Supreme Court<br />
Ruling on the<br />
<br />
PCAOB<br />
<br />
The Constitutionality of Sarbanes-Oxley<br />
and the Future of Independent<br />
Federal Regulatory Agencies<br />
Plus<br />
· Educators' Opinions of IFRS<br />
· Individual NOL Deductions<br />
· Marketing for CPAsC ONTENTS<br />
august 2010<br />
<br />
<br />
<br />
<br />
<br />
<br />
<br />
<br />
20 Accounting & Auditing<br />
❙ Accounting<br />
Recent Developments in Fair Value Accounting<br />
By Avinash Arya and Alan Reinstein<br />
<br />
❙ International Accounting<br />
Mapping the Road to<a title="The CPA Journal - August 2010 page 1" href="http://viewer.zmags.com/publication/0fb1996c?page=1">Supreme CourtRuling on thePCAOBThe Const</a> Supreme CourtRuling on thePCAOBThe Const<a title="The CPA Journal - August 2010 page 2" href="http://viewer.zmags.com/publication/0fb1996c?page=2"></a> <a title="The CPA Journal - August 2010 page 3" href="http://viewer.zmags.com/publication/0fb1996c?page=3"></a> <a title="The CPA Journal - August 2010 page 4" href="http://viewer.zmags.com/publication/0fb1996c?page=4">C ONTENTSaugust 2010 </a> C ONTENTSaugust 2010 <a title="The CPA Journal - August 2010 page 5" href="http://viewer.zmags.com/publication/0fb1996c?page=5">vol. LXXX/no.8</a> vol. LXXX/no.8<a title="The CPA Journal - August 2010 page 6" href="http://viewer.zmags.com/publication/0fb1996c?page=6"> PublisherJOANNE S. BARRY </a> PublisherJOANNE S. BARRY <a title="The CPA Journal - August 2010 page 7" href="http://viewer.zmags.com/publication/0fb1996c?page=7"> Did you Did you Did youknow theknow th</a> Did you Did you Did youknow theknow th<a title="The CPA Journal - August 2010 page 8" href="http://viewer.zmags.com/publication/0fb1996c?page=8">P ERSPECTIVESviewpointA CFO's Map t</a> P ERSPECTIVESviewpointA CFO's Map t<a title="The CPA Journal - August 2010 page 9" href="http://viewer.zmags.com/publication/0fb1996c?page=9">publisher's columnLaw's Anniversary I</a> publisher's columnLaw's Anniversary I<a title="The CPA Journal - August 2010 page 10" href="http://viewer.zmags.com/publication/0fb1996c?page=10">(Continued from page 6)es. There are various typ</a> (Continued from page 6)es. There are various typ<a title="The CPA Journal - August 2010 page 11" href="http://viewer.zmags.com/publication/0fb1996c?page=11">pricing on a smaller quantity or for fewer ser-v</a> pricing on a smaller quantity or for fewer ser-v<a title="The CPA Journal - August 2010 page 12" href="http://viewer.zmags.com/publication/0fb1996c?page=12">ry and sales figures, and using commonsense. </a> ry and sales figures, and using commonsense. <a title="The CPA Journal - August 2010 page 13" href="http://viewer.zmags.com/publication/0fb1996c?page=13">international accountingIth</a> international accountingIth<a title="The CPA Journal - August 2010 page 14" href="http://viewer.zmags.com/publication/0fb1996c?page=14"> Many are surprised to hear that FASBand the I</a> Many are surprised to hear that FASBand the I<a title="The CPA Journal - August 2010 page 15" href="http://viewer.zmags.com/publication/0fb1996c?page=15">inbox: letters to the editorCPAs Sho</a> inbox: letters to the editorCPAs Sho<a title="The CPA Journal - August 2010 page 16" href="http://viewer.zmags.com/publication/0fb1996c?page=16">InFocus</a> InFocus<a title="The CPA Journal - August 2010 page 17" href="http://viewer.zmags.com/publication/0fb1996c?page=17">Supreme Court Rulingon the PCAOBThe Consti</a> Supreme Court Rulingon the PCAOBThe Consti<a title="The CPA Journal - August 2010 page 18" href="http://viewer.zmags.com/publication/0fb1996c?page=18">the majority opinion, joined by JusticesScalia, </a> the majority opinion, joined by JusticesScalia, <a title="The CPA Journal - August 2010 page 19" href="http://viewer.zmags.com/publication/0fb1996c?page=19"> In the dissenting opinion, Court ofAppeals Ju</a> In the dissenting opinion, Court ofAppeals Ju<a title="The CPA Journal - August 2010 page 20" href="http://viewer.zmags.com/publication/0fb1996c?page=20">“removal issue.” After providing his inter-preta</a> “removal issue.” After providing his inter-preta<a title="The CPA