January 2008 - Journal of Accountancy

     EXECUTIVE SUMMARY Gifts of life insurance policies to not-for-profit organizations can benefit both the organization and the donor, the latter in the form of an often sizeable income tax deduction. However, under the new requirements of the Pension Protection Act of 2006 (PPA), determining the fair market value

        EXECUTIVE SUMMARY Donor-advised funds (DAFs), as an alternative to private foundations, have been a popular means of charitable giving, but fund managers, donors and their advisers must reckon with new laws and regulations stemming from the Pension Protection Act of 2006. A DAF allows the donor

       Eight standards rolled out in 2006 by the Auditing Standards Board are sparking a cultural shift for auditors. The standards—Statement on Auditing Standards nos. 104–111—are designed to enhance auditors’ responses to audit risk and materiality and encourage them to focus on areas with the greatest risk of

     EXECUTIVE SUMMARY Becoming familiar with the Payment Card Industry Data Security Standard is a prerequisite to understanding the regulatory environment in which many businesses that accept credit and debit cards operate. PCI dovetails with a CPA’s core competencies in attest work, risk management, internal audit support and fraud

       Selecting a Web-based tax research service is not a simple task. Commercial publishers offer a variety of premium and economy plans that can be bundled and priced in many ways. The variations make the selection process especially difficult. Although the basic pricing and services of the products

     EXECUTIVE SUMMARY When a firm hits the critical point of needing talented employees but can’t afford to pay the market rate to hire them, it is time to look at reducing the client load. Evaluating the client list is a healthy process for firms of all sizes and

           Judith O’Dell is the chair of the Private Company Financial Reporting Committee, which advises FASB and advocates for private companies on matters of existing and prospective accounting standards. The permanent committee—created by the AICPA and FASB in late 2006—gained traction on its first major project

   Editor’s note: This is a condensed version of AICPA Chairman Randy Fletchall’s inaugural speech delivered as he accepted the chairmanship of the Institute’s Board of Directors at the governing Council’s October 2007 meeting in Tampa, Fla. For the complete text of the speech—which gives thanks to various past AICPA