According to The U.S. Retirement Market report from the Investment Company Institute, retirement assets accounted for nearly 40% of household financial assets in 2006, compared with 24% two decades ago. The report also revealed that the bulk of these assets are held in employer-sponsored plans or originated there, with
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The CFO Shuffle
While volatility of movement in the C-Suite is at its lowest level in more than 10 years, CFO turnover continues to exceed that of CEOs. Crist Associates, a senior level executive search firm, examined CEO, COO and CFO movement at 657 companies listed on the 2007 Fortune 500, S&P 500
The Last Word: Carl Bagge
I am a partner in the three-CPA firm of Bagge, Cennamo & Co. LLP. I spend about half my time in auditing and accounting and the remainder in tax, consulting and peer review. You have to reach a happy medium with your responsibilities. Being self-employed gives me
Saving Taxes in Transfers of Personal Goodwill
While many of the reasons for a family business to choose being a C corporation have been eliminated over the years (the deduction of shareholder health insurance, for example), there are still situations in which the limitations on S corporation ownership are an issue. However, businesses, other than personal service
House Passes Tax Strategy Patent Ban, FHA Overhaul Legislation
On Sept. 7, the House of Representatives passed major patent reform legislation, which would ban the issuance of patents on tax strategies. The AICPA is a strong advocate of Congress’ work in this area. The comprehensive patent reform bill (HR 1908) also contains provisions unrelated to patents on
Quiet Guys Can Do Great Things, Too: A Black Accountant’s Success Story
by Frank K. Ross, CPA, MBA Writing Our World Press, 2006, 189 pp. It is difficult to remain the “quiet guy” when so many are singing your praises. Thus it became important for Frank K. Ross to write his autobiography. He provides a novel perspective as a West Indian immigrant
BAP Rewards Problem-Solvers
Beta Alpha Psi members are getting an opportunity to gain some real-world experience and raise funds for their chapter. “Project Run With It,” a case competition, will be held Aug. 7, during the BAP Annual Meeting in Anaheim, Calif. The competition, sponsored by Moss Adams LLP, brings together students from
Opportunity Detected
EXECUTIVE SUMMARY The crux of the SEC’s interpretive guidance for management is a top-down, risk-based approach that puts risk first and foremost. Four key areas of opportunity can be used to reduce an organization’s overall SOX 404 compliance effort— risk assessment, entity-level controls, control selection and testing
Government Accounting
The FASAB extended the comment deadline for the exposure draft, Accounting for Federal Oil and Gas Resources, until Jan. 11. The ED, published in May, proposes a new framework of standards to recognize the estimated value of royalties from federal oil and gas leases, changes in those values over
Expanded Hours for A&A Hotline
The Accounting and Auditing Hotline is now open Monday through Friday, 9 a.m. to 6 p.m. ET. The hotline team offers free technical assistance with issues related to accounting principles and financial reporting, auditing, attestation, and compilation and review standards. Members with questions can call 888-777-7077 and choose Option no.
Nonprofits
FASB issued proposed staff position 94-3-a and AAG HCO-a, Omnibus Changes to Consolidation and Equity Method Guidance for Not-for-Profit Organizations . The proposed staff position makes several changes to the guidance on consolidation and the equity method of accounting in the AICPA Statement of Position 94-3, Reporting of Related
Audit Committees Should Lead by Example
The authors of “ Eight Habits of Highly Effective Audit Committees” (Sept. 07, page 46) have identified relevant recommendations. However, these recommendations are for an audit committee that is a new body in the governance of a company or one in a company where formerly the audit committee merely listened
ESOARS: A Flawed Product
Steven Balsam’s article (“ A Bid for Fair Value,” Sept. 07, page 42) fails to discuss an evaluation of the suitability of Zions ESOARS performed, at the request of the Council of Institutional Investors, by noted valuation expert Stephen A. Ross and his colleagues at Compensation Valuation Inc. (“CVI Report”).
Money Laundering
U.S. Treasurer Anna Escobedo Cabral announced new outreach materials for money services businesses (MSBs) in seven foreign languages. In addition to English, the materials are now available in Spanish, Chinese, Vietnamese, Korean, Arabic, Farsi and Russian. The materials were produced in these languages to enhance MSB outreach efforts to
The Finer Points of Fair Value
EXECUTIVE SUMMARY To adopt FASB Statement no. 159, companies must comply with the requirements of Statement no. 157, Fair Value Measurements . Companies and their auditors must consider whether the use of fair value option accounting reflects a “substance over form” decision by management rather than an
Software Revenue Recognition on the Rise
EXECUTIVE SUMMARY Statement of Position (SOP) 97-2 provides guidance on applying GAAP in recognizing revenue from software and software-related transactions. The SOP provides instruction on recognition for licensing, selling, leasing or otherwise marketing software. As technology becomes further entrenched in consumer and enterprise products, companies outside of the traditional
Tax Court to Rule on Sex Change
The U.S. Tax Court in Boston is reviewing whether expenses of a sex-change operation are deductible. Rhiannon G. O’Donnabhain, born anatomically male, was diagnosed by her psychotherapist in 1996 with gender identification disorder (GID), which she says caused her extreme discomfort since childhood. In 1997, O’Donnabhain began taking feminizing hormones
Professional Issues
The International Accounting Education Standards Board (IAESB), an independent standard-setting board within IFAC, released two new International Education Practice Statements (IEPS). The statements are designed to assist IFAC member bodies such as the AICPA in developing ethics education programs and in implementing the information technology (IT) knowledge component of
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How to protect nonprofits from hidden fraud risks
CPAs can help not-for-profits spot the red flags of common schemes, so they can take steps to tighten controls and reduce exposure.
From The Tax Adviser
March 31, 2026
Current developments in taxation of individuals: Part 1
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Current Developments in Taxation of Individuals: Part 1
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