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. 178, No. 3, September

ADA Compliance: Let Uncle Sam Help
The provisions of the Americans with Disabilities Act (ADA) are complicated, and complying with them can be expensive--particularly for small businesses. Noncompliance may be even more costly: Fines are $50,000 for a first violation and $100,000 for...
Clinton Senior Adviser Speaks to AICPA Health Care Industry Conference
Addressing the American Institute of CPAs Health Care Industry Conference in Las Vegas, Ira Magaziner, senior adviser to President Clinton for policy development, called on CPAs to examine health care reform bills closely as they are introduced and...
Companies Unsure of GATT, NAFTA Impact on U.S. Business
U.S. corporate controllers were split on the question of whether the General Agreement on Tariffs and Trade (GATT) and the North American Free Trade Agreement (NAFTA) would have an impact on their businesses in the next year, according to a survey...
Continuing Professional Education
Sue Marcum, CPA, tax manager, Ringling Bros.-Barnum & Bailey Circus, Vienna, Virginia. More and more of our tax department members are certified, so we look for CPE that's available in a group setting. Our solution was to subscribe to the Financial...
CPAs' Compensation Rises with Certification, Survey Finds
Professional certification means more money for both CPAs and certified management accountants (CMAs), according to the Institute of Management Accountants (IMA). In a random survey of 2,400 IMA members, the average annual salary reported by CPAs 40-49...
Ensuring an Easier Migration to Windows
If you're like many accountants, the decision to migrate to Windows was or--if you haven't done it yet--will be a difficult one. Aside from having to learn a new way of working and a host of new commands, you must get used to the many icons and the...
Exempt Organizations and UBIT
Many tax-exempt organizations in the United States perform many of the same functions and provide many of the same services that forprofit entities do; the major difference is that a for-profit generally must pay taxes on all its income, while an exempt...
GASB Sets Standards for Accounting for Grants
The Governmental Accounting Standards Board issued a statement setting accounting and financial reporting standards for payments one government transfers to another for subsequent distribution to a third party. Statement no. 24, Accounting and Financial...
Independence
INDEPENDENCE 1. A member's firm (firm A) is not independent with respect to a corporation. To what extent can firm A's staff participate in the audit of the corporation's financial statements to be performed by firm B? 2. A member has asked...
IRS Program Helps Find Missing Taxpayers
Where can one turn when an executor can't find an heir or when a pension plan administrator can't find a plan participant? The Internal Revenue Service's letter-forwarding program may be a place to start. The IRS announced in revenue procedure 94-22...
IRS Reverses Controversial Procedural Notice
The Internal Revenue Service issued an advance copy of revenue procedure 94-51 (1994-31 IRB 31) amending revenue procedure 94-34 (1994-18 IRB 19), which strictly limited the types of substitute tax returns that could be filed. The earlier procedure,...
IRS Tax Forums Stress Simplicity
In a continuing effort to make preparing business and individual tax returns easier and less costly, the Internal Revenue Service will present a tax forum and exhibition on September 19-20 in Salt Lake City. One session will describe the IRS's plans...
Marketing: The Seven Deadly Sins
There are many different ways to structure a successful practice development program, but a few unfortunate mistakes can doom a CPA firm's efforts. Even if partners and managers recognize the importance of a well-designed practice development plan...
Mark to Market: The U.K. Experience
There is considerable uneasiness in the United States among practitioners, policy makers and regulators about the quality of historical cost accounting--anxiety that has persisted for many years. A similar concern exists in the United Kingdom. This...
Most 401(k) Sponsors Are Complying with 404(c) Rules to Limit Liability
More than three-quarters of companies sponsoring 401(k) plans complied with Employee Retirement Income Security Act section 404(c) rules for participant-directed account plans, accoridng to a survey by Towers Perrin, a management consulting firm. The...
NAFTA Won't Siphon off U.S. Jobs, Corporate Executives Say
According to U.S. senior corporate executives, the North American Free Trade Agreement (NAFTA) was not likely to touch off a mass migration of U.S. jobs across the Rio Grande. Six months after the agreement was signed, 85% of the corporate accountants...
Plugging into Minority Markets
Most Americans recognize the value of the great diversity inherent in our multicultural society. Such diversity is evidenced in the makeup of the business community. Consider the following: * The nation's 100 largest African-American industrial-service...
Reaching Consensus: The GAO's Acceptance of the COSO Report
Since the Committee of Sponsoring Organizations of the Treadway Commission (COSO) issued Internal Control--Integrated Framework in 1992, the report has been widely accepted as the authority on internal controls. A cross section of U.S. businesses uses...
The Future of Audits
Auditing creates tremendous economic value. Companies benefit from a reduced cost of raising capital; if their financial statements were unaudited, they would have to pay more. That is, for debt, they would pay higher interest rates; for equity, they...
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