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)


  OCTOBER Departments  
   Practical guidance in implementing ISB Standard No. 1  (Article)
  The CPA in Industry

  Y2K Crisis? Not if the tenant and landlord are prepared (Article)

  Federal Taxation

   Is the 2 1/2 month rule for charity applicable to S corporations? 
   IRS restructuring and reform act clarifies AMT exemption rules  (Article)

  State and Local Taxation
   New York changes its depreciation deduction for property outside of the state  (Article)
  Personal Financial Planning

  Revocable living trust of last will and testament: Which is better? (Article)

  Estates and Trusts

  IRS wants to relitigate 2% deduction issue (Article)

  The CPA Consultant

   Y2K action loan programs (Article)

  Employee Benefit Plans
   Timely deposit by employers of employee 401(k) contributions is critical (Article)
OCTOBER News & Views

  Millennium Series continues (Article)
   A CPA firm goes public (Article)
  SEC issues SAB on materiality (Article)
  Arthur Andersen ranked No. 1 by professors (Article)
  Legal costs to recover punitive damages are a deductible business expense (Article)
   The leading edge: another CPA alliance (Article)
  Ernst & Young to offer tax advice online (Article)
  IFAC releases new statement, handbook (Article)
  Social Security to begin issuing annual statements (Article)
  NASCAT commends GASB standard on financial reporting (Article)

  Coming SOON  

    Job searching on the Internet
The latest in mobile communications
   Write-up software brings
added value to client service

The CPA in Industry
   How to produce a video for your company
Federal Taxation
   The alternative tax on capital gains

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