<br />
Pace Lubin Forum<br />
Global<br />
Accounting<br />
Standards<br />
Interview with<br />
Ian Mackintosh,<br />
U.K. ASB Chair<br />
Also Featuring<br />
James Kroeker, Tom Jones,<br />
and John Veihmeyer<br />
<br />
<br />
<br />
<br />
Plus<br />
· PCAOB Inspections · Realty Associations · Software as a Service<br />
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<br />
C ONTENTS<br />
june 2010<br />
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40 Accounting & Auditing<br />
❙ Accounting<br />
Common Interest Realty Associations: Special<<a title="CPAJ June 2010 page 1" href="http://viewer.zmags.com/publication/07b28bed?page=1">Pace Lubin ForumGlobalAccountingStandardsInte</a> Pace Lubin ForumGlobalAccountingStandardsInte<a title="CPAJ June 2010 page 2" href="http://viewer.zmags.com/publication/07b28bed?page=2"></a> <a title="CPAJ June 2010 page 3" href="http://viewer.zmags.com/publication/07b28bed?page=3"></a> <a title="CPAJ June 2010 page 4" href="http://viewer.zmags.com/publication/07b28bed?page=4">C ONTENTSjune 2010 </a> C ONTENTSjune 2010 <a title="CPAJ June 2010 page 5" href="http://viewer.zmags.com/publication/07b28bed?page=5">vol. LXXX/no.66PERSPECTI</a> vol. LXXX/no.66PERSPECTI<a title="CPAJ June 2010 page 6" href="http://viewer.zmags.com/publication/07b28bed?page=6"> PublisherJOANNE S. BARRY </a> PublisherJOANNE S. BARRY <a title="CPAJ June 2010 page 7" href="http://viewer.zmags.com/publication/07b28bed?page=7"></a> <a title="CPAJ June 2010 page 8" href="http://viewer.zmags.com/publication/07b28bed?page=8">P ERSPECTIVESfuture of the professionT</a> P ERSPECTIVESfuture of the professionT<a title="CPAJ June 2010 page 9" href="http://viewer.zmags.com/publication/07b28bed?page=9">publisher's columnRx for Healthcare Reform</a> publisher's columnRx for Healthcare Reform<a title="CPAJ June 2010 page 10" href="http://viewer.zmags.com/publication/07b28bed?page=10">(Continued from page 6)ing/pedagogy.” It goes on</a> (Continued from page 6)ing/pedagogy.” It goes on<a title="CPAJ June 2010 page 11" href="http://viewer.zmags.com/publication/07b28bed?page=11">by practitioners as desired attributes forentran</a> by practitioners as desired attributes forentran<a title="CPAJ June 2010 page 12" href="http://viewer.zmags.com/publication/07b28bed?page=12">other nontechnical accounting skills; and6) enga</a> other nontechnical accounting skills; and6) enga<a title="CPAJ June 2010 page 13" href="http://viewer.zmags.com/publication/07b28bed?page=13">enterprise management New York Sales Tax </a> enterprise management New York Sales Tax <a title="CPAJ June 2010 page 14" href="http://viewer.zmags.com/publication/07b28bed?page=14">ty of $1,000 for each quarterly period forwhich </a> ty of $1,000 for each quarterly period forwhich <a title="CPAJ June 2010 page 15" href="http://viewer.zmags.com/publication/07b28bed?page=15">its sales tax returns from an estimatedmarkup co</a> its sales tax returns from an estimatedmarkup co<a title="CPAJ June 2010 page 16" href="http://viewer.zmags.com/publication/07b28bed?page=16"> XBRL: Not Justfor Public CompaniesBy Patr</a> XBRL: Not Justfor Public CompaniesBy Patr<a title="CPAJ June 2010 page 17" href="http://viewer.zmags.com/publication/07b28bed?page=17">inbox: letter to the editorRoths: Still </a> inbox: letter to the editorRoths: Still <a title="CPAJ June 2010 page 18" href="http://viewer.zmags.com/publication/07b28bed?page=18">In Lubin Forum on Global Accounting Standa</a> In Lubin Forum on Global Accounting Standa<a title="CPAJ June 2010 page 19" href="http://viewer.zmags.com/publication/07b28bed?page=19">Opening Keynote: TOM JONEST om Jone</a> Opening Keynote: TOM JONEST om Jone<a title="CPAJ June 2010 page 20" href="http://viewer.zmags.com/publication/07b28bed?page=20">In Lubin Forum on Global Accounting Standa</a> In Lubin