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<br /> • Goodwill Impairment • The Volcker Rule • Crowdfunding<br /> www.cpaj.com June 2014<br /> Revenue Management<br /> Exploring the Role of CPAs<br /> <br /> <br /> CONTENTS<br /> june 2014<br /> 6 PERSPECTIVES<br /> 16IN FOCUS<br /> 5 Publisher's Column<br /> Choosing Competency over Compliance<br /> 6 Perspectives<br /> A Profile of Ernest R. Breech:<br /> Pioneer Financial Executive and<br /> Chairman of the Board of<br /> Ford Motor Company<br /> Seeking a Path Forward on Audit Quality<br /> Indicators: Audit Committees Play a Vital Role in<br /> Ensuring Audit Quality<br /> Tax & Accounting Update<br /> The Expanding Role of CPAs in a<br /> Changing Business Environment<br /> Inbox: Letters to the Editor<br /> 16 In Focus<br /> An Introduction to Revenue <a title="The CPA Journal - June 2014 page 1" href="http://viewer.zmags.com/publication/2d8310e6?page=1"> • Goodwill Impairment • The Volcker Rule • Crowdf</a> <a title="The CPA Journal - June 2014 page 2" href="http://viewer.zmags.com/publication/2d8310e6?page=2"> </a> <a title="The CPA Journal - June 2014 page 3" href="http://viewer.zmags.com/publication/2d8310e6?page=3"> </a> <a title="The CPA Journal - June 2014 page 4" href="http://viewer.zmags.com/publication/2d8310e6?page=4"> CONTENTS june 2014 6 PERSPECTIVES 16IN FOCUS </a> <a title="The CPA Journal - June 2014 page 5" href="http://viewer.zmags.com/publication/2d8310e6?page=5"> vol. LXXXIV/no. 6 22 ESSENTIALS 56 ESSENTIALS </a> <a title="The CPA Journal - June 2014 page 6" href="http://viewer.zmags.com/publication/2d8310e6?page=6"> Not Yet a Member? Well, You’re Missing Out! </a> <a title="The CPA Journal - June 2014 page 7" href="http://viewer.zmags.com/publication/2d8310e6?page=7"> publisher’s column Choosing Competency </a> <a title="The CPA Journal - June 2014 page 8" href="http://viewer.zmags.com/publication/2d8310e6?page=8"> PERSPECTIVES history A Profile of Ernest R. Br</a> <a title="The CPA Journal - June 2014 page 9" href="http://viewer.zmags.com/publication/2d8310e6?page=9"> country would devalue the British pound. Brown di</a> <a title="The CPA Journal - June 2014 page 10" href="http://viewer.zmags.com/publication/2d8310e6?page=10"> Breech's Legacy Breech was an acknowledged lea</a> <a title="The CPA Journal - June 2014 page 11" href="http://viewer.zmags.com/publication/2d8310e6?page=11"> risks to audit quality that might exist on an aud</a> <a title="The CPA Journal - June 2014 page 12" href="http://viewer.zmags.com/publication/2d8310e6?page=12"> these indicators are more useful when sup- plemen</a> <a title="The CPA Journal - June 2014 page 13" href="http://viewer.zmags.com/publication/2d8310e6?page=13"> tax & accounting update Tax & Accounting Up</a> <a title="The CPA Journal - June 2014 page 14" href="http://viewer.zmags.com/publication/2d8310e6?page=14"> practice management Lateral Partner Oppor</a> <a title="The CPA Journal - June 2014 page 15" href="http://viewer.zmags.com/publication/2d8310e6?page=15"> future of the profession The Expanding Role</a> <a title="The CPA Journal - June 2014 page 16" href="http://viewer.zmags.com/publication/2d8310e6?page=16"> from socially minded organizations. How do organi</a> <a title="The CPA Journal - June 2014 page 17" href="http://viewer.zmags.com/publication/2d8310e6?page=17"> I know this is all about auditors and not th</a> <a title="The CPA Journal - June 2014 page 