Corrections


 The article “The Death of LIFO?” (Jan. 09, page 44) incorrectly described inventory valuation under U.S. GAAP. The article should have stated that GAAP values inventories at the lower of cost or current replacement cost, which is subject to a ceiling of net realizable value and a floor of net realizable value minus a normal profit margin.

 The article “States Bite Into Broken Gift Cards” (Dec 08, page 76) included within Exhibit 3, “States That Generally Exempt Gift Cards from Escheat Laws,” an incomplete description for Pennsylvania’s requirements. The note for Pennsylvania should have said “if no fees or expiration, after Dec. 31, 2000, and not for general usage.” A copy of Pennsylvania’s unclaimed property legislation, including the exemption for qualified gift cards, may be found at www.patreasury.org/documents/BUPStatute11-07.pdf.

SPONSORED REPORT

CPEOs provide peace of mind around payroll services

The creation of these new IRS-certified service providers for small businesses clarifies some issues around traditional professional employer organizations.

QUIZ

8 sentences to help you master subject-verb agreement

When professionals prepare written material for readers inside their organization or outside, they should make sure that no errors distract from the message they need to convey. Take this short quiz for practice in subject-verb agreement.