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. 183, No. 1, January

Accountancy Boards Target Reciprocity at Annual Meeting
Responding to the reciprocity concerns raised by the joint AICPA/NASBA committee on regulatory structure, the National Association of State Boards of Accountancy launched an initiative to help make the CPA license more transportable across state lines....
A Foot in the Door
A CPA who isn't afraid to stand alone builds a solo practice in New York City. Can a CPA build a profitable practice by promoting a specialty in low-level services, such as bookkeeping? The common wisdom says absolutely not, but a New York City...
A Practical Site Reaps Marketing Rewards
New technology helps the older client. It was not Karen Stevenson Brown's intention to create a Web site to market her practice, which consists mostly of elder care consulting. Two years ago she started a Web site to create links to the few resources...
A Smarter Way to Run a Business
Tools to help meet both financial and strategic goals. Operating a company in today's business environment is tough. Managers need all the help they can get. This article offers much-needed assistance by demonstrating how two management tools can...
Bringing the Factory to the Classroom
Using LEGO[R] to teach business students 21st century management accounting issues. In the 21st century, managers will continue to face global competition, sophisticated information technology and continuous process improvement initiatives. As cross-functional...
California Votes Down Proposition 211
Voters in California rejected an initiative on the November 1996 election ballot that would have increased the rewards for class-action securities lawsuits. The Retirement Savings and Consumer Protection Act, or proposition 211, was turned down by...
CPAs in Business and Industry: Gearing Up for the 21st Century
In a major expansion of its services to CPAs in the private sector, the American Institute of CPAs established the Center for Excellence in Financial Management on January 1, 1997. The center serves as the umbrella for the AICPA programs, products...
Despite Opposition, GASB Will Issue Reporting Model ED
The Government Accounting Standards Board expected to issue by the end of January an exposure draft of a new government financial reporting model. The GASB has been developing a new model since its inception in 1984; in June 1995, it released a preliminary...
Electing Small Business Trusts
The end of the Summer brought a flurry of legislative activity, with the president signing into law four bills from July to October. One was the Small Business Job Protection Act of 1996 (SBJPA), which included many provisions affecting small businesses....
Finance Transformation: Making It Work
Motivating your company to embrace change. When your finance department reengineers its processes, it is important that employees are prepared for the changes--poorly planned financial transformation programs hurt employee morale and production....
GAO Studies Benefits of Alternative Tax System
As many as 51 million taxpayers, or 45% of those who filed 1992 tax returns, no longer would have to prepare returns if the Internal Revenue Service adopted an alternative filing system, according to a report published by the General Accounting Office....
How Does Your Finance Department Measure Up?
A report card on the state of finance and accounting. Although more and more companies have streamlined, outsourced and automated their finance departments, there still are plenty of. companies that do business the old-fashioned way. The traditional...
IASC Amends Standard on Income Taxes and Issues ED on Employee Benefits
The International Accounting Standards Committee revised International Accounting Standard (IAS) no. 12, Accounting for Taxes on Income. It also issued an exposure draft on accounting for retirement benefits that would replace IAS no. 19, Retirement...
Internal Audit Independence
To ensure their independence, internal auditors must carry out their work freely and objectively. They cannot subordinate their judgment on audit matters to that of others, and they should have the support of senior management, the board of directors...
Marketing Clinic
Developing the right brochure for your firm. CPAs often spend thousands of dollars and several months developing brochures that prospective clients glance at and throw away. However, when they are created wisely, brochures not only increase the...
Microsoft and Institute Join Forces
Bill Gates, chairman and chief executive officer of Microsoft, announced that his company and the American Institute of CPAs are forming an affiliation to help CPAs learn more about information technology and expand their services as technical advisers....
Mortgage Loan Loss Can't Offset Real Estate Gain on Sale of U.K. Home
Mr. and Mrs. Quijano were U.S. taxpayers who sold their home in the United Kingdom. They purchased it in September 1986 for 297,500, pounds financing the entire amount with a mortgage, which two years later they increased to 330,000 pounds and, in...
New SAS Likely to Affect All Auditors
The American Institute of CPAs auditing standards board has recognized that audit evidence that previously existed primarily in documentary form often exists now in the form of electronic file images. The ASB has just issued Statement on Auditing Standards...
Planning after Death
The Internal Revenue Service recently allowed a taxpayer to plan his estate after he died. The taxpayer died on March 2, 1994, with a substantial balance in his individual retirement account (IRA) and before he had began receiving distributions. On...
QDROs Made Simple
The Pension Benefit Guaranty Corporation (PBGC) has issued Divorce Orders & PBGC, a booklet designed to help attorneys and others involved with pensions understand how to set up and apply qualified domestic relations orders (QDROs) when the PBGC...
Restructuring Commission Holds More Public Hearings
The National Commission on Restructuring the Internal Revenue Service held its second round of public meetings in November on the organizational structure and functions of the IRS, strategic planning and implementation, priority setting and performance...
Sourcing Losses
The Internal Revenue Service issued proposed regulations for sourcing losses from the sale of foreign affiliate stock. Although they would be effective 60 days after they are finalized, taxpayers could apply them retroactively to stock losses for all...
Squeeze Play
What the interaction between management accounting and cost management means to CPAs in finance. The management accounting profession is going through a major sea change as two opposing forces come into play. The first is the downsizing through...
Taking Stock on the Internet
If your company or client is required to track the current market value of securities it owns, then you know what an irksome, time-consuming task that can be. But now, with the help of the Internet, the task can be accomplished almost automatically....
Tax-Exempts Face IRS Scrutiny
With the enactment of the Taxpayer Bill of Rights 2, tax-exempt organizations face significant new reporting requirements and penalty taxes. Although President Clinton signed the bill into law on July 30, 1996, many provisions are retroactive to September...
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