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<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 /> Plus<br /> · PCAOB Inspections · Realty Associations · Software as a Service<br /> <br /> <br /> C ONTENTS<br /> june 2010<br /> 40 Accounting & Auditing<br /> ❙ Accounting<br /> Common Interest Realty Associations: Special<br /> Accounting and Financial Reporting Considerations<br /> By Roger B. Daniels and Thomas M. Spade<br /> ❙ Standards Setting<br /> Is Goodwill an Asset?<br /> By Richard Gore and Dyan Zimmerman<br /> 50 Taxation<br /> <a title="CPAJ June 2010 page 1" href="http://viewer.zmags.com/publication/07b28bed?page=1"> Pace Lubin Forum Global Accounting Standards Inte</a> <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 ONTENTS june 2010 </a> <a title="CPAJ June 2010 page 5" href="http://viewer.zmags.com/publication/07b28bed?page=5"> vol. LXXX/no.6 6PERSPECTI</a> <a title="CPAJ June 2010 page 6" href="http://viewer.zmags.com/publication/07b28bed?page=6"> Publisher JOANNE S. BARRY </a> <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 ERSPECTIVES future of the profession T</a> <a title="CPAJ June 2010 page 9" href="http://viewer.zmags.com/publication/07b28bed?page=9"> publisher's column Rx for Healthcare Reform</a> <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> <a title="CPAJ June 2010 page 11" href="http://viewer.zmags.com/publication/07b28bed?page=11"> by practitioners as desired attributes for entran</a> <a title="CPAJ June 2010 page 12" href="http://viewer.zmags.com/publication/07b28bed?page=12"> other nontechnical accounting skills; and 6) enga</a> <a title="CPAJ June 2010 page 13" href="http://viewer.zmags.com/publication/07b28bed?page=13"> enterprise management New York Sales Tax </a> <a title="CPAJ June 2010 page 14" href="http://viewer.zmags.com/publication/07b28bed?page=14"> ty of $1,000 for each quarterly period for which </a> <a title="CPAJ June 2010 page 15" href="http://viewer.zmags.com/publication/07b28bed?page=15"> its sales tax returns from an estimated markup co</a> <a title="CPAJ June 2010 page 16" href="http://viewer.zmags.com/publication/07b28bed?page=16"> XBRL: Not Just for Public Companies By Patr</a> <a title="CPAJ June 2010 page 17" href="http://viewer.zmags.com/publication/07b28bed?page=17"> inbox: letter to the editor Roths: Still </a> <a title="CPAJ June 2010 page 18" href="http://viewer.zmags.com/publication/07b28bed?page=18"> In Lubin Forum on Global Accounting Standa</a> <a title="CPAJ June 2010 page 19" href="http://viewer.zmags.com/publication/07b28bed?page=19"> Opening Keynote: TOM JONES T om Jone</a> <a title="CPAJ June 2010 page 20" href="http://viewer.zmags.com/publication/07b28bed?page=20"> In Lubin Forum on Global Accounting Standa</a> <a title="CPAJ June 2010 page 21" href="http://viewer.zmags.com/publication/07b28bed?page=21"> PANEL DISCUSSION: Navigating White Waters Th</a> <a title="CPAJ June 2010 page 22" href="http://viewer.zmags.com/publication/07b28bed?page=22"> In Lubin Forum on Global Accounting Standa</a> <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> <a title="CPAJ June 2010 page 24" href="http://viewer.zmags.com/publication/07b28bed?page=24"> In Lubin Forum on Global Accounting Standa</a> <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> <a title="CPAJ June 2010 page 26" href="http://viewer.zmags.com/publication/07b28bed?page=26"> In Lubin Forum on Global Accounting Standa</a> <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?” We all know</a> <a title="CPAJ June 2010 page 28" href="http://viewer.zmags.com/publication/07b28bed?page=28"> In Lubin Forum on Global Accounting Standa</a> <a title="CPAJ June 2010 page 29" href="http://viewer.zmags.com/publication/07b28bed?page=29"> An Interview with JOHN B. VEIHMEYER CEO of KPMG </a> <a title="CPAJ June 2010 page 30" href="http://viewer.zmags.com/publication/07b28bed?page=30"> In Lubin Forum on Global Accounting Standa</a> <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 to argue</a> <a title="CPAJ June 2010 page 32" href="http://viewer.zmags.com/publication/07b28bed?page=32"> In Lubin Forum on Global Accounting Standa</a> <a title="CPAJ June 2010 page 33" href="http://viewer.zmags.com/publication/07b28bed?page=33"> tee, as they then come back and begin reporting o</a> <a title="CPAJ June 2010 page 34" href="http://viewer.zmags.com/publication/07b28bed?page=34"> In Lubin Forum on Global Accounting Standa</a> <a title="CPAJ June 2010 page 35" href="http://viewer.zmags.com/publication/07b28bed?page=35"> increased risk that litigation could occur as a c</a> <a title="CPAJ June 2010 page 36" href="http://viewer.zmags.com/publication/07b28bed?page=36"> In Lubin Forum on Global Accounting Standa</a> <a title="CPAJ June 2010 page 37" href="http://viewer.zmags.com/publication/07b28bed?page=37"> Norris: On the previous panel, there was talk </a> <a title="CPAJ June 2010 page 38" href="http://viewer.zmags.com/publication/07b28bed?page=38"> In Lubin Forum on Global Accounting