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. 175, No. 5, May

Accounting Integration in Europe - Still on Track?
Queen Elizabeth spoke for many Europeans when she described 1992 as an "annus horribilis." The year was filled with political and economic developments that initially inspired great hope and optimism but later gave way to disappointment and pessimism....
AICPA Supports Fraud Detection Bill
The American Institute of CPAs endorsed an amended version of HR 574, the Financial Fraud Detection and Disclosure Act. The bill, sponsored by Congressman Ron Wyden (D-Ore.), seeks to ensure earlier disclosure of possible management fraud. The endorsement...
A Primer on Trusts
Trusts are common but complex estate planning tools. Oliver Wendell Holmes said, "Don't put your trust in money; put your money in trust." In estate planning, most individuals try to minimize the taxes on their estates and control how their property...
A Way to Build Future Leaders
Does the daily practice of public accounting adequately prepare promising CPAs to lead their firms into an uncertain future? Many in the profession fear it does not. An excellent technician doesn't necessarily have the experience to develop local office...
Charitable Remainder Trusts
Charitable remainder trusts (CRTs) permit taxpayers to dispose of highly appreciated assets without incurring capital gains. In such transactions, the taxpayer (grantor) does not sell an appreciated asset him- or herself; instead, the grantor transfers...
Clinton's Tax Plan: Royalty and R&E Provisions for Multinationals
As expected, the comprehensive economic plan President Clinton submitted to Congress contains a number of provisions affecting multinational corporations. One revenue provision that received little attention in the newspapers may have a significant...
CPA Firms Can Help Manage Clients' Businesses without Losing Their Independence
Practitioners serving small businesses as management advisers often are faced with a problem - a loss of independence. But at the same time, taking on the added role of management adviser also is an opportunity - both for themselves and their clients....
Credit Card Origination Costs, Present Value of Future Profits and Estimated Mine Worker Benefit Payments
Statement on Auditing Standards no. 69, The Meaning of "Present Fairly in Conformity With Generally Accepted Accounting Principles" in the Independent Auditor's Report, identifies Financial Accounting Standards Board emerging issues task force (EITF)...
Family and Medical Leave Bill Becomes Law
Every year since the mid-1980s, legislation mandating that employers provide family and medical leave for their employees has been introduced into Congress but never signed into law. This year, however, things are different. On February 5, President...
FASB 109: Auditing Considerations of Deferred Tax Assets
There are no magic formulas for determining the need for a valuation allowance. In February 1992, the Financial Accounting Standards Board issued Statement no. 109, Accounting for Income Taxes, which requires a revised version of the asset-liability...
How a Controller Can Grow into a Management Role
It's not easy for a financial officer to shift his or her focus from financial matters only, which is typical of a staff position, to management, but in today's business environment such a shift often is necessary. The first step in that direction...
How Other CPAs Run Their Businesses
The 1992 management of accounting practice survey administered by the Texas Society of CPAs aims to help CPA firms examine their own performances over the past year and to compare themselves with other firms. There was voluntary participation by 2,269...
Information Technology Division Expands Services for Members
The AICPA information technology division, the newest of the Institute's technical membership divisions, offers a range of services that should offset the division's $100 annual dues, whether the member is in public practice, industry, education or...
Not for Attribution
Family relationships can affect the tax treatment of many transactions. One such transaction is the redemption of stock by a corporation. Normally, a shareholder wants a redemption to be treated as a sale or exchange; if it is treated as a dividend,...
Planning Client Seminars Checklist
Client seminars are an effective means of practice development, bringing clients, prospects and referral sources together and building closer relationships. Here are tips for planning and running a successful seminar. DEVELOPMENT TEAM Form...
President Clinton's Tax Proposal: A Fiscal Balancing Act
When President Clinton presented his State of the Union Message on February 17, 1993, he dedicated much of the speech to his economic proposal - especially its revenue provisions, which have a net revenue goal of $296 billion (according to administration...
Putting the Controller in Control
Controllers of small businesses who are concerned almost entirety with the financial aspects of their organizations are missing an opportunity -- not only to help guide their enterprises to greater success but also to enhance their careers. Many smaller...
Reporting a Change in Auditors
Representatives from the Securities and Exchange Commission and the American Institute of CPAs SEC regulations committee recently completed a joint project designed to facilitate the reporting of a change in auditors under AICPA SEC practice section...
Supreme Court Limits RICO
In a long-awaited decision with a significant impact on the accounting profession, the U.S. Supreme Court limited the use of the Racketeer-Influenced Corrupt Organizations Act (RICO) against accounting firms. The case, Reves v. Ernst & Young,...
What to Do When Chapter 11 Threatens
Just as the 1980s was the decade of business euphoria, so the 1990s as become the decade of retrenchment, as the economic misreadings of a more optimistic time are documented in chapter 11 filings. For many CPAs the painful road to bankruptcy -- for...
Withholding on Retirement Plan Distributions
Anyone planning to change jobs or retire in 1993 and take a lump-sum distribution from his or her employer's qualified retirement plan should watch out. As of January 1, money withdrawn from an employer-sponsored, tax-deferred retirement plan is subject...
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