HOME FRONT Redoing your home can be exciting, but it also takes careful planning. Here’s some advice to keep you on track. Organize. Keep copies of all contracts, change orders, invoices, receipts and permits in a three-ring binder or expandable file folder, so all your important documents and good ideas
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TOPICS / AUDIT & ASSURANCE
Audit
Tom Jones Quote
ON THE RECORD On the difficulty of developing international standards: “ We are under enormous pressure from all sides. I rarely address an audience that isn’t at least 50% hostile. Whatever we do, half the world wants it and half the world hates it. ” —Tom Jones, vice-chairman, International Accounting
Taking Stock of Options
NUMEROLOGY FASB 123(R) is causing companies to move away from stock options. Incentives offered Companies under FASB 123(R) Companies not under FASB 123(R) Stock options 83% 93% Performance awards 71 55 Stock appreciation rights 10 1 Source: Survey of the 250 largest companies, Frederic W. Cook & Company Inc., New
The Accounting Profession: Looking Ahead
CHANGES IN STANDARD SETTING After a challenging period, the profession has demonstrated it maintains tremendous respect from the public it serves. A study earlier this year by the independent research firm of Penn, Schoen & Berland Associates found, among other favorable results, that CPAs received very high favorability ratings among
Take a Seat in the Boardroom
CPAs are beginning to see some familiar faces in corporate boardrooms—including their own. Until recently, most boards were made up largely of CEOs of other organizations. In the past few years though, board members’ backgrounds have become more diverse, and more CPAs are serving as directors, in part because of
Playing a Leadership Role in International Convergence
Convergence of international financial reporting standards has received enormous attention over the last decade and particularly over the last few years. Earlier this year, the leaders of the International Accounting Standards Board and the Financial Accounting Standards Board and key regulators from the European Commission and the SEC agreed on
A Tour of Tomorrows Technology
Imagine you’re a CPA from 100 years ago who’s just been zapped into 2005. Would you understand even half of the technology the profession now uses to conduct business? Probably not. But that’s just a fantasy, you might say. Well, think again. Today’s lightning-quick rate of technological innovation could turn
Exploring the Global Marketplace
Walking through the spice markets of Tashkent or down the Champs-Elyses in search of something unique that I can’t find at home, I am struck by two things: Nothing has changed in hundreds of years. Marco Polo, Christopher Columbus and other explorers couldn’t resist the urge to trade in goods
Answer Please: Fraud-Based Interviewing
EXECUTIVE SUMMARY ONE WEAPON AUDITORS CAN USE AGAINST FRAUD is simply to speak to clients, managers and employees while observing their behaviors. Normal interview skills may be insufficient to determine whether an individual is withholding information, shading the truth or outright lying, so it’s wise to learn fraud-based interview skills
Stay Out of Trouble
EXECUTIVE SUMMARY DEBATE HAS RAGED FOR YEARS i n financial and accounting circles over issues of independence, auditing and accounting standards, and corporate governance. In the event of an auditing malfeasance trial, a juror—unaware of this larger context—must arrive at a verdict based on what he or she learns about
Institute Appoints Liaison for International Activities
New director to manage Institutes international relationsAICPA personal finance Web site twice honoredInstitutes CPA Marketing Tool Kit cited for excellence. The AICPA in June named Gary M. Scopes, CPA, to be its director, international relations. He brings to the position experience in auditing, standards implementation and ethics enforcement. In addition
AICPAs Financial Literacy Site Wins Laurels
The Institutes online personal finance community won honors in two competitions. The primary site ( www.360financialliteracy.org ), which promotes CPA pro bono efforts to educate the public in personal finance, earned a Communicator Crystal Award for excellence in communication to its target audience. In addition, the sites latest addition (
Institutes Marketing Resource Gains Prize
The AICPAs CPA Marketing Tool Kit won a Big Apple Award from the Public Relations Society of America for exceptional support of marketing communications. Meanwhile, the Institute augmented the kit with a new brochure and speech designed to help members market their business consulting services to clients ( www.aicpa.org/cpamarketing ).
With Integrity and Fairness: A Conversation With the Commissioner of Internal Revenue
hink you’re busy this month? Imagine being Mark W. Everson, Commissioner of Internal Revenue, heading into tax season with a $10 billion budget and a staff of 100,000 to manage. Appointed by President Bush in 2003, Everson is a man on a mission. He’s almost halfway through his five-year term—and
Peer Review Is Stronger and Better Now
EXECUTIVE SUMMARY THE AICPA REVISED ITS STANDARDS for performing and reporting on peer reviews for firms that do not audit SEC registrants. The revised standards, effective for reviews commencing on or after January 1, 2005, will enhance the quality of peer reviews and increase the usefulness of peer review reports
XBRL: A Multitalented Tool
PAs have a rare opportunity to help the business world take a giant leap forward. The extensible business reporting language (XBRL) can vastly improve the timeliness, accuracy and flexibility of data in financial statements and other business reports. Many experts think it will boost today’s commerce just as double-entry bookkeeping
How the AICPA Helps Members Serve Small Business
n 2003 small companies made up 99.7% of the 23.7 million businesses in the United States, according to the federal government, and research shows CPAs are among the top professionals to whom small businesses turn for professional and personal financial advice. AICPA members long have maintained important relationships with small
Renewing a Great Profession
Robert L. Bunting, CPA, became chairman of the AICPA board of directors in October 2004. His acceptance speech, delivered at the Institute’s annual meeting, appears in these pages. A JofA interview with him appeared in the November issue (see “ Managing Change ,” page 27). n preparation for the coming
So You Want to Be an Expert Witness
EXECUTIVE SUMMARY THE RANGE OF ACCOUNTING ISSUES involved in court disputes today covers so many aspects of finance that CPAs of all types may be qualified to offer expert witness services in one or more areas. CPA LITIGATION SERVICES ENCOMPASS several roles: expert witness (who renders an opinion before a
Financial Reporting Goes Global
EXECUTIVE SUMMARY THERE IS A CLEAR TREND toward adopting IFRS as the single body of internationally accepted financial reporting standards. In the next few years, thousands of companies will move to IFRS as a primary basis of financial reporting. THE IFRS MANDATE WILL AFFECT U.S. COMPANIES. Some may be required
Features
FROM THIS MONTH'S ISSUE
Tax season quick guide
Get ready for tax season with the JofA’s annual filing season quick guide, an easy-to-use compilation of dollar thresholds, tax tables, standard amounts, credits, and deductions. Download and print for quick reference this tax season.
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