2001 - Page 32 of 35 - Journal of Accountancy

The magazines

February 1, 2001

The Who and How of the Equity Accounting Method

he AICPA issued an exposure draft of a statement of position that would change how investors account in GAAP financial statements for certain interests in unconsolidated investments. AcSEC issued the ED, Accounting for Investors’ Interests in Unconsolidated Real Estate Investments, in November 2000. The proposed SOP focuses on who should

February 1, 2001

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Exhibit10

February 1, 2001

How to Help Your Client’s Business Win Venture Capital.

Venture capital is more plentiful than ever—and so is the number of entrepreneurs seeking it, particularly in the technology field. These entrepreneurs often are not experienced business people and are not versed in creating business plans, making investor presentations or approaching venture capitalists (VCs). CPAs frequently serve as the principal

February 1, 2001

Smart Stops on the Web

Articles of Interest www.bvs-inc.com The Business Valuation Services site offers more than two dozen articles, with titles such as “A Lender’s Business Valuation Option,” “Alphabet Soup: Making Sense of Professional Designations” and “Mediating Valuation Differences.” Advice From AmEx [No www designation is required to access this site.] home3.americanexpress.com/smallbusiness//resources/starting/valbiz.shtml On

February 1, 2001

Estate Planning Strategies

iven the complexity of the Internal Revenue Code, many estate planning techniques can be used to lower (or eliminate) the tax burden over the course of an individual’s life. One method taxpayers can use is simply taking advantage of lifetime-giving opportunities through the annual exclusion amount, the applicable estate and

February 1, 2001

JofA Technology Tips a Find

I’ve been an AICPA member for about 12 years, but I left public accounting nine years ago. For the first four years or so after leaving, I found little to excite me in the Journal of Accountancy. However, that changed in the last few years. The Technology Workshop and other

February 1, 2001

E-Commerce

ABA Asks for Help on Web Jurisdictional Issues In an effort to make the Web a more orderly place to do business, the American Bar Association’s business law section recently requested the support of government and business leaders in implementing the recommendations in its July 2000 report on Internet legal

February 1, 2001

Why Employees Commit Fraud

t is important for CPAs to understand what motivates people to commit fraud so they can better assess risk and assist employers or clients in implementing appropriate preventive and detective measures. One element common to most occupational fraud offenders, from the CEO to the rank-and-file employee, is that almost none

February 1, 2001

IRS Initiates Early Resolution Program for LMSB Issues

The IRS and the Treasury Department have launched a pilot program designed to address issues that are common to large or midsize business taxpayers. According to Larry Langdon, commissioner of the Large and Mid-Size Business (LMSB) Division, the aim of the industry issue resolution (IIR) program is to establish a

February 1, 2001

Make Auto Correct Case Sensitive

Q. I love Word’s AutoCorrect function. Not only does it fix my frequent misspellings and typos, it saves me time. For example, when I type AICPA , I’ve programmed it to spell out the full name—American Institute of CPAs. However, sometimes it’s a real pain—such as when I really want

January 1, 2001

Council Votes to Continue Developing Global Credential

Inside AICPA One CPA pays homage to another…Institute’s new vice-chairman takes office…Global designation earns continued Council support…Outstanding tax CPA receives honors…PFS credential requirement revised…AICPA multimedia group wins accolades…Piluso and Tarantino cited for distinguished service CPA ( C oincidence, P henomenon, A dventure) Stories: Mr. Chairman Meets Mr. Centenarian

January 1, 2001

Tech Companies Turn to Web When Recruiting

More and more businesses, especially high-tech ones, are using their Internet sites to recruit personnel. A survey of Fortune 500 companies classified into six industry groups showed the increasing importance they put on these sites to get their corporate message across to job seekers. Companies with a Web site

January 1, 2001

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Exhibit 6

January 1, 2001

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Exhibit 1

January 1, 2001

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Exhibit 8

January 1, 2001

Imprecise Rule Book Better Than None

After reading “What Drives Earning Management?”( JofA, Oct.00, page 106) and “A Historical Look at Standards” ( JofA, Oct.00, page 16) , I offer the following comments: There are several methodologies available to accountancy for reporting financial performance and financial status. At the extremes are The simple and objective cash-basis

January 1, 2001

An All-Inclusive AICPA

he poet T.S. Eliot said, “You can not at the same time be an innovator and a perfector.” Certainly, we as members of a profession—spurred on by the Institute and our state societies—have been remarkable innovators during the last few years. Our efforts, most notably the Vision Project, have been

January 1, 2001

Accountants as Scapegoats?

If the SEC is so concerned about the conflict of interest between accountants who render opinions and the consulting arms of their firms (see “The Proposed SEC Rule on Auditor Independence and Its Consequences,” JofA , Oct.00, page 26) , then why hasn’t it been concerned about enforcing the Glass-Steagall