|
OCTOBER Features
|
|
|
| The
Development of International Auditing
Standards
|
| By Robert
Roussey
|
|
The encouraging progress being
made in the realm of international accounting standards will
fall short in bringing to global capital markets without a
corresponding convergence in global auditing standards. The
International Federation of Accountants has the responsibility
of developing international auditing standards and is in the
midst of meeting that challenge. The increasingly global
capital marketplace of the next millennium will require
nothing less. (Article)
|
| The Burden of
Proof in Tax Controversies
|
| By George S. Jackson
|
|
The tax restructuring act of
1998 is generally thought to have placed the burden of proof
in tax court proceedings entirely upon the IRS. Though it
certainly has tilted the issue toward the IRS, broad
generalizations miss the finer points of assigning the burden
of proof, which can be quite complex and can vary greatly by
situation. (Article)
|
| Present
Value-Based Measurements and Fair
Value
|
|
By Jefferson P. Jones
|
|
The proposal for the first
new FASB concept statement in 15 years makes clear the Board's
commitment to using present value measurements for determining
fair value of assets and liabilities. Although there is a way
to go before the concept makes its way into standards, FASB is
setting its future direction toward use of the present value
concept. (Article)
|
| Sale
of
Easement Triggers
Recapture of Estate Tax
|
|
By Steven C.
Colburn
|
|
James Gibbs, Jr., thought
he wasn't selling an interest in his land by granting an
easement to New Jersey preserving his property forever as
farmland. Gibbs had valued the land in the estate as farmland
to begin with. But the IRS demanded the recapture of the
estate tax based upon the amount New Jersey paid for the
easement. One court said there was no sale, but on appeal the
IRS was successful. (Article)
|
| The AICPA Chair for the New
Millennium
|
An Interview
with Robert K. Elliott
By James L. Craig, Jr.
|
|
Robert K. Elliott becomes
chair of the AICPA this month and will guide the Institute
into the new millennium. Elliott has no new ten-point program
for this year. It is his goal to help CPAs take advantage of
the opportunities the information economy is providing by
utilizing the Vision Process and other initiatives already in
place at the AICPA. (Article)
|
| Independence in a Changing
Profession
|
|
By Dan L.
Goldwasser
|
|
Most of the independence
standards that apply to auditors are the product of a very
different era and did not anticipate the diversity of services
offered by today's CPA firm. The need for a new direction has
been apparent to the profession and regulators, and the
Independence Standards Board was created to begin the
process. The old rules don't work, and it is time for new
approaches that reflect the reality of firm structure and
offerings. (Article)
|
