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May Features |
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Understanding and Minimizing CPA Liability
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By John F. Raspante
and Ric Rosario |
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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)
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The CPA Journal
Millennium Series |
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Arthur Levitt Remembered
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| By Ned Regan, Dennis
R. Beresford, Philip D. Ameen, and Barry C. Melancon
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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)
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| Accounting for
Stock Options: The
Controversy Continues
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By Nicholas G. Apostolou and D. Larry Crumbley
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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 authors’ 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)
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| What Price Global Accounting
Standards?
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By Don Schwartz
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In February
2000, the SEC solicited commentary on whether the IASC’s
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)
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