Journal of Accountancy articles from February 2009

Journal of Accountancy archives from February 2009

Converting to IFRS: the SEC's proposed road map for the potential use of IFRS in financial statements prepared by U.S. issuers could result in the mandatory use of international standards beginning in 2014, 2015 or 2016, depending on a company's size. Under the plan, the SEC would decide in 2011 whether to proceed with mandatory reporting under IFRS.(international financial reporting standards)
February 1, 2009... Although 2014 may seem a long way off, it is not too early to prepare for IFRS conversion. Here are some key activities that will contribute to a successful conversion: * Establish a structured methodology. Conversion to IFRS is best...

Using IFRS to drive business development: opportunities for small and midsize firms.(international financial reporting standards)
February 1, 2009... EXECUTIVE SUMMARY * IFRS presents opportunities for small and midsize firms to grow. Developing an IFRS niche means more than learning the standards. It also requires adapting business development and marketing efforts. * Many U.S....

IFRS: beyond the standards.(international financial reporting standards)
February 1, 2009... EXECUTIVE SUMMARY * Research suggests that cultural differences cause accountants in different countries to interpret and apply accounting standards differently, This research reveals that two accounting values directly influenced by...

Uniting the global profession: IFAC president shares vision For the future.(International Federation of Accountants president Robert Bunting)(Interview)
February 1, 2009... [ILLUSTRATION OMITTED] Robert Bunting became president of the International Federation of Accountants (IFAC) in November, beginning a two-year term. Prior to this, he was deputy president of IFAC for two years and has been a member of the...

The virtues and challenges of a long break: firms find sabbaticals are worthy investments.
February 1, 2009... EXECUTIVE SUMMARY * Sabbatical programs are relatively rare in accounting, but firms that incorporate them as part of their benefits package may find that they act as a powerful recruitment and retention tool, help develop talent, serve as...

Reporting unrelated business income.
February 1, 2009... EXECUTIVE SUMMARY * Increased congressional and IRS scrutiny of exempt organizations includes looking at unrelated business income (UBI). * UBI is taxed to prevent unfair competition between tax-exempt and taxable organizations. It can...

Right track your CPA career: applying these principles to your daily life can help you reach your true potential.(certified public accountant)
February 1, 2009... EXECUTIVE SUMMARY * Four performance areas create value for CPAs in public practice: client service, team development, business development and innovation. CPAs who want to carve out a great career have to be proficient in all four and...

Forecasting with Excel: regression analysis can help predict revenues and costs.
February 1, 2009... [ILLUSTRATION OMITTED] Your client, Dave's BBQ, a local independent restaurant, is interested in determining the effect on sales revenue of certain advertising strategies. Dave has weekly data on advertising dollars spent as well as sales...

Creating joint ownership: avoiding the tax traps and other pitfalls.(part 1)
February 1, 2009... [ILLUSTRATION OMITTED] Many property owners add their children and other family members to the title of their property without thinking through the consequences. Many seem to favor joint tenancy-a convenient way to ensure that assets will...

Securities trader status not satisfied.
February 1, 2009... The Tax Court ruled against a couple's deduction of securities losses as ordinary rather than capital and against expenses as trade- or business-related, saying the taxpayers failed to qualify as securities traders and therefore were subject to...

Partners' agreement subject to at-risk rules.
February 1, 2009... The Court of Federal Claims denied a taxpayer's claim that the terms of his partner's closing agreements with the government allowed him to use previously disallowed passive losses to offset nonpassive income. Lyman Bush was a limited...

FICA required on 403(b) salary reductions.(Federal Insurance Contributions Act)
February 1, 2009... The Seventh Circuit affirmed a district court's ruling that FICA must be withheld on contributions made by salary reduction to a section 403(b) retirement plan. The circuit also affirmed the trial court's upholding of a penalty for failing to...

IRS oks rolling average.
February 1, 2009... The IRS now considers a rolling-average method of inventory costing used for financial statements to be acceptable as well for income tax reporting, assuming the taxpayer satisfies one of two safe harbors. Additionally, the IRS furnishes...

IRS releases revised per diem rates and rules.
February 1, 2009... In October, the IRS provided an optional method by which employees and self-employed individuals may compute the amounts deemed paid or incurred for business meals and incidental expenses for which they are not reimbursed. Revenue Procedure...

Subsequent deferrals under section 409A.
February 1, 2009... Nonqualified deferred compensation plans must now comply with a vast set of new rules. The transition relief expired on Jan. 1, and the final regulations under IRC [section] 409A are now in effect. These rules include the subsequent deferral...

AICPA ... where to turn.(Directory)
February 1, 2009... Member Service Center 1-888-777-7077 * Option #1 Orders/CPE/Conference Inquiries * Option #2 AICPA Membership Inquiries Including Dues * Option #3 Webcast/AICPA.org Web Site/CPA2Biz Including Log In & Access Inquiries *...

The last word.(certified public accountant's military service)
February 1, 2009... Here in Gardez, Afghanistan, I'm helping Afghans develop their own security forces and ensure their safety. I spend every day except Friday, which is their holy day, mentoring Afghan general officers, senior officers and enlisted personnel. I...