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. 4, October

AICPA Issues Guide ED on Audits of Broker-Dealers
The American Institute of CPAs stockbrokerage and investment banking committee released for comment an exposure draft of a proposed audit and accounting guide, Audits of Brokers and Dealers in Securities. "This update incorporates all the key literature...
A Question of Ethics
When I have a difficult decision to make, I look at a sign on my desk quoting Mark Twain: "Always do right. This will gratify some people and astonish the rest." Unfortunately, life is not that simple. Today's decisions are more complicated than...
Costello Is New NASBA Executive Director
David A. Costello, a member of the American Institute of CPAs since 1966 and, most recently, the executive director of the Tennessee State Board of Accountancy, became executive director of the National Association of State Boards of Accountancy in...
Does Carlton End the Retroactivity Debate?
Income tax changes in the Omnibus Budget Reconciliation Act of 1993 (OBRA) were imposed on a retroactive basis, a maneuver some tax lawyers are calling unconstitutional. But the U.S. Supreme Court decision in U.S. v. Jerry W. Carlton last June approved...
Excise Tax on Foreign Insurance Premiums Held Unconstitutional
The court of federal claims ruled that a tax imposed under IRC section 4371 on foreign insurance premiums violated the export clause of the U.S. Constitution (Article 1, Section 9, Clause 5). The court, in International Business Machines (IBM) v. U.S....
Facts and Myths about Women CPAs
Does it seem that every newspaper or magazine contains another article on women in business? Do accounting publications all seem to be reporting research findings about women CPAs, especially their "upward mobility" and how they can enhance their chances...
Family Limited Partnerships
Taxpayers are always looking for new ways to reduce taxes. In no area is this more obvious than in estate planning. The combination of relatively high estate and gift tax rates, increased wealth for many more individuals and the elimination of some...
FASB 106's Deferred Tax Implications: FASB Statement No. 109 Adds Another Wrinkle to Accounting for Postretirement Benefits
Financial Accounting Standards Board Statement no. 106, Employers' Accounting for Postretirement Benefits Other Than Pensions, changed financial reporting for such benefits from a cash basis to an accrual basis. Companies must accrue the cost of postretirement...
GAO Recommends Refinements to Single Audit Process
In a report to Senator John Glenn, chairman of the Senate Committee on Governmental Affairs, the General Accounting Office proposed improvements to the Single Audit Act of 1984. The report, Single Audit: Refinements Can Improve Usefulness, specifically...
GATT Inventory Rules Meet with Strong Opposition
As the Clinton administration scrambles to finance the estimated $12 billion in lower tariff collections under the General Agreement on Tariffs and Trade, its proposed inventory tax accounting changes have come under heavy fire. The administration...
Health Care Reform Planning Checklist
* Watch the congressional debate to determine whether participation in health care purchasing groups will be required for some employers based on the size of their work forces. Assess the pros and cons of joining the purchasing groups or self-insuring....
House Subcommittee Hears Litigation Reform Debate
In hearings on private securities litigation reform, corporate, investor, consumer and academic representatives testified before the House Energy and Commerce Telecommunications and Finance Subcommittee. The subcommittee, chaired by Congressman Edward...
Letter from the Chairman of the American Institute of CPAs Special Committee on Financial Reporting
The American Institute of CPAs special committee on financial reporting now has completed its work and its recommendations have been made. This has been a singular effort by the AICPA involving years of work by committee members and staff from the...
Minimize the Tax Consequences of Divorce
Divorce has become so prevalent many consider it part of the normal family life cycle. As emotionally devastating as divorce may be, CPAs must be prepared to offer the necessary tax advice to clients undergoing divorces. Without advance tax planning,...
Recommendations of the Special Committee on Financial Reporting
To gauge the reaction to the work and recommendations of the American Institute of CPAs special committee on financial reporting, the Journal of Accountancy interviewed 10 business leaders. They represent financial report preparers, internal audit...
RICO: The Threat Is Lifted
For a long time, CPAs have been concerned about lawsuits brought under RICO. Under the federal RICO statute, CPAs and other professionals who are only indirectly associated with a troubled entity can be held liable for massive damages and be implicated...
Some Daily Transportation Expenses Still Are Deductible
The cost of driving to and from work every day is not deductible, but the cost of going from one business location to another is, according to IRC section 162(a). However, there are some very important exceptions to the general rules. In Curphey...
Spotlight on Tax Software
The tax software industry experienced one of its most turbulent years in 1994, battered by product fatalities, vendor downsizings and programming problems. For tax preparers, the year has been equally tumultuous, with some users fuming over latearriving...
Ways to Add Value for Clients
The top 1% of U.S. households accounts for nearly 40% of the nation's wealth, and this market is growing seven times faster than the population as a whole. This market includes small business owners and corporate executives who require accounting services...
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