Journal - August 2010 page 21" href="http://viewer.zmags.com/publication/0fb1996c?page=21">protection. Referring to this as a “novelstructu</a> protection. Referring to this as a “novelstructu<a title="The CPA Journal - August 2010 page 22" href="http://viewer.zmags.com/publication/0fb1996c?page=22">A CCOUNTING & AUDITINGaccounting</a> A CCOUNTING & AUDITINGaccounting<a title="The CPA Journal - August 2010 page 23" href="http://viewer.zmags.com/publication/0fb1996c?page=23">the standard's impact on financial institu-tions</a> the standard's impact on financial institu-tions<a title="The CPA Journal - August 2010 page 24" href="http://viewer.zmags.com/publication/0fb1996c?page=24">■ There are few recent transactions.■ Price </a> ■ There are few recent transactions.■ Price <a title="The CPA Journal - August 2010 page 25" href="http://viewer.zmags.com/publication/0fb1996c?page=25">MEASUREMENT AND ACCOUNTING FOR CREDIT LOSS UNDER F</a> MEASUREMENT AND ACCOUNTING FOR CREDIT LOSS UNDER F<a title="The CPA Journal - August 2010 page 26" href="http://viewer.zmags.com/publication/0fb1996c?page=26"> </a> <a title="The CPA Journal - August 2010 page 27" href="http://viewer.zmags.com/publication/0fb1996c?page=27">should disclose the inputs and valuation tech-ni</a> should disclose the inputs and valuation tech-ni<a title="The CPA Journal - August 2010 page 28" href="http://viewer.zmags.com/publication/0fb1996c?page=28"> </a> <a title="The CPA Journal - August 2010 page 29" href="http://viewer.zmags.com/publication/0fb1996c?page=29"> Determine presentation of OTTI. FSPFAS 115-2 </a> Determine presentation of OTTI. FSPFAS 115-2 <a title="The CPA Journal - August 2010 page 30" href="http://viewer.zmags.com/publication/0fb1996c?page=30"> APPENDIX (CON</a> APPENDIX (CON<a title="The CPA Journal - August 2010 page 31" href="http://viewer.zmags.com/publication/0fb1996c?page=31">■ New credit losses (i.e., additions for theam</a> ■ New credit losses (i.e., additions for theam<a title="The CPA Journal - August 2010 page 32" href="http://viewer.zmags.com/publication/0fb1996c?page=32">A CCOUNTING & AUDITINGinternational accoun</a> A CCOUNTING & AUDITINGinternational accoun<a title="The CPA Journal - August 2010 page 33" href="http://viewer.zmags.com/publication/0fb1996c?page=33">quality standards in use internationally inthe r</a> quality standards in use internationally inthe r<a title="The CPA Journal - August 2010 page 34" href="http://viewer.zmags.com/publication/0fb1996c?page=34">indicate that up to one-quarter of theiraccounti</a> indicate that up to one-quarter of theiraccounti<a title="The CPA Journal - August 2010 page 35" href="http://viewer.zmags.com/publication/0fb1996c?page=35">respondents commented, “The judgmentrequired by </a> respondents commented, “The judgmentrequired by <a title="The CPA Journal - August 2010 page 36" href="http://viewer.zmags.com/publication/0fb1996c?page=36">pared for IFRS, their readiness is not as per-va</a> pared for IFRS, their readiness is not as per-va<a title="The CPA Journal - August 2010 page 37" href="http://viewer.zmags.com/publication/0fb1996c?page=37">paredness to deal with IFRS indicates anurgency </a> paredness to deal with IFRS indicates anurgency <a title="The CPA Journal - August 2010 page 38" href="http://viewer.zmags.com/publication/0fb1996c?page=38">A CCOUNTING & AUDITINGaccounting</a> A CCOUNTING & AUDITINGaccounting<a title="The CPA Journal - August 2010 page 39" href="http://viewer.zmags.com/publication/0fb1996c?page=39">es rose to $1.26 trillion by 2007 (on anundiscou</a> es rose to $1.26 trillion by 2007 (on anundiscou<a title="The CPA Journal - August 2010 page 40" href="http://viewer.zmags.com/publication/0fb1996c?page=40">removed from Walgreens' selling, general,and adm</a> removed from Walgreens' selling, general,and adm<a title="The CPA Journal - August 2010 page 41" href="http://viewer.zmags.com/publication/0fb1996c?page=41">research report from Jeffries & Co. is fromNovem</a> research report from Jeffries & Co. is fromNovem<a title="The CPA Journal - August 2010 page 42" href="http://viewer.zmags.com/publication/0fb1996c?page=42">still