May Features

Obstacles to International Accounting Standards Convergence
By Jane E. Campbell, Heather M. Hermanson, and John P. McAllister
The convergence of GAAP and International Accounting Standards in the near future hinges on the possibility that the standards can be harmonized. The authors examine the conceptual frameworks behind the two sets of standards and conclude that they pose few intractable barriers to convergence. (Article)

Leading High-End Accounting Software
By Anthony Basile, Louis J. Papa, and Randy Johnston
The choice of accounting software is an important decision for most companies. Making the right decision requires a careful comparison of all the available options. Current and future needs must be considered, and purchasers should look beyond a simple feature set to all of a programís benefits and drawbacks. (Article)

New and Expanded Internal Audit Standards
By Janet L. Colbert
The Institute of Internal Auditors (IIA) recently adopted a Professional Practices Framework that updates its guidance for internal auditors. The framework expands the definition of internal auditing and raises the standards for internal audit work. (Article)

Intellectual Property Primer
By Barry A. Cooper
Developing and utilizing intellectual property is increasingly crucial to a businessís success. The author reviews the primary forms of intellectual propertyópatents, copyrights, trademarks and trade dressóand how they are registered and protected. Accounting for an expanded set of intangible assets requires the knowledge to identify when property rights attach. (Article)

Postmortem Events and Claims Against an Estate
By Ted D. Englebrecht and Joseph J. Suhoski
Executors have long relied on the Supreme Courtís decision in Ithaca Trust when establishing the deductibility and valuation of claims against an estate. A number of recent cases have interpreted Ithaca more narrowly and warrant clarification and a a reassertion of the sensibility of the Courtís decision. (Article)


  May Departments

Accounting for asset retirement obligations (Article)

Why the fastest-growing companies hire and fire their auditors (Article)

The CPA in Industry
Preventing fraud by minimizing opportunity (Article)

Federal Taxation
Merger and acquisition costs after Indopco (Article)

Employee Benefit Plans
New pension planning options (Article)

Personal Financial Planning
Reducing investment risk by capturing volatility (Article)

E3 Generation
High school guidance counselorís perception of the profession (Article)

Guest Editorial
Carrying the briefcase: Why did I become a CPA?
By Michael Buxbaum


News & Views

 ∑ The accounting profession's regulatory dilemma
 ∑ Reading the writing on the wall: CPA2Biz? Why?
 ∑ Prognosis on risk management and insurance 
 ∑ Book review: International Financial and Managerial Accounting  
 ∑ Website of the month:
 ∑ Diversification too narrowly defined
 ∑ Keeping meeting participants from dozing off

Letters to the Editor
 ∑ Department of sour grapes

Coming Soon

 ∑ Disclosure of corporate tax shelter
 ∑ SEC current developments
 ∑ Independence in closely held companies 


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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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