Fairer Funding for New York Schools
A. Rebell and Joseph J. Wardenski
a landmark decision, a State Supreme Court justice ruled that the New Yorkís school
funding methodology is unconstitutional and laid out the criteria that a reformed
system should meet. By focusing on the stateís duty to provide all children with
a sound basic education, the victory in Campaign for Fiscal Equity v. the State
of New York should have repercussions for public schools throughout the country.
Goodwill Valuation Under SFAS 142
Z. Christopher Mercer, Matthew R. Crow, and Kenneth W. Patton
142ís requirement to assess goodwill impairment means that finance and accounting
professionals will have to understand the principles and methodology of business
valuation. The authors analyze FASBís fair value concept in the context of current
valuation practice and provide guidance for approaching SFAS 142 goodwill valuations.
An Analysis of the St. Charles Decision
Steven C. Colburn
The Tenth Circuit Courtís
decision in St. Charles, reversing a Tax Court decision, was a significant victory
for taxpayers. The ruling will give taxpayers greater freedom to choose a from
of business entity without forfeiting their ability to deduct suspended passive
82ís Effects on Fraud Discovery
By Stephen T.
Jakubowski, Patricia Broce, Joseph Stone, and Carolyn Conner
the Auditing Standards Board revisits the role of the auditor in fraud detection,
it is appropriate to consider the impact of SAS 82, Consideration of Fraud in
a Financial Statement Audit, on the audit process. The authorsí research indicates
that the implementation of SAS 82 has heightened awareness of fraud and improved
audit planning, but also raised the expectations of the investing public.
A Fresh Look at Attestation Standards
Paul Munter and Thomas Ratcliffe
on Standards for Attestation Engagements (SSAE) 10, Attestation Standards: Revision
and Recodification, is aimed at making the guidance easier to understand and apply.
Although it contains many changes to the attestation literature, SSAE 10ís most
significant revisions are to the performance and reporting standards for examination
and review engagements and the authoritative guidance for agreed-upon procedures