2001 - Page 25 of 35 - Journal of Accountancy

The magazines

April 1, 2001

rose_ex1

Exhibit 1

March 1, 2001

Practical Issues in Implementing FASB 133

EXECUTIVE SUMMARY FASB ISSUED STATEMENT NO. 133 TO ACHIEVE its objective of measuring all financial assets and liabilities on company balance sheets at fair value. The accounting standard is effective for fiscal years beginning after June 15, 2000 (January 1, 2001, for companies with calendar-year fiscal years). A blend of

March 1, 2001

gla_ex30

Exhibit 30

March 1, 2001

Line Items

When Compensation Limits Don’t Apply IRC section 162(m)(1) imposes a $1 million limit on the amount a publicly held corporation can deduct for remuneration paid to one of its “covered employees.” A “covered employee” is defined as the corporation’s chief executive officer or its four most highly compensated officers as

March 1, 2001

Mergers And Acquisitions

“Shadow panel” says more “financial modernization” legislation needed ( www.aei.org/shdw/shdw166.htm ).

March 1, 2001

Flexible Benefits for Small Employers

EXECUTIVE SUMMARY THE RISING COST OF EMPLOYEE BENEFITS HAS LED some small employers to find creative funding solutions benefits for themselves and their employees. Two popular alternatives are cafeteria plans under IRC section 125 and non-125 flexible benefit plans. IF AN EMPLOYER GIVES AN EMPLOYEE THE CHOICE between tax-free benefits

March 1, 2001

Technology

UN-led international alliance releasing e-business version of XML ( www.oasis-open.org/news/oasis_news_12_12_00.shtml ). AICPA picks 2001’s top 10 technologies ( http://toptechs.aicpa.org ). For daily 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.

March 1, 2001

gla_ex8

Exhibit 8

March 1, 2001

Fraud

Attempted check fraud soars, says American Bankers Association ( www.aba.com/Products/PS98_218950.htm ). SEC alerts auditors to fraudulent financial reporting techniques ( www.sec.gov/news/speeches/spch454.htm ).

March 1, 2001

gla_ex6

Exhibit 6

March 1, 2001

gla_ex1

Exhibit 1

March 1, 2001

Special Task Force Addresses Implementation Issues

Keeping up with the ever-evolving guidance on FASB Statement no.133 is nearly a full-time job. In the two and a half years since FASB first issued the standard, it has been deferred by the issuance of FASB Statement no. 137, Accounting for Certain Derivative Instruments and Certain Hedging Activities—an Amendment

March 1, 2001

Research Summary 7: The Effect of Independence on Additional Audit Work: A European Perspective

his study examined the judgments of a sample of 198 managers and partners from four of the former Big 6, in seven Western European countries on two case scenarios that dealt with auditor independence: In the first case, the client wanted to release earnings information before all the audit work

March 1, 2001

O’Malley Receives McCloy Award.

At the December AICPA National Conference on Current SEC Developments, Charles A. Bowsher, Public Oversight Board chairman, presented Shaun F. O’Malley with the 2000 John J. McCloy Award for outstanding contributions to the auditing profession in the United States. O’Malley, a former chairman of PricewaterhouseCoopers LLP (then Price Waterhouse), also

March 1, 2001

gla_ex7

Exhibit 7

March 1, 2001

gla_ex9

Exhibit 9

March 1, 2001

Aggregate Approach to Partnership Causes S Corporation Taxation

One of the more confusing questions partnerships face is when to use the so-called aggregate or entity approaches. Most partnerships apply the entity approach in determining partnership income; they use the aggregate approach for other decisions. The Tax Court recently considered which approach entities outside the partnership arena—where there

March 1, 2001

Use Outlook To Organize Email And Projects

Q. I have to keep track of my interactions with more than two dozen people, groups and projects, including meetings, e-mails and reports. It can get pretty confusing just finding the relevant material. I’ve created separate folders for each person, group or project, but that barely addresses the problem. What

March 1, 2001

boes_ex6

Exhibit 6: Selected Phase-Out Items (2000) *MAGI is not uniformly defined for these code sections. **Assuming no Social Security benefits; phased out earlier if Social Security benefits present.

March 1, 2001