EXECUTIVE SUMMARY AS CONCERN FOR THE ENVIRONMENT, SOCIAL ISSUES and corporate governance increases, CPAs may find more interest among their clients in investment strategies and mutual funds that emphasize social responsibility. SOCIALLY CONSCIOUS INVESTORS MAKE DECISIONS by screening for positive and negative issues, shareholder advocacy, community investing and providing social
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Audit & assurance
Rebuilding Trust
illiam F. Ezzell—a partner of Deloitte & Touche LLP—assumed the AICPA chairmanship in October at the Institute’s annual meeting, which was held this year in Hawaii. Like all incoming chairmen, Ezzell faces a host of urgent priorities. But in the wake of the Enron scandal he has singled out
Why Compensation Committees Need Your Help
EXECUTIVE SUMMARY WHETHER WORKING IN THE FINANCE DEPARTMENT of a public company or advising that company as an outside consultant, CPAs are in a unique position to guide compensation committees in their role as corporate overseers and to help them better align compensation practices with shareholder interests. CPAs
The Surprising Benefits of Nexus
EXECUTIVE SUMMARY THE FRANCHISE OR BUSINESS PRIVILEGE TAXES SOME states impose on nonresident companies that have an economic presence in the state can be difficult for small businesses to handle on their own. However, in the right circumstances, CPAs may be able to help clients and employers achieve overall
A New Accounting Culture
The following is adapted from a speech made by AICPA President and CEO Barry C. Melancon at the invitation of the Yale School of Management. Mr. Melancon spoke before a group of business professionals and representatives of the media at the Yale Club in New York City on September
Make Strategic Relationships a Success
EXECUTIVE SUMMARY FOR ALL BUSINESSES, THE NUMBER of strategic relationships has been growing 25% per year since 1985. A FIRM’S FIRST STEP TOWARD a strategic alliance is to decide what capabilities it wants to add. Then it should decide what it wants to achieve: Does the firm wish to
Help Clients Take Measure
EXECUTIVE SUMMARY PERFORMANCE MEASUREMENT (PM) IDENTIFIES, monitors and improves those business activities that affect a company’s profitability. The method uses both leading (future) and lagging (past) indicators to assess how well a business is meeting its targets in the present. THE SEVEN ESSENTIAL STEPS FOR A PM system are: Prepare
The New Audit Documentation Requirements
EXECUTIVE SUMMARY STATEMENT ON AUDITING STANDARDS (SAS) no. 96, Audit Documentation, marks the first big change in the requirements auditors must observe when documenting their audit work. It provides general guidance on the nature and extent of documentation necessary to support the auditor’s report, and it reaffirms documentation’s role as
A New Scorecard for Intellectual Property
EXECUTIVE SUMMARY CPAs NEED TO ADVISE COMPANIES ON appropriate disclosure to financial statement users of intangible assets, acquired either separately or as part of a business combination. AUDITORS AND CORPORATE FINANCE EXECUTIVES must be aware of an important distinction in accounting for business combinations—certain intangibles such as intellectual property (IP)
The Standards Challenge
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
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
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How to find the right CAS clients
The key to success with CAS is selecting the best clients. Tools like ideal client profiles (ICPs), buyer personas, and even artificial intelligence can help identify the businesses that best fit each CAS practice.
From The Tax Adviser
March 31, 2026
Current developments in taxation of individuals: Part 1
March 31, 2026
Current Developments in Taxation of Individuals: Part 1
March 6, 2026
