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.

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ASC Topic 842 is a relatively simple standard that can mean profound changes for organizations with leases. This report examines what makes this standard challenging and describes new ways for CPAs to add value.