Journal of Accountancy articles from September 2001

Journal of Accountancy archives from September 2001

Techniques to Turn Intellectual Property into More Profitable Assets
September 1, 2001... Patents, copyrights, trademarks and trade secrets are legally protected rights referred to collectively as intellectual property (IP), a major component of intellectual capital. As decisions about investment in and commercial exploitation of IP...

Making Sense of the New Tax Legislation
September 1, 2001... EXECUTIVE SUMMARY * PRESIDENT BUSH SIGNED THE ECONOMIC GROWTH AND Tax Relief Reconciliation Act of 2001 into law June 7. The $1.35 trillion tax relief package affects almost every taxpayer in a variety of ways. CPAs may, need to reconsider...

Say Good-Bye to Pooling and Goodwill Amortization
September 1, 2001... EXECUTIVE SUMMARY * NEW FASB STANDARDS PROHIBIT the pooling-of-interests method of accounting for business combinations and require a purchase accounting method that does not allow goodwill amortization. The standards are a radical change,...

IT and the Audit
September 1, 2001... EXECUTIVE SUMMARY * TO HELP AUDITORS COPE WITH THE ISSUES surrounding the explosive growth in information technology use, the ASB issued SAS no. 94, The Effect of Information Technology on the Auditor's Consideration of Internal Control in a...

A New Credential for a New Economy
September 1, 2001... In today's evolving global marketplace, there is a growing demand for skilled strategists who draw upon a wide array of competencies to provide solutions that create wealth and a competitive edge for businesses. Responding to this need, the...

Adding Value to the Profession: The Proposed Global Business Credential
September 1, 2001... The time is now to meet the marketplace demands. An extraordinary opportunity is before us. We are now considering a credential that adds enormous value to our profession. Its holders can be characterized as rooted in strategy, facilitators...

Impact of the Global Business Credential on the Next Generation
September 1, 2001... Survey results say it's a win/win outcome for the profession. The next generation is obviously critical to the future of the accounting profession, but the data on its interest in the field are not encouraging. Recent studies conducted by The...

Market Research: Data Suggest Demand for Global Business Credential Skills
September 1, 2001... Market research on the global business credential concept began in 1999. A consortium of international accounting organizations conducted qualitative and quantitative research to gather feedback on the credential concept in 11 countries...

A Summary of Points of View
September 1, 2001... A Summary of Points of View THE ISSUES WHAT OPPONENTS SAY Creating a NEW * We may need this type of credential 20 years Credential from today, but not now * The Big 5 don't need and won't use this...

CPAs Have Everything to Gain
September 1, 2001... An interview with the COO of the Global Credential Steering Committee. JofA: You're a CPA yourself. Some CPAs are vehemently against opening up the credential to other professions. What would you say to them? Trepeck: I understand their...

Why We Oppose the Proposed Global Business Credential
September 1, 2001... Only a complete understanding of XYZ will result in an intelligent vote. Our relationship with the AICPA has been a good one W and we want it to continue in the future. Our intention here is not to criticize but to clarify the information...

We Are Global Business Advisers
September 1, 2001... If Columbus had an advisory committee he would probably still be at the dock --Justice Arthur Goldberg, 1908-1990 Engage in this thought experiment: The following individuals to some omnipotent body, such as a governmental industrial planning...

New Credential Is a Natural Fit
September 1, 2001... Business and industry members, the AICPA's largest and fastest growing constituency, seem to have a natural affinity for the proposed global business credential. "I'm not aware of anyone in industry who has taken a strong negative stand" says...

Many Small Firms Remain on the Fence
September 1, 2001... Others see new competitive asset. Many CPAs practicing in small firms appear to be taking a wait-and-see attitude when it comes to the proposed global credential. "My clients tend to be small companies, so I honestly don't know if my having...

Con ... What Opponents Say
September 1, 2001... While I understand the driving rationale for the new credential, I am afraid it is not responsive to the marketplace or CPA professionals. Who will hire someone with this credential if they really need specific expertise in areas traditionally...

Pro ... What Advocates Say
September 1, 2001... The range of services required by our clients has increased dramatically in recent years. I feel the proposed XYZ designation provides our profession with an enhanced opportunity to access the fast-growing consultancy work available in areas...

"It's Up to You"
September 1, 2001... By the time the debate subsides and the information campaign ends, millions of words will have been written and spoken about the global business credential--more than 12,000 of them in this insert alone. Powerful words. Objective words....

"Why Ask?" You Ask
September 1, 2001... Because it's part of your job--and it may uncover fraud. Financial statement frauds, the bane of the auditing profession, come in different forms. But, from studying hundreds of fraud cases, we can learn a great deal that can help CPAs in...

Detection of Fraudulent Financial Reporting
September 1, 2001... Are internal auditors not spotting red flags? Internal auditors are responsible for pursuing perpetrators of fraud every day. They always, according to the Institute of Internal Auditors' Standards for the Professional Practice of Internal...

Trends in Audit Fees
September 1, 2001... Peaks and valleys even out in the long term. Have audit fees increased, decreased or remained relatively steady? The question is not new--researchers have examined trends in audit fees but have restricted their studies to only a few years....

Some Get Incorrect Refund Notices
September 1, 2001... As a result of the Economic Growth and Tax Relief Reconciliation Act of 2001, the IRS announced refunds would go to anyone who paid taxes in 2000 and sent out approximately 112 million notices. Approximately 523,000 taxpayers, the IRS said in...

Save a Building, Save on Taxes
September 1, 2001... The National Park Service, part of the U.S. Department of the Interior, has released a report, Federal Tax Incentives for Rehabilitating Historic Buildings, that summarizes the positive effects of the historic preservation program started 25...

Contingency Fees Revisited
September 1, 2001... The dispute over the proper taxation of contingency fees paid to an attorney continues. Several circuit courts have maintained the amounts were not taxable. A recent case expanded the exclusion. Mattie Foster won a verdict in an Alabama state...

Consolidated Carryback of Product Liability Expenses
September 1, 2001... The U.S. Supreme Court resolved a conflict between the Fourth and Sixth Circuit appeals courts in a case involving the 10-year carryback of product liability losses under IRC section 172(b)(1) for an affiliated group filing a consolidated...