I read with interest “Buyer Beware” ( JofA, Aug.99, page 27), but I believe the author’s arguments against tax-qualified long-term-care insurance plans are outdated. Based on my experience in the long-term-care industry, I present the following arguments for tax-qualified plans, which were not mentioned in the article: The IRS considers
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TOPICS / AUDIT & ASSURANCE
Audit
Let’s Reassess Accounting Standards
There comes a time for any set of rules when a thorough in-depth review is appropriate and necessary. For the accounting profession, globalization provides both the impetus and the opportunity. The profession needs to step back now and take a good, hard look at accounting standards—specifically those issued by FASB.
Analyzing the Difference
When I read “Hiring Generation X” ( JofA, Feb.00, page 55), I wondered whether Gen-X expectations are really that different. Gen-Xers do want more and will apply the leverage afforded them by a very strong economy and favorable demand vs. supply. So do I—just as I did when I got
An Employee’s Viewpoint.
“Staying Off the Cover of Time” ( JofA, Feb.00, page 31) discussed the recent turmoil surrounding pension plan conversions, with particular emphasis on IBM’s recent difficulties. As a multi-degreed IBMer for more than eighteen years, I’d like to offer an employee’s perspective on what happened and what enraged employees to
About Billing Standards and Fees
Our profession needs to establish “ethical billing standards” that in essence would force accounting professionals to charge a statutory fee for providing assurance services. Barring professionals from underbidding jobs would reward those who conform to the standards of the profession. The current competitive bidding process does not take into account
New AICPA Credential Focuses on IT-Savvy CPAs
The AICPA is introducing the certified information technology professional (CITP) designation, which recognizes CPAs who can provide skilled advice on using IT to implement business strategy. The Institute will begin accepting applications for CITP certification July 1, 2000. At its fall meeting, the AICPA governing council approved the designation, which
SECPS to Strengthen Peer Review Process
The SEC practice section peer review process task force has issued a report containing recommendations to strengthen the peer review process to help it keep pace with changes in the accounting profession. Mike Conway, chairman of the SECPS executive committee, which approved the task force’s proposals after they were made
Not All CPAs Cover the Same Territory
After reading “Who Are We as a Profession—and What Must We Become?” ( JofA, Feb.00, page 81) I’m very concerned. At this point, to be a CPA is to be multidisciplined. However no one person can be fully knowledgeable in all aspects of the profession. The point of the article
Independence Standards Course Offered on CD-ROM
The AICPA is introducing Independence, a CD-ROM CPE course that reviews the Institute’s authoritative literature on independence standards, including newly issued SECPS requirements; SEC independence regulations; and Independence Standards Board standards. The six-hour interactive course features testing and review modules, an extensive reference section, a glossary of key terms, links
Early Retirement Benefit Overlooked
“Coping With Retirement” ( JofA, Dec.99, page 67) ignores the most important benefit available to workers who retire before age 59 1/2 with 401(k) plans and IRAs and need additional income to supplement their pensions before Social Security benefits kick in. The article states most arrangements provide a penalty for
On Fraud and CPAs
I enjoyed reading “To Catch a Thief” ( JofA, Mar.00, page 43) because the information is presented in a way that’s particularly accessible to CPAs. Also, the article underscores the gap between the limited work that CPAs can do to find fraud and what people believe they can do. Most
Best Practices for E-Commerce Self-Defense
Attacks on e-commerce Web sites have online merchants in a cold sweat over downtime-induced revenue losses. But Web-savvy CPAs can help clients by offering these e-sabotage prevention tips. Conduct a risk assessment of the enterprise. If possible, do it before implementing technical controls so that weaknesses can be eliminated before
International
IFAC, Firms to Apply International Standards Consistently The International Federation of Accountants and seven major transnational accounting firms together are planning a global initiative to strengthen international accounting and auditing practices. IFAC hopes firms in the alliance, by uniformly applying standards developed by the International Accounting Standards Committee (IASC), and
Financial Reporting
AICPA Recognizes FASAB as GAAP Standard Setter The AICPA governing council last fall formally named the Federal Accounting Standards Advisory Board the accounting standard setter for the federal government. Amid controversy over its action, the council elevated FASAB to the level of FASB and GASB, which set standards for nongovernment
Tips for the Valuator
EXECUTIVE SUMMARY FOLLOWING BASIC TENETS will provide business appraisers in both industry and public practice enhanced understanding and skills to comply with business valuation standards. FIRST, FULLY UNDERSTAND THE NATURE of each BV assignment. CPAs WHO OFFER BV MUST CONFORM with several standards on professional competence, due professional care, planning
Council Report
Members attending the fall meeting of council worked through a packed agenda, which began with announcements by AICPA President Barry Melancon about a groundbreaking delivery system for CPE and his vision for an Institute site on the Internet—that would offer members unprecedented access to professional resources needed—and which ended with
How Midsize Companies Are Buying ERP
EXECUTIVE SUMMARY THE CHOICE OF ENTERPRISE RESOURCE PLANNING software can be a make-or-break decision for a company. ERP comes in modules named after the functions each performs such as general ledger, accounts payable, accounts receivable, payroll, purchase orders, inventory, job costing, point of sale, manufacturing and bill of materials. A
Legal Scene
Statute of Limitations: A Primer Accountants frequently use statute of limitations defenses in professional liability litigation. Therefore, understanding the theory behind these statutes gives CPAs a powerful weapon in fending off such litigation. Limitations, triggers and discovery dates Depending on the circumstances of the case, the statute of limitations dates
Translating the Standards
EXECUTIVE SUMMARY WHEN APPLYING NEW ACCOUNTING STANDARDS to their companies, CPAs recommend a five-step approach: 1. Assign specific groups or professionals to monitor and translate new pronouncements. 2. Use liaisons and questionnaires to analyze how and where the company could be affected. 3. Summarize the technical detail for nonfinancial colleagues.
Federal Financial Statements: The Revolution Is Here!
EXECUTIVE SUMMARY IN THE FISCAL YEAR ENDED September 30, 1998, federal executive branch agencies for the first time prepared financial statements in accordance with a comprehensive set of federal accounting principles. THERE WAS LITTLE AGREEMENT in the past within the federal government about appropriate federal financial accounting standards. As a
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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Practical tax advice for businesses as a result of the OBBBA
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Digital asset transactions: Broker reporting, amount realized, and basis
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