Preview: February 2003 Issue

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February 2003 Features

FASB Charts a New Course
An Interview with Robert H. Herz

New FASB Chair Robert H. Herz explains his views on principle-based accounting, the changing role of accounting standards setters, the quest for more substantial input from users and small preparers and their auditors, and the role of professional societies and accounting trade associations. He also speculates about the future relationship between FASB and the SEC, the AICPA, and the new Public Company Accounting Oversight Board. (Article)

Transforming Government, by Example
An Interview with David M. Walker, Comptroller General of the United States

The seventh Comptroller General of the United States, David M. Walker, describes his mission to mission to make the GAO a model federal agency and change the way that the government does business. He talks about some of the GAO's recent investigations and the political complications of its work. Under Walker's leadership, the GAO has been strengthened and repositioned to fulfill its mission of enhancing government accountability. (Article)

When Are Prepaid Expenses Deductible?

A recent Seventh Circuit Court decision allows taxpayers to deduct fixed, one-year recurring items whose benefit extends into the next taxable year. The IRS has announced that they expect to issue proposed regulations allowing for the immediate deduction of prepaid expenses that satisfy a one-year rule, which would eliminate much of the uncertainty surrounding this issue. (Article)

Using and Protecting Trademarks

Buyers depend upon brand names to differentiate products and services in the marketplace; sellers depend upon brand names to serve as a repository for customer goodwill. Trademarks link products with their source and thereby protect the public. The U.S. Patent and Trademark Office is responsible for clearing and registering marks, as well as preventing infringement. (Article)

Death, Divorce, and Taxes

A separation or divorce can have a large impact on an individual's estate or inheritance rights. Unanticipated consequences will almost certainly result if one of the spouses dies unexpectedly during this transition period. Without precautionary planning, the wishes of the deceased might not be followed. (Article)


February Departments

Estates and Trusts

Asset allocation where there are discounted assets (Article)
Estate tax complexities of life insurance policy ownership (Article)

IRA Planning

The New regulations on IRA required minimum distributions (Article)

Federal Taxation

Tax implications of providing cash buyout options (Article)
Lawsuit awards and settlements audit guide (Article)
The relation-back doctrine revisited (Article)

Employee Benefit Plans

The price of 'free' retirement plans (Article)

Personal Financial Planning

The mortgage refinancing decision: Updated spreadsheet (Article)
Home mortgage interest deductibility (Article)

The CPA in Industry

The dangers of pro forma reporting (Article)

E3 Generation

Gender and accountants' use of technology (Article)

The CPA and the Computer

Digital data and the meaning of 'audit' (Article)

Accountant's Liability

Litigation support best practices (Article)

State and Local Taxation

New Jersey Supreme Court rules that erroneous refund must be returned (Article)
Zero investment allocation percentage allowed for New York State franchise tax (Article)

Guest Editorial

The Road Less Traveled
By Zev Landau (Article)


News & Views

Demonstrating leadership in the public interest

A new era of member involvement

Three voices, one message

Document management and corporate governance: What to do when the pressure is on

SECPS members perceptions of the exposure draft on fraud: The ASB is on the right track, but will it make a difference

Surveys find corporations increasing transparency, boards becoming more assertive

Cause marketing: Opportunities for assisting exempt organizations and sponsors

Economic census 2002 features many 'firsts'

Starting salaries to remain at same levels

'GAAP is not enough ... in theory

Providing notice when an employee uses FMLA

Book Review: Building Public Trust: The Future of Corporate Reporting


Website of the Month: Thomson RIA

Letter to the Editor: 'Analyzing Failures'

IRA Update

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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.

2003 The CPA Journal. Legal Notices