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. 197, No. 6, June

Acquiring Contingent Liabilities
It often is difficult to determine the existence of a contingent liability. Even when the potential liability is known, it's not easy to correctly value it. Failure to properly consider the tax impact era contingent liability could have a negative...
Advise Businesses on External IT Resources: Help Clients and Employers Find the Best IT Vendors - When Needed
Companies can't compete effectively if their information technology (IT) systems don't have the power or flexibility to perform essential business functions. But many organizations find it difficult to set up or maintain the IT resources necessary...
AICPA Conferences 2004
www.cpa2biz.com.conferences 888.777.7077 AICPA Not-For-Profit Industry Conference June 24-25, 2004 Grand Hyatt Washington Washington, DC CPE Credits: 17 (Main), up to 9 (optional) Pre-conference optional workshops: June 23 Conference...
Directory of AICPA Selected Services
Address and employment information can be changed online through www.cpa2biz.com ("Member Services" tab, then link for paying dues). Or, members can e-mail, mail or fax the information to Member Satisfaction in New Jersey. In either case, the Journal...
Enterprising Views of Risk Management: Businesses Can Use ERM to Manage a Wide Variety of Risks
EXECUTIVE SUMMARY * ENTERPRISE RISK MANAGEMENT (ERM) IS A STRATEGY organizations can use to manage the variety of strategic, market, credit, operational and financial risks they confront. ERM calls for high-level oversight of risks on a portfolio...
Exposure Drafts Outstanding
(This list was compiled as of May l, 2004. For exposure drafts issued after that date, consult The CPA Letter, Now: The policy for updating the list of exposure drafts is that a document should remain on the list until a final document has been issued...
From the Tax Adviser: Time to Distribute Corporate Earnings? Taking Advantage of the Lower Tax Rate on Dividends Received
The Jobs and Growth Tax Relief Reconciliation Act of 2003 (JGTRRA) reduced the individual tax rate on corporate dividends received to 15% for individuals in the 25%, 28%, 33% and 35% tax brackets (5% (0% in 2008) for individuals in the 15% and 10%...
Golden Business Ideas
The Right Way to Use PowerPoint Do you use PowerPoint, the Microsoft presentation software, to make sales pitches for new clients? Or do you use it, as a consultant would, to lay out in-depth analyses in an effort to convince a client or your boss...
Help Companies Assess Their Internal Audit Needs
Now that the SEC has approved the November 2003 New York Stock Exchange rule that listed companies must have an internal audit function, clients and employers are asking their CPAs how it might affect their businesses and exactly what it requires....
Marketing Materials and Malpractice Exposure: Advertise What You're Qualified to Do, Not More
EXECUTIVE SUMMARY * CARELESS ADVERTISING ASSERTIONS can lead to lawsuits. When a plaintiff's lawyer evaluates a potential accounting malpractice claim, he or she typically will examine all of the advertising materials the CPA provided to the client....
New Federal Rules Revise Overtime Limits
The U.S. Department of Labor (IDOL) issued as final regulations governing federal overtime pay requirements under the Fair Labor Standards Act of 1938 (FLSA). The "FairPay" provisions (29 CFR part 541) make it easier for employees to understand their...
Official Releases: Revisions to Council Resolutions
Revisions to AICPA Council Resolutions At its fall 2003 meeting (October 20-22), the AICPA Council adopted the revisions, set forth below, to the implementing resolutions under bylaw, section 3.2.5 and bylaw section 3.6. The revisions to the resolution...
Should You Upgrade to Microsoft Office 2003? the Answer Depends on How You Use the Office Suite Now and How You Want to Use It in the Future
Each time Microsoft introduces a major product upgrade, users ask whether they should invest the time and money in it. With the launch of Microsoft Office 2003 System last October, the question has taken on more significance than for most earlier upgrades...
Small Firms: Think Big! More Work at Large Firms Means More Opportunity for Smaller Ones
EXECUTIVE SUMMARY * THE SARBANES-OXLEY ACT HAS CREATED new requirements for public companies, spurring greater demand for professional services and for a range of engagements that offer opportunities to well-positioned smaller firms. * ONE RESULT...
Technology Q&A: Activate Microsoft's Firewall to Protect against Hackers ... Transmit Oversize Files Via the Internet ... Customize Excel's Gridline Color ... Add an Easily Accessible Check Mark ... to Buy a New Computer or Not? That's the Question
ACTIVATE MICROSOFT'S FIREWALL TO PROTECT AGAINST HACKERS Q. I've been reading about the risk I face when I connect my computer to the Internet. I'm not talking about viruses and worms. My antivirus software appears to successfully handle them. I'm...
Tips for the Sarbanes-Oxley Learning Curve: The Act Has Brought More Complexity to Firm Management; Here's Some Broad-Based Help
EXECUTIVE SUMMARY * THE SARBANES-OXLEY ACT HAS HAD a far-reaching impact on CPA firms, whether large, midsize or small. Firms that audit public companies have been working out strategies for coping successfully in their internal operations as well...