Preview: October 2003 Issue




Restoring Public Trust in Accounting: An Interview with SEC Commissioner Harvey J. Goldschmid

SEC Commissioner Harvey J. Goldschmid talks about the SEC, the Sarbanes-Oxley Act, the Public Company Accounting Oversight Board (PCAOB), accounting reform, and the accounting profession's future. Despite the PCAOB's rough start, Commissioner Goldschmid expresses a positive outlook on the board and its mission of restoring the public's trust and confidence in accountants. Article

The New Principal Residence Regulations

The Treasury Department recently published final regulations related to the exclusion of gain from the sale or exchange of a principal residence, as well as temporary regulations related to a reduced exclusion of gain attributable to unforeseen circumstances. Through a series of examples drawn from the regulations, the authors explain how to ensure that a gain qualifies for the exclusion. Article

Going Concern Opinions: Broadening the Expectations Gap

When a seemingly healthy company goes bankrupt, many wonder why the auditors did not detect the potential problems. The Weiss Report, a study of several dozen bankrupt companies submitted to the U.S. Senate during its deliberations on the Sarbanes-Oxley Act, found a "broad and massive failure" on the part of auditors. The authors examined Weiss' methodology and found that it would have incorrectly predicted bankruptcy for nearly half of the non-bankrupt companies studied, undermining the report's credibility. Article

What Businesses Should Know About HIPAA

Although many may think that the recently enacted Health Insurance Privacy and Portability Act (HIPAA) only affects health care providers, the law's provisions are actually much broader. All companies that do business with health care providers should be aware of the critical features of HIPAA, because ignoring its potential impact could be costly. Article

Valuing Intangible Assets

Although recently issued accounting standards address only those intangibles acquired in a business combination, they raise the question of internally developed intangibles. As business evolves, more reliable means of valuing intangible assets-such as a bank's valuation of intellectual property to be used as collateral-are becoming more common, and may point the way to future intangible accounting. Article




Recent developments in compilation and review standards Article

Federal Taxation

Marital deduction relief Article
Will premiums paid for mortgage insurance soon be tax-deductible? Article

Business Valuation

Sports franchise acquisitions: Purchase price allocation procedures. Part 1 of 2 Article

State and Local Taxation

Necessity versus convenience: New York nonresident taxation Article
New York State tax treatment of long-term care insurance premiums Article
Six months for sales tax refunds Article

Flow-through Entities

IRS targeting S corporations paying distributions in lieu of wages Article


On commercial and guardian ethics Article
By Robert H. Colson


News & Views

Incorporating business ethics into introductory accounting courses

Publisher's Column: No time to be working without a net

The changing world of work

Book Review: Wiley CPA Examination Review, Volume 1, Outlines and Study Guides (30th Ed., 2003-2004)

Trust is not an internal control

Survey shows restatements continuing to rise

What's in a name? The art of corporate naming

Website of the Month: PCAOB

Product Review: Offer in Compromise

Document management: Turning paper into profits

Top 10 risks during electronic evidence discovery in litigation

Letters to the Editor: The noble cause of independence
Recent court cases on cash balance plans
Elaborating on R&D


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