The U.K. Bribery Act 2010 taking effect July 1 represents one of the biggest changes in global anticorruption law since the USA Patriot Act in 2001, but awareness of its provisions remains very low, according to a Deloitte webcast poll. While 78% of respondents who participated in the poll said
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TOPICS
Management accounting
Researchers Win Management Accounting Award
Eddy Cardinaels and Eva Labro received the American Accounting Association’s Greatest Potential Impact on Practice Award for research in management accounting. Sponsored by the AICPA, the Chartered Institute of Management Accountants and the Society of Management Accountants of Canada, the award recognizes academic papers that are considered most likely to
How to Manage Fluctuations in Foreign Currency Rates
Managing the P&L and cash flow impacts related to foreign exchange exposures can appear daunting. The following steps, while not all-inclusive, make this task easier: —By Pam Heye, CPA, (pam.heye@bluewin.ch) a treasury management expert based in Raleigh, N.C. Sample Foreign Currency Management Policy Foreign currency management policies, including
Renewed Focus on Loss Contingency Disclosures
The SEC appears to be increasing its scrutiny of compliance with financial statement disclosure rules regarding potential court losses. The heightened attention is intersecting with a three-decades-old treaty for lawyers and accountants forged by the AICPA and the American Bar Association. The JofA spoke with attorney Michael Young, chair of
Demski Honored for Lifetime Achievement in Management Accounting
Joel Demski, Ph.D., received the 2010 Lifetime Contribution Award from the Management Accounting Section of the American Accounting Association. Sponsored by the AICPA, the award recognizes individuals who have made an important mark on management accounting education, research and practice. Demski was honored for his research and teachings on applications
AICPA, CIMA Joint Venture Would Offer New Management Accounting Designation
The AICPA and the London-based Chartered Institute of Management Accountants (CIMA) are proposing forming a joint venture to develop and promote a new global management accounting designation. The joint venture is designed to give management accounting a higher profile in the United States, advance the science of management accounting worldwide,
Optimism Growing Despite Rising Inflation Concerns
Economic outlook is brightening this quarter, with optimism for the U.S. economy up sharply and expectations for hiring and business expansion improving as well, according to results from the AICPA/UNC Kenan-Flagler Business & Industry Economic Outlook Survey Q1 2011. However, optimism was slightly tempered by an increase in concern over
Scenario Planning: Navigating Through Today’s Uncertain World
Imagine you are sitting at your desk in September 2007. The Dow is close to 13,900; U.S. unemployment is 4.5%; and oil is $45 a barrel. You are in the middle of developing your organization’s plans and budgets for 2008. How likely is it that the assumptions in your 2008
Corporate Finance Salary Outlook
In corporate finance these days it pays to specialize. A look at anticipated starting salaries for 2011 shows positions that are more niche than generalist in flavor are likely to see the biggest pay gains compared with 2010. “The more specialized you are, the more desirable you are,” said Carol
How to Land an SBA Loan
With all of the uncertainty around maintaining a predictable flow of capital to businesses, a commercial loan provided by a bank but guaranteed by the federal government almost sounds too good to be true. Standing behind such loans is one of the responsibilities of the U.S. Small Business Administration’s (SBA)
Act 2 for Business Tax Incentives
Enacted in the waning days of the 111th Congress, the Tax Relief, Unemployment Insurance Reauthorization, and Job Creation Act of 2010 (2010 Tax Relief Act, PL 111-312) was a creature of political compromise. But the act nonetheless built upon already attractive incentives that had been passed only a few months
FDIC: Banks Earned $87.5B in 2010, But “Problem List” Grew
FDIC-insured commercial banks and savings institutions reported an aggregate profit of $21.7 billion in the fourth quarter of 2010 and $87.5 billion for the full year, a gain largely attributed to large declines in loan-loss provisions. But not all the news was good. Loan and lease balances fell for the
Handling of Litigation Contingency Disclosure Facing Greater SEC Scrutiny
The SEC appears to be increasing its scrutiny of compliance with financial statement disclosure rules regarding potential court losses. The heightened attention is intersecting with a three-decades-old treaty for lawyers and accountants forged by the AICPA and the American Bar Association. The JofA spoke with attorney Michael Young, chair of Willkie
Enterprise Risk Management: Combating a Growing Organizational Threat
The catastrophic meltdown of financial markets that began in September 2008 resulted in a full range of challenges—both old and new—for organizations worldwide. Similar to other periods of adversity and uncertainty, it prompted organizations to re-evaluate their policies, processes and procedures from a renewed perspective, and implement change wherever it
CPAs Share Continuation Strategies
Editor’s note: Also read “Who Would Run Your Firm?” Feb. 2011, page 40. In August 1988, 48-year-old CPA Jim Feigel was in an accident that left him in a coma for 23 days. “If anything ever happens to me, the first thing you should do is sell the practice,”
Who Would Run Your Firm?
There comes a time when every sole practitioner or small firm owner needs to consider the consequences of a disruption in leadership of his or her CPA practice. Illness, disability, family obligation or death can be devastating for the CPA’s clients, family and employees. Proper planning, however, can mitigate the
FDIC Assures That Creditors, Not Taxpayers, Bear Risk of Failures
The FDIC on Tuesday approved an interim final rule under the Dodd-Frank Wall Street Reform and Consumer Protection Act that Chairman Sheila Bair said furthers the statutory intent that “creditors bear the losses of any failure.” The rule clarifies how the agency will treat certain creditor claims under the new
COSO Publishes New ERM Implementation Guidance
The Committee of Sponsoring Organizations of the Treadway Commission (COSO) on Tuesday released two new thought papers relating to enterprise risk management (ERM) and aimed at providing guidance to help organizations advance their ERM programs. The first thought paper, Embracing Enterprise Risk Management: Practical Approaches for Getting Started, describes how an
Board of education: Other client advisory board models
Editor’s note: Also read “Board of education: CPA firms, businesses can profit from clients’ advice,” in the Jan. 2012 issue of the JofA. The client advisory board model recommended by the PCPS is far from the only format used by CPA firms and other businesses. Buffalo, N.Y.-based Dopkins & Co.
Taking the “Sting” Out of S Corporations’ Earnings and Profits
Under current tax law, an S corporation cannot produce earnings and profits (E&P); only C corporations can. However, if the S corporation was previously a C corporation, it may have accumulated E&P from years when it was a C corporation. Similarly, if an S corporation was a party to a
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FROM THIS MONTH'S ISSUE
Right-sizing risk management
Sole practitioner or small firm? Risk management doesn’t have to be “one size fits all.” Learn how to help protect your practice without adding unnecessary admin time.
From The Tax Adviser
July 31, 2026
Current developments in S corporations
July 31, 2026
