January Features

Empire Zones: Revitalizing New York Businesses
By Emily Spiegel
New York State’s Empire Zone program makes certain tax incentives and credits available to businesses that create jobs in designated geographic areas throughout the state. The focus is on stimulating economic development in areas that have the access to the commercial infrastructure and skilled workforce necessary to succeed. (Article)

Evaluating Audit Differences
By Thomas A Ratcliffe and John Stephen Grice, Sr.

SAS 89 and subsequent interpretations have made both auditors and management more aware of the importance of materiality when considering whether misstatements should be booked. The authors provide guidance and advice on how to determine whether material audit differences might give rise to audit adjustments. (Article)

Defining Free Cash Flow
By John Mills, Lynn Bible, and Richard Mason

Despite its popularity in analysts’ reports and quarterly statements, there is no agreed upon, widely used definition of cash flow or free cash flow. The use of different calculations impedes comparability and harms investors; the authors suggest sticking to the definition forwarded by SFAS 95. (Article)

Accounting for Interest Bearing Instruments as Derivatives and Hedges
By Robert A. Dyson
The proper identification and reporting of derivatives and hedges can be difficult, especially if the entity’s documentation is lacking. The author presents several case studies demonstrating how to account for derivatives and hedges as they are typically encountered. (Article)

Tax Planning with the New Minimum Distribution Rules
By Ron West

In January 2001, new and proposed regulations on required minimum distributions from qualified plans under IRC Section 401(a)(9) heralded a far-reaching overhaul. The new rules simplify and streamline the complex rules and elections and provide for greater planning flexibility. (Article)


  January Departments

International Accounting
Dollarization: Making international trade seamless (Article)

The CPA in Industry
Twenty questions on e-commerce security (Article)

Federal Taxation
New per diem rates for employee travel reimbursement (Article)
Loophole for deemed sale election with home sale exclusion closed (Article)
Supreme Court addresses consolidated product liability losses (Article)

State and Local Taxation
N.Y. convenience rule taxing to at-home workers (Article)
Taxation of nonqualified plan payments to nonresidents (Article)

E3 Generation
New competencies for accounting students (Article)

Personal Financial Planning
Using the web’s investment resources (Article)

Employee Benefit Plans
Conforming qualified plans to IRS requirements (Article)

Guest Editorial
In hindsight, I'd still be an accountant
By Alan E. Weiner (Article)
A lifetime of satisfaction
By Richard Glickman (Article)


News & Views

 · Enron and Andersen: Auditors under the microscope
 · With no regulatory infrastructure, "Who's watching the store?"       
 · A Website of the Month: TaxProBestPractices
 · Correction
 · Book Review: Expert Rules; 100 (and More) Points you Need to Know About Expert Witnesses , 2d Edition
 · The realities of global trade and capital flows: Implications for 21st-century accounting

Letters to the Editor
 · Untangling FASB's convoluted logic
 · Constant reminders of a great country, great city, and its people

Coming Soon

 · Attestation standards reexamined
 · SAS 82 and fraud
 · Analysis of St. Charles

The CPA in Industry 
 · CFOs and audit committees
E3 Generation
 · Service learning
Personal Financial Planning
 · The Valrex pricing model

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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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