January 2006 - Journal of Accountancy

EXECUTIVE SUMMARY THE NEW BANKRUPTCY LAW protects tax-qualified retirement plans—pensions, profit-sharing and 401(k) plans—from creditors in bankruptcy. SEP AND SIMPLE IRAs ARE excluded from bankruptcy estates under the new law, even if they qualify as ERISA pension plans. TRADITIONAL AND ROTH IRAs that are created and funded by an individual

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EXECUTIVE SUMMARY CPAs HELPING COMPANIES DRAFT THEIR MD&A do so at a time when the SEC’s Division of Corporation Finance is increasingly unhappy with the quality of these disclosures, and in the wake of civil fraud charges against the former CEO and CFO of Kmart alleging the MD&A in a

EXECUTIVE SUMMARY SSARS NO. 12, Omnibus Statement on Standards for Accounting and Review Services—2005, amended SSARS no. 1, making specific changes regarding the practitioner’s consideration of fraud and illegal acts in compilation and review engagements. ALTHOUGH COMPILATION AND REVIEW performance standards don’t require CPAs to assess the risk of fraud,

EXECUTIVE SUMMARY SECTION 206 OF THE INVESTMENT ADVISERS ACT OF 1940 provides guidelines for investment advisers on what constitutes fraud. THE SUPREME COURT HAS HELD THAT THE ACT imposes a fiduciary duty on investment advisers to act in the best interest of their clients by fully disclosing all potential conflicts

    EXECUTIVE SUMMARY THE CONVERGENCE AGREEMENT BETWEEN FASB and the IASB is significantly affecting U.S. and international financial reporting. THERE IS NO SINGLE PATH TO CONVERGENCE , but an open-minded pursuit of the highest quality guidance should result in standards that foster superior financial reporting. CONVERGENCE WILL REQUIRE CHANGES