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. 7, July

Accounting for OPEB Costs and Regulatory Assets
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)...
AICPA Urges Expanding Pension Disclosures to Workers
In a statement submitted to the House Labor-Management Relations Subcommittee, which is holding hearings on oversight of the U.S. Pension Benefit Guaranty Corporation (PBGC), the American Institute of CPAs proposed the adoption of specific measures...
Attempt to Avoid Golden Parachute Rules Fails
Jewel Companies, Inc. entered into severance pay contracts with its senior executives after it agreed to merge with an acquiring company. The agreements' stated purpose was to keep the executives from leaving before the change in control actually took...
FASB and CICA Invite Comments on Disaggregated Information
The Financial Accounting Standards Board and the Canadian Institute of Chartered Accountants Accounting Standards Board jointly issued an Invitation to Comment titled Reporting Disaggregated Information by Business Enterprises. It marks the first time...
Good Writing Counts
number of recent developments affecting the accounting profession--congressional investigations of alleged audit failures, the public's enhanced awareness of what CPAs do and the increase in sophistication of the users of CPAs' written products--have...
Harnessing the Power of Databases
In this age of electronic information, hardly a scrap of data useful to accountants isn't recorded somewhere--most likely in an electronic database easily accessible by computer. In the last few years, thanks to advances in hardware and application...
Income Tax Consequences of Real Estate Foreclosures
When the economy falters, real estate foreclosures and related actions (voluntary reconveyances, abandonments) become facts of life. CPAs with clients who are parties to such traumatic events, either as mortgagors or mortgagees, often find them preoccupied...
Legislating Liability Reform
Much has been written about the legal liability threat to the profession, CPAs' liability reform goals and the broad arguments in their support. This article addresses the issue from a different perspective--that of the legislative committee representing...
Mutual Funds: It's Time for Better Reporting
Financial accounting deals with extraordinarily complex issues, but its purpose is quite simple: to communicate economic reality. The accounting profession's body of knowledge generally accepted accounting principles--permits dissimilar organizations...
Nannygate: An Overview of Payroll Tax Rules and Immigration Laws
Each year in the United States vast amounts of income are not reported to the Internal Revenue Service. Estimates indicate unreported payments for child care alone total $11 billion annually. It is widely acknowledged much of the labor in this socalled...
Newark Morning Ledger: A Clear but Narrow Victory
The U.S. Supreme Court decision in Newark Morning Ledger (4/20/93), while a clear victory for taxpayers seeking to amortize "customer-based" intangibles (CBIs), does little to clear up the confusion that consistently has surrounded this area. (For...
PFP Division Seeks Greater Member Awareness
When the personal financial planning (PFP) executive committee approves a strategic plan next month, one of its key goals will be to make more AICPA members aware of financial planning's value to their practices. Said Phyllis Bernstein, PFP division...
Proposed Transfer Pricing Penalty Amendment
A revenue proposal released by the Treasury Department on April 30 amends penalty provisions for substantial and gross valuation misstatements relating to transfer pricing adjustments under tax code section 482. The amendment reduces and more clearly...
Prospective Audit Client Site Visit Checklist
A site visit--a trip to a prospective audit client's headquarters or production facilities--is a good opportunity for the CPA firm and the client candidate to size each other up. Here are some questions that can be asked by thefirm's proposal team....
Self Regulation: An Assessment by SECPS Members
Members of the American Institute of CPAs division for CPA firms SEC practice section (SECPS) believe the SECPS quality control (QC) program and membership requirements are effective in fostering and improving the quality of member firms' audits. They...
The REIT Stuff
Real estate investment trusts (REITs) have made a comeback as investment vehicles, fueled by changes originally made in the Tax Reform Act of 1986. REITs may be set up as trusts, corporations or associations and must meet several specific and detailed...
TQM and CPA Firms
The introduction of mandatory practicemonitoring programs has drawn increased attention to the issue of quality control in CPA firms. In 1988, American Institute of CPAs members approved a bylaw amendment requiring all AICPA members active in the practice...
Using a Strategic Planning Matrix to Improve a Firm's Competitive Position
CPA firms face an increasingly competitive and complex environment. Increased business complexity has created more opportunities for CPAs, but the degree of complexity has reached the point that no one firm, no matter how large, can be an expert in...
Wake-Up Call to American Business: International Accounting Standards Are on the Way
Many public accountants and members of the investment community believe the world is ready for a single set of international accounting standards. Those who support worldwide accounting standards do so because they believe businesses are moving toward...
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