be a year or two in the future, the twoboa</a> still be a year or two in the future, the twoboa<a title="The CPA Journal - August 2010 page 43" href="http://viewer.zmags.com/publication/0fb1996c?page=43">company's opposition to the right-of-usemodel on</a> company's opposition to the right-of-usemodel on<a title="The CPA Journal - August 2010 page 44" href="http://viewer.zmags.com/publication/0fb1996c?page=44">T AXATIONfederal taxation</a> T AXATIONfederal taxation<a title="The CPA Journal - August 2010 page 45" href="http://viewer.zmags.com/publication/0fb1996c?page=45">transactions reduce taxable income, theyare remo</a> transactions reduce taxable income, theyare remo<a title="The CPA Journal - August 2010 page 46" href="http://viewer.zmags.com/publication/0fb1996c?page=46">losses for purposes of determining net cap-ital </a> losses for purposes of determining net cap-ital <a title="The CPA Journal - August 2010 page 47" href="http://viewer.zmags.com/publication/0fb1996c?page=47">business and nonbusiness capital gainsand losses</a> business and nonbusiness capital gainsand losses<a title="The CPA Journal - August 2010 page 48" href="http://viewer.zmags.com/publication/0fb1996c?page=48">■ If any capital losses have been carriedforwa</a> ■ If any capital losses have been carriedforwa<a title="The CPA Journal - August 2010 page 49" href="http://viewer.zmags.com/publication/0fb1996c?page=49">is provided for casualty losses of individu-als.</a> is provided for casualty losses of individu-als.<a title="The CPA Journal - August 2010 page 50" href="http://viewer.zmags.com/publication/0fb1996c?page=50">ized deductions and the exemption deduc- al ap</a> ized deductions and the exemption deduc- al ap<a title="The CPA Journal - August 2010 page 51" href="http://viewer.zmags.com/publication/0fb1996c?page=51">Alternative MinimumTax Considerations If an </a> Alternative MinimumTax Considerations If an <a title="The CPA Journal - August 2010 page 52" href="http://viewer.zmags.com/publication/0fb1996c?page=52">T AXATIONcorporate taxationIs It </a> T AXATIONcorporate taxationIs It <a title="The CPA Journal - August 2010 page 53" href="http://viewer.zmags.com/publication/0fb1996c?page=53">jail time for certain misdemeanor and felonycrim</a> jail time for certain misdemeanor and felonycrim<a title="The CPA Journal - August 2010 page 54" href="http://viewer.zmags.com/publication/0fb1996c?page=54">T AXATIONfederal taxationLessons </a> T AXATIONfederal taxationLessons <a title="The CPA Journal - August 2010 page 55" href="http://viewer.zmags.com/publication/0fb1996c?page=55">uals, address global warming concerns, andassist</a> uals, address global warming concerns, andassist<a title="The CPA Journal - August 2010 page 56" href="http://viewer.zmags.com/publication/0fb1996c?page=56">An ever-changing code presents a considerableobs</a> An ever-changing code presents a considerableobs<a title="The CPA Journal - August 2010 page 57" href="http://viewer.zmags.com/publication/0fb1996c?page=57">after taxable income is determined. The“Tax Ince</a> after taxable income is determined. The“Tax Ince<a title="The CPA Journal - August 2010 page 58" href="http://viewer.zmags.com/publication/0fb1996c?page=58">F INANCEpersonal financial planning</a> F INANCEpersonal financial planning<a title="The CPA Journal - August 2010 page 59" href="http://viewer.zmags.com/publication/0fb1996c?page=59"> Annual rate of return, tax-exempts = ie Cumul</a> Annual rate of return, tax-exempts = ie Cumul<a title="The CPA Journal - August 2010 page 60" href="http://viewer.zmags.com/publication/0fb1996c?page=60">M ANAGEMENTpractice management</a> M ANAGEMENTpractice management<a title="The CPA Journal - August 2010 page 61" href="http://viewer.zmags.com/publication/0fb1996c?page=61"> This article addresses recent trends andstrat</a> This article addresses recent trends andstrat<a title="The CPA Journal - August 2010 page 62" href="http://viewer.zmags.com/publication/0fb1996c?page=62">cial professionals group, for example, instan-ta</a> cial professionals group, for example, instan-ta<a title="The CPA Journal - August 2010 page 