Journal of Accountancy

INSIDE AICPA

Ellentuck Receives Tax Division's Highest Award

JANUARY 2009

Albert B. Ellentuck received the Arthur J. Dixon Memorial Award, the highest award given by the AICPA in the area of taxation.

Ellentuck, currently of counsel to King & Nordlinger LLP Attorneys at Law in Arlington, Va., has spent his career in practice with both law and CPA firms, focusing on estates and trusts, as well as tax planning for individuals, businesses and notfor- profit organizations.

Ellentuck chaired the AICPA Tax Executive Committee, the Tax Division’s Liaison with Other Professional Organizations Subcommittee and the Communications Committee. He has also served on the Tax Administration and Corporations & Shareholders subcommittees.

He is also the author of several tax-oriented books and articles and serves as editor of the Case Study section of The Tax Adviser and has been a member of the publication’s editorial advisory board.

The award, given by the AICPA Tax Division, honors Arthur J. Dixon, chairman of the Tax Executive Committee from 1977 to 1980. It was first awarded to Dixon, posthumously, in 1982.

INSIDE AICPA

Business Valuation Section Wins Best Article Award

JANUARY 2009

The JofA’s 2007 business valuation section that introduced the AICPA’s Statement on Standards for Valuation Services has won the Journal’s Lawler Award for the best article of the year. The section appeared in the September 2007 issue.

The winning authors and their articles are:

Edward J. Dupke, “AICPA Introduces Its New Valuation Standard.” Dupke is a senior consultant at Clifton Gunderson LLP in the firm’s Phoenix office and is a former chairman of the AICPA Business Valuation Committee.
Robert F. Reilly, “Professional Guidance in Business Valuation: Applying SSVS1.” Reilly is the managing director of Willamette Management Associates, a valuation consulting, economic analysis and financial advisory services firm, in the Chicago office, and is a member of the AICPA Business Valuation Committee.
John R. Gilbert, “50 Examples of When to Apply SSVS1.” Gilbert is a managing director of The Financial Valuation Group in Great Falls, Mont.
Randie Dial, “Suggested Guidelines for How to Implement SSVS1 in Your BV Practice.” Dial is a senior manager at Clifton Gunderson LLP in Indianapolis.
Michael A. Crain, “Pension Protection Act Changes Valuations for Tax Purposes.” Crain is managing director of The Financial Valuations Group in Fort Lauderdale, Fla., and immediate past chairman of the AICPA Business Valuation Committee.

The award is named for John L. Lawler, a former JofA editor and AICPA senior vice president. Winners are chosen annually by the JofA’s board of editorial advisers.

Here’s a look back at all past winners:

1976—Kenneth S. Axelson, “A Businessman’s Views on Disclosure,” July 75, page 42.

1977—Brandt Allen, “The Biggest Computer Frauds: Lessons for CPAs,” May 77, page 52.

1978—William H. Beaver, “Current Trends in Corporate Disclosure,” Jan. 78, page 44.

1979—David Solomons, “The Politicization of Accounting,” Nov. 78, page 65.

1980—John C. Burton, “A Critical Look at Professionalism and Scope of Services,” April 80, page 48.

1981—A.A. Sommer Jr., “Corporate Governance: Its Impact on the Profession,” July 80, page 52.

1982—Gerald W. Hepp and Thomas W. McRae, “Accounting Standards Overload: Relief Is Needed,” May 82, page 52.

1983—Paul Rosenfield and William C. Dent, “No More Deferred Taxes,” Feb. 83, page 44.

1984—Dennis R. Beresford, Lawrence C. Best and Joseph V. Weber, “Accounting for Income Taxes: Change Is Coming,” Jan. 84, page 72.

1985—Newton N. Minow, “Accountants’ Liability and the Litigation Explosion,” Sept. 84, page 70.

1986—Robert Mednick, “The Auditor’s Role in Society: A New Approach to Solving the Perception Gap,” Feb. 86, page 70.

