April 2005 - Journal of Accountancy

PAs have a rare opportunity to help the business world take a giant leap forward. The extensible business reporting language (XBRL) can vastly improve the timeliness, accuracy and flexibility of data in financial statements and other business reports. Many experts think it will boost today’s commerce just as double-entry bookkeeping

hink you’re busy this month? Imagine being Mark W. Everson, Commissioner of Internal Revenue, heading into tax season with a $10 billion budget and a staff of 100,000 to manage. Appointed by President Bush in 2003, Everson is a man on a mission. He’s almost halfway through his five-year term—and

EXECUTIVE SUMMARY TO MEET THE REQUIREMENTS OF SARBANES-OXLEY, CPAs are making more oral and written presentations than ever before to more diverse groups, including audit committees and department gatherings. CPAs’ ability to communicate will have an impact on how others perceive them and their expertise. A well-organized presentation makes all

EXECUTIVE SUMMARY THE AICPA REVISED ITS STANDARDS for performing and reporting on peer reviews for firms that do not audit SEC registrants. The revised standards, effective for reviews commencing on or after January 1, 2005, will enhance the quality of peer reviews and increase the usefulness of peer review reports

EXECUTIVE SUMMARY IN DECEMBER 2004, FASB ISSUED ITS NEWEST standard, Statement no. 123(R), Share-Based Payment. It is proving to be as controversial as its predecessors. The most significant change is the requirement that companies use the fair value method to account for share-based compensation. STATEMENT NO. 123(R) ELIMINATES THE USE

ou want to tell 130 clients about several new professional services and send them updated fee schedules. You considered outsourcing the project to a direct-mail ad agency and found the setup alone for each variation of the letter was $65—way over your budget. Worry not. This is a job your

EXECUTIVE SUMMARY BENEFITS IN TAX-QUALIFIED RETIREMENT PLANS generally are protected from the creditors of plan participants and insulated from claims in bankruptcy. PLANS NOT PROTECTED FROM CREDITORS are those that cover only the business owner and/or the owner’s spouse and section 403(b) tax-sheltered annuity plans whose assets are held in

EXECUTIVE SUMMARY FOR HIGH-NET-WORTH CLIENTS with fixed-income investable assets over $500,000, firms might consider designing customized bond portfolios that meet each client’s unique financial goals and risk tolerance. IN ADDITION TO SERVING THE BEST INTERESTS of clients, CPAs introducing such customized fixed-income portfolios also add value to their firm by