March 2000 - Journal of Accountancy

   FRAUD Ask the right questions to uncover fraud. TO CATCH A BY JAMES D. HANSEN AND THOMAS A. BUCKHOFF EXECUTIVE SUMMARY EMPLOYEE FRAUD is big business—and getting bigger. As corporate automation grows, fraud opportunities rise apace and their detection and prevention become more problematic. AS A RESULT, BUSINESSES must

EXECUTIVE SUMMARY FOLLOWING BASIC TENETS will provide business appraisers in both industry and public practice enhanced understanding and skills to comply with business valuation standards. FIRST, FULLY UNDERSTAND THE NATURE of each BV assignment. CPAs WHO OFFER BV MUST CONFORM with several standards on professional competence, due professional care, planning

EXECUTIVE SUMMARY WITH MANY OF THE ESOPs CREATED OVER the past 20 years suffering the pains of old age, ESOP sponsors must carefully consider some of the possible courses of action available to them, including reloads, refinancings, grantor trusts and even possible plan terminations. ACCOUNTING FOR ESOPs CHANGED WHEN THE

EXECUTIVE SUMMARY A FASB ED ON ACCOUNTING FOR the retirement of long-lived assets may have a significant impact on the balance sheets of electric utilities with nuclear power plants. Such companies face $33 billion in decommissioning costs, which currently are not fully reflected on their financial statements. UTILITIES OPERATE IN

   PRACTICE DEVELOPMENT/BUSINESS VALUATION Skills you need to value businesses. Is Business Appraising For You? BY ELIZABETH DANZIGER EXECUTIVE SUMMARY BV IS A VERY CHALLENGING BUSINESS that requires an unusual set of skills. CPAs SUCCESSFUL AT OFFERING BV tend to: — Function well under intense pressure. — Communicate well, both

EXECUTIVE SUMMARY BV IS A VERY CHALLENGING BUSINESS that requires an unusual set of skills. CPAs SUCCESSFUL AT OFFERING BV tend to: — Function well under intense pressure. — Communicate well, both orally and in writing. — Integrate quantitative and subjective data coherently. — Be unfazed by ambiguity and uncertainty.

EXECUTIVE SUMMARY SIGNING A JOINT INCOME TAX RETURN can lower a married couple’s tax liability; joint and several liability can turn this advantage into a nightmare if one spouse omits income or claims false deductions. To help innocent spouses, Congress has expanded the innocent spouse defense to include three options: