2001 - Page 34 of 35 - Journal of Accountancy

The magazines

January 1, 2001

Bracing for the Boomers

Source: Social Security Administration, www.ssa.gov.

January 1, 2001

A Framework for Auditor Independence

EXECUTIVE SUMMARY THE INDEPENDENCE STANDARDS BOARD issued an exposure draft for a conceptual framework for auditor independence containing the concepts and basic principles that will guide the board in its future standard setting. THE NEED FOR A FRAMEWORK AROSE FROM the jumble of confusing independence rules and regulations that applied

January 1, 2001

leh_ex4

Exhibit 4

January 1, 2001

leh_ex3

Exhibit 3

January 1, 2001

Financial Reporting

In late November AcSEC issued an exposure draft (ED) of a statement of position (SOP), Accounting for Investors’ Interests in Unconsolidated Real Estate Investments. The proposed SOP would supersede SOP 78-9, Accounting for Investments in Real Estate Ventures and provide guidance on accounting, according to GAAP, for investors’ interests in

January 1, 2001

leh_ex2

Exhibit 2

January 1, 2001

leh_ex5

Exhibit 5

January 1, 2001

How to Be Careful and Still Be Clear

EXECUTIVE SUMMARY IN AN EFFORT TO SIDESTEP POTENTIAL LIABILITY, CPAs may obscure rather than clarify important information presented to clients. The types of documents least affected by professional standards are the ones that are most important for practice development. A CPA WHO SPEAKS AND WRITES PLAIN ENGLISH develops a reputation

January 1, 2001

AICPA Names Castellano Vice-Chairman

At its fall meeting, the AICPA governing council elected James G. Castellano vice-chairman of the Institute’s board of directors for 2000–01. He is a former council member and had also served an earlier term on the board. Castellano is a member of the CPE executive committee and, as vice chairman,

January 1, 2001

Videos Earn Top Honors

Two video productions created by the AICPA’s multimedia group recently were recognized for excellence by the Aurora Awards, a competition for independent film and video producers. The group’s opening video for the 1999 AICPA fall Council meeting, titled “Welcome to the New Millennium,” won platinum and best in show awards

January 1, 2001

AICPA Recognizes Gold Medal Winners

At the fall council meeting the Institute awarded this year’s Gold Medal for Distinguished Service, its highest honor, to two CPAs. Robert Mednick, chairman of the awards committee and a former AICPA board chairman, congratulated winners Richard E. Piluso, vice-president of internal audit for Loews Corp. in New York and

January 1, 2001

Status of Medical Residents

edical (and other health care) residency programs are a staple of education and training in the United States. Once a person has graduated from medical school and passed a licensing exam, he or she is eligible to participate in a program run by a sponsoring or participating institution as a

January 1, 2001

How To Save Email Outside Of Outlook

Q. Is there any way to save an Outlook e-mail other than in the Inbox folder? A. Yes, there is, and it’s important that you do because the Outlook mail folder can get so fat it becomes hard to manage. Here’s how: Open the e-mail message, go to the toolbar

January 1, 2001

Day Trading and Self-Employment Taxes

In the October 2000 issue of the JofA, t wo tax articles discussed day traders and day trading. One, “Being a Trader in Securities”(page 118), was an excerpt from a longer Tax Adviser article, “Securities Trader Reporting Requirements,” by Thomas Rolfe Pudner. It said a “trader’s activity is not subject

January 1, 2001

Make Your Mark in Spreadsheets

EXECUTIVE SUMMARY IF YOU WANT TO place explanatory comments on a complex spreadsheet, there are tools in Excel and Windows that perform such chores. YOU CAN LINK COMMENTS to spreadsheet cells with a single mouse click. And there are effective ways to review the comments in sequence or to print

January 1, 2001

Institute Issues Updated Guidelines for PFS Credential

The AICPA has revised requirements for the personal financial specialist (PFS) credential, which it established in 1987 for members committed to personal financial planning as a practice discipline. Until recently, members were evaluated based on business experience and examination. Now, they will also be evaluated in a new area—lifelong learning.

January 1, 2001

IRS Reorganization: The Effect on Practitioners This Tax Season and Beyond

When I became Commissioner of Internal Revenue in 1997 I pledged to turn the IRS into an organization that would consistently deliver the highest quality service to America’s taxpayers. The IRS must measure its success or failure not only by the taxes it collects but also by its effect on

January 1, 2001

Personal Financial Planning

Faced with a turbulent stock market, rising energy prices and other signs of an economy in flux, Americans are increasingly worried about their finances. And though individual investors admit to financial planners’ expertise, few consult one. So says a new survey the AICPA commissioned to better understand how

January 1, 2001

Using Money Managers

EXECUTIVE SUMMARY ONE WAY CPAs CAN UPGRADE THEIR INVESTMENT advisory services is to offer their clients the services of individual money managers. Managed portfolios permit the CPA to gain more control over the investment process vs. mutual funds and to develop customized investment and tax strategies to meet clients’ special

January 1, 2001