EXECUTIVE SUMMARY CPAs WHO IMPLEMENT ACCOUNTING STANDARDS at corporations are responsible for promoting the company’s accounting health and ensuring that management understands the impact of new regulations. THE FIRST CHALLENGE FOR ANY ACCOUNTING policy director is managing the sheer volume of output the regulators produce. The body of literature is
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Audit & assurance
The XYZ Credential
SPECIAL TO THE JOURNAL OF ACCOUNTANCY Editorial written by Jim Emerson, president, The Emerson Company, which has been the leading analyst for the larger professional service firms for nearly 20 years. Emerson’s Opinions on Professional Services is a publication issued periodically by The Emerson Company and serves as a forum
Say Good-Bye to Pooling and Goodwill Amortization
EXECUTIVE SUMMARY NEW FASB STANDARDS prohibit the pooling-of-interests method of accounting for business combinations and require a purchase accounting method that does not allow goodwill amortization. The standards are a radical change, and management accountants, auditors and financial executives must understand and work with a very different accounting process.
A New Look at the Attestation Standards
EXECUTIVE SUMMARY CHANGES IN THE BUSINESS WORLD are creating more opportunities for CPAs to provide assurance on nonfinancial information. Practitioners are expanding their services by trading on the skills they’ve traditionally used to provide assurance on historical financial statements. TO BROADEN THE APPLICABILITY of the attestation standards, the Auditing
Outsourcing a 401(k) Plan
EMPLOYEE BENEFITS How to make the right choices. Outsourcing a 401(k) Plan BY MAUREEN NEVIN DUFFY EXECUTIVE SUMMARY WITH 401(k) BALANCES GROWING, SMALL AND MEDIUM- sized companies are finding themselves burdened with myriad responsibilities of operating a retirement plan for employees. Many companies are choosing to outsource the plan to
More on Day Trading
I believe I can offer a very clear and concise method the courts could take in the day trading arena ( “Day Trading and Self-Employment Taxes” [ JofA , Jan.01, page 80] ). Since the primary question is what constitutes a trade or business, that determination could be made based
You Read About It First in the JofA
The recently issued SAS no. 93, Omnibus Statement on Auditing Standards—2000 ( JofA , Jan.01, pages 14 and 116), specifies the auditor’s report should indicate which country’s accounting principles and auditing standards were used to prepare the financial statements and audit them. This reference to the country of origin will
Auditing Employment Benefit Plans—Another Factor.
“ERISA Liability for CPAs” ( JofA , Dec.00, page 39) pointed out the delicate issues surrounding employee benefit plans. However, the article did not mention one potential problem area our firm has encountered in auditing such plans—companies’ use of third-party administrators (TPAs). TPAs handle the day-to-day transactions and final plan-year
Want to Add to Your Professional Portfolio? The Proposed Global Credential—An Option for CPAs
Businesses today expect professional service providers to offer a broad business perspective and deliver value-added solutions to an expanding array of opportunities. There is a clear market need for professionals who can manage a rapidly changing business environment and provide solutions that integrate broad strategic business issues. Many CPAs have
The Value of Tax Practice Peer Reviews
I believe fellow tax practitioners need to take a close look at their own practices and that all CPAs should take to heart “Tax Practice Reviews” ( JofA , Dec.00, page 88 ). The article pointed out some important benefits of the tax practice review but did not highlight the
Day Trading Debate Continues
After noting the inconsistencies between two articles in the JofA, Oct.00, “Paying the Piper: Some Tax Rules for Day Traders” (page 115) and “Being a Trader in Securities” (page 118), I read with interest the clarification “Day Trading and Self-Employment Taxes” ( JofA , Jan.01, page 80). While researching the
CFOs in Europe Favor International Accounting Standards
Judging by a November survey of financial executives in Europe, there is considerable business community support for the European Commission’s (EC) June 2000 proposal to implement the IASC’s international accounting standards (IASs). The EC’s tentative plan to foster “comparable, transparent” reporting would, if approved by the European Union (EU), require
Auditing
The ASB issued Statement on Auditing Standards no. 93 in November (see Official Releases, page 116). Titled Omnibus Statement on Auditing Standards—2000, it discusses the following changes to three existing SASs: Withdrawal of SAS no. 75, Engagements to Apply Agreed-Upon Procedures to Specified Elements, Accounts, or Items of
An End to the Plain-Paper Debate?
EXECUTIVE SUMMARY THE AICPA ACCOUNTING AND REVIEW SERVICES committee concluded more than 20 years of debate by issuing Statement on Standards for Accounting and Review Services no. 8, Amendment to Statement on Standards for Accounting and Review Services No. 1, Compilation and Review of Financial Statements in October 2000. EFFECTIVE
Using Money Managers
EXECUTIVE SUMMARY ONE WAY CPAs CAN UPGRADE THEIR INVESTMENT advisory services is to offer their clients the services of individual money managers. Managed portfolios permit the CPA to gain more control over the investment process vs. mutual funds and to develop customized investment and tax strategies to meet clients’ special
Compilation and Review Statement Amended
The AICPA accounting and review services committee issued guidance that provides options for accountants when submitting unaudited financial statements not expected to be used by a third party. SSARS no. 8, Amendment to Statement on Standards for Accounting and Review Services No. 1, Compilation and Review of Financial Statements, also
Another Tax Saving Vehicle
I appreciated the article highlighting the tax impact of investment returns (“A Taxing Problem,” JofA, May00, page 51). My clients have also benefited from the tax efficiency of unit investment trusts (UITs). Typically targeted toward specific themes, such as worldwide wireless or Glass-Steagall companies, they have a buy-and-hold strategy to
News or Views?
The special report “ABA Gives Thumbs Down to Lawyers’ Fee-Sharing,” ( JofA, Sept.00, page 22) purports to be a news item, but in my opinion the editorial intent of the article cannot be mistaken. The House of Delegates of the American Bar Association, which may be referred to as the
More About Standards
I agree with the assessment of the letter writer regarding the FASB (“Agrees with Need for Change,” JofA, Sept.00, page 14). Some of the pronouncements are prime material for the repertoire of the Theatre of the Absurd. However, I do not believe the AICPA should be allowed to participate in
ISB Issues Employment Standard
In July the Independence Standards Board reaffirmed its earlier (June 1) approval of ISB Standard no. 3, Employment with Audit Clients. The guidance addresses independence concerns and updates rules for situations in which a professional or partner of an audit firm decides to join an audit client. According to the
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