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. 81, No. 7, July

Better Analytical Reviews of Charitable Organizations
Using Financial Ratios and BenchmarksCharitable organizations represent a significant part of the U.S. economy. Independent Sector reports that in 2009, more than 5% of the gross domestic product and approximately 10% of all employment was provided by...
Blue Ribbon Panel on Private Company Financial Reporting
'One-Size GAAP' Does Not Fit AllBy Paul V StahlinFor the past 35 years, the CPA profession has debated the need for relevant and appropriate accounting standards for privately held enterprises. Committees have been formed, and reports have been presented....
End-User Computing Applications
Implications for Internal Auditors and ManagersBusinesses today rely on the work being done by staff using personal computers. The proliferation of personal computers has led to widespread implementation of end-user computing applications. As their name...
ERM in a CPA Practice
Enterprise risk management (ERM) describes an entity's process for assessing, controlling, and monitoring risk across lines of businesses and functions. It is viewed as critical to an entity's success, so much so that pubhcly traded companies are now...
Helping Taxpayers Who Are Victims of Identity Theft
Recently, a friend of the authors asked the LRS why his tax refund was significantly delayed. The IRS replied that someone was fraudulently using the Social Security number of one of his five family members. When our friend inquired further, the IRS...
Internal Control Weaknesses in Local Government
Evidence from Town and Village AuditsTowns and villages account for more than 1,400 municipal government entities in New York State. They constitute a part of the client base for many CPAs, who may serve them as auditors or consultants. Some CPAs may...
Key Person Value Adjustments for Closely Held Corporations
Review and Analysis of Discounts for Estate and Gift Tax PurposesValuing closely held corporations for estate and gift tax purposes is frequently a very contentious issue. IRC section 2031(a) notes that the value of the estate shall be detennined at...
Measurement of Incentive Stock Option Expense
Is the Issue Settled?Accounting for the compensation costs associated with incentive stock options has had a contentious history. There is still some debate about how the compensation costs associated with these options should be measured. This article...
Raising the Bar
An Interview with James R. Doty, PCAOB ChairmanIn January 2011, James R. Doty was appointed chairman of the Public Company Accounting Oversight Board by SEC Chair Mary L. Schapiro. The PCAOB was created by the SarbanesOxley Act of 2002 (SOX) to oversee...
Reporting the Governance, Management and Disclosure Policies of Nonprofits in the Redesigned Form 990
Beginning with the 2008 tax year, the IRS dramatically increased the reporting requirements in the Form 990 information return for tax-exempt organizations. Nonprofit organizations are now required to go well beyond the traditional reporting of revenues...
Sarbanes-Oxley's CEO and CFO Certification Requires Scienter to Protect Investors
In December 2001, Enron - the nation's seventh-largest company, based on reported revenues - filed for Chapter 11 bankruptcy, touching off an eruption of accounting scandals that rocked the financial world. At the time, Enron's collapse was the largest...
Thirteen Steps to FCPA Compliance
A new record in U.S. Foreign Corrupt Practices Act of 1977 (FCPA) enforcement was set in 2010: The number of enforcement actions more than doubled and total fines against companies and individuals nearly tripled, as compared to 2009. The U.S. Department...
To Protect and Serve
NYSSCPA Is Looking for Quality ReviewersBeginning January 1, 2012, nearly every CPA firm that provides attest services in New York State will be required to undergo a mandatory quality review - historically referred to as a peer review - once every three...
Website of the Month: International Federation of Accountants
The International Federation of Accountants (TFAC) is a membership organization of national accountancy bodies in 125 countries, representing accountants in pubhc practice, industry, government and education. IFAC develops international standards on...
Whistleblowing: Can New Incentives Overcome Apprehension?
Blowing the whistle on wrongdoing is never easy. Most of us learned in our childhood that "telling" on someone had negative connotations and consequences associated with it. Consider the words we use to describe someone who informs on another's misdeeds:...

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