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. 170, No. 1, July

Accounting for Employee Expenses
The Internal Revenue Service has always been leery of business expenses. The servie has long felt these expenses could be subject to abuse. Taxpayers could use the rules in this area of the law to avoid paying taxes, by giving employees (taxable)...
Are You Not-for-Profit Clients Ready for Compliance Auditing?
The hundreds of thousands of U.S. not-for-profit organizations that receive funding directly or indirectly from the federal government will soon undergo audits under the new Circular A-133, Audits of Institutions of Higher Education and Other Nonprofit...
British High Court Rules on Privity
In news from overseas, the British House of Lords, in Caparo Industries PLC v. Dickman and Others, limited the right of third parties to sustain a negligence claim against an accounting firm. Touche Ross audited the financial statements of a publicly...
Combining Prior and Current Misstatements When Evaluating Audit Findings
Although the evaluation of audit findings is a matter of professional judgment, Statement on Auditing Standards no. 47, Audit Risk and Materiality in Conducting an Audit (AU section 312 of AICPA Professional Standards), codifies practice in this area....
Disclosure of Litigation Contingencies Faulted
Publicly traded companies are required to disclose all litigation contingencies when eventual loss from a lawsuit is reasonably possible or probable. Under Financial Accounting Standards Board Statement no. 5, Accounting for Contingencies, the loss...
International Social Security Agreements Increase Income for Overseas Employers
American companies that do business abroad save hundreds of millions of dollars in foreign social security taxes each year under agreements negotiated by the U.S. Social Security Administration (SSA). However, some U.S. employers that could benefit...
Let's Give Alternative Work Schedules a Chance
According to the overwhelming majority of those who use them, alternative work schedules allow both employees and employers to fulfill their objectives wihtout sacrificing quality. This conclusion was confirmed by several findings of a survey of...
Making Small Business Planning Easier
Small businesses--those with annual sales of less than $5 million-account for almost 97% of all U.S. businesses and 45% of the gross national product. An estimated 100 million Americans, more than half the labor force, rely directly or indirectly...
Marketing and Membership
Membership organizations offer marketing opportunities for all CPAs--from the managing partner to the most junior associate. Firms can develop policies that encourage staff and partners to participate in order to learn and demonstrate management skills...
MAS by CPAs for CPAs
Recent mergers of large and small CPA firms underscore the importance of effective, efficient and economical operations. Firms that can improve operations and reduce costs may feel less pressure to merge with other practices. Often, an outside specialist...
Sale-Leaseback Costs and Gain on Exchange of Assets
ISSUE NO. 89-16 The EITF was asked to address how to consider executory costs in calculating the profit to be deferred in a sale-leaseback transaction. A sale-leaseback transaction is a common financing tool that's been around for over two...
Strategic Planning: What CPAs Need to Know
Take a minute to think about the nature of your business. If you are in public practice, is it limited to tax preparation and auditing or are you are providing clients with other services as well? If you are in private practice, is your company ready...
Supreme Court Defines "Security" in Malpractice Litigation
The U.S. Supreme Court reversed a court of appeals ruling in favor of Ernst & Young and held the firm could be tried for violations of the Securities Exchange Act of 1934. To raise funds for its operations, the Farmers' Cooperative of Arkansas...
Technology Update: Group Decision Support Systems
Successful strategic planning sessions, usually held away from the office premises, are the result of team effort (see the preceding article on page 32). The cutting-edge technology described below can solve a number of problems found in many types...
Three New Statements Issued by GASB
The Governmental Accounting Standards Board issued three new standards for accounting by state and local government entities. Accrual basis. GASB Statement no. 11, Measurement Focus and Basis of Accounting--Governmental Fund Operating Statements,...
Uniform Capitalization Rules and Inventory Planning
Traditionally, accounting for inventory costs for income tax purposes has differed from the methods used for financial reporting purposes. The Tax Reform Act of 1986 substantially revised the tax provisions to achieve, in many cases, a common set...
What 1992 Means to Small and Midsized Businesses
There is much that is not yet known about the single European market scheduled to emerge by the end of 1992. The European Community is still in the process of creating the unified market and many of the most complex issues have not yet been resolved....
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