Forum on Global Accounting Standa<a title="CPAJ June 2010 page 21" href="http://viewer.zmags.com/publication/07b28bed?page=21">PANEL DISCUSSION:Navigating White Waters Th</a> PANEL DISCUSSION:Navigating White Waters Th<a title="CPAJ June 2010 page 22" href="http://viewer.zmags.com/publication/07b28bed?page=22">In Lubin Forum on Global Accounting Standa</a> In Lubin Forum on Global Accounting Standa<a title="CPAJ June 2010 page 23" href="http://viewer.zmags.com/publication/07b28bed?page=23">“We're hopeful and wishful that they actu-ally l</a> “We're hopeful and wishful that they actu-ally l<a title="CPAJ June 2010 page 24" href="http://viewer.zmags.com/publication/07b28bed?page=24">In Lubin Forum on Global Accounting Standa</a> In Lubin Forum on Global Accounting Standa<a title="CPAJ June 2010 page 25" href="http://viewer.zmags.com/publication/07b28bed?page=25">with $2 million or $3 million in annual rev-enue</a> with $2 million or $3 million in annual rev-enue<a title="CPAJ June 2010 page 26" href="http://viewer.zmags.com/publication/07b28bed?page=26">In Lubin Forum on Global Accounting Standa</a> In Lubin Forum on Global Accounting Standa<a title="CPAJ June 2010 page 27" href="http://viewer.zmags.com/publication/07b28bed?page=27">come we're not at the table as well?” Weall know</a> come we're not at the table as well?” Weall know<a title="CPAJ June 2010 page 28" href="http://viewer.zmags.com/publication/07b28bed?page=28">In Lubin Forum on Global Accounting Standa</a> In Lubin Forum on Global Accounting Standa<a title="CPAJ June 2010 page 29" href="http://viewer.zmags.com/publication/07b28bed?page=29">An Interview withJOHN B. VEIHMEYERCEO of KPMG</a> An Interview withJOHN B. VEIHMEYERCEO of KPMG<a title="CPAJ June 2010 page 30" href="http://viewer.zmags.com/publication/07b28bed?page=30">In Lubin Forum on Global Accounting Standa</a> In Lubin Forum on Global Accounting Standa<a title="CPAJ June 2010 page 31" href="http://viewer.zmags.com/publication/07b28bed?page=31">beneficial or not. But I think it's hard toargue</a> beneficial or not. But I think it's hard toargue<a title="CPAJ June 2010 page 32" href="http://viewer.zmags.com/publication/07b28bed?page=32">In Lubin Forum on Global Accounting Standa</a> In Lubin Forum on Global Accounting Standa<a title="CPAJ June 2010 page 33" href="http://viewer.zmags.com/publication/07b28bed?page=33">tee, as they then come back and beginreporting o</a> tee, as they then come back and beginreporting o<a title="CPAJ June 2010 page 34" href="http://viewer.zmags.com/publication/07b28bed?page=34">In Lubin Forum on Global Accounting Standa</a> In Lubin Forum on Global Accounting Standa<a title="CPAJ June 2010 page 35" href="http://viewer.zmags.com/publication/07b28bed?page=35">increased risk that litigation could occur asa c</a> increased risk that litigation could occur asa c<a title="CPAJ June 2010 page 36" href="http://viewer.zmags.com/publication/07b28bed?page=36">In Lubin Forum on Global Accounting Standa</a> In Lubin Forum on Global Accounting Standa<a title="CPAJ June 2010 page 37" href="http://viewer.zmags.com/publication/07b28bed?page=37"> Norris: On the previous panel, therewas talk </a> Norris: On the previous panel, therewas talk <a title="CPAJ June 2010 page 38" href="http://viewer.zmags.com/publication/07b28bed?page=38">In Lubin Forum on Global Accounting Standa</a> In Lubin Forum on Global Accounting Standa<a title="CPAJ June 2010 page 39" href="http://viewer.zmags.com/publication/07b28bed?page=39">ongoing substantive role for both FASBand the FA</a> ongoing substantive role for both FASBand the FA<a title="CPAJ June 2010 page 40" href="http://viewer.zmags.com/publication/07b28bed?page=40">In Lubin Forum on Global Accounting Standa</a> In Lubin Forum on Global Accounting Standa<a title="CPAJ June 2010 page 