18" href="http://viewer.zmags.com/publication/2d8310e6?page=18"> In Focus </a> <a title="The CPA Journal - June 2014 page 19" href="http://viewer.zmags.com/publication/2d8310e6?page=19"> An Introduction to Revenue Management</a> <a title="The CPA Journal - June 2014 page 20" href="http://viewer.zmags.com/publication/2d8310e6?page=20"> and prospects for future growth. A focus on reven</a> <a title="The CPA Journal - June 2014 page 21" href="http://viewer.zmags.com/publication/2d8310e6?page=21"> viewpoint, an infrequent but somewhat large rewar</a> <a title="The CPA Journal - June 2014 page 22" href="http://viewer.zmags.com/publication/2d8310e6?page=22"> Airlines are a classic example of using unbund</a> <a title="The CPA Journal - June 2014 page 23" href="http://viewer.zmags.com/publication/2d8310e6?page=23"> they deal-seekers who will not return after one p</a> <a title="The CPA Journal - June 2014 page 24" href="http://viewer.zmags.com/publication/2d8310e6?page=24"> ACCOUNTING & AUDITING accounting </a> <a title="The CPA Journal - June 2014 page 25" href="http://viewer.zmags.com/publication/2d8310e6?page=25"> the option to first assess “qualitative” fac- tor</a> <a title="The CPA Journal - June 2014 page 26" href="http://viewer.zmags.com/publication/2d8310e6?page=26"> ond quarter of 2013 for the difference between th</a> <a title="The CPA Journal - June 2014 page 27" href="http://viewer.zmags.com/publication/2d8310e6?page=27"> the amount of “cushion” (or excess) of fair value</a> <a title="The CPA Journal - June 2014 page 28" href="http://viewer.zmags.com/publication/2d8310e6?page=28"> EXHIBIT 1 Goodwill Impairment: Qualitative Assess</a> <a title="The CPA Journal - June 2014 page 29" href="http://viewer.zmags.com/publication/2d8310e6?page=29"> value of the asset with its carrying amount. If t</a> <a title="The CPA Journal - June 2014 page 30" href="http://viewer.zmags.com/publication/2d8310e6?page=30"> U.S. GAAP versus IFRS Under IFRS, the guidanc</a> <a title="The CPA Journal - June 2014 page 31" href="http://viewer.zmags.com/publication/2d8310e6?page=31"> Looking Ahead The impairment of goodwill and o</a> <a title="The CPA Journal - June 2014 page 32" href="http://viewer.zmags.com/publication/2d8310e6?page=32"> ACCOUNTING & AUDITING banking </a> <a title="The CPA Journal - June 2014 page 33" href="http://viewer.zmags.com/publication/2d8310e6?page=33"> for community banking institutions. On January 14</a> <a title="The CPA Journal - June 2014 page 34" href="http://viewer.zmags.com/publication/2d8310e6?page=34"> rity such that the security’s interest rate risk </a> <a title="The CPA Journal - June 2014 page 35" href="http://viewer.zmags.com/publication/2d8310e6?page=35"> bank management intent regarding its TruP CDO sec</a> <a title="The CPA Journal - June 2014 page 36" href="http://viewer.zmags.com/publication/2d8310e6?page=36"> cost to fair value. If fair value of the securiti</a> <a title="The CPA Journal - June 2014 page 37" href="http://viewer.zmags.com/publication/2d8310e6?page=37"> </a> <a title="The CPA Journal - June 2014 page 38" href="http://viewer.zmags.com/publication/2d8310e6?page=38"> TAXATION tax incentives Qualified Production</a> <a title="The CPA Journal - June 2014 page 39" href="http://viewer.zmags.com/publication/2d8310e6?page=39"> How does manually importing payroll data make you</a> <a title="The CPA Journal - June 2014 page 40" href="http://viewer.zmags.com/publication/2d8310e6?page=40"> The