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. 182, No. 1, July

AICPA and NASBA Discuss Regulation
A 12-member joint committee of the American Institute of CPAs and the National Association of State Boards of Accountancy has begun holding meetings to discuss the regulatory structure of the profession. The next is scheduled for July 16. The early...
Auditing Considerations of FASB 121
How can auditors make sure the requirements are applied correctly? When the Financial Accounting Standards Board issues a new pronouncement, not only must companies deal with implementation issues but also auditors must decide how they will evaluate...
Clinton Offers Major Pension Changes
President Bill Clinton's proposed Retirement Savings and Security Act has a number of provisions that could affect CPAs, especially those with small business clients. The act would simplify Internal Revenue Code section 401(k), increase the flexibility...
Consider a Section 1031 Exchange
Permanent tax reduction is possible. Internal Revenue Code section 1031, tax deferred exchanges, provides investors with one of the last available tax shelters by allowing them to avoid paying any taxes when investment properties are sold. Why,...
Cyberspace Investing
It's fast, it's convenient and the resources are vast. A friend tells you she's heard good things about XYZ Co. You call your stockbroker to get more information. The line is busy. When you finally get through, he's out to lunch. An hour passes...
Diversity, Family Issues and the Big 6
Can CPA firms continue to manage their staffs according to long-standing traditions? The leaders of the largest international firms don't think so. Clients expect the personnel on professional service teams to reflect the demographics of their own...
FASB and GASB Define "Government." (Financial Accounting Standards Board, Governmental Accounting Standards Board)(Brief Article)
Not-for-profit organizations that often fall into a gray area between private and government now have guidance on deciding whether they need to follow government accounting standards. At an unusual joint meeting of the Financial Accounting Standards...
Fraud Can Be an Auditor's Defense
A Pennsylvania federal court ruled that business owners who engaged in fraudulent conduct could not sue their auditors, but third parties who relied on the auditor's reports could. The owners and top management of Housing Mortgage Corporation were...
IASC Will Complete Accounting Standards by 1998
The completion date of the International Accounting Standards Committee's core set of international accounting standards will be March 1998, one year earlier than planned. The IASC reached an agreement with the International Organization of Securities...
Identifying New Service Opportunities
Often the best way to expand your practice is to find opportunities to provide additional services to existing clients. Asking the right questions can help you learn clients' needs for quality information. The American Institute of CPAs special committee...
IFAC Issues Guidance on Risk Management and Strategic Planning
The International Federation of Accountants has released two statements on international management accounting practices (IMAP): a revision to IMAP no. 3, Currency Exposure and Risk Management, and IMAP no. 7, Strategic Planning for Information Resource...
Improving Business Reporting: Wheels in Motion
How would you improve business reporting--does it even need improvement? The Financial Accounting Standards Board wants to hear from you. The FASB's invitation to comment, Recommendations of the AICPA Special Committee on Financial Reporting and the...
IRS to Conform Certain Rules for 401(k) and 403(b) Plans
The Internal Revenue Service plans to change certain rules to conform salary reduction elections under Internal Revenue Code sections 401(k) and 403(b) plans, according to Carol Gold, acting director of the IRS Employee Plans Division. "The service...
Labor Department Web Page Is a Big "Hit."
In September 1995, the Department of Labor went online with its own home page: http://www.dol.gov. With many easy connections and a minimum of graphics, it logs over 7 million visits, or "hits" every month. The paths that lead from the home page...
Most Companies Want Their CPAs to Be Business Strategists, Survey Says
Management accountants in many companies are being asked to do more than just prepare the financial statements; they must interpret the information and explain its business implications to managers, according to a survey commissioned by the Institute...
OECD Updates Transfer Pricing Guidance
The Organization for Economic Cooperation and Development released two updates to its 1995 transfer pricing guidance, Transfer Pricing Guidelines for Multinational Enterprises and Tax Administrations. The two chapters cover special considerations for...
OMB Changes Audit Requirements for Recipients of Federal Financial Assistance
The Office of Management and Budget has changed the audit requirements for not-for-profits that receive federal financial assistance. The revisions to OMB Circular A-133, Audits of Institutions of Higher Education and Other Non-Profit Institutions,...
Reckless Conduct Sufficient to Sustain Fraud Claim
A U.S. district court ruled that an auditor's reckless conduct was sufficient reason to file a claim of securities law violations against the accounting firm. This case began when Coopers & Lybrand performed its 1992 fiscal year audit of Ferrofluidics....
Running out of Storage Space
No room on the hard drive? Turn to new technology. Just as you can't be too thin or too rich, computer hard disks where software applications and data are stored can't be too large or too fast. Many CPAs are discovering that although their hard...
Section 179 Revisited
The latest regulations on the election to expense business reporting costs. While the Internal Revenue Code section 179 election to expense (rather than depreciate) the cost of business property seems relatively straightforward, there are many situations,...
Securing Capital Gains in a Public Offering
When a corporation and its founding shareholders issue a public offering of stock before it has generated a substantial amount of taxable income--a situation common in the high-tech industries--there is a good chance the entity will be considered a...
Tax Payment or Deposit?
In 1986, a county court appointed the local commissioner of finance as the administrator of the estate of a taxpayer who died intestate. In 1988, the administrator submitted a check for $100,000 to the Internal Revenue Service with a notation that...
The Cost of Commuting to Work
Has the IRS established a link between the home-office and transportation expense deduction that goes beyond its authority? Most taxpayers cannot deduct the cost of commuting to and from work. But for those who can, the standards developed for...
Author Advanced search

Oops!

An unknown error has occurred. Please click the button below to reload the page. If the problem persists, please try again in a little while.