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. 66, No. 4, April

1996 Marks 100 Years as a Licensed Profession
On April 17, 1896, the New York State legislature took the momentous step of enacting the first CPA licensing law in the United States. The new law was passed after much haggling and bickering over who would qualify for the credential and how the profession...
An Early Warning System for Controlled Group Retirement Plans
Where the sponsor of a qualified retirement plan is part of a controlled group, IRC Sec. 414(b) requires the sponsor to take into account all the members of the controlled group for purposes of-Sec. 401-basic qualification rules,Sec. 410-minimum coverage...
Appraised Value Determines Corporate Gain under IRC Sec. 311
The Tax Court, deciding in favor of the IRS, held in Pope & Talbot, Inc., v. Com, 104 TC _, No. 29 (May 8, 1995), that a corporation which distributed discrete partnership units of property composed of timber and resort interests in the Northwest,...
A Software Tool for Internal Operations Risk Analysis
The Internal Operations Risk Analysis, developed by Business Foundations, is a software tool designed to help a CPA acquire some indepth knowledge about a business, whether it be a client, employer, or other relationship. The software helps analyze functional...
Birth of a Profession
It's the 100th anniversary of the enactment of the first CPA law in the US.April 17, 1996, is the one hundredth anniversary of the passage of the first law establishing the CPA designation in the U.S. It took place in New York and led to the establishment...
Book Review: The New York State Society of Certified Public Accountants, Foundation for a Profession
This volume presents a compilation of the historical articles published between 1949 and 1972 in The New York Certified Public Accountant, the predecessor magazine to The CPA Journal. The publication of this collection is particularly appropriate at...
Book Review: The Successful Audit
The subtitle of this book - New Ways to Reduce Risk Exposure and Increased Efficiencyoutlines its contents, in which the subject and the methodology of a successful audit are covered in considerable depth.The author points out that the book was written...
Coordinating Committee of the AICPA: A Brief Synopsis
by Jerry Weygandt, chair AICPA Financial Reporting Coordinating CommitteeThe Coordinating Committee's (CC) role is a fundamental one: to ensure that the recommendations of the AICPA's Special Committee on Financial Reporting (SCFR) receive a full and...
Distributions of Marketable Securities from Partnerships
Now treated as distributions of moneyThe GATT legislation created a new IRC section that treats the distribution of marketable securities from a partnership as a distribution of money. The author explains what marketable securities are covered and what...
FASB Arithmetic: 109 Plus 115 Equals?
The FASB spent approximately a decade debating the issues associated with reporting income taxes in the financial statements before ultimately finalizing the matter with the issuance of SFAS No. 109, Accounting for Income Taxes. In another important...
FLP and GRATs
Family limited partnerships (FLPs) have become an increasingly popular estate planning device. Basically, a FLP involves a transfer of assets (typically those with significant appreciation potential or a relatively high rate of return) by a husband and...
Governmental Compliance Auditing Considerations
SAS No. 74-the generic replacement for SAS No. 68, provides more freedom to operate.With SAS No. 68, anytime a government agency hiccuped or did something more drastic like revising the Yellow Book, the Auditing Standards Board had to consider revising...
How to Improve Effectiveness of Substantive Analytical Procedures
In a healthy business, certain relations among data are expected. For example, gross profit should bear a close relation to pricing policies, revenues and receivables should reflect a reasonable collection period, and payables should reflect both resource...
Joseph Hardcastle: The First Person to Pass the CPA Exam
The first CPA law in 1896 in New York provided for a "grandfathering" provision that allowed experienced practitioners to become CPAs without taking an examination. To qualify, a practitioner had to be able to prove he had been in reputable practice...
Looking for a New Job
In these days of reengineering and restructuring many highly skilled, competent executives find themselves looking for a new job. If you find yourself in that position, I hope my thinking and firsthand experience can help you. Your library and bookstore...
New Jersey Establishes Tax Amnesty Program
On February 29, 1996, New Jersey Governor Christine Whitman signed legislation (Senate Bill #675 as amended) requiring the director of the New Jersey Division of Taxation ("director" of the "division") to establish a three-month tax amnesty. On March...
No Quick Fix in Sight-Assembly Project Copes with over 500 Comments
Thomas Kelley, CPA, former vice president of the AICPA and now consultant on professional standards, has remained involved with the Accounting and Review Services Committee project on the assembly of financial statements for internal use only. Robert...
Plain Paper Financial Statements-Do They Meet the Test?
In September 1995, the AICPA Accounting and Review Services Committee (ARSC) issued an exposure draft entitled, Assembly of Financial Statements for Internal Use Only. This proposed Statement on Standards for Accounting and Review Services (SSARS) provides...
Publicly and Privately Held Companies Report Reasons for Selecting and Switching Auditors
The August 1994 issue of The CPA journal includes an article by two of us that reports the results of a survey on the reasons privately-held companies select and dismiss audit firms. To determine if public companies held to the same profile of concerns,...
Tax Court Values Four-Day-Old Bread for Charitable Contribution Purposes
By Peter Barton, MBA, CPA, JD, professor of accounting and Clayton Sager, PhD, associate professor of accounting University of Wisconsin-WhitewaterIn Lucky Stores v. Commissioner, a case of first impression, the Tax Court ruled that four-day-old bread...
Taxes and the Armed Forces
Tax benefits for extraordinary sacrificesMembers of the armed forces may exclude certain items from taxable income, be entitled to some additional deductions, and receive some administrative relief In many cases obtaining the benefits is a close call...
The CPA-Financial Planner: Some Insights
Leap into a new world of service. The demand for traditional services is declining. A multitude of factors are at work that may serve to accelerate the fall-off-technology, competition from non-CPA firms, tax reform. Many CPAs have found success by expanding...
The Private Securities Litigation Reform Act of 1995
Proportional liability for wrongdoingIn overriding President Clinton's veto and passing the Reform Act, Congress has provided welcome relief to a number of groups, including the accounting profession. However, the measure of relief is not as great as...
The SEC's Requirements for Audited Financial Statements of Acquired Businesses
When a public corporation makes its first acquisition, it is often surprised to find the Securities and Exchange Commission has rules that under certain conditions require the filing of audited financial statements of the acquired business in a Form...
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