By James R. Duncan and Robert L. Carleton
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During the recent wave of mega-mergers, pooling-of-interests accounting has been the method of choice for the formation of these new giant
companies. Pooling eliminates goodwill and and its resulting drag on future earnings, but it has recently come under fire for
obfuscating the true picture of the merging companies' balance sheets. FASB is currently taking a look at the issue, and may be
contemplating a radical change to pooling standards. (Article)
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The IRS Restructuring and Reform Act of 1998
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By Linda Garrett Levy and J. David Mason
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Widespread public disillusionment with the current tax system and the IRS, as documented during the 1997 Senate Finance Committee
hearings, led to the passage of the IRS Restructuring and Reform Act. The IRS is in store for a number of changes designed to make
it more focused on taxpayers' needs and rights. (Article)
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Medical Student Loans
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By Zoel Daughtrey and Frank M. Messina
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Normally, when an employer pays off student loans, there is taxable income to the recipient. But, taxation can be avoided pursuant
to IRC section 108(f) for individuals in certain professions such as medicine. There are, however, very specific requirements for such an exclusion;
the authors provide examples and guidance to help interpret the requirements. (Article)
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Perceptions in the Recruiting Process
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By Susan M. Moncada and Joseph C. Sanders
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The authors conducted a survey to determine whether the perceptions of accounting students and faculty are consistent with the
characteristics deemed most important by CPA firm recruiters for candidates to be selected for campus and follow-up interviews.
The three groups were not always in agreement over what qualities were important in candidates, and the results may be both
revealing and surprising. (Article)
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Federal Rules of Evidence and the Financial Professional
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By Vincent J. Love and Dan L. Goldwasser
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Recent Federal court decisions and proposed changes to the Federal Rules of Evidence will have a profound effect on how how trial experts
form and support their opinions. The overabundance of junk science opinions delivered in the late 80s and early 90s led to the Supreme Court
decision in Daubert and the ambition to refine the evidentiary system. current proposals focus on setting high standards for all expert
testimony and helping the trial court determine whether testimony is indeed admissible and reliable. (Article)
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