<br />
www.cpaj.com November 2009<br />
Socially<br />
Responsible<br />
Accounting<br />
Protecting the<br />
Public Interest<br />
Derivative Reporting for Governments<br />
Trust Fund Taxes and Board Volunteers<br />
International Policies on Engagement Letters<br />
<br />
<br />
C ONTENTS<br />
november 2009<br />
24 Accounting & Auditing<br />
❙ Government Accounting<br />
Derivative Measurement and Reporting for<br />
Governments<br />
By Lawrence M. Metzger<br />
❙ International Accounting<br />
The IASB's Narrative Reporting Project: Exposure<br />
Draft on Management Commentary<br />
By Martin E. Taylor<br />
36 Taxation<br />
<a title="The CPA Journal - November 09 page 1" href="http://viewer.zmags.com/publication/2c3728e6?page=1"> www.cpaj.com November 2009 Socially Responsibl</a>
<a title="The CPA Journal - November 09 page 2" href="http://viewer.zmags.com/publication/2c3728e6?page=2"> </a>
<a title="The CPA Journal - November 09 page 3" href="http://viewer.zmags.com/publication/2c3728e6?page=3"> </a>
<a title="The CPA Journal - November 09 page 4" href="http://viewer.zmags.com/publication/2c3728e6?page=4"> C ONTENTS november 2009 </a>
<a title="The CPA Journal - November 09 page 5" href="http://viewer.zmags.com/publication/2c3728e6?page=5"> vol. LXXIX/no.11 6PERSPEC</a>
<a title="The CPA Journal - November 09 page 6" href="http://viewer.zmags.com/publication/2c3728e6?page=6"> Publisher LOUIS GRUMET Associate Pu</a>
<a title="The CPA Journal - November 09 page 7" href="http://viewer.zmags.com/publication/2c3728e6?page=7"> </a>
<a title="The CPA Journal - November 09 page 8" href="http://viewer.zmags.com/publication/2c3728e6?page=8"> P ERSPECTIVES ethics The Fine Art of Whistl</a>
<a title="The CPA Journal - November 09 page 9" href="http://viewer.zmags.com/publication/2c3728e6?page=9"> publisher's column Time to Require a Master</a>
<a title="The CPA Journal - November 09 page 10" href="http://viewer.zmags.com/publication/2c3728e6?page=10"> (Continued from page 6) advisor or attorney befor</a>
<a title="The CPA Journal - November 09 page 11" href="http://viewer.zmags.com/publication/2c3728e6?page=11"> </a>
<a title="The CPA Journal - November 09 page 12" href="http://viewer.zmags.com/publication/2c3728e6?page=12"> Responding to Subpoenas Although CPAs should i</a>
<a title="The CPA Journal - November 09 page 13" href="http://viewer.zmags.com/publication/2c3728e6?page=13"> of the policies and practices prescribed for that</a>
<a title="The CPA Journal - November 09 page 14" href="http://viewer.zmags.com/publication/2c3728e6?page=14"> uncertainty-avoidance culture than in a weak unce</a>
<a title="The CPA Journal - November 09 page 15" href="http://viewer.zmags.com/publication/2c3728e6?page=15"> The Executive's Guide to Depositions: A Practical</a>
<a title="The CPA Journal - November 09 page 16" href="http://viewer.zmags.com/publication/2c3728e6?page=16"> types of questions that might be asked about docu</a>
<a title="The CPA Journal - November 09 page 17" href="http://viewer.zmags.com/publication/2c3728e6?page=17"> inbox: letters to the editor The Real Eth</a>
<a title="The CPA Journal - November 09 page 18" href="http://viewer.zmags.com/publication/2c3728e6?page=18"> In Focus </a>
<a title="The CPA Journal - November 09 page 19" href="http://viewer.zmags.com/publication/2c3728e6?page=19"> Socially Responsible Accounting A Call for Reform</a>
<a title="The CPA Journal - November 09 page 20" href="http://viewer.zmags.com/publication/2c3728e6?page=20"> sible accounting, with its societal focus. As Roy</a>
<a title="The CPA Journal - November 09 page 21" href="http://viewer.zmags.com/publication/2c3728e6?page=21"> QSPEs and fought against disclosure of the instru</a>
<a title="The CPA Journal - November 09 page 22" href="http://viewer.zmags.com/publication/2c3728e6?page=22"> suitability as a safe investment. Detailed explan</a>
<a title="The CPA Journal - November 09 page 23" href="http://viewer.zmags.com/publication/2c3728e6?page=23"> Economic Council—consisting of trade- unio</a>
<a title="The CPA Journal - November 09 page 24" href="http://viewer.zmags.com/publication/2c3728e6?page=24"> This simple principle—or accounting treatment</a>
<a title="The CPA Journal - November 09 page 25" href="http://viewer.zmags.com/publication/2c3728e6?page=25"> </a>
<a title="The CPA Journal - November 09 page 26" href="http://viewer.zmags.com/publication/2c3728e6?page=26"> A CCOUNTING & AUDITING government accountin</a>
