Journal of Accountancy

A monthly publication of the American Institute of Certified Public Accountants focusing on the latest news and developments related to the field of accounting, and written for CPAs and other accounting professionals.

Articles from Vol. 192, No. 6, December

Accounting for Asset Retirement Obligations: FASB 143 Explains It All. (Financial Reporting)
With the long-term business trend toward a more balance-sheet oriented focus in accounting, FASB has fixed its attention on how entities account for obligations associated with the retirement of tangible long-lived assets. In the past, many businesses...
A Road Map to Risk Management: CPAs Can Help Companies Manage Risk to Create Value. (Consulting)
Successful businesses take calculated risks to achieve objectives. Globalization, deregulation, Web-based services, complicated financial instruments and contracts, emerging markets--all contain tremendous potential advantages for companies and carry...
Budgets on a Roll: Recalculating a Business's Outlook Several Times a Year. (Business & Industry)
For years, senior managers at REL Consultancy Group handled budgeting and revenue forecasting much the way most other companies do. As year-end approached, they would evaluate performance, set sales targets for the upcoming year and then work to see...
Enemies Within: Asset Misappropriation Comes in Many Forms. (the Fraud Beat)
Sometimes, the truth isn't very pretty. Consider, for example, the American workforce. Although regarded by many as the finest in the world, it has a dark side. According to estimates, a third of American workers have stolen on the job. Many of these...
Fees for Future Services. (Tax Matters)
Generally, accrual basis taxpayers include payments they receive for future services in gross income in the year of receipt. Revenue procedure 71-21, however, allows deferral of amounts a company receives in a tax year for services it will perform...
How to Organize Your Insurance Practice: Provide Maximum Value to Firm and Client. (Insurance Issues)
As a growing number of CPA firms build insurance practices, one key to a thriving venture is clear: The most successful firms focus their resources on just a few insurance strategies that will help clients accomplish targeted goals. They know the details...
New Rules for IRA Distributions: Proposed Regulations Should Mean Less Frustration for CPAs and Their Clients. (Tax/Employment Benefits)
Americans work most of their lives to accumulate money in qualified plans and IRAs to fund their retirement. Until recently, saving was only half the battle these taxpayers faced. Their other concern was the complex and generally inflexible distribution...
Related Corporate Redemptions. (Tax Cases)
Congress enacted IRC section 304 to prevent companies from trying to improperly withdraw earnings and profits from a company through the use of brother/sister corporations. Without proper attention to what section 304 forbids, unsuspecting taxpayers...
Standard Setters Focus on Performance Reporting. (Highlights)
The Financial Accounting Standards Board (FASB) and the International Accounting Standards Board (IASB) are studying the usefulness of data contained in financial statements. Their objective is to increase the clarity of information available to users...
Strategic Planners Lead the Pack: Map out Your Firm's Path to Its Best Performance. (Practice Management)
One CPA I know says strategic planning is akin to making soup: There are lots of recipes for what works--but the ultimate test is whether the soup tastes good and nourishes those who eat it. To navigate changing regulatory, professional and marketplace...
The Streamlined Sales Tax Project
Literally thousands of state and local jurisdictions have the right to impose sales and use taxes, and each can determine the tax rate that applies within its borders and the transactions that are subject to tax. Especially for out-of-state vendors,...
Using the Euro - a Good Bet? Look First before Deciding Whether to Adopt Europe's New Currency. (International Business)
Since 1999, when the EMU introduced the euro, its member nations have been preparing for January 1, 2002, when they will replace their national currencies with euro notes and coins. (For information about the euro's introduction, see "Are You Euro-Fluent,"...