Only one out of every three professional athletes is focused on the business side of his or her career, according to Changing the Game Plan, a white paper by CPA firm Rothstein Kass. The percentage is significantly higher, over 62%, for older athletes, suggesting they tend to become more conscious
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Financial Reporting
The SEC adopted new rules that will require public companies to provide an XBRL version of their SEC filings. Under the new rules, approximately 500 of the largest U.S. public companies and foreign private issuers listed with the SEC will be required to provide financial information using XBRL beginning in
Two Out of Three Not Good Enough
The Tax Court ruled that a taxpayer was not entitled to claim a theft loss where he failed to show he had no reasonable chance of recovering his stolen money during the tax year in question. From 1999 to 2001 Dominick Vincentini, a resident of Michigan, was involved with Anderson
Auditing
The Center for Audit Quality issued a practice aid on testing journal entries. The nonauthoritative document is designed to be a reference for auditors of public companies when applying certain sections of AU section 316, Consideration of Fraud in a Financial Statement Audit, of the PCAOB’s interim auditing standards. It
Travel Plans Critical to Success
A majority of business travelers (55%) said they plan to travel as much or more this year than they did in 2008, according to a survey of 612 Business Traveler magazine subscribers, conducted by Orbitz for Business. When asked how important maintaining travel frequency is to overall productivity and business
Extra Credit
Thanks for the great article “Forecasting Post-Combination Earnings” (Dec. 08, page 48). I shared this article with my students from my Consolidation Accounting class at Everest University and my Colorado Tech University Online MBA class. They especially appreciated your detailed Exhibit 2, reporting the forecasted balance sheet of the acquired
Private Annuity Defers Gain
A taxpayer was permitted to defer capital gain when he transferred appreciated capital assets in exchange for a private annuity. The Tax Court held the arrangement met the requirements of Revenue Ruling 69-74, 1969-1 C.B. 43, and thus the capital gain could be deferred until the taxpayer began receiving payments
Mergers & Acquisitions of CPA Firms
Despite the best intentions of all involved parties, some CPA firm mergers and acquisitions are not as successful as originally planned; indeed, some end as failures. When viewed in perfect hindsight, it often seems that simple common sense, or lack thereof, was the reason for the success or failure of
Stop Word’s Automatic Numbering When You Start a New List
I’ve had to stop using the automatic numbering system in Word because it drove me crazy. But I really need it. Here’s the thing: Whenever I want to add a second, separate numbered list under the first list, which ends, say, with six items, Word second-guesses me and no matter
FYI
The Financial Accounting Foundation (FAF) elected GASB Chairman Robert Attmore to a second five-year term. The FAF also appointed Michael Belsky, mayor of Highland Park, Ill., and most recently a senior executive at Fitch Ratings in Chicago, to GASB. GASB is the independent, nonprofit accounting and financial reporting standard setter
International
The International Accounting Standards Board (IASB) announced a series of actions it has taken to address recommendations made by the G-20 leaders last November in Washington. Improved accounting for off-balance-sheet items. On Dec. 18, the IASB published proposals to strengthen and improve the requirements for identifying which entities a company
Worker Classification Still Troublesome
The Tax Court ruled that a worker was an employee rather than an independent contractor partly because he was paid a daily rate during the four years he worked for an energy company and he supervised other employees. The worker classification issue has been a headache for taxpayers and the
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
Data Point: $10 Billion
Amount of profit that information technology manufacturers lose to the gray market annually. While not illegal, gray market goods are traded through distribution channels that are unofficial and unintended by manufacturers. The projected gray market for IT products increased to $58 billion in 2008 from KPMG’s 2002 projection of $40
Converting to IFRS
The SEC’s proposed road map for the potential use of IFRS in financial statements prepared by U.S. issuers could result in the mandatory use of international standards beginning in 2014, 2015 or 2016, depending on a company’s size. Under the plan, the SEC would decide in 2011 whether to proceed
Debt, Lack of Savings Among Americans’ Financial Worries
According to a Consumer Reports national survey, one-third of Americans said they are worse off financially than they were a year ago. The telephone survey of 1,004 adults found that the respondents’ biggest fears were: Ability to retire when they wanted to or even having enough to retire (72%) Ability
Government
The Office of the Inspector General of the Department of Defense (DOD) launched a Web site that gives guidance on using internal controls to prevent or eliminate fraud, waste and abuse. “Fraud Indicators in Procurement and Other Defense Activities” provides common fraud indicators in contracting and other areas susceptible to
Line Items
COMMENTS SOUGHT ON REVISED SSTSThe AICPA released for comment an exposure draft of proposed revisions to Statements on Standards for Tax Services (SSTS). The revisions are intended to address changes in federal and state tax laws and new requirements for providing certain types of tax opinions. SSTS no. 1, Tax
Features
FROM THIS MONTH'S ISSUE
Create interactive dashboards with Excel PivotCharts and slicers
Leave the static spreadsheets behind. This JofA Technology Q&A article with video walkthrough provides a step-by-step guide for creating interactive dashboards in Excel that decision-makers can use.
From The Tax Adviser
January 31, 2026
Trust distributions in kind and the Sec. 643(e)(3) election
January 31, 2026
Effects of the OBBBA on higher education
December 31, 2025
