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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
Accounting Recent developments in compilation and review standards Article Federal Taxation Marital deduction relief
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 Flow-through Entities IRS targeting S corporations paying distributions in lieu of wages Article Editorial On commercial and guardian ethics Article
Incorporating business ethics into introductory accounting courses Publisher's Column: No time to be working without a net 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 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
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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
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