2001 - Page 14 of 35 - Journal of Accountancy

The magazines

July 1, 2001

how_ex1

Exhibit 1: The Predictable Side of Lifo

July 1, 2001

Expert Testimony After Daubert…

t the fall 2000 AICPA Advanced Litigation Services Conference, Judge Alex Kozinski’s keynote speech, “A View From the Appellate Bench: The Changing Landscape for CPA Experts—Beyond Daubert ,” covered a few points relevant to CPA expert witness testimony. Judge Kozinski serves on the U.S. Court of Appeals’ Ninth Circuit,

July 1, 2001

len_ex2

Exhibit 2

July 1, 2001

len_ex5

Exhibit 5

July 1, 2001

Research Summary 16: Independence and Auditor Selection

FOR THE PRACTICING AUDITOR—RESEARCH SUMMARIES #15 AND #16 Summary #15 Differences in Quality Among Audit Firms Size affects compliance with GAAP. BY JAGAN KRISHNAN AND PAUL C. SCHAUER hile accounting regulators maintain audit quality is independent of firm size, others argue that large firms produce a higher quality audit

July 1, 2001

Line Items

Shopaholic Wife, Clueless Husband A husband and wife were married for more than 20 years. The wife paid the bills, handled the banking and controlled the family’s finances. The husband rarely wrote a check. Early in their marriage, the wife was convicted of a felony after embezzling from her employer.

July 1, 2001

Privacy

A study commissioned by a technology trade group says federal legislators should obtain more information before passing online privacy laws. It also says that, if passed, current legislative proposals will effectively require businesses to build costly compliance tracking systems and many companies will stop sharing information about their online customers

July 1, 2001

Research Summary 15: Differences in Quality Among Audit Firms

July 1, 2001

Reveal The Hiding Clipboard

Q. One of the things I like about Word 2000 is the expanded Clipboard —except that the darn thing disappears just when I need it most. Help! A. It is very frustrating, but help is on the way. For those who don’t know about the Clipboard , let me review

July 1, 2001

len_ex10

Exhibit10

July 1, 2001

When the Client Wants to Leave It to the Cat

EXECUTIVE SUMMARY THE CPA WHOSE CLIENT WANTS TO ensure that companion animals will be properly cared for in an estate trust has to have sensitivity to the client’s feelings as well as know where to steer him or her. Extreme emotions are involved when people talk about death—and money.

July 1, 2001

len_ex11

Exhibit11

July 1, 2001

…And Nothing But the Truth: Uncovering Fraudulent Disclosures

n a perfect world, the numbers in financial statements would tell CPAs everything they need to know about a business. Numbers are precise, definable and measurable. But in reality CPAs need words, too, to tell them the whole story of an enterprise. That’s the sole purpose of the footnotes

July 1, 2001

The Four Musts for VCs

“How to Help Your Client’s Business Win Venture Capital” ( JofA, Feb.01, page 16) is a nice enough list of dos and don’ts, but it misses the main point. The opening line, “Venture capital is more plentiful than ever” is misleading. While significant sums of money are “in play,” my

July 1, 2001

Home Is Where the Tax Bite Is, Parts 1 and 2

Source: Tax Foundation, www.taxfoundation.org .

July 1, 2001

Passive Losses and LLC Members

With the increased number of LLCs operating today, the Treasury Department and the courts frequently are called upon to determine the correct taxation of these entities when they elect partnership treatment. A district court, in a case of first impression, considered how the passive loss rules applied to an LLC.

July 1, 2001

Compliance

At a securities industry conference on money laundering, an SEC director encourages compliance by broker-dealers ( www.sec.gov/news/speech/spch486.htm ).

July 1, 2001

The Right Philanthropic Vehicle

EXECUTIVE SUMMARY A SURPRISING NUMBER OF INDIVIDUALS SET UP PRIVATE foundations and other philanthropic entities without considering if they are the best option to meet their charitable inclinations. Income and estate tax savings are not the only consideration. A PRIVATE FOUNDATION IS THE CHOICE OF THOSE who want to