June 2008 - Journal of Accountancy

EXECUTIVE SUMMARY Life settlement, in which life insurance policies are sold in a secondary market, has become a major financial market and viable opportunity for CPA clients to convert unneeded policies for more than their cash surrender value (CSV), often with favorable tax treatment. As an indicator of interest in

   EXECUTIVE SUMMARY FASB outlined a major overhaul of GAAP related to mergers and acquisitions when it issued Statement no. 141 (revised), Business Combinations , in December 2007. The standard is effective for fiscal years beginning after Dec. 15, 2008. A fundamental concept at the core of Statement no. 141(R)

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Jonathan Mariner sports a shiny 1997 World Series championship ring on his right hand—a trophy from the nine years he spent  with the Florida Marlins. Mariner got into the business of professional sports by answering the fledgling baseball club’s CFO wanted ad in 1991. He went on to become executive

Which of the following statements is true about CPA tax practice? Interstate licensing requirements apply only to CPAs who perform attest services. Tax return preparation, tax planning services and tax advocacy are not the practice of public accounting so can be performed wherever needed without an authorization to practice. A

O n a quiet Friday in New York—less than a month after that chaotic Friday when Bear Stearns’ stock went into a free fall—a panel of financial reporting experts met with about 200 corporate directors and other stakeholders to discuss the role of accounting in the market turmoil that began

Authors’ Note This article is based on Managing Opportunities and Risks , a Management Accounting Guideline written by Tamara Bekefi, Marc J. Epstein and Kristi Yuthas and published by the AICPA, the Society of Management Accountants of Canada and the Chartered Institute of Management Accountants. AICPA members can download all

Jump to Web exclusives: Training in Second Life Now a Virtual Reality Second Life Trailblazers EXECUTIVE SUMMARY Second Life is a virtual world with education, public relations, and economic implications. CPA Island is the center of the public accounting profession in Second Life. At a minimum, CPA Island presents a