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 Accounting
Shenanigans on the Cash Flow Statement
CPAs
typically focus on uncovering items that would impact the
reported earnings or the balance sheet of a company. Knowing
that investors use the balance sheet and the income statement
to make investment decisions, companies sometimes engage
in unusual or aggressive accounting practices in order to
flatter their reported figures, especially earnings. In
the wake of recent high-profile scandals, the landscape
is beginning to change. Full
Story |
Using Peer Review to Protect the Public Interest
The proposal on revamping peer review developed by
the NYSSCPA’s Quality Enhancement Policy Committee
(QEPC) and approved by our board of directors last December
has been generating significant interest. Many diverse viewpoints
are being expressed, which is both constructive and welcome.A
significant change that the proposal calls for is that peer
reviews should be conducted by individuals drawn from a
pool of reviewers from different firms. Full
Story
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 Hurricane
Katrina Tax Relief
When
Hurricane Katrina hit the Gulf Coast with a vengeance in
August 2005, Congress acted to provide tax relief for its
victims with the Katrina Emergency Tax Relief Act of 2005.
It passed both houses of Congress by a unanimous vote, and
President Bush signed the act into law on September 23,
2005. The act provides special rules for use of retirement
funds, employment relief, charitable-giving incentives,
and additional tax relief provisions.
Full Story |