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. 177, No. 5, May

AICPA Presents First Award for Outstanding CPA in Business and Industry
The American Institute of CPAS presented its first Outstanding CPA in Business and Industry Award to Charles T. Fisher Ill at its 1994 spring National Industry Conference. Fisher, former chairman, president and chief executive officer of NBD Bancorp,...
A Marketing Success Story
Many partners of small firms feel inadequate when it comes to developing and implementing a marketing program. Most recognize the need but are unsure of what approach will work best. When our firm set out to develop a marketing program in 1990,...
An Information Highway in Need of Capital Improvements
External reporting is an information highway that should serve the needs of those who use it. This has been the guiding principle of the American Institute of CPAS special committee on financial reporting, which is putting together its final recommendations...
Barter Transactions and Multiple-Year Retrospectively Rated Insurance Contracts by Nonreinsurance Enterprises
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)...
Charitable Contributions of Property
Many charitable gifts are made in the form of property, be it clothing to Goodwill Industries or corporate stock to an exempt organization. As noted in last month's column, the 1993 Omnibus Budget Reconciliation Act's changes to the charitable contribution...
Coping with the Lobbying Deduction Disallowance
Lobbying expenses no longer are deductible for most entities. Businesses, trade associations and others that lobby the government at the federal or state level are wrestling with implementation issues arising from a provision in the Omnibus Budget...
Deducting Interest Expense: The Party's over (for Some)
Taxpayers often borrow money to invest. If the interest payments on a loan are large relative to the income generated by an investment, significant tax benefits can result. For example, investors with high incomes can defer taxes by investing in growth-oriented...
Disaster Recovery Planning Checklist
While some disasters can't be prevented most be anticipated. This checklist should help your organizations prepare for disasters systematically. STEPS TO TAKE * Appoint a disaster recovery chairperson with the authority to act in the event...
Future of Employee Benefits Debated
The nature of employee benefits is changing rapidly and the future isn't certain, according to participants at the Conference Board's Employee Benefits Conference in New York City. While some benefits specialists predicted defined-benefit plans, including...
GASB Issues Pension EDs
The Governmental Accounting Standards Board issued three exposure drafts that, if adopted as statements, would supersede most existing standards for reporting pension information in government employers' financial statements. The comment deadline is...
GASB Proposal on Grants Too Narrow, Says AICPA Committee
In comments to the Governmental Accounting Standards Board, the American Institute of CPAS government accounting and auditing committee (GAAC) took issue with what it termed "piecemeal standard setting" in the GASB exposure draft Accounting and Reporting...
How to Examine Legal Bills
How accurate are law firms' legal bills? Are all the charges justified and fairly assessed? Because the bills frequently are complex, law firm clients often have a difficult time examining them. Increasingly, cost-conscious chief executive officers...
Regulations Clarify Penalty Provisions for Transfer Pricing Valuation Adjustments
The Internal Revenue Service released temporary regulations clarifying section 6662 penalty provisions for section 482 transfer pricing adjustments. The regulations replace regulations proposed in January 1993 and reflect amendments made by the Omnibus...
Small Business
Jacqueline L. Babicky, CPA, president, Babicky Consulting Group, Portland, Oregon. The Portland area, where small businesses are the rule rather than the exception, is on the upswing. People are feeling good about themselves and are optimistic...
Statute of Limitations Bars Third-Party Investors' Claims
A Texas Court of Appeals ruled the discovery rule did not suspend the statute of limitations period when a nonclient filed a negligence suit against a CPA firm. KPMG Peat Marwick performed a 1981 audit of Estoril Producing Corp., the managing partner...
Tapping Foreign Markets
Here's what CPA should know to help their employers or clients expand their businesses abroad. In today's business environment, any company that overlooks foreign markets is risking obsolescence. Markets abroad can be lucrative for many U.S. companies--whether...
The Amazing Data Connection
How often have you wished you could use a client's or a colleague's computer data in some other computer applications? Wouldn't it be convenient to combine a spreadsheet analysis with a management report or memo to produce a single new document? With...
The Benefits of a Good Attitude in Bad Times
THE BENEFITS OF A GOOD ATTITUDE IN BAD TIMES In these turbulent economic times, CPAs and other business people are looking for ways to increase their earnings (or cut losses). John T. Iacopi, CPA, president, Iacopi, Lenz & Co., 3031 West...
Using ESOPs to Solve Succession Problems
Employee stock ownership plans benefit the seller, the buyer and the lender. There is no best way to transfer a closely held business, particularly when no traditional buyers--family members or other owners--are available. Since each owner's individual...
Why Ethics Are Good for Business
Robert Half, CPA, founder of Robert Half International, Inc., and author of six books, discusses why maintaining high ethical standards is important to professional achievement. The Journal welcomes readers' questions on employment concerns, which...
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