<a title="The CPA Journal - November 09 page 27" href="http://viewer.zmags.com/publication/2c3728e6?page=27"> Statement 53 Overview The requirements of Stat</a>
<a title="The CPA Journal - November 09 page 28" href="http://viewer.zmags.com/publication/2c3728e6?page=28"> floating payment, the pay-floating party makes a </a>
<a title="The CPA Journal - November 09 page 29" href="http://viewer.zmags.com/publication/2c3728e6?page=29"> hedging activity and at the end of each reporting</a>
<a title="The CPA Journal - November 09 page 30" href="http://viewer.zmags.com/publication/2c3728e6?page=30"> December 31, 2009 DR Interest expense $1,500,0</a>
<a title="The CPA Journal - November 09 page 31" href="http://viewer.zmags.com/publication/2c3728e6?page=31"> year of the swap agreement. The calcula- tion is </a>
<a title="The CPA Journal - November 09 page 32" href="http://viewer.zmags.com/publication/2c3728e6?page=32"> A CCOUNTING & AUDITING international accoun</a>
<a title="The CPA Journal - November 09 page 33" href="http://viewer.zmags.com/publication/2c3728e6?page=33"> verge IFRS and U.S. GAAP. In September 2002, the </a>
<a title="The CPA Journal - November 09 page 34" href="http://viewer.zmags.com/publication/2c3728e6?page=34"> EXHIBIT 1 IAS</a>
<a title="The CPA Journal - November 09 page 35" href="http://viewer.zmags.com/publication/2c3728e6?page=35"> ■ Purpose of management commentary; ■ Princip</a>
<a title="The CPA Journal - November 09 page 36" href="http://viewer.zmags.com/publication/2c3728e6?page=36"> team working on the MC prepare a draft agenda pro</a>
<a title="The CPA Journal - November 09 page 37" href="http://viewer.zmags.com/publication/2c3728e6?page=37"> Question 2: Do you agree that the con- tent</a>
<a title="The CPA Journal - November 09 page 38" href="http://viewer.zmags.com/publication/2c3728e6?page=38"> T AXATION not-for-profit organizations </a>
<a title="The CPA Journal - November 09 page 39" href="http://viewer.zmags.com/publication/2c3728e6?page=39"> 6672 imposes a trust fund recovery penal- ty (TFR</a>
<a title="The CPA Journal - November 09 page 40" href="http://viewer.zmags.com/publication/2c3728e6?page=40"> quarters of 2001), the IRS determined that a tax-</a>
<a title="The CPA Journal - November 09 page 41" href="http://viewer.zmags.com/publication/2c3728e6?page=41"> individual listed as signatory on all three accou</a>
<a title="The CPA Journal - November 09 page 42" href="http://viewer.zmags.com/publication/2c3728e6?page=42"> sible party who acted willfully in failing to acc</a>
<a title="The CPA Journal - November 09 page 43" href="http://viewer.zmags.com/publication/2c3728e6?page=43"> paid is a key step in managing risk for prospecti</a>
<a title="The CPA Journal - November 09 page 44" href="http://viewer.zmags.com/publication/2c3728e6?page=44"> T AXATION state & local taxation Taxatio</a>
<a title="The CPA Journal - November 09 page 45" href="http://viewer.zmags.com/publication/2c3728e6?page=45"> 208.9(a)(1), therefore eliminating the addi- tion</a>
<a title="The CPA Journal - November 09 page 46" href="http://viewer.zmags.com/publication/2c3728e6?page=46"> intercorporate stockholdings shall be elim- inate</a>
<a title="The CPA Journal - November 09 page 47" href="http://viewer.zmags.com/publication/2c3728e6?page=47"> </a>
<a title="The CPA Journal - November 09 page 48" href="http://viewer.zmags.com/publication/2c3728e6?page=48"> F INANCE employee benefit plans </a>
<a title="The CPA Journal - November 09 page 49" href="http://viewer.zmags.com/publication/2c3728e6?page=49"> Plans, requiring employers to recognize the overf</a>
<a title="The CPA Journal - November 09 page 50" href="http://viewer.zmags.com/publication/2c3728e6?page=50"> notes. In addition, the FASB hoped to improve the</a>
<a title="The CPA Journal - November 09 page 51" href="http://viewer.zmags.com/publication/2c3728e6?page=51"> EXHIBIT 2 Fair Value Measurements Fai</a>
<a title="The CPA Journal - November 09 page 52" href="http://viewer.zmags.com/publication/2c3728e6?page=52"> 19% used the same rate and 26% used a lower rate.</a>
<a title="The CPA Journal - November 09 page 53" href="http://viewer.zmags.com/publication/2c3728e6?page=53"> </a>
<a title="The CPA Journal - November 09 page 54" href="http://viewer.zmags.com/publication/2c3728e6?page=54"> M ANAGEMENT accountants' liability </a>
<a title="The CPA Journal - November 09 page 55" href="http://viewer.zmags.com/publication/2c3728e6?page=55"> fied CPAs' ability to limit or minimize their lia</a>
