Corrections


 The article “The Death of LIFO?” (Jan. 09, page 44) incorrectly described inventory valuation under U.S. GAAP. The article should have stated that GAAP values inventories at the lower of cost or current replacement cost, which is subject to a ceiling of net realizable value and a floor of net realizable value minus a normal profit margin.

 The article “States Bite Into Broken Gift Cards” (Dec 08, page 76) included within Exhibit 3, “States That Generally Exempt Gift Cards from Escheat Laws,” an incomplete description for Pennsylvania’s requirements. The note for Pennsylvania should have said “if no fees or expiration, after Dec. 31, 2000, and not for general usage.” A copy of Pennsylvania’s unclaimed property legislation, including the exemption for qualified gift cards, may be found at www.patreasury.org/documents/BUPStatute11-07.pdf.

PODCAST

What’s next for potential CPA licensure changes

A new model proposed by NASBA and the AICPA is designed with an eye on the future for newly licensed CPAs. The AICPA's Carl Mayes, CPA, provides background on the project and a look ahead to 2020.

VIDEO

What RPA is and how it works

Robotic process automation is like an Excel macro that can work on multiple applications, says Danielle Supkis Cheek, CPA. RPA can complete routine, repetitive tasks such as data entry, freeing up employee time from lower-level chores.