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CPA Journal, The

Alternative minimum tax market segment specialization program

Alternative minimum tax market segment specialization program Smith, Darlene Pulliam In Brief Audit Guide Emphasizes Separate Recordkeeping Numerous taxpayers are feeling the bite of the alternative minimum tax (AMT) as a direct result of the proliferation of tax preference items. To clarify application of the AMT for individual taxpayers, the IRS has issued a new […]

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CPA Journal, The

Roadmap to Global Accounting Convergence, The

Roadmap to Global Accounting Convergence, The Larson, Robert K Europe Introduces ‘Speed Bumps? In April 2005, then-SEC Chairman William Donaldson and European Union (EU) Internal Market Commissioner Charlie McCreevy discussed an outline of steps to be taken before nondomestic companies listed on U.S. exchanges will no longer be required to reconcile International Financial Reporting Standards […]

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CPA Journal, The

Creating a human resources department

Creating a human resources department Cohen, Carolyn IF THERE IS ANY UNCERTAINTY REGARDING WHETHER A FULL-TIME POSIT10N IS WARRANTED, a consultant can help with the decision. Perhaps the greatest challenge facing the profession today is how to keep staff happy and productive; however, doing so requires a great deal of time and energy, causing most […]

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CPA Journal, The

PCAOB and Convergence of the Global Auditing and Accounting Profession, The

PCAOB and Convergence of the Global Auditing and Accounting Profession, The Giles, Jill P The Sarbanes-Oxley Act of 2002 represents the most significant Securities law reforms since the Securities Act of 1933 and the Securities Exchange Act of 1934. Due to widespread outrage over financial frauds, including Enron and WorldCom, Congress acted swiftly to pass […]

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CPA Journal, The

Accounting for Internet-based barter transactions

Accounting for Internet-based barter transactions DeMark, Eugene F BECAUSE ADVERTISING BARTERED BETWEEN INTERNET COMPANIES is not always sold for cash, determining fair value is often difficult and can be highly subjective. The Internet has rapidly revolutionized the way that companies conduct business. The relationship between suppliers, customers, distributors, partners, and competitors has undergone a radical […]

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CPA Journal, The

What to expect from the new SEC chair

What to expect from the new SEC chair In May, the White House announced that Harvey Pitt, a corporate attorney who helped facilitate last year’s compromise between the SEC and the accounting profession over auditor independence, had been named to head the SEC. As of press time, Pitt’s appointment awaits confirmation by the U.S. Senate. […]

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CPA Journal, The

Recent changes in recognizing equity method losses

Recent changes in recognizing equity method losses Dyson, Robert A For almost 30 years, the basic application of the equity method of accounting for investments in common stock remained virtually unchanged. The general guidance, Accounting Principles Board Opinion (APBO) No. 18, The Equity Method of Accounting for Investments in Common Stock, was issued in March […]

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CPA Journal, The

Transitioning to the Fair Value Method

Transitioning to the Fair Value Method Moehrle, Stephen R Changes in Accounting for Employee Stock Options Since 1995, when FASB issued SFAS 123, Accounting for Stock-Based Compensation, companies have had the option to use the fair value method of accounting for employee stock options. Until recently, however, most companies continued to use the intrinsic value […]

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CPA Journal, The

Choosing the right beginning age for Social Security Benefits

Choosing the right beginning age for Social Security Benefits VanZante, Neal R PERSONAL FINANCIAL PLANNING MOST OF THE MODELS ASSUME VERY HIGH RATES OF RETURN. This assumption is highly questionable for older individuals with shorter investment horizons. The Senior Citizens’ Freedom to Work Act (SCFWA) of 2000 repealed the Social Security earnings test for individuals […]

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CPA Journal, The

International Accounting: A User Perspective

International Accounting: A User Perspective Rechtman, Yigal International Accounting: A User Perspective By Sharokh M. Saudagaran Published by South-Western College Publishing, 2004; ISBN: 0-324-18620-7; 304 pages, paperback, $79.95 Reviewed by Yigal Rechtman For accountants and auditors who wish to gain strength in international accounting, there are many articles and books that can describe part of […]