Recently added articles from Pennsylvania CPA Journal:
PROFESSIONAL ROUNDUP
Jan 01, 2009; ... Recent Developments in the Accounting Profession FASB Makes Adjustment to Fair Value Accounting Regs The Financial Accounting Standards Board moved to allow some flexibility in cases of fair value accounting application when there is no market for a security, a common ...
Our Profession of Trust Must Step Up During a Crisis
Jan 01, 2009; ... Undoubtedly, you are facing new challenges brought on by the current economic environment. We've heard many reasons and theories for the current state of affairs, but regardless of how we got here, CPAs are absolutely needed to bring a calming influence to a jittery world. We will be looked to ...
ACCOUNTING & ASSURANCE
Jan 01, 2009; ... "The debate over private company GAAP is not solely a U.S. issue; it is a global matter.' IFRS for Private Enterprises AICPAs Private Companies Financial Task Force, in a report dated Feb. 28, 2005, called for accounting standards that focus on the information needs of private ...
FEDERAL TAX
Jan 01, 2009; ... "Communicating to your clients is vital, as changes to charitable giving regulations affect their operating procedures." You Can Give and Give, But You Still Need a Receipt There are many issues that federal tax preparers need to keep an eye on as the filing season approaches ....
STATE & LOCAL TAX
Jan 01, 2009; ... "Act 32 establishes various reforms that consolidate, modernize, and introduce uniformity to the Pennsylvania tax collection process." Act 32: Moving Forward As we reported in the fall 2008 issue of the Pennsylvania CPA Journal, Act 32, PICPA-supported legislation streamlining ...
BUSINESS & INDUSTRY
Jan 01, 2009; ... "Captive insurance is not ideal for every business, but it can achieve many estate and business planning goals not otherwise attainable." Insurance Freedom through Captivity A captive insurance company, or captive, is a special form of selfinsurance where the insurance company is ...
BUSINESS TRANSFORMATIONS
Jan 01, 2009; ... "Familiarity with the applicable tax rules will minimize the tax costs resulting from a business transaction." The Impact of Financial Accounting and Tax Rules on M&A Business transactions are often accompanied by hefty transactions costs. The reporting requirements for these ...
CAREERS & LIFESTYLES
Jan 01, 2009; ... "For many, neglecting volunteerism does not make the desire to volunteer go away." A Recommitment to Volunteerism CPAs are a very motivated group, devoting substantial time and energy into both work and play. There are legions of ambi rious members of our profession who excel ...
SEC/PCAOB UPDATE
Jan 01, 2009; ... "There are now specifics detailing U.S. plans to join the worldwide IFRS movement." IFRS Hits the Road in U.S. The recently announced International Financial Reporting Standards (IFRS) roadmap by the Securities and Exchange Commission (SEC) may not be as straightforward as the ...
GOVERNMENT/NOT-FOR-PROFIT
Jan 01, 2009; ... "The Professional Requirements Tool should help with Yellow Book and with planning and implementing an audit." Auditing Standards Implementation Tool A Professional Requirements Tool has come from the U.S. Government Accountability Office (GAO) to help practitioners implement ...
LIABILITY LESSONS
Jan 01, 2009; ... "When money gets tight, or other changes begin to affect a business and cause internal strife, there is a tendency to lay blame." Avoid Sitting in Two Boats at Once Insightful lessons can be learned by reviewing professional liability issues. With this in mind, Bollinger Inc ....
EMPLOYEE BENEFIT PLANS
Jan 01, 2009; ... "Employee benefit plans are subject to unique rules and requirements, as are their auditors." Hard-to-Value Assets Under New Fair Value Rules Many employee benefit plans have been adversely affected by recent difficulties. So, to boost returns and provide participants more ...
BE A CALMING FORCE IN TIMES OF FINANCIAL TURMOIL
Jan 01, 2009; ... The recent meltdown in the economy is forcing all of us to face tumultuous times. This era of financial difficulty will affect us into the foreseeable future, so CPAs will find themselves advising clients on a wide array of concerns, some of which may not have been their areas of focus in the ...
Banking Crisis or Accounting Crisis?
Jan 01, 2009; ... rou would think it would be intuitively obvious to most observers that securities prices should be priced at current market values. Or is it not that obvious? I have become increasingly frustrated in recent years that financial information prepared and presented in strict accordance with ...
Beyond the Client: Looking to Consumers' Needs During Turbulent Times
Jan 01, 2009; ... The recent events in the financial sector have hit businesses and households hard. Depleting balances in retirement and other savings funds, falling home prices, and reduced credit options underscore the importance of the CPA profession's financial literacy message. Issues of debt and savings ...
BEWARE THE DRAG NET: FINANCIAL CRIMES LAWS COULD TRAP YOUR CLIENTS
Jan 01, 2009; ... The Bank Secrecy Act (BSA) was enacted to combat the legitimization of illicit profits and to prevent disruption of the U.S. financial system. But since it became law in 1970, the BSA has been expanded and strengthened into a far-reaching government power that affects the lives of more ordinary ...
CPAs: MANY DOORS TO OPPORTUNITY
Jan 01, 2009; ... A record number of accounting graduates were expected to enter the workforce in 2008, the largest group in 37 years. The current economic climate may be chilly, but this trend should continue as accounting enrollments have been increasing since 2004 and the demand for CPAs is still ...
BE VIGILANT: STATE AND LOCAL PASS-THROUGH ENTITY ISSUES
Jan 01, 2009; ... At the Oct. 1, 2008, Financial Accounting Standards Board (FASB) meeting, the board modified the applicability of FASB Interpretation No. 48 (FIN 48), Accounting for Uncertainty in Income Taxes, to pass-through entities (PTEs). FASB agreed to develop application guidance for PTEs and to provide ...
2008 PICPA Member and Nonmember Opinion Survey
Jan 01, 2009; ... To gauge our members' thoughts on the Institute's services, PICPA engaged market research group McKinley Marketing Inc. to develop a survey that would provide clear feedback on what PICPA does well and what needs improvements. In contrast to the 1997 member survey, PICPA opened up the 2008 ...
What Is an Emerging CPA?
Jan 01, 2009; ... The Emerging CPAs Committee was formed in 2005 with the goals of developing events for newer members of the profession and providing a statewide idea exchange among the chapters. The committee also plans an annual conference with topics that are essential to those in the early stages of their ...