63" href="http://viewer.zmags.com/publication/0fb1996c?page=63">professional services revenue. The follow-ing pr</a> professional services revenue. The follow-ing pr<a title="The CPA Journal - August 2010 page 64" href="http://viewer.zmags.com/publication/0fb1996c?page=64">expertise in a specific area or industry.Compani</a> expertise in a specific area or industry.Compani<a title="The CPA Journal - August 2010 page 65" href="http://viewer.zmags.com/publication/0fb1996c?page=65">R ESPONSIBILITIES & LEADERSHIPeducation</a> R ESPONSIBILITIES & LEADERSHIPeducation<a title="The CPA Journal - August 2010 page 66" href="http://viewer.zmags.com/publication/0fb1996c?page=66"> This article explains IFRS implementa-tion ba</a> This article explains IFRS implementa-tion ba<a title="The CPA Journal - August 2010 page 67" href="http://viewer.zmags.com/publication/0fb1996c?page=67">sitional) considerations that will drive IFRSado</a> sitional) considerations that will drive IFRSado<a title="The CPA Journal - August 2010 page 68" href="http://viewer.zmags.com/publication/0fb1996c?page=68">versity level for such major changes. Aslight ma</a> versity level for such major changes. Aslight ma<a title="The CPA Journal - August 2010 page 69" href="http://viewer.zmags.com/publication/0fb1996c?page=69">where the professors and peers challengethe stud</a> where the professors and peers challengethe stud<a title="The CPA Journal - August 2010 page 70" href="http://viewer.zmags.com/publication/0fb1996c?page=70">T ECHNOLOGYelectronic reportingI</a> T ECHNOLOGYelectronic reportingI<a title="The CPA Journal - August 2010 page 71" href="http://viewer.zmags.com/publication/0fb1996c?page=71"> Besides being in compliance with theSEC manda</a> Besides being in compliance with theSEC manda<a title="The CPA Journal - August 2010 page 72" href="http://viewer.zmags.com/publication/0fb1996c?page=72">ness software applications that maintain thesour</a> ness software applications that maintain thesour<a title="The CPA Journal - August 2010 page 73" href="http://viewer.zmags.com/publication/0fb1996c?page=73">services. Currently, there are no licensingor ce</a> services. Currently, there are no licensingor ce<a title="The CPA Journal - August 2010 page 74" href="http://viewer.zmags.com/publication/0fb1996c?page=74">Accountancy, November 2009). A mutualunderstandi</a> Accountancy, November 2009). A mutualunderstandi<a title="The CPA Journal - August 2010 page 75" href="http://viewer.zmags.com/publication/0fb1996c?page=75">T ECHNOLOGYwhat to bookmark </a> T ECHNOLOGYwhat to bookmark <a title="The CPA Journal - August 2010 page 76" href="http://viewer.zmags.com/publication/0fb1996c?page=76">Classified PROFESSIONAL OPPORTUNITY l BUSINESS l </a> Classified PROFESSIONAL OPPORTUNITY l BUSINESS l <a title="The CPA Journal - August 2010 page 77" href="http://viewer.zmags.com/publication/0fb1996c?page=77">CPA FIRMS OR PARTNERSWe represent a number of qu</a> CPA FIRMS OR PARTNERSWe represent a number of qu<a title="The CPA Journal - August 2010 page 78" href="http://viewer.zmags.com/publication/0fb1996c?page=78">Midtown CPA firm has large, furnished,windowed c</a> Midtown CPA firm has large, furnished,windowed c<a title="The CPA Journal - August 2010 page 79" href="http://viewer.zmags.com/publication/0fb1996c?page=79">LONG ISLAND CPA FIRM in Rockville Centre.Opportu</a> LONG ISLAND CPA FIRM in Rockville Centre.Opportu<a title="The CPA Journal - August 2010 page 80" href="http://viewer.zmags.com/publication/0fb1996c?page=80"> </a> <a title="The CPA Journal - August 2010 page 81" href="http://viewer.zmags.com/publication/0fb1996c?page=81">E CONOMIC & MARKET D ATAmonthly updat</a> E CONOMIC & MARKET D ATAmonthly updat<a title="The CPA Journal - August 2010 page 82" href="http://viewer.zmags.com/publication/0fb1996c?page=82">E DITORIALa message from the editor-in-chie</a> E DITORIALa message from the editor-in-chie<a title="The CPA Journal - August 2010 page 83" href="http://viewer.zmags.com/publication/0fb1996c?page=83"></a> <a title="The CPA Journal - August 2010 page 84" href="http://viewer.zmags.com/publication/0fb1996c?page=84"></a>