May Features


  Understanding and Minimizing CPA Liability

  By John F. Raspante and Ric Rosario

  Faced with burgeoning tax, audit, and nonattest claims, CPAs are seeking shelter from the liability storm. CPAs have a strong chance of minimizing risk exposure if they heed certain warning signs and establish preventive practices. There will always be risk, but potential dangers can be restrained. (Article)


The CPA Journal Millennium Series

  Arthur Levitt Remembered
  By Ned Regan, Dennis R. Beresford, Philip D. Ameen, and Barry C. Melancon

  During Arthur Levitt's long and distinguished career, which culminated in an eight-year term as SEC chairman, he has been heralded as a champion of the individual investor and characterized as out of touch with reality. The CPA Journal asked four disparate individuals--a regulator, a standards setter, a comptroller, and an auditor--to share their thoughts about the man, his career, and his contributions. (Article)


  Accounting for Stock Options: The Controversy Continues

  By Nicholas G. Apostolou and D. Larry Crumbley

  SFAS 123 allows a choice between the intrinsic value method of APB 25 and the fair value method when accounting for stock-based employee compensation plans. The authorsí survey of 30 companies using the fair value method indicates that sometimes the difference in treatment can be so great as to affect the decision to invest. (Article)


  What Price Global Accounting Standards?   
  By Don Schwartz 

  In February 2000, the SEC solicited commentary on whether the IASCís proposed core standards could be used without reconciliation to U.S. GAAP. Respondents emphasized deficiencies in quality, inadequate enforcement, and conceptual differences. The author addresses these complaints and suggests how to proceed. (Article)


  May Departments

  ∑ Performance measurement enhances analytical procedures (Article) 
   The CPA in Industry 

  ∑ Outsourcing for small and mid-sized businesses (Article)

   The CPA and the Computer 

  ∑ Assessing the reliability of information obtained through the Internet (Article)

  Estates and Trusts 
  ∑ A bankruptcy trustee can avoid a taxpayer's irrevocable election to carry forward unused net operating losses (Article) 
    Federal Taxation 

  ∑ Perks and pitfalls for the peripatetic taxpayer (Article) 

  Personal Financial Planning 

  ∑ The marriage penalty and innocent spouse provisions (Article)
  ∑ Planning for incentive stock options (Article) 
  ∑ Transferring annuity accumulations (Article)

   Employee Benefit Plans 
  ∑ Corporate trusteeship: A fiduciary responsibility (Article)
   State and Local Taxation 
  ∑ NYS franchise tax changes for utility and TTD companies (Article)

  ∑ If I could start over, I'd still be an accountant: A message from CPA Journal Editor-in-Chief Robert Colson

May News & Views

  ∑ Recalling Arthur Levitt: Colleague, friend, regulator
 ∑ IRS encourages fast-track mediation      
  ∑ CPA exam, or turf battle?    
  ∑ How to make healthcare available to all    
  ∑ Book Review: A Practical Guide to U.S. Taxation of International Transactions
  ∑ Our March cover
  ∑ Book review: The CPA's Guide to Professional Ethics
  ∑ At top companies, pay climbs for CFOs
  ∑ Website of the month: TaxLinks
Letters to the Editor
  ∑ An alternative to buy the course, take the course, check off the credit
  ∑ CPA firms: 'Take control of your educations 
  ∑ The 150-hour requirement: Reasonable expectations? 
  ∑ Supports UAA, struggling with experience requirement

 Coming Soon

 ∑ Probability and materiality   
 ∑ Qualified state tuition programs 

 ∑ Auditors and earnings management  

Practice 21 
 ∑ CPAs in financial services   
The CPA in Industry  
 ∑ Defining 'hours worked'   
 ∑ Inherent risk  


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The CPA Journal is broadly recognized as an outstanding, technical-refereed publication aimed at public practitioners, management, educators, and other accounting professionals. It is edited by CPAs for CPAs. Our goal is to provide CPAs and other accounting professionals with the information and news to enable them to be successful accountants, managers, and executives in today's practice environments.

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