in Business Valuation (ABV) credential, administered by...

Niche development tips: CPAs with strong service specialties share some details about how to make them grow.
December 1, 2003... EXECUTIVE SUMMARY * CPAs WITH DIVERSE EXPERTISE tell J of A readers what niche development techniques or processes helped them accumulate clients in a certain category. To learn about the automotive industry, for example, one firm attended...

Jump-starting financial literacy: CPAs can add the spark.
December 1, 2003... At a time when the financial world is becoming more complex, education to help consumers cope is woefully lacking. American households carry significant credit card debt, personal bankruptcies are on the rise, savings rates are declining and...

Boost profits with Excel: Solver calculates the most cost-effective and profitable product mix.
December 1, 2003... Your company CEO or client asks you to figure out a way to maximize profits. Specifically, he wants to know the most profitable product mix, whether the company has the capacity to meet demand with that mix and the value of adding capacity. ...

Tax-planning services for clients or employers: CPAs should understand their responsibilities.
December 1, 2003... For several years Congress has challenged the AICPA to explain how its Code of Professional Conduct controls and disciplines members who are involved with abusive tax shelters. Concluding that there was a need for a comprehensive interpretation...

Rules for the written record: fraud reports are quite different from audit reports.
December 1, 2003... While some may consider report writing one of the more mundane aspects of conducting a fraud examination, documenting the case is every bit as important as investigating it. This article looks at how to record the results so end users receive...

AICPA issues nonattest services independence rules: guidance for members who provide nonattest services to attest clients.
December 1, 2003... In June 2003 the Institute's professional ethics executive committee (PEEC) adopted independence rules for members who provide nonattest services to attest clients. Except for certain in-process engagements, these rules take effect December 31....

Deducting compensation paid with property.(Robinson v. United States)
December 1, 2003... Employees must report as income compensation paid to them in either cash or property. The employer is entitled to a corresponding deduction. If the property is restricted, IRC section 83 determines how much income the employee must report and...

From the tax adviser: royalties or wages? Earnings by any other name ... are still earnings.
December 1, 2003... The Tax Court ruled that "royalties" paid to a C corporation's officer were wages for which the corporation was liable for payroll (for example, Social Security, Medicare and unemployment) taxes (Charlotte's Office Boutique, Inc., 121 TC no. 6...

Official releases: revisions to bylaws and council resolutions ... SSTS interpretation.(Council of the American Institute of Certified Public Accountants )
December 1, 2003... Revisions to Bylaws and Council Resolutions At its spring 2003 meeting, the Council of the American Institute of Certified Public Accountants authorized a member referendum with respect to changes to the bylaws to enhance the AICPA's ethics...