<br />
www.cpaj.com September 2012<br />
Annual Financial Planning Issue<br />
Laying<br />
Roots for<br />
Future<br />
Growth<br />
Solar Energy Investments<br />
Estate Enhancement Plan<br />
Understanding Structured Notes<br />
plus<br />
The Dodd-Frank Act<br />
and the Challenges<br />
of Regulation<br />
An Interview with<br />
Former U.S. Senator<br />
Christopher J. Dodd<br />
<br />
<br />
CONTENTS<br />
september 2012<br />
22 Accounting & Auditing<br />
❙ Government Accounting<br />
Defined Benefit Pension Plans:<br />
Understanding the Differences Between<br />
the Public and Private Sector<br />
By Kathryn E. Easterday and Tim V. Eaton<br />
❙ International Accounting<br />
The Potential Implications of Revised IAS 19:<br />
Are Changes to Pension Accounting Coming<a title="The CPA Journal - September 2012 page 1" href="http://viewer.zmags.com/publication/335df2e8?page=1"> www.cpaj.com September 2012 Annua</a>
<a title="The CPA Journal - September 2012 page 2" href="http://viewer.zmags.com/publication/335df2e8?page=2"> </a>
<a title="The CPA Journal - September 2012 page 3" href="http://viewer.zmags.com/publication/335df2e8?page=3"> </a>
<a title="The CPA Journal - September 2012 page 4" href="http://viewer.zmags.com/publication/335df2e8?page=4"> CONTENTS september 2012 </a>
<a title="The CPA Journal - September 2012 page 5" href="http://viewer.zmags.com/publication/335df2e8?page=5"> vol. LXXXII/no.9 6PERSPECTIVES 16IN FOCUS </a>
<a title="The CPA Journal - September 2012 page 6" href="http://viewer.zmags.com/publication/335df2e8?page=6"> new york state society of NYSSCPA certif</a>
<a title="The CPA Journal - September 2012 page 7" href="http://viewer.zmags.com/publication/335df2e8?page=7"> </a>
<a title="The CPA Journal - September 2012 page 8" href="http://viewer.zmags.com/publication/335df2e8?page=8"> PERSPECTIVES viewpoint Wealth Management, W</a>
<a title="The CPA Journal - September 2012 page 9" href="http://viewer.zmags.com/publication/335df2e8?page=9"> publisher's column A Pathway for Access to </a>
<a title="The CPA Journal - September 2012 page 10" href="http://viewer.zmags.com/publication/335df2e8?page=10"> ister as an investment advisor with the SEC if hi</a>
<a title="The CPA Journal - September 2012 page 11" href="http://viewer.zmags.com/publication/335df2e8?page=11"> enue share during retirement. With many CPAs devo</a>
<a title="The CPA Journal - September 2012 page 12" href="http://viewer.zmags.com/publication/335df2e8?page=12"> professionals are stockbrokers ready with a hot s</a>
<a title="The CPA Journal - September 2012 page 13" href="http://viewer.zmags.com/publication/335df2e8?page=13"> personal financial planning Helping Clien</a>
<a title="The CPA Journal - September 2012 page 14" href="http://viewer.zmags.com/publication/335df2e8?page=14"> Business Credit Scores What CPAs Need to Know B</a>
<a title="The CPA Journal - September 2012 page 15" href="http://viewer.zmags.com/publication/335df2e8?page=15"> ■ oversee their business credit profiles, wheth</a>
<a title="The CPA Journal - September 2012 page 16" href="http://viewer.zmags.com/publication/335df2e8?page=16"> Factors Influencing Students' Choice of the A</a>
<a title="The CPA Journal - September 2012 page 17" href="http://viewer.zmags.com/publication/335df2e8?page=17"> reveals the need to educate students about the op</a>
<a title="The CPA Journal - September 2012 page 18" href="http://viewer.zmags.com/publication/335df2e8?page=18"> In Focus </a>
<a title="The CPA Journal - September 2012 page 19" href="http://viewer.zmags.com/publication/335df2e8?page=19"> Revisiting the Dodd-Frank Act and the Challenges </a>
<a title="The CPA Journal - September 2012 page 20" href="http://viewer.zmags.com/publication/335df2e8?page=20"> try and do what many had talked about— to sit dow</a>
<a title="The CPA Journal - September 2012 page 21" href="http://viewer.zmags.com/publication/335df2e8?page=21"> ing it. If we don't encourage people to step forw</a>
<a title="The CPA Journal - September 2012 page 22" href="http://viewer.zmags.com/publication/335df2e8?page=22"> them fail, we have bankruptcy laws.' The </a>
<a title="The CPA Journal - September 2012 page 23" href="http://viewer.zmags.com/publication/335df2e8?page=23"> </a>
<a title="The CPA Journal - September 2012 page 24" href="http://viewer.zmags.com/publication/335df2e8?page=24"> ACCOUNTING & AUDITING government accoun</a>
<a title="The CPA Journal - September 2012 page 25" href="http://viewer.zmags.com/publication/335df2e8?page=25"> holders' attempts to understand an already comple</a>
<a title="The CPA Journal - September 2012 page 26" href="http://viewer.zmags.com/publication/335df2e8?page=26"> the administrator of Wisconsin's public employee </a>
