The CPA Journal

The CPA Journal is a monthly refereed accounting journal. It has been published by the New York State Society of CPAs since 1930.Subjects for The CPA Journal inlcude accountants and accounting. Carolyn Morrisroe is the managing editor and Anthony H. Sarmiento is a contributing editor.

Articles from Vol. 77, No. 10, October

Backdating Employee Stock Options: Accounting and Legal Implications
Until recently, financial research has been puzzled by an unusual pattern of stock returns during the period surrounding stock option grant dates for CEOs and other top executives. David Yermack ("Good Timing: CEO Stock Option Awards and Company News...
Backdating Employee Stock Options: Tax Implications
Stock options have become an increasingly popular way to compensate executives and employees, with Standard and Poor's (S&P) 500 companies awarding more than $256 billion in stock options over the past decade (BusinessWeek, September 11, 2006). Stock...
Connecting the Dots
The Estate Tax and Social SecurityOver the past year, this column has addressed two major public policy issues that may seem, at first, to have little to do with one another. One issue-the estate tax (covered in September 2006)-is the on-again, off-again...
Early Retirement: IRS-Approved Options for Early Withdrawals
The IRS is relentless and unforgiving of mistakes when it comes to early withdrawals from pension plans or IRAs. Nevertheless, the applicable regulations provide options that may be employed to meet the needs of early retirees. For tax preparers, the...
Ethics of Options Repricing and Backdating
Banishing Greed from Corporate Governance and ManagementJust when it seemed that America's corporate scandals had tapered off and public trust in executives was beginning to rebound, the media revealed two techniques that corporations were using to enhance...
Inbox: Letters to the Editor
What Do CPAs Need-and Want?I had the pleasure of attending a CPE seminar in New York City in June sponsored by the AICPA and the Foundation for Accounting Education (FAE) of the NYSSCPA. The seminar "Accounting and Auditing in the Nonpublic Environment"...
Internal Audit Reports Post-Sarbanes-Oxley: A Guide to Process-Driven Reporting
Internal Audit Reports Post-Sarbanes-Oxley: A Guide to Process-Driven Reporting By Susan M. Switzer Published by John Wiley & Sons, Inc.; 2007; ISBN: 978-0-470-05084-2; 256 pages (hardcover); $50.00Reviewed by Anthony S. ChanTo appreciate the essential...
International Standards for Small and Medium-Sized Entities
Analyzing the IASB Exposure DraftOn February 15, 2006, the International Accounting Standards Board (IASB) issued for public comment the exposure draft (ED) of its International Financial Reporting Standard (IFRS) for Small and Medium-Sized Entities...
Managing Human Resources in a Small Firm
Motivation Through Performance EvaluationHow does an accounting firm survive when it doesn't want to be the biggest, it just wants to be the best? Being the best could mean smaller profit margins resulting from added incentives provided for employees...
Meeting the Information Needs of Professional Staff
Skilled accountants are in high demand. Employers, ranging from public accounting firms to private industry to government entities, have found it increasingly difficult not only to attract, but also to retain, professional staff. The shortages and related...
New York City's 2007 Business Tax Package
In the waning days of the 2007 legislative session, the New York State Legislature passed New York City's business tax package (A8275B/S6009B), and it was signed into law by Governor Spitzer on August 1, 2007. This legislation makes some long-awaited...
Options Backdating
Corporate Governance Remains a ChallengeJust when it seemed safe to close the book on the scandals of the pre-Sarbanes-Oxley, pre-Internet bubble era, the stock options backdating fiasco that came to light in 2006 is a reminder that the history of the...
Options Timing: Lucky Strikes or 20/20 Hindsight?
The Mega Millions Jackpot reached $350 million recently, and I'm embarrassed to admit that I bought a few tickets. When I revealed the evidence of my human frailty to my family, they had a good laugh but then talked about how wonderful it would be to...
Post-Sarbanes-Oxley Audit Planning
Perceptions of Internal Control Assessments and Other Institutional ConsiderationsMost commentators would agree that section 404 of the SarbanesOxley Act (SOX) has produced benefits for investors and other external users of a company's financial statements....
Sarbanes-Oxley Section 404 and Internal Controls
A Look at Two Years of ComplianceThe provisions of the Sarbanes-Oxley Act of 2002 (SOX) aimed at improving internal control over financial reporting (ICFR) have caused a great upheaval among public companies and their independent accountants. section...
SBA Partners Help Small Businesses
The Small Business Administration (SBA) granted a record dollar value and number of loans during its 2006 fiscal year. The agency's two primary loan programs led the way: The SBA 7(a) loan guarantee program, mostly used for working capital financing,...
The Challenges of Transparency in Corporate Tax Departments
What Will the New Audit Documentation Requirements and FIN 48 Reveal to the IRS?In the wake of the accounting scandals of recent years, standards-setters have aspired to improve financial reporting documentation and transparency. In particular, recent...
Website of the Month: myStockOptions.com
MyStockOptions.com is a financial planning website focused on stock options, stock plans, and related equity compensation topics. The website is designed to be useful to individual investors for their personal finance information needs, corporate employers,...