Key to Instructions To help readers follow the instructions in this article, we use two different typefaces. Boldface type identifies the names of icons, agendas, URLs and application commands. Sans serif type indicates instructions and commands that users should type and file names. Q. One of my colleagues told me
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IRC Section 1341—A Reversal
Most taxpayers normally know when and how much income they have earned. In certain cases, a taxpayer has to give back to the original payor an amount it previously reported as income (for example, a refund). In these situations, the taxpayer can claim a deduction for the repayment. If tax
Government Accounting And Auditing
The GAO publishes its fourth revision of Government Auditing Standards (also known as the Yellow Book). First issued in 1972, the volume contains generally accepted government auditing standards (GAGAS) for audits of government organizations, programs, activities and functions as well as for audits of government assistance to contractors, nonprofit organizations
FYI
The AICPA elects former four-term Iowa Governor Terry Branstad one of the three public, or non-CPA, members of its board of directors. Recently, as chairman of President George W. Bush’s Commission on Excellence in Special Education, Branstad developed a plan to improve disabled students’ scholastic performance ( www.aicpa.org/download/news/2003_0527.pdf ). He
CPAs and Incidental Investment Advice
The article “ Investing After 50 ” ( JofA , Jun.03, page 20) tells CPAs how to advise their clients about investments. As a CPA and chartered financial consultant (ChFC), I have been working exclusively in financial planning and related services for several years. My primary market is working with
International
The international auditing and assurance standards board of the International Federation of Accountants issues an exposure draft (ED) containing a proposed international auditing standard (ISA), Review of Interim Financial Information Performed by the Auditor of the Entity. The proposal provides guidance on the scope of such reviews, which differs from
Raise Salaries and Your Firm’s Competitive Edge.
Source: Survey of 1,400 CFOs, Robert Half International Inc., www.rhi.com , 2003.
Add a New Owner to Your Firm
EXECUTIVE SUMMARY MANY OWNERS OF CPA FIRMS KNOW their future retirement likely will be funded by enlarging the ownership pool. For young CPAs who can’t afford to purchase a partnership interest, some firms create an interim level that avoids the ownership-affordability problem by promoting an individual to “nonequity” (income) owner.
Sherlock Holmes, CPA, Part 1
f Sherlock Holmes—the world’s most famous fictional detective—were solving today’s biggest corporate crimes, he probably would be a CPA, too. That’s because it takes both accounting knowledge and the unique skills of a detective to resolve allegations of fraud. This article addresses how investigating fraud differs from the field of
Ongoing Debate Over Electronic Filing
I applauded the letter, “ Prefers Paper Filing ” ( JofA , Mar.03, page 11). However, I was then very dismayed to read the long, contrary letter, “ In Favor of Electronic Filing ” ( JofA , May03, page 12). Nonelectronic preparation of some returns is most appropriate and cost-justified,
How to Print Custom Headers and Footers in Excel
Q. How can I print a worksheet name in my spreadsheets? A. You may not realize it, but you can generate very customized headers and footers in Excel. Let’s tackle the easy one first. Open a worksheet and, on the toolbar, click on File, Page Setup and then the Header/Footer
A Future CPA Wants to Know
As a recent entrant into the accounting field, I do not write as an expert but as an eager student. With all the Enron trouble and other scandals triggering Sarbanes-Oxley and various other reforms, why is there no requirement by the SEC or other corporate governance mechanism that public companies
Start a BV Engagement the Right Way
EXECUTIVE SUMMARY EACH VALUATION ASSIGNMENT IS UNIQUE, and often there’s more than one way to answer a question, interpret a fact or approach a problem. How the valuator prepares the client for the BV engagement sets its direction and becomes the foundation of the engagement letter and, ultimately, a responsible
E-Mail’s a Great Communication Tool.
In “ E-Mail Blues ”( JofA , May03, page 12) the letter writer seems to be looking for a forest, but the pesky trees keep getting in the way. The best way to help run a business is through communication, and e-mail does precisely that. A person could not deal
Practice Management
The private companies practice section (PCPS)—the AICPA alliance for CPA firms—and the Texas Society of CPAs launch their 2003 national management of an accounting practice (MAP) survey, which will ask firms to provide information on their performance, profitability, size and areas of specialization. The firms then will be able to
Remove the Character Formatting from a Single Paragraph
Q. I like the tip you once gave about removing character formatting from an entire Word document by highlighting the document and pressing Ctrl+ Spacebar. But what if I don’t want to remove all the formatting—just the formatting from one paragraph? It’s a problem that comes up often when I
Hold a Memorable Miniconference
CPAs can offer seminars on business topics to educate existing clients and attract new ones. Growing a practice is one of the many benefits of putting on such gatherings, but practitioners sometimes miss opportunities to boost their effectiveness as a marketing tool. Here are some tips that will let you
Streamlining Ethics Enforcement
EXECUTIVE SUMMARY THE AICPA’S ETHICS ENFORCEMENT PROCESS must be swift and open to outsiders’ scrutiny if the profession hopes to maintain public confidence. IF A STATE BOARD OF ACCOUNTANCY suspends, revokes, withdraws or cancels a member’s certificate, permit or license to practice public accounting, the AICPA automatically suspends or terminates
Custom Formats for Spreadsheet Numbers
Key to Instructions To help readers follow the instructions in this article, we use two different typefaces. Boldface type identifies the names of icons, agendas, URLs and application commands. Sans serif type indicates instructions and commands that users should type and file names. Q. I want to format my spreadsheets
Government Accounting
GASB approves Statement no. 41, Budgetary Comparison Schedule—Perspective Differences, to clarify existing guidance on budgetary comparisons in Statement no. 34, Basic Financial Statements—and Management’s Discussion and Analysis—for State and Local Governments ( www.gasb.org/news/nr052003.html ). Affected entities should implement the required change in accounting when they adopt Statement no. 34. For
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