<a title="The CPA Journal - September 2012 page 27" href="http://viewer.zmags.com/publication/335df2e8?page=27"> EXHIBIT 3 Example of </a>
<a title="The CPA Journal - September 2012 page 28" href="http://viewer.zmags.com/publication/335df2e8?page=28"> or reduction. This argument implies that a discou</a>
<a title="The CPA Journal - September 2012 page 29" href="http://viewer.zmags.com/publication/335df2e8?page=29"> sents a “false equivalence” between the nearly ce</a>
<a title="The CPA Journal - September 2012 page 30" href="http://viewer.zmags.com/publication/335df2e8?page=30"> GASB Statement 67, Financial Reporting for DB</a>
<a title="The CPA Journal - September 2012 page 31" href="http://viewer.zmags.com/publication/335df2e8?page=31"> At present, pension benefits earned in the curren</a>
<a title="The CPA Journal - September 2012 page 32" href="http://viewer.zmags.com/publication/335df2e8?page=32"> ACCOUNTING & AUDITING international acc</a>
<a title="The CPA Journal - September 2012 page 33" href="http://viewer.zmags.com/publication/335df2e8?page=33"> differences between current U.S. GAAP and IFRS. A</a>
<a title="The CPA Journal - September 2012 page 34" href="http://viewer.zmags.com/publication/335df2e8?page=34"> EXHIBIT Comparative Treatment Under U.S. GAAP and</a>
<a title="The CPA Journal - September 2012 page 35" href="http://viewer.zmags.com/publication/335df2e8?page=35"> monly referred to as the corridor approach—r</a>
<a title="The CPA Journal - September 2012 page 36" href="http://viewer.zmags.com/publication/335df2e8?page=36"> the extra benefits given to employees would benef</a>
<a title="The CPA Journal - September 2012 page 37" href="http://viewer.zmags.com/publication/335df2e8?page=37"> tinue to differ each year. It should also be note</a>
<a title="The CPA Journal - September 2012 page 38" href="http://viewer.zmags.com/publication/335df2e8?page=38"> TAXATION tax incentives </a>
<a title="The CPA Journal - September 2012 page 39" href="http://viewer.zmags.com/publication/335df2e8?page=39"> the updated analysis are compared to the results </a>
<a title="The CPA Journal - September 2012 page 40" href="http://viewer.zmags.com/publication/335df2e8?page=40"> sale of SRECs produced by the system was included</a>
<a title="The CPA Journal - September 2012 page 41" href="http://viewer.zmags.com/publication/335df2e8?page=41"> shortest payback period. New York and Connecticut</a>
<a title="The CPA Journal - September 2012 page 42" href="http://viewer.zmags.com/publication/335df2e8?page=42"> system cost. The New York solar rebate is $1.50 m</a>
<a title="The CPA Journal - September 2012 page 43" href="http://viewer.zmags.com/publication/335df2e8?page=43"> officer (CEO) of the Flett Exchange, sug- gested </a>
<a title="The CPA Journal - September 2012 page 44" href="http://viewer.zmags.com/publication/335df2e8?page=44"> TAXATION estate planning Before the Sun S</a>
<a title="The CPA Journal - September 2012 page 45" href="http://viewer.zmags.com/publication/335df2e8?page=45"> ■ Such decedent is the last deceased spouse of </a>
<a title="The CPA Journal - September 2012 page 46" href="http://viewer.zmags.com/publication/335df2e8?page=46"> exclusion amount available to W for gifts during </a>
<a title="The CPA Journal - September 2012 page 47" href="http://viewer.zmags.com/publication/335df2e8?page=47"> and attaches a copy of H's will creat- ing the QT</a>
<a title="The CPA Journal - September 2012 page 48" href="http://viewer.zmags.com/publication/335df2e8?page=48"> FINANCE estates & trusts </a>
<a title="The CPA Journal - September 2012 page 49" href="http://viewer.zmags.com/publication/335df2e8?page=49"> vidual who desires to increase the assets that wi</a>
<a title="The CPA Journal - September 2012 page 50" href="http://viewer.zmags.com/publication/335df2e8?page=50"> Step 2—purchase a SPIA. In the case study, Joh</a>
<a title="The CPA Journal - September 2012 page 51" href="http://viewer.zmags.com/publication/335df2e8?page=51"> normally be subject to gift tax; however, John an</a>
<a title="The CPA Journal - September 2012 page 52" href="http://viewer.zmags.com/publication/335df2e8?page=52"> FINANCE markets & investments Structured</a>
<a title="The CPA Journal - September 2012 page 53" href="http://viewer.zmags.com/publication/335df2e8?page=53"> the payout on the upside is enhanced. For example</a>
<a title="The CPA Journal - September 2012 page 54" href="http://viewer.zmags.com/publication/335df2e8?page=54"> ing part of the downside risk of a further declin</a>
