July Features


  FASB Listens. Really!

  By Phillip J. Korb and Thomas E. Vermeer

   Many believe that FASB has predetermined the outcome before it ever issues an exposure draft. The changes FASB made to its proposed treatment of business combinations and goodwill accounting, in response to comments on the ED, however, indicate that the public can make a difference and that FASB is willing to listen. (Article)


  SEC and EITF Initiatives on Internet Accounting
  By C. Richard Baker

  The SEC asked FASBís Emerging Issues Task Force to address their concerns regarding accounting for Internet activities. The EITF responded that, with few exceptions, existing accounting rules could be applied just as well to the new economy as to the old. (Article)


  Assessment of Analysts' Target Prices 

  By Stephen Bryan, Lee-Seok Hwang, and Steven Lilien 

  The recent market bubble points to the flaws in the largely unregulated, sometimes irrational models used by sell-side analysts to determine their target prices for a stock. The authors closely examine the case of MicroStrategy, Inc., to advocate that buyers analyze the implicit assumptions necessary to support a particular stock valuation. (Article) (Downloadable Spreadsheet)

Special Millennium Section: Earnings Management

   Twenty Pressures to Manage Earnings   
  By James R. Duncan 

  Earnings management is not a simple phenomenon, but rather a complex one that arises from the interaction of a number of factors within a companyís environment, culture, and management. Identifying and eradicating inappropriate earnings management requires a broader understanding of the varied pressures that bring it about. (Article)

   Auditors and Earning Management   
  By Scott B. Jackson and Marshall K. Pitman

  Auditors are most effective at detecting earnings management when their skills are informed by an understanding of the motivations and methods that trigger inappropriate earnings management. The authors illuminate various incentives, such as meeting contractual requirements or augmenting performance-based compensation. (Article)

  July Departments

  ∑ Inherent risk reconsidered (Article)
    Federal Taxation 

  ∑ Capital gains planning opportunities (Article)
  ∑ IRS explains deemed sale/repurchase election

    State and Local Taxation

  ∑ Low income housing credit (Article)
  ∑ New Jersey S corporation tax repealed (Article)
  ∑ Telecommuting: Which state is the employee in? (Article)  
  ∑ Telecommuting: What New York State nonresidents should know (Article)

  Flow-Through Entities

  ∑ Taxpayers win in Supreme Court ruling on excluded discharge of indebtedness (Article)

   Estates and Trusts
  ∑ Transfers with a retained life estate. Part Two: Estate tax (Article)
    The CPA and the Computer
  ∑ Analyzing the lease versus purchase decision: A spreadsheet (Article)
   Personal Financial Planning
  ∑ Medicaid eligibility aspects of disclaimers (Article)
    IRA Planning
  ∑ IRS simplifies and slows IRA distributions (Article)
  Guest Editorial 

  ∑ If I could do it over again ...  by Dennis R. Beresford

July News & Views

  ∑ Parsing earning management
 ∑ What to expect from he new SEC chair      
  ∑ Peeling away the layers of CPA2Biz
  ∑ MDPs are dead. Long live MDPs.
  ∑ Deloitte & touche Foundation receives million-dollar gift from former chair
  ∑ Website of the Month: WorthMark Financial Services
  ∑ New POB charter
  ∑ Albrecht honored as outstanding educator
  ∑ Update on the tax benefits of QSTPs
  ∑ New FTC privacy dislosure rules
  ∑ Book Review: The Flawless Consulting Fieldbook and Companion: A Guide to Understanding Your Expertise

  Letters to the Editor
  ∑ Listening to his 'auditor's gut' about the global credential
  ∑ Filling a gap about exempt/nonexempt employees
  ∑ Staying on the cutting edge

 Coming Soon

 ∑ Electronic signatures and encryption   
 ∑ Advising the responsible person 

 ∑ Self-assesment   
CPA Manager   
 ∑ Assurance services competition    
E3 Generation  
 ∑ How candidates view their future


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