February Features

Fairer Funding for New York Schools
By Michael A. Rebell and Joseph J. Wardenski
In 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. (Article)

Goodwill Valuation Under SFAS 142
By Z. Christopher Mercer, Matthew R. Crow, and Kenneth W. Patton
SFAS 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. (Article)

An Analysis of the St. Charles Decision
By 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 losses. (Article)

SAS 82ís Effects on Fraud Discovery
By Stephen T. Jakubowski, Patricia Broce, Joseph Stone, and Carolyn Conner
As 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. (Article)

A Fresh Look at Attestation Standards
By Paul Munter and Thomas Ratcliffe
Statement 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 engagements. (Article)

 

  February Departments

The CPA in Industry
CFOs and audit committees: Mutual expectations (Article)

Federal Taxation
Uniform standards for business valuations (Article)

International Taxation
Transfer pricing controversy (Article)

Estates and Trusts
Alternate valuation revisited (Article)

Government Accounting
New management techniques: An international comparison (Article)

E3 Generation
Service learning: Extending the curriculum (Article)

Personal Financial Planning
Long-term disability insurance: Employer plans are not enough (Article)
The Valrex model for valuing employee stock options (Article)

Practice 21
Lessons on financial services (Article)

Guest Editorial
How I became an accountant, with a few stops along the way
By Janice A. Page (Article)

 

News & Views

 ∑ All is not well with the auditing profession: how to fix it?
 ∑ The proverbial ounce of prevention       
 ∑ What you need to know about new FASB pronouncements that target goodwill
 ∑ Museum chronicles history of U.S. financial markets
 ∑ Ben Tse of AccountMate software: Building a successful niche player, internationally 
 ∑ Website of the month: Tax Talk Today
 ∑ Respect
 ∑ Video review: Financially Correct
 ∑ Watson Rice LLP: A role model in diversity

Letter to the Editor
 ∑ Is the profession in decline?-- Is accounting a profession? 

Coming Soon

 ∑ SFAS 141 and 142 fundamentals
 ∑ IRS liberalizes spin-off rules
 ∑ Electronic assurance methods

The CPA in Industry 
 ∑ Activity-based costing
Accounting
 ∑ SFAS 142 checklist
Personal Financial Planning
 ∑ Starting Social Security benefits

 

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