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DECEMBER Features
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GASB
Statement No.34:
The Dawn of a New
Governmental Financial Reporting
Model
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| By Laurence E.
Johnson and David R.
Bean
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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)
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Independent
Contractor or Employee:
How the Process Works
Today
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| By Edgar Gee,
Jr., Michael
J. Knight, and Willis Jackson
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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)
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| Leading
Financial Executives into the Next
Millennium
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An Interview
with Philip B. Livingston
By
James L. Craig, Jr.
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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)
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| The
International Uniform CPA Examination
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By
Quinton Booker, James D. Blum, and William
Treacy
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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)
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| The Letter of Credit: Some Tax
Implications
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| By R. Dan Fesler, Larry Maples, and Bob G. Wood,
Jr.
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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)
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