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. 175, No. 4, April

10th Circuit Spurns Newark Morning Ledger
While the U.S. Supreme Court is deliberating arguments it heard last November in Newark Morning Ledger (945 F.2d 562, 3rd Cir., 1991) regarding the ability to amortize acquired intangible assets, there's fresh evidence other courts will not embrace...
Accounting for Bankruptcies: Implementing SOP 90-7
Since the American Institute of CPAs issued Statement of Position no. 90-7, Financial Reporting by Entities in Reorganization Under the Bankruptcy Code, in November 1990, certain implementation questions have arisen in practice. Some of the more common...
AICPA Broadens Minority Incentive Programs
In response to recommendations by a special task force of the AICPA board of directors, the Institute intensified its efforts to attract minorities to the profession by modifying and expanding its minority incentive programs. * The AICPA Scholarships...
AICPA Convenes Environmental Issues Roundtable
Believing this is the appropriate time to evaluate the problems of applying accounting and auditing standards to environmental matters, the American Institute of CPAs accounting and auditing standards divisions convened a two-day environmental issues...
Engagements for Medical Professionals
Even generalists will find they can expand the services they offer to health care. clients. Many CPA firms practicing in today's competitive economic environment are struggling to find ways to increase practice revenue. Some concentrate on gaining...
Final Report of the AICPA Special Committee on Financial Reporting Delayed until 1994
The American Institute of CPAs special committee on financial reporting expects to issue its final report in the summer of 1994, adding 12 months to its original schedule, according to an interim status report presented to the AICPA board of directors...
Fraud Charges against Pannell Kerr Forster Dismissed
Claims against Pannell Kerr Forster (PKF) by a group of investors who purchased limited partnership interests were dismissed by the U.S. District Court for the Northern District of Illinois. PFK had generated projections included in VMS Limited...
Higher Sales Brighten Small Business Outlook
CPAs are more likely to find small business clients in an optimistic mood than they were a year ago, according to the latest National Federation of Independent Business (NFIB) survey of more than 2,300 small business owners, which was conducted in...
How CPAs Count on Computers
What to buy now and what to expect in the future. In the world of computers, the only constant is change. Given how heavily the accounting profession has come to rely on computers, this ever-changing scene is a mixed blessing: While the advances...
How to Integrate Software without a Hitch
HOW TO INTEGRATE SOFTWARE WITHOUT A HITCH In today's complex business world, accountants increasingly are called on to help plan and install computerized business systems. In this article, Ira R. Weiss, CPA, PhD, dean of the Madrid Business School,...
How to Start a Plan Administration Practice
Listed here are the steps required to tap the pension market for a new and profitable consulting business. CPA firms frequently field questions from their small business clients about qualified retirement plans. Just as frequently, after getting...
Investment Company Accounting; Rescission of APB Statements
INVESTMENT COMPANY ACCOUNTING; RESCISSION OF APB STATEMENTS 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 American...
IRS Issues Transfer Pricing Regulations
In January 1993 the IRS released temporary and proposed regulations on intercompany pricing of tangible and intangible property under tax code section 482, along with related penalty provisions for substantial and gross valuation misstatements under...
Is It a Good Idea to Accredit Specialists?
The American Institute of CPAs currently offers one accredited specialization, the personal financial specialist, and is developing another for business valuation specialists. The AICPA board has asked its technical committees to take a more active...
Over There
OVER THERE Nowadays many companies do business with foreign individuals or companies, which often involves relocating employees to other countries. Along with relocation come numerous employee tax issues. The primary issues center on the amount...
SEC's Injunction against Price Waterhouse Denied
The Securities and Exchange Commission failed in its request for broad injunctive relief against Price Waterhouse for the firm's alleged failure to audit AM International, Inc. properly before that company's 1982 demise. In 1976, to update its product...
States Get Tough on Sales Tax Compliance
The impact of a sluggish economy and decreased federal assistance is causing many states to emphasize sales tax collection as a means of raising revenues. Brian D. Clark, CPA, senior vice-president and general manager of Solomon Software, Findlay,...
Supreme Court: IRS Wins S Corporation Limitations-Period Issue
Bufferd, a shareholder in an S corporation, claimed a pro rata share of losses and investment credits reported on the corporation's 1978-79 fiscal-year tax return, which was filed on February 1, 1980. Bufferd's 1979 return, on which he claimed the...
The Federal Government: A New Funding Source
Many CPAs' clients might benefit from government grants available for emerging technologies. Robert W. Eimers, CPA, manager of operations, Cato Research, Durham, North Carolina, offers details. During turbulent economic times, traditional financing...
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