July 2007 - Journal of Accountancy

       As chair of the London-based International Accounting Standards Board, Sir David Tweedie is championing an effort to develop a single set of global financial reporting standards that will be both understandable and enforceable. More than 100 countries now require or permit the use of International Financial Reporting

         EXECUTIVE SUMMARY The top-side journal entry is most susceptible to fraud by management override. It’s possible to make adjustments in subledgers, but this requires collusion with other organizational departments, which is much harder to accomplish. The most frequent types of management fraud involve fictitious or premature

         EXECUTIVE SUMMARY Since 1987, taxpayers wanting to shift income to children subject to lower tax rates had to consider the kiddie tax when the children were under 14 years old. TIPRA, which became law in May 2006, made a significant change in the kiddie tax retroactive

         EXECUTIVE SUMMARY The U.S. Patent and Trademark Office since 1998 has granted patents to business methods. In recent years, these patents have come to include strategies to minimize tax, a development many observers find troubling. Tax strategy patents complicate tax advising, return preparation and compliance, since

       If you’re in the market for nonprofit organization (NPO) accounting software, you’re in luck. Most of the products have undergone major upgrades in recent years that have made them far more powerful, feature-rich and easier to use. In our last survey of such software (“ Sizing Up

       You may be able to keep a secret, but how confident are you that your computer is up to the task? As a CPA, you’re entrusted with loads of confidential information, and your professional reputation depends on your discretion. But your computer may be vulnerable to someone

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   AS QUOTED “ Next to being shot at and missed, nothing is really quite as satisfying as an income tax refund. ” —F.J. Raymond, humorist NUMEROLOGY Feeling the Tax Sting M utual fund investors were hit hard in 2006, paying the IRS more than $23.8 billion on their reinvested

         EXECUTIVE SUMMARY No one relishes an uncomfortable conversation. When the best interests of a company, firm, individual or the public are threatened, it’s important to “be a leader” and take on the task. A three-stage process can be relied on to broach any uncomfortable conversation: (1)

         EXECUTIVE SUMMARY Multifamily office (MFO) services have long been offered by a variety of financial services providers. Increasingly, CPA firms have made this provision of comprehensive wealth management and personal services to select client families a major facet or even cornerstone of their practice. For many