1987—Robert J. Sack and Robert Tangreti, “ESM: Implications for the Profession,” April 87, page 94.

1988—Robert Mednick, “Accountants’ Liability: Coping With the Stampede to the Courtroom,” Sept. 87, page 118.

1989—William D. Hall and Arthur J. Renner, “Lessons That Auditors Ignore at Their Own Risk,” July 88, page 50.

1990—Robert L. Israeloff and Gerald W. Hepp, “Should CPAs Issue Plain Paper Financial Statements?” April 90, page 59.

1991—William D. Hall and Arthur J. Renner, “Lessons Auditors Ignore at Their Own Risk: Part 2,” June 91, page 63.

1991–1992—August J. Aquila and Allan D. Koltin, “How to Lose Clients Without Really Trying,” May 92, page 67.

1992–1993—James E. Hunton and M.K. Raja, “How to Pick the Right Computer Network,” June 93, page 41.

1993–1994—Gilbert Simonetti Jr. and Andrea R. Andrews, “A Profession at Risk/A System in Jeopardy,” April 94, page 45.

1994–1995—Robert K. Elliott, “The Future of Audits,” Sept. 94, page 74.

1995–1996—William L. Reeb and Michaelle Cameron, “Getting Beyond Counting,” Dec. 96, page 69.

1997—Chris Malburg, “Surviving Explosive Growth,” Dec. 97, page 67.

1998—Nita J. Clyde, “CPE Is Broke; Let’s Fix It,” Dec. 98, page 77.

1999—Douglas R. Carmichael, “Hocus-Pocus Accounting,” Oct. 99, page 59.

2000—Joseph T. Wells, “So That’s Why It’s Called a Pyramid Scheme,” Oct. 00, page 91.

2001—Edward Mendlowitz, “Nine Ways to Make Your Firm More Exciting,” March 01, page 63.

2002—Joseph T. Wells, “Occupational Fraud: The Audit as Deterrent,” April 02, page 24.

2003—Stephen A. Scarpati, “CPAs as Audit Committee Members,” Sept. 03, page 32.

2004—Jennifer M. Mueller, “Amortization of Certain Intangible Assets,” Dec. 04, page 74.

2005—Thomas G. Evans, Stan Atkinson and Charles H. Cho, “Hedge Fund Investing,” Feb. 05, page 52.

2006—Kathryn L. Garnett, “Social Security: What’s the Magic Age?” July 06, page 28.

INSIDE AICPA

Bunting, Walker Receive Gold Medal Award

JANUARY 2009

Robert L. Bunting, former AICPA chairman, and David M. Walker, former U.S. comptroller general, are the 2009 recipients of the Institute’s Gold Medal Award for Distinguished Service.

The medal is the highest award granted by the AICPA.

Bunting served as the 2004–2005 chair of the Institute’s board of directors and is president of the International Federation of Accountants.

He has been a member of the AICPA’s governing Council and many of its committees, including the Audit, Finance, Compensation, Nominations and Management of an Accounting Practice committees. He has also served as chairman of the Board of Examiners, Assurance Services Executive Committee and as a member of the Special Committee on Standards of Professional Conduct for CPAs.

From 1982 to 2004, Bunting was president and chairman of Moss Adams LLP in Seattle and is a past president of the Washington Association of CPAs and a current member of the boards of the Catherine Wilkins Foundation, United Way and Historic Seattle.

Walker served as U.S. comptroller general, which heads the Government Accountability Office, from 1998 to 2008. In this position, he was an outspoken, nonpartisan advocate for addressing the major fiscal challenges facing the country.

Today, Walker serves as president and CEO of the Peter G. Peterson Foundation. He also serves as chairman of the United Nations Independent Audit Advisory Committee and is on the boards of the Committee for a Responsible Federal Budget and the Partnership for Public Service.

Walker is also a central figure in the feature documentary, “I.O.U.S.A.,” a nonpartisan account of his national “Fiscal Wake- Up Tour” to alert the country about its looming fiscal crisis.

