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. 83, No. 3, March

Criminal Liability of CPAs in Federal Securities Fraud and Tax Fraud Cases
Knowledge, Willful Blindness, and UnawarenessCorporate fraud "remains one of the highest priorities" of the FBI's criminal investigative division, according to the agency's Financial Crimes Report to the Public for fiscal years 2010/201 1 (http://www.fbi.gov/statsservices/publications/financial-crimesreport-20...
Global Financial Crisis in Retrospect
Consequences and Lessons for the Accounting ProfessionIn the wake of the 2008 global financial crisis, Congress enacted the DoddFrank Wall Street Reform and Consumer Protection Act of 2010 in order to prevent future systemic meltdowns. As Federal Reserve...
Guidance for CPAs Performing Nonattest Services
Revisions to Interpretation 101-3Lively discussions on nonattest services have been the norm since 2003, when the AICPA's Professional Ethics Executive Committee (PEEC) published Interpretation 101-3, "Performance of Nonattest Services," of its Code...
Guide for Conducting Risk Assessments: Information Security
Guide for Conducting Risk Assessments: Information SecurityAlthough Guide for Conducting Risk Assessments: Information Security is not a book that one can purchase in a store, it reads just like one (Special Publication 80030, Revision I, National Institute...
Implications of the 2013 'Fiscal Cliff' Deal
ATRA Raises Taxes on Investment IncomeThe legislative deal to avoid the looming 'fiscal cliff has been sealed with President Obama's signature. The main impact of this agreement is detailed in the American Taxpayer Relief Act of 2012 (ATRA). In essence,...
Letters to the Editor
Debating Inventory ValuationI read with considerable interest the article, "Valuing Inventory at the Lower of Cost or Market," by Bruce Wampler and Travis Holt in the January 2013 issue of The CPA Journal. On the positive side, I found it to be a more...
Reporting Illegal Acts Externally
A Conflict between Confidentiality and the Public InterestAccording to Article ? of the AICPA's Code of Professional Conduct, CPAs "should accept the obligation to act in a way that will serve the public interest . . . The public interest is defined...
Risk Modeling at the SEC
The Accounting Quality ModelThis article is adapted from comments delivered by Lewis to the Financial Executives International Committee on Finance and Information Technology on December 13, 2012 (http://www.sec.gov/ news/speech/2012/spchl21òl2cml.htm).The...
School District Boards, Audit Committees, and Budget Oversight
Seeking a Formula for Good GovernanceSchool districts are governed by local boards, which have significant responsibility for the allocation of resources - primarily taxpayer dollars - in order to enhance students' academic achievement. Across New York...
Strategies for Reducing the Alternative Minimum Tax Liability
Considering the AMT's Design and the Effect of State TaxesThe Alternative Minimum Tax (AMT) is imposed on taxpayers whose tax deductions and tax preference items reduce their taxable income below a specified level. When considering the AMT, it is important...
The Cost of Capital for Middle-Market Companies
Using Middle-Market Finance Theory and the Pepperdine Private Capital Markets ProjectMembers of the baby boom generation who are approaching retirement age and own businesses should start thinking about exit and succession plans for their companies....
The Effect of the Clarified Standards on Auditors' Reports
Sample Changes in the Format and Content of a Single-Year ReportThe new clarified standards for audit reports, issued by the AICPA's Auditing Standards Board (ASB), are effective for audits of financial statements for periods ending on or after December...
The Fundamentals of Bank Accounting
Its Effect on Current Financial System Uncertainty(ProQuest: ... denotes formula omitted.)Because banks are financial service businesses with accounting operations that differ significantly from merchandising and manufacturing entities, even experienced...
The GAO's Annual Audit of the U.S. Government
No Opinion (Again)The Chief Financial Officer and Federal Financial Reform Act of 1990 and the Government Management Reform Act of 1994 aimed to implement government financial management reform in the United States. One of the resulting mandates was...
The Presentation of Other Comprehensive Income
FASB's Recent and Proposed ChangesMore than a decade ago, FASB published the landmark Statement of Financial Accounting Standard (SFAS) 130, Reporting Comprehensive Income, which is now codified in Accounting Standards Codification (ASC) Topic 220, "Comprehensive...
Under Attack: New York's School District Audit Mandate
The recent financial crisis reminded us that it sometimes takes an event of truly epic proportions to shine a light on a problem that is in dire need of a solution. But we've been here before - on a smaller scale. Remember the Roslyn School District...
Website of the Month: Thomson Reuters Tax & Accounting
Thomson Reuters is known as one of the major providers of tax compliance and research software. Its tax and accounting website, http://tax.thomsonreuters.com, markets its products but also provides professionals with useful resources that have substantial...