DECEMBER Features  
  GASB Statement No.34: 
  The Dawn of a New Governmental Financial Reporting Model
  By Laurence E. Johnson and David R. Bean

  Over a decade in the making, GASB's new financial reporting model for state and local governments will dramatically change current practice. There will be full accounting for once-hidden capital assets like infrastructure, and a new management's discussion and analysis. Traditional fund statements will be preserved alongside the new government-wide full accrual statements. (Article)

 

  Independent Contractor or Employee:
  How the Process Works Today
  By Edgar Gee, Jr., Michael J. Knight, and Willis Jackson

  The employee/independent contractor distinction is one of the thorniest issues facing U.S. businesses, often complicated by skepticism and distrust from the IRS. Court decision on the topic in the 90s, however, have favored taxpayers, and 1996's Small Business Job Protection Act shifted the burden of proof to the IRS once a prima facie case under Section 530 safe harbor principles was made, bringing some consistency and rationality to the classification and review process.(Article)

 

  Leading Financial Executives into the Next Millennium
  An Interview with Philip B. Livingston
  By James L. Craig, Jr.

  Philip B. Livingston, a CPA, is the new president and CEO of the Financial Executives Institute, the elite organization of controllers, treasurers, and CFOs. His goal is to turn the organization into an Internet community. He also thinks that there is still a place for fiscal conservatism in financial statements and that poolings of interest should not be abolished.(Article)

 

  The International Uniform CPA Examination

  By Quinton Booker, James D. Blum, and William Treacy

  The role and work of accountants has become increasingly global in scope; accounting licensure, however, remains the province of state and national governments. There are a number of examinations, such as the International Uniform CPA Qualification examination, which enable licensed chartered accountants of one jurisdiction to qualify for practice across international borders. Exams are in place in the United States, Canada, and Australia. Projects are also under way in the United Kingdom, Ireland, and Mexico.(Article)

 

   The Letter of Credit: Some Tax Implications
  By R. Dan Fesler, Larry Maples, and Bob G. Wood, Jr.

  A letter of credit is often used when purchasing and importing products from a foreign vendor but is also used to stay assessment and collection of a court decision. The tax aspects of letters of credit are manifold; most significantly, the use of an L/C affects the timing of income and deductions. Both cash and accrual basis taxpayers may be affected by a contested liability.(Article)

 


  DECEMBER Departments  
  The CPA in Industry
   When the small business accountant/controller becomes the de facto human resources manager (Article)
  Personal Financial Planning

  Split-dollar exit strategies (Article)
  Book Review: U.S. Savings Bonds: The Definitive Guide for Financial Professionals (4th ed.)(Article)

  Federal Taxation

   Acquisitions of loss companies by consolidated groups (Article)

  The CPA in Mediation and Arbitration
   ADR and the Massachusetts Society of CPAs (Article)
  SEC Advisor

  Size doesn't matter: SEC releases SAB 99 on materiality (Article)

  Estates and Trusts

  Charitable remainder trust update (Article)

  1999 Annual Index

 

DECEMBER News & Views

   Financial executives in the next millennium
   CPA Journal Editorial Board formed
   IRS extends deadline for Roth IRA changes
   Independence Standards Board issues discussion memorandum on evolving forms of firm structure and organization
   Levitt continues campaign for securities marketplace equality  
   Largent keynotes first Global Institute for Taxation conference
   Corporate accountants play key role
   AICPA Council authorizes vote to amend bylaws to permit CPAs working in non-CPA firms to issue compilations
   More WebTrust competition 
   KPMG deploys NetAid site, donates $1 million 
   Call for distinguished financial managers
   Jackson Hewitt creates consolidation joint venture
   Book Review: Estate Accounting: an Integrated Approach
   2000 standard mileage rates
   CPA firm named 1999 accounting advocate


  Coming SOON  

   The future of public practice: two perspectives
   Making sense of medical savings accounts 

   A new practice opportunity: lease compliance review

Personal Financial Planning
   Hidden pitfalls in New York college savings plans
The CPA in Industry
   Technology and security issues
Federal Taxation
   Charitable gift annuities

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