INSIDE AICPA

Institute Releases Annual Report

JANUARY 2009

The AICPA’s annual report for the fiscal year ended July 31 is available in PDF format here. The report, titled “CPA: Commitment. Performance. Accountability,” includes the Institute’s financial statements, describes how CPAs define and represent the profession’s messages and highlights some of the AICPA’s significant activities.

INSIDE AICPA

AICPA Offers Four Scholarships for 2009–2010

JANUARY 2009

The Institute is offering several academic scholarships for students interested in accounting and business. They include:

■ AICPA Scholarship for Minority Accounting Students—Financial awards of up to $5,000 for undergraduate and graduate minority accounting students. Deadline: March 6.

■ AICPA/Accountemps Student Scholarship—A joint program with Accountemps, awarding five $2,500 scholarships to students pursuing an undergraduate or master’s degree in accounting, finance or information systems. Deadline: April 1.

■ John L. Carey Scholarship—$5,000 scholarships for a minimum of 10 liberal arts or other nonbusiness-related degree holders preparing to enter a graduate accounting program. Deadline: April 1.

■ AICPA Fellowship for Minority Doctoral Students—Award of up to $12,000 for nearly 20 full-time minority doctoral students to increase the number of accounting educators who are also CPAs. Deadline: April 1.

For information on eligibility requirements and access to downloadable applications, visit www.aicpa.org/aec.

INSIDE AICPA

Groskopf Joins FASB Committee

JANUARY 2009

Thomas J. Groskopf was named to FASB’s Private Company Financial Reporting Committee, which receives administrative support from the AICPA and is part of a joint standard-setting improvement effort by the organizations.

Groskopf is the youngest person to become director of his 110-person firm, Barnes, Denning & Co. Ltd., which specializes in providing business counsel to tax, accounting and consulting clients throughout the Cincinnati region. He has served as Private Companies Practice Section chair of the AICPA’s Technical Issues Committee and is a member of the Xavier University Accounting Department’s Board of Executive Advisors.

Groskopf replaces Tom Ratcliffe on the committee and joins Judy O’Dell, chair of the committee, and the following members: Carl Bagge, managing partner of Bagge, Cennamo & Co. LLP; Charlie Bramley, partner of Briggs, Bunting & Dougherty; Daryl Buck, CFO Reasor’s Inc.; Mike Crain, senior executive vice president of Frost National Bank; Mary Ann Lawrence, senior vice president of Key Corp.; David Lomax, area underwriting manager of Liberty Mutual Surety; Jerry Murphy, CFO of Todd & Sargent Inc.; Judd Rabb, vice president and CFO of Coldwatt Inc.; Jim Smith, vice president and CFO of Phonon Corp.; James Stevenson, CFO of ABD Capital Partners; and Carisa Wisniewski, partner of Moss Adams LLP.

INSIDE AICPA

Einhorn Named Tax Executive Committee Chair

JANUARY 2009

Alan R. Einhorn, national director of the Quality Assurance Group for Deloitte Tax LLP, is the new chair of the Institute’s Tax Executive Committee.

Einhorn’s work with Deloitte includes ethics and professional standards and taxpayer and preparer responsibilities. He is also involved in coordinating the firm’s tax quality assurance reviews and reviewing the firm’s tax quality assurance guidance.

Einhorn began volunteering at the Institute in 1987. Highlights include his three-year chairmanship for the AICPA Tax Forms Committee, his membership on the Tax Practice Responsibilities Committee and his work for numerous task forces. He had been a member of the Tax Executive Committee four years before becoming chair.

Einhorn received the AICPA Tax Section Distinguished Service Award for 2007–2008 for his efforts to urge Congress to equalize the standards for taxpayers and tax preparers.

The Tax Executive Committee establishes tax policy for the Institute and functions as a clearinghouse for the work produced by other AICPA tax committees and technical resource panels regarding technical and administrative issues that affect taxpayers.

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