February 2008 - Journal of Accountancy

     EXECUTIVE SUMMARY XBRL is reinventing how we transmit and use data in business. XBRL is not just for SEC companies: Small businesses and practitioners alike could soon be using XBRL to submit information to bankers, the IRS, and other agencies. XBRL will become a part of every CPA’s

         Robert Herz discusses FASB’s priorities, the road to convergence and changes ahead for CPAs. R obert Herz has led FASB through a period of tremendous change in the accounting profession. The former PricewaterhouseCoopers chief technical partner took the helm at FASB on July 1, 2002, just

       EXECUTIVE SUMMARY While the passive loss limitation rules generally prevent the current deduction of rental real estate net losses, many taxpayers with real estate rental income may meet the standard for a real estate professional conducting a real property trade or business. Such status requires the taxpayer

       EXECUTIVE SUMMARY CPAs can use their expertise to structure partnerships between long-term community investors and developers who want to contribute to improving markets without displacing current residents and local businesses. For tax purposes, forming an LLC may be the best approach to a development partnership. The partners

The U.S. Supreme Court ruled in a major securities fraud case that secondary parties—essentially aiders and abettors—can’t be held liable when the companies they work with mislead investors. Stoneridge Investment Partners LLC v. Scientific-Atlanta Inc., et al., docket no. 06-43, threatened to expand the reach of investor lawsuits beyond parties

In 2007, I represented Grant Thornton in its challenge of a deepening insolvency claim in Minnesota. The decision by the Minnesota Court of Appeals in the case—Julia A. Christians, Trustee for the Bankruptcy Estate of Technimar Industries Inc. v. Grant Thornton LLP—could provide useful lessons for accounting firms. Technimar planned

     EXECUTIVE SUMMARY The National Association of Black Accountants (NABA) and the Howard University School of Business Center for Accounting Education (CAE) in June 2007 convened the CPA Examination Summit, a gathering designed to identify ways to fill the pipeline of future CPAs with African-American accountants who are ready

     When most users open Office 2007’s Excel—launched with Microsoft’s new Vista operating system—their first reaction is, “ Where’s the file menu? How do I begin?” This article is designed to help you steer through the labyrinth of new and super-powered functions. Even more important, it will show you

     EXECUTIVE SUMMARY Deepening insolvency is a relatively new and developing legal theory. Courts have disagreed about whether deepening insolvency is a stand-alone tort claim or simply a basis for seeking damages related to fraud, professional malpractice or another claim. If an auditor is alleged to have “missed” an

           LETTERS FAIR VALUE MADE CLEAR The article “ Refining Fair Value Measurement ,” by Paul B.W. Miller and Paul R. Bahnson (Nov. 07, page 30), was great. It is refreshing to read understandable accounting literature that grasps the essence of the issue and provides the