December 2012

PROFESSIONAL ISSUES / MANAGEMENT ACCOUNTING

Snyder's challenge: Reinvigorating Michigan

Rick Snyder, CPA, has a knack for reinvention. His career path is proof. It includes phases such as major firm partner, senior executive for a fast-growing technology firm, and venture capitalist. Now he has taken on what might be his most challenging role—governor of Michigan. Snyder shares his thoughts on change management, planning, and benchmarking at the midway point of his term.

PRACTICE MANAGEMENT

2012 MAP Survey: Signs of recovery

What does the largest benchmarking survey of U.S. accounting firms say about the state of the profession? Are firms growing revenue and producing more profits for partners? Are nonpartner professionals earning more money and receiving more benefits? Is value pricing taking hold, and are new technologies taking over? Find out in our in-depth look at the 2012 National Management of an Accounting Practice (MAP) Survey sponsored by the AICPA Private Companies Practice Section in association with the Texas Society of CPAs.

FINANCIAL REPORTING

A quest for relevance

In this round-table discussion, AICPA staff and task force members describe a financial reporting framework under development that will allow CPAs to prepare financial statements that are tailored to the needs of small business clients and users.

FRAUD

What's your fraud IQ?

Data analysis techniques can help CPAs detect warning signs of potential fraud, especially in large data sets. How well do you know these techniques and how they can be used to sift through millions of records to uncover evidence of possible malfeasance? Find out in our Fraud IQ quiz.

TAX

Year-end tax planning: Preparing for the tax cliff

Taxes on dividends are scheduled to increase from 15% in 2012 to as high as 43.4% in 2013. Also, a new 3.8% Medicare tax on net investment income and an additional 0.9% Medicare tax on wage and self-employment income will apply to higher-income taxpayers. This article contains planning ideas for CPAs to consider when helping their clients cope with these impending large tax increases.

FINANCIAL REPORTING

Impairment testing: Effectively using the qualitative assessment

Qualitative or quantitative: Which sort of impairment testing is best for valuation needs? After the release of new Accounting Standards Updates, the options have grown.

MANAGEMENT ACCOUNTING

From CGMA Magazine: Outsourcing treasury management

The global financial crisis transformed corporate priorities, pushing financial risk management high up the list—a shift that has elevated the profile and broadened the role of the executive who is often responsible for managing that risk: the corporate treasurer.