<a title="The CPA Journal - September 2012 page 55" href="http://viewer.zmags.com/publication/335df2e8?page=55"> porate bond from the same bank. If the issu- ing </a>
<a title="The CPA Journal - September 2012 page 56" href="http://viewer.zmags.com/publication/335df2e8?page=56"> FINANCE employee benefit plans Best Prac</a>
<a title="The CPA Journal - September 2012 page 57" href="http://viewer.zmags.com/publication/335df2e8?page=57"> providers to accept responsibility for their serv</a>
<a title="The CPA Journal - September 2012 page 58" href="http://viewer.zmags.com/publication/335df2e8?page=58"> sponsor or fiduciary places employer rep- resenta</a>
<a title="The CPA Journal - September 2012 page 59" href="http://viewer.zmags.com/publication/335df2e8?page=59"> transactional, and practical experience. Most non</a>
<a title="The CPA Journal - September 2012 page 60" href="http://viewer.zmags.com/publication/335df2e8?page=60"> FINANCE personal financial planning Taki</a>
<a title="The CPA Journal - September 2012 page 61" href="http://viewer.zmags.com/publication/335df2e8?page=61"> [AGI] computed without regard to any net operatin</a>
<a title="The CPA Journal - September 2012 page 62" href="http://viewer.zmags.com/publication/335df2e8?page=62"> the entire amount of the purchase is deductible. </a>
<a title="The CPA Journal - September 2012 page 63" href="http://viewer.zmags.com/publication/335df2e8?page=63"> ■ Property subject to debt—FMV must be reduced </a>
<a title="The CPA Journal - September 2012 page 64" href="http://viewer.zmags.com/publication/335df2e8?page=64"> than $250, the taxpayer must keep a receipt or so</a>
<a title="The CPA Journal - September 2012 page 65" href="http://viewer.zmags.com/publication/335df2e8?page=65"> her services of fostering. All remaining related </a>
<a title="The CPA Journal - September 2012 page 66" href="http://viewer.zmags.com/publication/335df2e8?page=66"> MANAGEMENT corporate finance Asset Securiti</a>
<a title="The CPA Journal - September 2012 page 67" href="http://viewer.zmags.com/publication/335df2e8?page=67"> tranches (French for “portions”). In order to cre</a>
<a title="The CPA Journal - September 2012 page 68" href="http://viewer.zmags.com/publication/335df2e8?page=68"> Don'ts] of FAS 166, 167, and Counting,” January 2</a>
<a title="The CPA Journal - September 2012 page 69" href="http://viewer.zmags.com/publication/335df2e8?page=69"> Exhibit 2 reveals that there have been very fe</a>
<a title="The CPA Journal - September 2012 page 70" href="http://viewer.zmags.com/publication/335df2e8?page=70"> RESPONSIBILITIES & LEADERSHIP future of</a>
<a title="The CPA Journal - September 2012 page 71" href="http://viewer.zmags.com/publication/335df2e8?page=71"> accounting perceive performance evaluations as an</a>
<a title="The CPA Journal - September 2012 page 72" href="http://viewer.zmags.com/publication/335df2e8?page=72"> rience level. If all evaluators have explic- it k</a>
<a title="The CPA Journal - September 2012 page 73" href="http://viewer.zmags.com/publication/335df2e8?page=73"> Sometimes it takes months, or we never receive th</a>
<a title="The CPA Journal - September 2012 page 74" href="http://viewer.zmags.com/publication/335df2e8?page=74"> TECHNOLOGY what to bookmark Website of t</a>
<a title="The CPA Journal - September 2012 page 75" href="http://viewer.zmags.com/publication/335df2e8?page=75"> eracy education (http://www.advisorone. com/2012/</a>
<a title="The CPA Journal - September 2012 page 76" href="http://viewer.zmags.com/publication/335df2e8?page=76"> CLASSIFIEDMARKETPLACE PROFESSIONAL OPPORTUNITY l </a>
<a title="The CPA Journal - September 2012 page 77" href="http://viewer.zmags.com/publication/335df2e8?page=77"> Peer Review If you need help, the</a>
<a title="The CPA Journal - September 2012 page 78" href="http://viewer.zmags.com/publication/335df2e8?page=78"> Melville Long Island on Rte 110 Two windowed offi</a>
<a title="The CPA Journal - September 2012 page 79" href="http://viewer.zmags.com/publication/335df2e8?page=79"> SALES TAX, ISAAC STERNHEIM & CO. Sales tax consul</a>
<a title="The CPA Journal - September 2012 page 80" href="http://viewer.zmags.com/publication/335df2e8?page=80"> </a>
<a title="The CPA Journal - September 2012 page 81" href="http://viewer.zmags.com/publication/335df2e8?page=81"> ECONOMIC & MARKET DATA monthly upd</a>
<a title="The CPA Journal - September 2012 page 82" href="http://viewer.zmags.com/publication/335df2e8?page=82"> EDITORIAL a message from the editor-in-c</a>
<a title="The CPA Journal - September 2012 page 83" href="http://viewer.zmags.com/publication/335df2e8?page=83"> </a>
<a title="The CPA Journal - September 2012 page 84" href="http://viewer.zmags.com/publication/335df2e8?page=84"> </a>