Preview: November 2003 Issue




The Changing Landscape of Accounting Standards Setting

FASB may be the best-known accounting standards setter, but newer GAAP bodies are becoming increasingly important. The GAO's audits of federal agencies have raised the profile of the Federal Accounting Standards Advisory Board (FASAB), which sets the agencies' accounting standards. The rising importance of international trade has broadened the influence of the International Accounting Standards Board (IASB), which sets cross-border standards and has been working with FASB on the creation of global accounting principles. (Article)

A Hard Look At Tax Software: 2003 Annual Survey Of New York Practitioners

This second annual CPA Journal survey of New York tax practitioners once again asked how satisfied users were with their tax preparation and research software. The authors found that the use of e-filing, online client organizers, and application service providers is expanding, as is the use of firm websites. Respondents had a high level of familiarity and satisfaction with their software, and their responses give some indication of the variety of software that is available. (Article)

Stock Options Revisited

The accounting for stock options has long been a controversial question, and it is one that has been reopened in the current political and economic environment. Investor confidence on financial reports have been undermined by the inability to predict the cash flow consequences of complex and off-balance-sheet financial transactions such as stock option awards. The authors describe a simple, reliable, and understandable valuation model that can be used determine quarterly option expenses until the option is exercised or expires. (Article)

The Power of Low-Correlation Investing

No one can predict market performance over any time period, short or long, but the study of correlations shows that, over time, different asset types do not perform similarly. An investor who holds a portfolio diversified with low-correlating assets has the opportunity to achieve comparable returns with less risk. An investor's best protection during a bear market is to use a low-correlation investment strategy in a portfolio of globally balanced assets. (Article)




Cash flow classification of restricted funds (Article)

Employee Benefit Plans

A new position on benefit distribution fees (Article)

Estates and Trusts

Generation-skipping transfer tax rules for assets in trust (Article)

Federal Taxation

Post-death events and valuation of claims (Article)

The CPA Manager

Preventing fraud by conducting background checks (Article)

The CPA in Industry

Pitfalls of wage and hour laws (Article)

Not-for-Profit Organizations

Proposed legislation: Its impact on not-for-profit board governance (Article)


Revisiting materiality (Article)

Business Valuation

Sports franchise acquisition: Valuation of intangible assets. Part 2 of 2 (Article)

State and Local Taxation

Franchise taxes after dissolution (Article)
Casino winner is tax loser (Article)

Business Valuation

Standards of behavior: rules are not enough
By Robert H. Colson (Article)


News & Views

On the CPA's role in guarding clients' investments

A unified approach to the profession's problems

Top 10 considerations for prudent financial planning

Seniors returning to the accounting workforce: Supply meets demand

Book Review: Statistical Sampling in Sales and Use Tax Audits

Website of the month: PCAOB Online

Letter to the Editor: Home health care, with or without insurance


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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