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. 67, No. 3, March

Accounting for Transfers of Financial Assets under SFAS No. 125
New Accounting Concepts for Transfer Under SFAS No. 125, Accounting for Transfers and Servicing of Financial Assets and Extinguishments of Liabilities, qualifying transactions will be treated as sales, and accounting for all component rights and obligations...
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ALI-ABA Annual Alternative Dispute Resolution Conference
For those CPAs who want to increase their knowledge of mediation and arbitration, in order to use these alternative dispute resolution (ADR) techniques in their own practice, there is hardly a better way than by attending the annual American Law Institute/American...
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An Assessment of Accounting Information Security
Accountants Need to Know About Threats to Computer Security Security over information in computers has become a major concern to the business and not-for-profit communities. The security risks are changing dramatically as technology moves rapidly through...
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Auditing Related Party Transactions
An analysis of the guidance in the Professional Issue Task Force's practice alert In response to a recommendation of the Public Oversight Board (POB) of the SEC Practice Section (SECPS) of the AICPA's Division for CPA firms in the report In the Public...
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Auditing Standards Board Issues SAS Nos. 80 and 81
The Auditing Standards Board (ASB) issued SAS No. 80 An Amendment to Statement on Auditing Standards No. 31, Evidential Matter to incorporate the concept of evidential matter in electronic form. The amendment provides guidance when an auditor is engaged...
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Benchmarking CPA Firms for Productivity and Efficiency: An Update
Productive and efficient CPA firms can be large or small, and their ability to be productive varies with their mix of services. The July 1996 CPA Manager column in The CPA Journal demonstrated that ranking firms based on the production of revenue by...
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Don't Overlook Your Client's Long-Term Care Insurance Needs
Whenever you perform an estate and retirement planning review, don't forget to include a review and evaluation of long-term care insurance. It is estimated that nearly half of all people over age 65 will spend some time in a nursing home. It is essential...
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Excise Tax Assessment? Taxpayers, Know Your Rights
As the result of differences in the statutory language governing New York State and New York City income taxes (i.e., the State's Corporate Franchise Tax imposed under Article 9A, the City's General Corporation Tax or "GCT," the Unincorporated Business...
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FASAB Issues Overview
The Federal Accounting Standards Advisory Board (FASAB) recently issued a report dated December 31, 1996, Overview of Federal Accounting Concepts and Standards (as of September 30, 1996). The report contains a brief preface and a summary of each of the...
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Federal Government Accountability
Legislation now requires that Federal agencies produce financial statements and that they be audited. In the past, financial statements for Federal agencies were rarely prepared. When prepared, they were rarely audited. If audited, they rarely received...
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Final Regulations on Automatic Extensions Ease Payment and Signature Requirements
For the past few years, taxpayers have been filing requests for extensions of time to file returns without paying the balance due of properly estimated tax, notwithstanding the general rule: "An extension of time to file is not an extension of time to...
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History Conference Looks Back and Looks Forward
The Annual Research Conference of the Academy of Accounting Historians was conducted at the Marriott Hotel on Public Square in Cleveland, December 6 and 7, 1996. The conference, on the eve of the centennial year of the NYSSCPA, included presentations...
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Home Page: Hype or Help?
Marketing Moment Every day, accounting and consulting firms are setting up home pages on the Internet's World Wide Web. Are there compelling marketing reasons for setting up your own home page, even if the endeavor won't immediately create big revenue...
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Is International Reciprocity Possible?
The International Federation of Accountants (IFAC) recently issued two important documents related to professional accountancy qualifications: A Statement of Policy of Council entitled Recognition of Professional Accountancy Qualifications in June 1995...
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Living Wills and Other Health-Care Directives
An issue that has gained national and international attention involves the medical profession's ability to sustain life almost indefinitely through sophisticated life support technology. Of course, many people are concerned that if they become permanently...
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New Authority on Statutory Short Form Powers of Attorney
As of January 1, 1997, three new powers-the authority to make annual gifts, to engage in retirement benefit transactions, and to undertake tax matters-have been added to the new statutory short form powers of attorney in New York State. Separate forms...
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New Competent Authority Procedures
To whom do U.S. taxpayers turn when interpreting international tax treaty issues? The U.S. competent authority, of course. International tax issues are resolved according to tax treaties administered by competent authorities of the cour tries that are...
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New Year's Resolution to Organize Personal Finances
From Deloitte & Touche Review, January 6, 1997 the beginning of a new year is a good time to review your financial situation. If gaining control over personal finances or establishing a personal financial plan are among your New Year's resolutions,...
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Progress at IASC's January Meeting
At its meeting in London in January, the International Accounting Standards Committee (IASC) approved a new standard (IAS 33) on earnings per share, effective for fiscal periods beginning in 1998. It requires a publicly-traded company to present basic...
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Report on Standards Overload
The Report of the Private Companies Practice Section's Special Task Force on Standards Overload was issued in August 1996. The task force was established in January 1995 to make recommendations to the Executive Committee of that section concerning actions...
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Six Implementation Pitfalls You Can Avoid
Pitfall 1 In-Substance Syndications Eliminated Company A is the lead syndicator on a transaction and sells down at least 50% within 60 days of closing (an in-substance syndication) and expects to get syndication fee treatment. In accordance with Emerging...
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The Establishment of the Professional Issues Task Force
In March 1993, the Public Oversight Board (POB) of the SEC Practice Section (SECPS) of the AICPA's Division for CPA firms issued a special report entitled, In the Public Interest-Issues Confronting the Accounting Profession. This report was the result...
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The Linguistic Shaping of Accounting
By Ahmed Riahi-Belkaou4 professor of accounting, University of Illinois Published by Quorum Books 175 pages $55.00 Review byAlexanderA.H. Bobtling, CPA retired from Deloitte & Touche LLP As the author of the book points out, accounting is the language...
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Valuing a Small Accounting Practice-A Multiple of What?
A valuation for what purpose? A purchase, sale, merger, or whatever? Do the factors to be considered differ depending on the purpose? What method is most acceptable? Considering that a purchase and sale are opposite sides of the same transaction and...
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What the CPA Must Know about Computer Networks (LANs and WANs)
Computer networks play a dominant role in transmitting information within CPA firms and other companies. A network is simply a set of computers (or terminals) interconnected by transmission paths. These paths usually take the form of telephone lines;...
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Why Teams Work
In late 1995, Toyota ran a series of advertisements in national publications such as Newsweek extolling the benefits of teams. The advertisements which showed Camrys and Avalons on the production line in Georgetown, Kentucky, stated the following: At...
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Will the IRS Please Call the EPA.Again
Environmental cleanup costs and the IRS's approach to the deductibility or capitalization of such costs continue to be one of the most significant tax uncertainties confronting U.S. companies and their accountants. There are currently no court decisions...
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