DPAD is equal to 9% of the less- er of QPA</a> <a title="The CPA Journal - June 2014 page 41" href="http://viewer.zmags.com/publication/2d8310e6?page=41"> and serves the product to a customer, is the rest</a> <a title="The CPA Journal - June 2014 page 42" href="http://viewer.zmags.com/publication/2d8310e6?page=42"> property (advertising materials/tangible books) d</a> <a title="The CPA Journal - June 2014 page 43" href="http://viewer.zmags.com/publication/2d8310e6?page=43"> J u ly 9 , 2 0 14 New York</a> <a title="The CPA Journal - June 2014 page 44" href="http://viewer.zmags.com/publication/2d8310e6?page=44"> TAXATION international taxation Comparing the</a> <a title="The CPA Journal - June 2014 page 45" href="http://viewer.zmags.com/publication/2d8310e6?page=45"> compute the limitation separately and with- out r</a> <a title="The CPA Journal - June 2014 page 46" href="http://viewer.zmags.com/publication/2d8310e6?page=46"> jointly). In this case, the foreign tax cred- it </a> <a title="The CPA Journal - June 2014 page 47" href="http://viewer.zmags.com/publication/2d8310e6?page=47"> Throughout the following simulations, the authors</a> <a title="The CPA Journal - June 2014 page 48" href="http://viewer.zmags.com/publication/2d8310e6?page=48"> FINANCE corporate finance </a> <a title="The CPA Journal - June 2014 page 49" href="http://viewer.zmags.com/publication/2d8310e6?page=49"> October 2013 long-awaited rule proposals that, on</a> <a title="The CPA Journal - June 2014 page 50" href="http://viewer.zmags.com/publication/2d8310e6?page=50"> accredited investors. The prohibition on general </a> <a title="The CPA Journal - June 2014 page 51" href="http://viewer.zmags.com/publication/2d8310e6?page=51"> (with one minor exception as to the “net worth” c</a> <a title="The CPA Journal - June 2014 page 52" href="http://viewer.zmags.com/publication/2d8310e6?page=52"> Kickstarter or the raising of funds by entreprene</a> <a title="The CPA Journal - June 2014 page 53" href="http://viewer.zmags.com/publication/2d8310e6?page=53"> entrepreneurs to see the types of transac- tions </a> <a title="The CPA Journal - June 2014 page 54" href="http://viewer.zmags.com/publication/2d8310e6?page=54"> FINANCE corporate finance Contingent Converti</a> <a title="The CPA Journal - June 2014 page 55" href="http://viewer.zmags.com/publication/2d8310e6?page=55"> annualreporting/doc/2011/csg_ar11_ treasury_risk_</a> <a title="The CPA Journal - June 2014 page 56" href="http://viewer.zmags.com/publication/2d8310e6?page=56"> derivative has a negative value, the amount paid </a> <a title="The CPA Journal - June 2014 page 57" href="http://viewer.zmags.com/publication/2d8310e6?page=57"> to customary adjustments) or the daily weighted a</a> <a title="The CPA Journal - June 2014 page 58" href="http://viewer.zmags.com/publication/2d8310e6?page=58"> MANAGEMENT corporate finance Common Pitfalls </a> <a title="The CPA Journal - June 2014 page 59" href="http://viewer.zmags.com/publication/2d8310e6?page=59"> incur a $5 per-unit variable cost in the pro- duc</a> <a title="The CPA Journal - June 2014 page 60" href="http://viewer.zmags.com/publication/2d8310e6?page=60"> Captive divisions—that is, those that only sell t</a> <a title="The CPA Journal - June 2014 page 61" href="http://viewer.zmags.com/publication/2d8310e6?page=61"> Get in the cloud with it. Collaborate in real tim</a> <a title="The CPA Journal - June 2014 page 