Standa</a> <a title="CPAJ June 2010 page 39" href="http://viewer.zmags.com/publication/07b28bed?page=39"> ongoing substantive role for both FASB and the FA</a> <a title="CPAJ June 2010 page 40" href="http://viewer.zmags.com/publication/07b28bed?page=40"> In Lubin Forum on Global Accounting Standa</a> <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 & AUDITING accounting Comm</a> <a title="CPAJ June 2010 page 43" href="http://viewer.zmags.com/publication/07b28bed?page=43"> In a condominium arrangement, the member owns </a> <a title="CPAJ June 2010 page 44" href="http://viewer.zmags.com/publication/07b28bed?page=44"> property, but only if these conditions are met. T</a> <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> <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> <a title="CPAJ June 2010 page 48" href="http://viewer.zmags.com/publication/07b28bed?page=48"> A CCOUNTING & AUDITING standards setting </a> <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> <a title="CPAJ June 2010 page 50" href="http://viewer.zmags.com/publication/07b28bed?page=50"> ASC 820 (formerly SFAS 157, Fair Value Measure</a> <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 AXATION tax policy Revitalizing U.S. Man</a> <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> <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. The pattern </a> <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> <a title="CPAJ June 2010 page 56" href="http://viewer.zmags.com/publication/07b28bed?page=56"> T AXATION federal taxation Nurse Wins Favo</a> <a title="CPAJ June 2010 page 57" href="http://viewer.zmags.com/publication/07b28bed?page=57"> menting the hospital's performance improvement ac</a> <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> <a title="CPAJ June 2010 page 59" href="http://viewer.zmags.com/publication/07b28bed?page=59"> general duties he was already performing before e</a> <a title="CPAJ June 2010 page 60" href="http://viewer.zmags.com/publication/07b28bed?page=60"> F INANCE estate planning Life Insurance a</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, so there was</a> <a title="CPAJ June 2010 page 62" href="http://viewer.zmags.com/publication/07b28bed?page=62"> M ANAGEMENT the cpa in industry Bank Tr</a> <a title="CPAJ June 2010 page 63" href="http://viewer.zmags.com/publication/07b28bed?page=63"> dollars into British pounds now and lock in the c</a> <a title="CPAJ June 2010 page 64" href="http://viewer.zmags.com/publication/07b28bed?page=64"> R ESPONSIBILITIES & LEADERSHIP regulation o</a> <a title="CPAJ June 2010 page 65" href="http://viewer.zmags.com/publication/07b28bed?page=65"> received no-deficiency inspections. Such inspecti</a> <a title="CPAJ June 2010 page 66" href="http://viewer.zmags.com/publication/07b28bed?page=66"> The respondents were asked to record the year </a> <a title="CPAJ June 2010 page 67" href="http://viewer.zmags.com/publication/07b28bed?page=67"> sole audit standards setter, because most respond</a> <a title="CPAJ June 2010 page 68" href="http://viewer.zmags.com/publication/07b28bed?page=68"> EXHIBIT 6 Value of PCAOB Ins</a> <a title="CPAJ June 2010 page 69" href="http://viewer.zmags.com/publication/07b28bed?page=69"> 14 respondents—did not identify specific industri</a> <a title="CPAJ June 2010 page 70" href="http://viewer.zmags.com/publication/07b28bed?page=70"> T ECHNOLOGY the cpa & the computer Saa</a> <a title="CPAJ June 2010 page 71" href="http://viewer.zmags.com/publication/07b28bed?page=71"> use one that most closely resembles their busines</a> <a title="CPAJ June 2010 page 72" href="http://viewer.zmags.com/publication/07b28bed?page=72"> EXHIBIT 2 SaaS </a> <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> <a title="CPAJ June 2010 page 74" href="http://viewer.zmags.com/publication/07b28bed?page=74"> The most effective way a SaaS provider can comm</a> <a title="CPAJ June 2010 page 75" href="http://viewer.zmags.com/publication/07b28bed?page=75"> T ECHNOLOGY what to bookmark Website of </a> <a title="CPAJ June 2010 page 76" href="http://viewer.zmags.com/publication/07b28bed?page=76"> Classified PROFESSIONAL OPPORTUNITY l BUSINESS l</a> <a title="CPAJ June 2010 page 77" href="http://viewer.zmags.com/publication/07b28bed?page=77"> CPA FIRMS OR PARTNERS We represent a number of q</a> <a title="CPAJ June 2010 page 78" href="http://viewer.zmags.com/publication/07b28bed?page=78"> Buffalo Niagara Falls Boulevard. Can trade per di</a> <a title="CPAJ June 2010 page 79" href="http://viewer.zmags.com/publication/07b28bed?page=79"> PEER REVIEW Become a subscriber to The CPA Journa</a> <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> <a title="CPAJ June 2010 page 81" href="http://viewer.zmags.com/publication/07b28bed?page=81"> E CONOMIC & MARKET D ATA monthly update</a> <a title="CPAJ June 2010 page 82" href="http://viewer.zmags.com/publication/07b28bed?page=82"> E DITORIAL a message from the editor-in-chie</a> <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>