41" href="http://viewer.zmags.com/publication/07b28bed?page=41"></a> <a title="CPAJ June 2010 page 42" href="http://viewer.zmags.com/publication/07b28bed?page=42">A CCOUNTING & AUDITINGaccountingComm</a> A CCOUNTING & AUDITINGaccountingComm<a title="CPAJ June 2010 page 43" href="http://viewer.zmags.com/publication/07b28bed?page=43"> In a condominium arrangement, themember owns </a> In a condominium arrangement, themember owns <a title="CPAJ June 2010 page 44" href="http://viewer.zmags.com/publication/07b28bed?page=44">property, but only if these conditions aremet. T</a> property, but only if these conditions aremet. T<a title="CPAJ June 2010 page 45" href="http://viewer.zmags.com/publication/07b28bed?page=45"></a> <a title="CPAJ June 2010 page 46" href="http://viewer.zmags.com/publication/07b28bed?page=46">and replacements via special assessments,increas</a> and replacements via special assessments,increas<a title="CPAJ June 2010 page 47" href="http://viewer.zmags.com/publication/07b28bed?page=47">members must exercise their fiduciary duties to s</a> members must exercise their fiduciary duties to s<a title="CPAJ June 2010 page 48" href="http://viewer.zmags.com/publication/07b28bed?page=48">A CCOUNTING & AUDITINGstandards setting</a> A CCOUNTING & AUDITINGstandards setting<a title="CPAJ June 2010 page 49" href="http://viewer.zmags.com/publication/07b28bed?page=49"> Example 2. Assume the same facts,except that </a> Example 2. Assume the same facts,except that <a title="CPAJ June 2010 page 50" href="http://viewer.zmags.com/publication/07b28bed?page=50"> ASC 820 (formerly SFAS 157, FairValue Measure</a> ASC 820 (formerly SFAS 157, FairValue Measure<a title="CPAJ June 2010 page 51" href="http://viewer.zmags.com/publication/07b28bed?page=51"></a> <a title="CPAJ June 2010 page 52" href="http://viewer.zmags.com/publication/07b28bed?page=52">T AXATIONtax policyRevitalizing U.S. Man</a> T AXATIONtax policyRevitalizing U.S. Man<a title="CPAJ June 2010 page 53" href="http://viewer.zmags.com/publication/07b28bed?page=53">raises the question: Why are U.S. compa-nies so </a> raises the question: Why are U.S. compa-nies so <a title="CPAJ June 2010 page 54" href="http://viewer.zmags.com/publication/07b28bed?page=54">from 31.8% in 1994 to 22.2% in 2005. Thepattern </a> from 31.8% in 1994 to 22.2% in 2005. Thepattern <a title="CPAJ June 2010 page 55" href="http://viewer.zmags.com/publication/07b28bed?page=55">outside of the United States. Exhibit 1 shows the</a> outside of the United States. Exhibit 1 shows the<a title="CPAJ June 2010 page 56" href="http://viewer.zmags.com/publication/07b28bed?page=56">T AXATIONfederal taxationNurse Wins Favo</a> T AXATIONfederal taxationNurse Wins Favo<a title="CPAJ June 2010 page 57" href="http://viewer.zmags.com/publication/07b28bed?page=57">menting the hospital's performanceimprovement ac</a> menting the hospital's performanceimprovement ac<a title="CPAJ June 2010 page 58" href="http://viewer.zmags.com/publication/07b28bed?page=58">objective inquiry, requiring an analysis of the t</a> objective inquiry, requiring an analysis of the t<a title="CPAJ June 2010 page 59" href="http://viewer.zmags.com/publication/07b28bed?page=59">general duties he was already performingbefore e</a> general duties he was already performingbefore e<a title="CPAJ June 2010 page 60" href="http://viewer.zmags.com/publication/07b28bed?page=60">F INANCEestate planningLife Insurance a</a> F INANCEestate planningLife Insurance a<a title="CPAJ June 2010 page 61" href="http://viewer.zmags.com/publication/07b28bed?page=61">basis of the policy was $13,585,500, sothere was</a> basis of the policy was $13,585,500, sothere was<a title="CPAJ June 2010 page 62" href="http://viewer.zmags.com/publication/07b28bed?page=62">M ANAGEMENTthe cpa in industryBank Tr</a> M ANAGEMENTthe cpa in industryBank Tr<a title="CPAJ June 2010 