62" href="http://viewer.zmags.com/publication/2d8310e6?page=62"> MANAGEMENT risk management Contingency Planni</a> <a title="The CPA Journal - June 2014 page 63" href="http://viewer.zmags.com/publication/2d8310e6?page=63"> backup drive; and the remainder used disks, tapes</a> <a title="The CPA Journal - June 2014 page 64" href="http://viewer.zmags.com/publication/2d8310e6?page=64"> same respondents, 85% experienced a stag- gering </a> <a title="The CPA Journal - June 2014 page 65" href="http://viewer.zmags.com/publication/2d8310e6?page=65"> most small businesses are aware of the need to ba</a> <a title="The CPA Journal - June 2014 page 66" href="http://viewer.zmags.com/publication/2d8310e6?page=66"> MANAGEMENT corporate finance The Basics of Co</a> <a title="The CPA Journal - June 2014 page 67" href="http://viewer.zmags.com/publication/2d8310e6?page=67"> nonmonetary asset does not exceed its car- rying </a> <a title="The CPA Journal - June 2014 page 68" href="http://viewer.zmags.com/publication/2d8310e6?page=68"> or sold. If this asset were carried at a value </a> <a title="The CPA Journal - June 2014 page 69" href="http://viewer.zmags.com/publication/2d8310e6?page=69"> J u n e 2 6 , 2 0 14 </a> <a title="The CPA Journal - June 2014 page 70" href="http://viewer.zmags.com/publication/2d8310e6?page=70"> RESPONSIBILITIES & LEADERSHIP ethics De</a> <a title="The CPA Journal - June 2014 page 71" href="http://viewer.zmags.com/publication/2d8310e6?page=71"> But studies have shown that ethics codes creat</a> <a title="The CPA Journal - June 2014 page 72" href="http://viewer.zmags.com/publication/2d8310e6?page=72"> 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 </a> <a title="The CPA Journal - June 2014 page 73" href="http://viewer.zmags.com/publication/2d8310e6?page=73"> course of action to take in a given situa- tion. </a> <a title="The CPA Journal - June 2014 page 74" href="http://viewer.zmags.com/publication/2d8310e6?page=74"> TECHNOLOGY what to bookmark </a> <a title="The CPA Journal - June 2014 page 75" href="http://viewer.zmags.com/publication/2d8310e6?page=75"> The final requirement is three years of man</a> <a title="The CPA Journal - June 2014 page 76" href="http://viewer.zmags.com/publication/2d8310e6?page=76"> CLASSIFIEDMARKETPLACE SPACE FOR RENT/REAL ESTATE</a> <a title="The CPA Journal - June 2014 page 77" href="http://viewer.zmags.com/publication/2d8310e6?page=77"> CLASSIFIED PARTNERS Our clients, top “20” CPA fir</a> <a title="The CPA Journal - June 2014 page 78" href="http://viewer.zmags.com/publication/2d8310e6?page=78"> CLASSIFIED SALES TAX, ISAAC STERNHEIM & CO. Sales</a> <a title="The CPA Journal - June 2014 page 79" href="http://viewer.zmags.com/publication/2d8310e6?page=79"> CLASSIFIED Peer Review Services H</a> <a title="The CPA Journal - June 2014 page 80" href="http://viewer.zmags.com/publication/2d8310e6?page=80"> CLASSIFIED Become a subscriber to T</a> <a title="The CPA Journal - June 2014 page 81" href="http://viewer.zmags.com/publication/2d8310e6?page=81"> ECONOMIC & MARKET DATA monthly u</a> <a title="The CPA Journal - June 2014 page 82" href="http://viewer.zmags.com/publication/2d8310e6?page=82"> EDITORIAL a message from the editor-in-chief </a> <a title="The CPA Journal - June 2014 page 83" href="http://viewer.zmags.com/publication/2d8310e6?page=83"> </a> <a title="The CPA Journal - June 2014 page 84" href="http://viewer.zmags.com/publication/2d8310e6?page=84"> </a>