Journal of Accountancy articles from May 2005

Journal of Accountancy archives from May 2005

The case for private company GAAP.(generally accepted accounting principles)
May 1, 2005... GAAP has high value--for the most part--say a growing number of external users of private company financial reports, CPAs and other financial professionals working in or serving private companies, which represent more than 99% of the nation's...

Outrageous employee benefits: a strategy to keep your people happy is sound business.
May 1, 2005... EXECUTIVE SUMMARY * THE PARTNERS AT VITALE CATURANO & CO. (VCC) have listened carefully to what employees and potential hires say matters to them in the workplace--growth, intellectually stimulating and diverse projects, and a sense of...

Opportunity and balance: is your organization ready to provide both? Which of your valued professionals will be moving up - and which moving out?
May 1, 2005... Take this simple test. Rank these items from most to least important to the accounting profession: increased competition, rising prices, regulation, personnel issues and corporate scandals. Did you put personnel issues in last place? With...

The dollars and cents of green construction: being environmentally friendly brings financial as well as social benefits.
May 1, 2005... EXECUTIVE SUMMARY * WHEN PLANNING CONSTRUCTION PROJECTS, consider the tax implications, rebate offers and soft benefits associated with environmentally friendly construction. Construction companies may not be eligible for these on...

The new importance of materiality: CPAs can use this familiar concept to identify key control exceptions.
May 1, 2005... EXECUTIVE SUMMARY * THE SARBANES-OXLEY REQUIREMENT FOR COMPANIES to develop key control processes has brought new attention to the well-known concept of materiality. CPAs need to be able to identify key control exceptions and apply...

African American students and the CPA exam: mentoring, internships and scholarship programs can draw students into the profession.
May 1, 2005... EXECUTIVE SUMMARY * DESPITE DECADES OF EFFORT by organizations such as the AICPA and NASBA to bring more minority candidates into the profession, the numbers are still small. Still, there were 5,731 African American candidates for the CPA...

More talk, more action: a changing role for corporate boards and CPAs.
May 1, 2005... EXECUTIVE SUMMARY * THE INCREASING FOCUS ON ETHICS HAS CREATED an opportunity for CPAs to help their companies foster a corporate culture that promotes ethical decision making. It also has encouraged more boards of directors to be involved...

Prepare data for Excel: make information spreadsheet-readable.
May 1, 2005... If you feed correctly formatted data to Excel, it can handle a multitude of calculations flawlessly. But feed it a piece of "indigestible" information--that is, data not formatted to its liking--and the calculations will generate error messages...

CPAs confident about their careers: they're in demand and despite the hours, pay and satisfaction for most are higher than ever.(Certified public accountants)
May 1, 2005... In the midst of a surge of demand for the talents only CPAs can offer, AICPA members are finding fresh professional challenges, ever-greater career achievements and new opportunities to balance work/life priorities. More than at perhaps...

Dumb and dumber: even more proof that truth is stranger than fiction.
May 1, 2005... Did you hear the one about the bank robber who wrote a holdup note on the back of his own utility bill? We've come to expect that the garden-variety crook may not be the sharpest knife in the drawer, but fraudsters are supposed to be smarter,...

Tax relief, chapter 2004: tips for implementing the new rules.
May 1, 2005... EXECUTIVE SUMMARY * THE WORKING FAMILIES TAX RELIEF ACT OF 2004 extends the alternative minimum tax exemption of $58,000 (married filing jointly) and $40,250 (single) through 2005. * THE WFTRA PROVIDES A UNIFORM DEFINITION OF...

Exiting a partnership.(partnership debts)
May 1, 2005... Limited partners generally are not responsible for partnership debts; nonetheless, creditors often demand they guarantee them. When a limited partner who has guaranteed a debt wants to leave the partnership, he must satisfy the guarantee or...

substantiate travel and entertainment costs: writing off a corporate fishing trip.(from The Tax Adviser)
May 1, 2005... In Townsend Industries, Inc., 342 F3d 890 (2003), the Eighth Circuit ruled that the cost of a company's annual fishing trip was a working-condition fringe benefit and a deductible business expense. CPAs should study Townsend to help business...

Directory of AICPA selected services.(Directory)
May 1, 2005... DIRECTORY OF AICPA SELECTED SERVICES Address and employment information can be changed online through www.aicpa.org/about/dues.htm. Or, members can e-mail, mail or fax the information to the Member Service Center in New Jersey (see...