The CPA Journal

The CPA Journal is a monthly refereed accounting journal. It has been published by the New York State Society of CPAs since 1930.Subjects for The CPA Journal inlcude accountants and accounting. Carolyn Morrisroe is the managing editor and Anthony H. Sarmiento is a contributing editor.

Articles from Vol. 72, No. 6, June

Accounting for Internet-Based Barter Transactions
BECAUSE ADVERTISING BARTERED BETWEEN INTERNET COMPANIES is not always sold for cash, determining fair value is often difficult and can be highly subjective. The Internet has rapidly revolutionized the way that companies conduct business. The relationship...
Albrecht and Sack Win 2001 Max Block Award
W. Steve Albrecht and Robert J. Sack have won the 2001 Max Block Distinguished Article Award, which each year recognizes the most outstanding work published by The CPA Journal The award-winning article,"The Perilous Future of Accounting Education," appeared...
Considering FASB's Critics
"A staff is quickly found to beat a dog." -William Shakespeare, King Henry VI, part 2 Over the years, many people have criticized FASB for being subject to political and industry pressures, for squandering resources by attending to unnecessary projects,...
Current SEC Developments
CURRENT SEC DEVELOPMENTS In Brief Getting It Right the First Time The topics that the SEC staff addressed at the December 20(01 AICPA Conference on Current SEC Developments included advancing the interests of investors and ear-end reporting matters....
Financial Statement Disclosure of Corporate Tax Shelters
Opening up to the light IN BRIEF Abusive Tax Shelter Disclosure and Control While most of the controversy surrounding corporate tax shelters deals with issues of registration, listing, and disclosure of shelters for tax purposes, the disclosure of corporate...
How the Fair Credit Reporting Act Affects Audits and Other Investigations
In Brief The Downside of Fairness Federal agencies and the courts have advised employers to use experienced outside investigators to ensure compliance with internal controls and implement monitoring and auditing systems designed to detect criminal conduct...
Improving the Profession's Grade Means Returning to Basics
A recent survey showed that although the integrity of the accounting profession is not questioned (the Enron/Andersen scandal notwithstanding), overall customer satisfaction has been neglected. The survey, conducted by NFO WorldGroup and released in...
Independence and the Users of Closely Held Companies' Financial Statements
IT'S NOT QUITE APPLES-TO-APPLES The accounting profession has been awash in independence discussions for the last few years. The focus is almost always on SEC registrants and their auditors. Little concern has been expressed for the independence issues...
IRS Limits Agents' Use of Constructive Receipt with Collateralized Letters of Credit
IT IS CRUCIAL TO UNDERSTAND WHAT THE IRS MEANS by "standby letter of credit," the type of property securing the letter of credit, and the effect of changes in the underlying security. In two recent instances, IRS field offices attempted to treat a note...
Letters to the Editor
GLOBAL DEMAND FOR THE CPA EXAM: A VIEW FROM THE OTHER SIDE As a foreign chartered accountant who once navigated the choppy waters to ultimately obtain permission to sit the CPA exam (and pass at my first attempt), I was interested in your December 2001...
New Requirement to File Gift Tax Returns
Although much attention has been given to the gift and estate tax provisions of the Economic Growth and Tax Relief Reconciliation Act of 2001, important changes may have gone unnoticed. One such change is prompting many taxpayers that have never filed...
Predicting Financial Vulnerability in Charitable Organizations
One result of the trend toward privatization of government social services has been a tremendous increase in the number of tax-exempt organizations. According to the Independent Sector, an organization that reports on the state of the tax-exempt sector,...
Protecting Proprietary Information
Few businesses realize that U.S. export laws apply to a wide range of products and technical information. Computer software, including off-the-- shelf commercial office programs, is in many cases subject to export controls, as are many other seemingly...
Robert H. Herz Named FASB Chair
On April 24, FASB announced that Robert H. Herz, a senior partner with PricewaterhouseCoopers, has been named chair of the Financial Accounting Standards Board. Herz will succeed outgoing Chair Edmund L. Jenkins, who will retire on June 30 upon completion...
State Tax Credits for Research and Experimentation
Incentives for staying in the laboratory In Brief limo Shows State-by-State Benfits Companies seeking to locate or relocate their research and experimentation (R&E) facilities can frequently benefit from state business incentives such as state R&E...
Trendsetters Recognize the Value of Competitor Information
According to recent research from PricewaterhouseCoopers' "Trendsetter Barometer," 31% of fast-- growth CEOs report that business information about major competitors is more important today than it was a year ago.Another 65% rate it as having equal importance,...
Using Outsourcing to Stay on Top
News Views One way CPA firms can meet the challenges of the future is to focus their resources on the most important functions and outsource other areas. Done property, this avoids the pitfalls of the traditional solution (adding more people) while avoiding...
Valuation for Impairment Testing: The Finance and Accounting Professional's Guide to Valuing Reporting Units for Compliance with SFAS 142
VALUATION FOR IMPAIRMENT TESTING: THE FINANCE AND ACCOUNTING PROFESSIONAL'S GUIDE TO VALUING REPORTING UNITS FOR COMPLIANCE WITH WAS 142 By Travis W. Harms, CPA Andrew K Gibbs, CPA, and Matthew R. Crow, CFA, ASA, with contributions by Z. Christopher...
Website of the Month: Grantthornton.com
Editor's Note: Over the coming months, this column will review the websites of some large international national, and regional public accounting firms (if can we still use that term), and perhaps of some smaller firms as well. Although all accounting...
Website Redesign: When It's Time for a Change
A web presence is now a must for almost any business. According to Mary Elges of Pinnacle Decision Systems (www.pinndec.com), a computer consulting and software development company, "The web has grown up so much in the last couple of years, with faster...
When Inefficiency Becomes the Status Quo
Publisher's Column Point of fact: Not once in the last 18 years has the New York State legislature completed the budget on time. That means that we now have high school graduates and eligible voters helping elect or reelect (the vast majority of the...
World Trade Center Grant Program
On January 23, the Empire State Development Corporation (ESDC) announced the World Trade Center Business Recovery Grant Program, designed to provide assistance to certain businesses that were economically affected by the events of September 11. Depending...
Would You Still Choose a Career in Accounting? What More Could I Want?
GUEST EDITORIAL After more than 30 enjoyable years in accounting, I don't believe I could find another profession as exciting, stimulating, and demanding. But my path has not been a straight line. I went to college planning to major in math. I was good...
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