page 63" href="http://viewer.zmags.com/publication/07b28bed?page=63">dollars into British pounds now and lockin the c</a> dollars into British pounds now and lockin the c<a title="CPAJ June 2010 page 64" href="http://viewer.zmags.com/publication/07b28bed?page=64">R ESPONSIBILITIES & LEADERSHIPregulation o</a> R ESPONSIBILITIES & LEADERSHIPregulation o<a title="CPAJ June 2010 page 65" href="http://viewer.zmags.com/publication/07b28bed?page=65">received no-deficiency inspections. Suchinspecti</a> received no-deficiency inspections. Suchinspecti<a title="CPAJ June 2010 page 66" href="http://viewer.zmags.com/publication/07b28bed?page=66"> The respondents were asked to recordthe year </a> The respondents were asked to recordthe year <a title="CPAJ June 2010 page 67" href="http://viewer.zmags.com/publication/07b28bed?page=67">sole audit standards setter, because mostrespond</a> sole audit standards setter, because mostrespond<a title="CPAJ June 2010 page 68" href="http://viewer.zmags.com/publication/07b28bed?page=68"> EXHIBIT 6Value of PCAOB Ins</a> EXHIBIT 6Value of PCAOB Ins<a title="CPAJ June 2010 page 69" href="http://viewer.zmags.com/publication/07b28bed?page=69">14 respondents—did not identify specificindustri</a> 14 respondents—did not identify specificindustri<a title="CPAJ June 2010 page 70" href="http://viewer.zmags.com/publication/07b28bed?page=70">T ECHNOLOGYthe cpa & the computerSaa</a> T ECHNOLOGYthe cpa & the computerSaa<a title="CPAJ June 2010 page 71" href="http://viewer.zmags.com/publication/07b28bed?page=71">use one that most closely resembles theirbusines</a> use one that most closely resembles theirbusines<a title="CPAJ June 2010 page 72" href="http://viewer.zmags.com/publication/07b28bed?page=72"> EXHIBIT 2SaaS </a> EXHIBIT 2SaaS <a title="CPAJ June 2010 page 73" href="http://viewer.zmags.com/publication/07b28bed?page=73">back-end systems, such as account-ing/financial </a> back-end systems, such as account-ing/financial <a title="CPAJ June 2010 page 74" href="http://viewer.zmags.com/publication/07b28bed?page=74"> The most effective way a SaaSprovider can comm</a> The most effective way a SaaSprovider can comm<a title="CPAJ June 2010 page 75" href="http://viewer.zmags.com/publication/07b28bed?page=75">T ECHNOLOGYwhat to bookmarkWebsite of </a> T ECHNOLOGYwhat to bookmarkWebsite of <a title="CPAJ June 2010 page 76" href="http://viewer.zmags.com/publication/07b28bed?page=76">Classified PROFESSIONAL OPPORTUNITY l BUSINESS l</a> Classified PROFESSIONAL OPPORTUNITY l BUSINESS l<a title="CPAJ June 2010 page 77" href="http://viewer.zmags.com/publication/07b28bed?page=77">CPA FIRMS OR PARTNERSWe represent a number of q</a> CPA FIRMS OR PARTNERSWe represent a number of q<a title="CPAJ June 2010 page 78" href="http://viewer.zmags.com/publication/07b28bed?page=78">Buffalo Niagara Falls Boulevard. Can trade perdi</a> Buffalo Niagara Falls Boulevard. Can trade perdi<a title="CPAJ June 2010 page 79" href="http://viewer.zmags.com/publication/07b28bed?page=79">PEER REVIEWBecome a subscriber to The CPA Journa</a> PEER REVIEWBecome a subscriber to The CPA Journa<a title="CPAJ June 2010 page 80" href="http://viewer.zmags.com/publication/07b28bed?page=80"> Here's the quickest and easiest way to </a> Here's the quickest and easiest way to <a title="CPAJ June 2010 page 81" href="http://viewer.zmags.com/publication/07b28bed?page=81">E CONOMIC & MARKET D ATAmonthly update</a> E CONOMIC & MARKET D ATAmonthly update<a title="CPAJ June 2010 page 82" href="http://viewer.zmags.com/publication/07b28bed?page=82">E DITORIALa message from the editor-in-chie</a> E DITORIALa message from the editor-in-chie<a title="CPAJ June 2010 page 83" href="http://viewer.zmags.com/publication/07b28bed?page=83"></a> <a title="CPAJ June 2010 page 84" href="http://viewer.zmags.com/publication/07b28bed?page=84"></a>