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. 80, No. 12, December

2010: Another Year Behind Us
From my office window, the skyline looks the same but the financial landscape is very different than it was only a year ago. According to the Congressional Budget Office's (CBO) projections, our nation is more than $1 trillion deeper in debt, unemployment...
2010 Estate Tax Repeal, Basis Rules, and Reporting Requirements
In the midst of Congress passing sweeping laws in support of unprecedented federal financial bailouts and approving major national healthcare reform, Congress surprisingly did not act to prevent this year's repeal of the federal estate tax and generation...
Accounting for Bill-and-Hold Transactions
Guidance from Four StandardsStatement on Auditing Standards (SAS) 99, Consideration of Fraud in a Financial Statement Audit, requires the auditor to "presume there is a risk of material misstatement due to fraud relating to revenue recognition." One...
Accounting for Municipal Bankruptcies
An Increasing Occurrence in Uncertain TimesThe U.S. Bankruptcy Code allows municipalities to file for bankruptcy, but only if the state in which they are located allows its municipal governments to do so. Municipal governments include counties, cities,...
Environmental Disasters
How Auditors Can Serve as WatchdogsIn the days, weeks, and months following the BP oil spill in the Gulf of Mexico, many of us watched powerlessly, wondering what we could do to help. As accountants, our ability to assist may not seem obvious, because...
Forecasting: Using Algebra to Make More Efficient Spreadsheets
Computing budgeted or forecasted volumes for business planning has become relatively easy with the advent of spreadsheet programs. Unfortunately, the ease of using spreadsheet programs can cause users to ignore forecasting methods that may be more efficient...
Helping Small Businesses Provide Healthcare Coverage
According to the Office of Advocacy at the U.S. Small Business Administration, the cost of health insurance has been a top concern of small businesses for many years. A study conducted by the Kaiser Family Foundation and the Health Research & Educational...
IFRS for SMEs: Not for Private American Companies
The International Accounting Standards Board (IASB) published an abridged version of its International Financial Reporting Standards (IFRS) titled IFRS for Small and Medium-sized Entities (SME) on July 9, 2009. IFRS for SMEs was released in response...
Interpreting 'Legally Permissible' in Applying Fair Value Guidelines
When issued, FASB Statement of Financial Accounting Standards (SFAS) 157, Fair Value Measurements (now largely captured in Accounting Standards Codification [ASC] Topic 820), sought to bring a consistent definition and framework to the deployment of...
Making Our Voice Heard on Tax Issues
In June, I wrote about how crucial the role of the CPA will be in deciphering and applying the requirements of the country' s new healthcare reform law. One provision in the Patient Protection and Affordable Care Act that our CPA members have already...
Medicare Part B Premiums: A Hidden Income Tax
Many senior citizens express concern about potential reductions in Medicare benefits, yet while this question is important, seniors and their financial advisors should also look at the premium cost side of Medicare. A previous article by the authors...
Regulatory and Legal Implications of Stealth Restatements
Can Companies Bury the Bad News?Due to the major accounting scandals of the early 2000s and the resulting increased emphasis on financial information transparency, the issue of restatements and the quality of financial information provided by companies...
Returning the Relevancy of the P&L
A Proposed ModelProfit and loss (P&L) statements have always been significant for most reporting entities as the basis for evaluating the ability to generate future profits. This is evidenced by the various earnings multipliers that are often used...
Telecommuting and Taxes: The Telebright Case
Computer and telecommunications technologies have made it easy for employers and staff to stay in touch remotely, and the economic downturn over the past few years has spurred businesses to cut fixed costs such as rent. Taken together, this means that...
The Fair Credit Reporting Act
Responsibilities of Auditors, Forensic Accountants, and InvestigatorsEmployee fraud has increased in frequency and intensity during the past few years, leading employers to step up their use of background checks. These investigations provide opportunities...
The IFRS Theme Park
An Alternate Learning ApproachFor U.S. CPAs looking to learn International Financial Reporting Standards (IFRS), the good news is that IFRS guidance is approximately one-tenth the length of U.S. GAAP. The bad news is that IFRS is still more than 2,800...
The 'Tighten Your Belt, Happy Beneficiaries' Retirement Strategy
Balancing Withdrawals and Preserving AssetsA long-term financial plan must address a number of interlocking issues and concerns. The author counsels clients to use a "tighten your belt, happy beneficiaries" strategy that entails an equal percentage withdrawal...
Website of the Month: Planned Giving Design Center
The Planned Giving Design Center (PGDC) website, at www.pgdc.com, offers an excellent collection of information and tools on charitable gift options to professional advisors, nonprofit organizations, and the general public, with the mission of ftirthering...
When It Comes to Fraud, It's Better to Be Safe Than Sorry
The Importance of a Keen Eye and the Courage to Speak UpContrary to popular mythology, not all corporate accounting frauds begin at the top. This article tells three stories of corporate accounting irregularities that I have encountered - all of which...
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