<a title="The CPA Journal - November 09 page 56" href="http://viewer.zmags.com/publication/2c3728e6?page=56"> third-party lawsuits. A general indemnifica- tion</a>
<a title="The CPA Journal - November 09 page 57" href="http://viewer.zmags.com/publication/2c3728e6?page=57"> Five to create captive insurance companies that p</a>
<a title="The CPA Journal - November 09 page 58" href="http://viewer.zmags.com/publication/2c3728e6?page=58"> company size, a cap based on audit fees, or propo</a>
<a title="The CPA Journal - November 09 page 59" href="http://viewer.zmags.com/publication/2c3728e6?page=59"> Supervisor: `Sherlock Holmes and Doctor Watson?'”</a>
<a title="The CPA Journal - November 09 page 60" href="http://viewer.zmags.com/publication/2c3728e6?page=60"> M ANAGEMENT practice management D</a>
<a title="The CPA Journal - November 09 page 61" href="http://viewer.zmags.com/publication/2c3728e6?page=61"> </a>
<a title="The CPA Journal - November 09 page 62" href="http://viewer.zmags.com/publication/2c3728e6?page=62"> Tax consequences. Tax consequences are a vital</a>
<a title="The CPA Journal - November 09 page 63" href="http://viewer.zmags.com/publication/2c3728e6?page=63"> $ FAE’ SPECIAL POP PASS! </a>
<a title="The CPA Journal - November 09 page 64" href="http://viewer.zmags.com/publication/2c3728e6?page=64"> R ESPONSIBILITIES & LEADERSHIP perceptions </a>
<a title="The CPA Journal - November 09 page 65" href="http://viewer.zmags.com/publication/2c3728e6?page=65"> ety to promote the public interest. Numerous auth</a>
<a title="The CPA Journal - November 09 page 66" href="http://viewer.zmags.com/publication/2c3728e6?page=66"> vidual accountants and accounting firms to compro</a>
<a title="The CPA Journal - November 09 page 67" href="http://viewer.zmags.com/publication/2c3728e6?page=67"> to raise the level of monitoring and control of t</a>
<a title="The CPA Journal - November 09 page 68" href="http://viewer.zmags.com/publication/2c3728e6?page=68"> fer as to what constitutes ethics research, the l</a>
<a title="The CPA Journal - November 09 page 69" href="http://viewer.zmags.com/publication/2c3728e6?page=69"> Don’t let the JANUARY TEMPERATURES keep you from </a>
<a title="The CPA Journal - November 09 page 70" href="http://viewer.zmags.com/publication/2c3728e6?page=70"> R ESPONSIBILITIES & LEADERSHIP corporate go</a>
<a title="The CPA Journal - November 09 page 71" href="http://viewer.zmags.com/publication/2c3728e6?page=71"> Excellence: A Commonsense Perspective on Corporat</a>
<a title="The CPA Journal - November 09 page 72" href="http://viewer.zmags.com/publication/2c3728e6?page=72"> WaMu employees saw the same thing, and they kn</a>
<a title="The CPA Journal - November 09 page 73" href="http://viewer.zmags.com/publication/2c3728e6?page=73"> those espoused in the company handbook or set for</a>
<a title="The CPA Journal - November 09 page 74" href="http://viewer.zmags.com/publication/2c3728e6?page=74"> kind of gap analysis so critical to the dis- char</a>
<a title="The CPA Journal - November 09 page 75" href="http://viewer.zmags.com/publication/2c3728e6?page=75"> T ECHNOLOGY what to bookmark Website of </a>
<a title="The CPA Journal - November 09 page 76" href="http://viewer.zmags.com/publication/2c3728e6?page=76"> Classified PROFESSIONAL OPPORTUNITY l BUSINESS l</a>
<a title="The CPA Journal - November 09 page 77" href="http://viewer.zmags.com/publication/2c3728e6?page=77"> NYC Downtown retirement minded CPA looking for CP</a>
<a title="The CPA Journal - November 09 page 78" href="http://viewer.zmags.com/publication/2c3728e6?page=78"> INNOVATIVE STRATEGIES for sales and use tax compl</a>
<a title="The CPA Journal - November 09 page 79" href="http://viewer.zmags.com/publication/2c3728e6?page=79"> BUSINESS SERVICES Business Valuation Software St</a>
<a title="The CPA Journal - November 09 page 80" href="http://viewer.zmags.com/publication/2c3728e6?page=80"> </a>
<a title="The CPA Journal - November 09 page 81" href="http://viewer.zmags.com/publication/2c3728e6?page=81"> E CONOMIC & MARKET D ATA monthly update</a>
<a title="The CPA Journal - November 09 page 82" href="http://viewer.zmags.com/publication/2c3728e6?page=82"> E DITORIAL a message from the editor-in-chie</a>
<a title="The CPA Journal - November 09 page 83" href="http://viewer.zmags.com/publication/2c3728e6?page=83"> </a>
<a title="The CPA Journal - November 09 page 84" href="http://viewer.zmags.com/publication/2c3728e6?page=84"> </a>