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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) | 