2010 - Page 20 of 20 - Journal of Accountancy

The magazines

January 1, 2010

What’s Your Fraud IQ?

Cooking the books. Fudging the numbers. Taking a big bath. Thanks to myriad high-profile cases of financial statement fraud, phrases like these have become familiar jargon for the investing public. Likewise, most CPAs are acutely aware of the fine line separating aggressive earnings management from earnings manipulation. But how well-versed

January 1, 2010

Waiving the 60-Day IRA Rollover Rule

Onerous consequences can result when taxpayers fail to follow through with an IRA tax-free rollover. Generally, the entire amount distributed from an IRA or other qualified trust or eligible retirement plan must be deposited in another such account within 60 days. Otherwise, it is included in the taxpayer’s gross income

January 1, 2010

Highlights

The AICPA issued SSARS no. 19, Compilation and Review Engagements. Significant improvements brought about by the standard include: The introduction of the term review evidence. This change to the review literature clarifies that a review requires the accumulation of review evidence to provide a reasonable basis for obtaining limited

January 1, 2010

Mental Fitness Motivators

Are you feeling stressed out by work demands? Or suffering from low self-esteem? A coach might be the answer you’re looking for. Seventy-nine percent of respondents in the 2009 International Coach Federation Global Coaching Client Study rated self-esteem/self-confidence as “very important” or “somewhat important,” followed by 76% who said the

January 1, 2010

Enterprise Risk Management

The Committee of Sponsoring Organizations of the Treadway Commission (COSO) released a thought paper, Strengthening Enterprise Risk Management for Strategic Advantage, that highlights specific areas where senior management can work with directors to enhance the board’s risk oversight capabilities and the organization’s strategic value. This document builds on four specific

January 1, 2010

Financial Reporting

The heads of both FASB and the International Accounting Standards Board announced at an October conference on IFRS that they will begin meeting monthly to try to speed up efforts to develop a common set of accounting standards by the 2011 target date. The aim is to allow one

January 1, 2010

Credit Card Fees Are OID

The Tax Court held that credit card “interchange” fees received by subsidiaries of credit card issuer Capital One resembled interest that increased or created original issue discount (OID) related to the company’s pool of credit card receivables. As OID, a daily amount was properly included in income over the life

January 1, 2010

LILO Stands Up to Court Scrutiny

In a rare setback for the IRS in its litigation against lease-in, lease-out (LILO) tax shelters, the Court of Federal Claims held that an arrangement by Consolidated Edison Co. of New York (Con Ed) with an electric utility in the Netherlands should be respected for federal tax purposes because it

January 1, 2010

Technology Is a Cornerstone of Successful CPA Firms

High-performing firms include technology in their strategic plans and leverage those tools to help them succeed in areas such as client service, practice management and staffing, according to a survey by Opinion Research Center commissioned by CCH. The survey included quantitative interviews with 100 partners at firms ranging in size

January 1, 2010

2010: The Year of the Roth Conversion?

This year will be the Year of the Tiger, according to Chinese custom, but it also could be remembered by investors as the Year of the Roth Conversion, a decision that can have a large impact on investors’ ability to build wealth during their lifetime and preserve wealth for beneficiaries.

January 1, 2010

International

The IASB issued a revised version of IAS 24, Related Party Disclosures, that simplifies the disclosure requirements for government-related entities and clarifies the definition of a related party. The revised standard is effective for annual periods beginning on or after Jan. 1, 2011. Early application is permitted. The revised

January 1, 2010

Denham Receives Medal of Honor

Robert E. Denham, a partner with the law firm Munger, Tolles & Olson LLP in Los Angeles, received the AICPA’s 2009 Medal of Honor. The Medal of Honor, the Institute’s highest honor presented to a non-CPA, recognizes an individual whose work has influenced the profession significantly. Denham was presented the

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Want to thrive in an AI world? Power up your people skills

Learn how CPAs can strengthen their human relationships by developing their communication, curiosity, and self-awareness. Artificial intelligence can’t replicate these people skills.