n December 1999, legislation repealed the availability of installment-method reporting for accrual-basis taxpayers. (See “Installment Sale Reporting for Accrual-Method Taxpayers—Gone But Not Forgotten?” JofA, Jun.00, page78.) Section 536(a) of the Ticket to Work and Work Incentives Improvement Act of 1999, which enacted IRC section 453(a)(2), repealed use of the method
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Top 10 Audit Deficiencies
Editor’s note: The information contained in this article is specific to the auditing and assurance landscape on or about the date it was authored, including references to Generally Accepted Auditing Standards in effect at that time. To ensure you have the most recent and relevant information on audit and assurance issues,
Financial Reporting
FASB issues employee compensation guidance ( www.rutgers.edu/accounting/raw/fasb/eitf/eitfissu.html#00-23 ). FASB issues an exposure draft on accounting for goodwill ( www.rutgers.edu/accounting/raw/fasb/news/nr021301.html ). The comment period ended March 16. Accounting for financial asset transfers, servicing addressed in FASB report ( accounting.rutgers.edu/raw/fasb/project/125summary.html#Q&A ). SEC issues final rule that says mutual funds must disclose after-tax
Day Trading Debate Continues
After noting the inconsistencies between two articles in the JofA, Oct.00, “Paying the Piper: Some Tax Rules for Day Traders” (page 115) and “Being a Trader in Securities” (page 118), I read with interest the clarification “Day Trading and Self-Employment Taxes” ( JofA , Jan.01, page 80). While researching the
Auditing
For news from the AICPA and state societies, visit www.cpaweb.org , which also offers online CPE, AICPA professional literature, practice management aids and links to state society Web sites. SBA earns high marks for internal control framework ( www.sba.gov/news/current01/01-08.txt ).
IRS Changes Home Page
The IRS has announced that over the next few months it will change its home page, the Digital Daily, at www.irs.gov to a more contemporary-looking portal page. The service expects the improvements will give visitors quicker and easier access to tax information. The revamped site will reflect the modernized IRS
Sort Row Information In A Spreadsheet
Q. I know I can sort column information in Excel—by text, numbers and date. But sometimes I need to sort information that’s displayed in a row—not a column. Can I do that without transposing the data? A. Yes, you can. It takes just one extra click to access a change
Smart Stops on the Web
Tech News Found Here www.computeruser.com This site offers news and articles of interest for those who need to keep up with the latest technological advances and government rulings on Web-based privacy issues and telecommunications legislation. Also available is a section where users can download software and computer games. Links to
Legal
SEC adjusts civil penalty amounts for inflation ( www.sec.gov/rules/final/33-7946.htm ). Effective February 2.
AGI on the Rise
Source: IRS, www.irs.gov .
B2B E-Commerce Expected to Multiply
While researchers disagree on how swiftly electronic commerce between companies is growing, they all say the ongoing expansion is huge and won’t level off anytime soon. According to a conservative forecast, worldwide online business-to-business transactions will soar to $2,700 billion by 2004, up from $226 billion in 2000. Spending
rose_ex7
Exhibit 7
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Exhibit 9
Government Accounting And Auditing
GASB user guides explain government financial statements ( www.rutgers.edu/accounting/raw/gasb/pub/userguides.html ).
FYI
IIA sponsors report on audit committee best practices ( www.theiia.org/ecm/bookstore.cfm?doc_id=1257 ). GAO appoints new members to auditing advisory council (Not yet posted on GAO Web site). New members appointed to FASB ( www.rutgers.edu/Accounting/raw/fasb/news/nr_schipper.html ; www.rutgers.edu/Accounting/raw/fasb/news/nr_wulff.html ). Bush names SEC Commissioner Unger as acting chairman ( www.sec.gov/news/press/2001-20.txt ). Labor department sets
Research Summary 9: External Auditors’ Reliance on Internal Auditors’ Work.
his study investigated whether clients’ fee pressures on audit engagements affected audit managers’ decisions on how much to rely on work performed by a client’s internal auditors. It also examined whether fee pressure from the client could be mitigated when an audit partner placed a strong emphasis on quality audit
International
EU wants all listed companies to use international accounting standards by 2005 ( www.iasc.org.uk/news/cen8_193.htm ). G4+1 shuts down as IASB starts up ( www.rutgers.edu/accounting/raw/fasb/IASC/g4+1jan01.html ). IASC establishes international accounting standard-setting board ( www.iasc.org.uk/news/cen8_511.htm ). U.K.’s audit board seeks feedback on standards convergence handbook ( www.asb.org.uk/publications/publication320.html ). Comments are due by
rose_ex8
Exhibit 8
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Exhibit 6
Investments
SEC acts to improve mutual fund directors’ independence ( www.sec.gov/rules/final/34-43786.htm ). Effective February 15.
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