<br />
A Clear Look at<br />
Tax Software<br />
2010 Annual Survey of<br />
New York State<br />
Tax Professionals<br />
Plus<br />
· ARRA and Single Audits<br />
· The Roth Conversion Question<br />
· XBRL—Beyond the Basics<br />
<br />
<br />
C ONTENTS<br />
may 2010<br />
22 Accounting & Auditing<br />
❙ Auditing<br />
ARRA and Single Audits:<br />
Addressing the Risks and Challenges<br />
By James L. Schmutte and James R. Duncan<br />
❙ Financial Reporting<br />
How Blue Chip Companies Fared Under FIN 48<br />
By Joseph M. Langmead and Kermit O. Keeling<br />
❙ International Accounting<br />
Key Provisions of IFRS for Small<br />
and Medium-Sized Entities<br />
By Deborah L. Seifert and <a title="CPAJ May 2010 page 1" href="http://viewer.zmags.com/publication/3d5e33a6?page=1"> A Clear Look at Tax Software 2010 Annual Survey o</a>
<a title="CPAJ May 2010 page 2" href="http://viewer.zmags.com/publication/3d5e33a6?page=2"> </a>
<a title="CPAJ May 2010 page 3" href="http://viewer.zmags.com/publication/3d5e33a6?page=3"> </a>
<a title="CPAJ May 2010 page 4" href="http://viewer.zmags.com/publication/3d5e33a6?page=4"> C ONTENTS may 2010 22 Ac</a>
<a title="CPAJ May 2010 page 5" href="http://viewer.zmags.com/publication/3d5e33a6?page=5"> vol. LXXX/no.5 6PERSPECTI</a>
<a title="CPAJ May 2010 page 6" href="http://viewer.zmags.com/publication/3d5e33a6?page=6"> Publisher LOUIS GRUMET Associate Pu</a>
<a title="CPAJ May 2010 page 7" href="http://viewer.zmags.com/publication/3d5e33a6?page=7"> </a>
<a title="CPAJ May 2010 page 8" href="http://viewer.zmags.com/publication/3d5e33a6?page=8"> P ERSPECTIVES standards setting Capitalizi</a>
<a title="CPAJ May 2010 page 9" href="http://viewer.zmags.com/publication/3d5e33a6?page=9"> publisher's column The Power of a Collectiv</a>
<a title="CPAJ May 2010 page 10" href="http://viewer.zmags.com/publication/3d5e33a6?page=10"> (Continued from page 6) ria, only one of which ne</a>
<a title="CPAJ May 2010 page 11" href="http://viewer.zmags.com/publication/3d5e33a6?page=11"> lease payments. First, the effect of capital- izi</a>
<a title="CPAJ May 2010 page 12" href="http://viewer.zmags.com/publication/3d5e33a6?page=12"> The discounted payment was calculated (as in Exhi</a>
<a title="CPAJ May 2010 page 13" href="http://viewer.zmags.com/publication/3d5e33a6?page=13"> Implications Under U.S. GAAP and IFRS, lessees</a>
<a title="CPAJ May 2010 page 14" href="http://viewer.zmags.com/publication/3d5e33a6?page=14"> Make the Most of Home Buyer Tax Credits B</a>
<a title="CPAJ May 2010 page 15" href="http://viewer.zmags.com/publication/3d5e33a6?page=15"> inbox: letters to the editor Toward More </a>
<a title="CPAJ May 2010 page 16" href="http://viewer.zmags.com/publication/3d5e33a6?page=16"> In Focus </a>
<a title="CPAJ May 2010 page 17" href="http://viewer.zmags.com/publication/3d5e33a6?page=17"> A Clear Look at Tax Software 2010 Annual Survey </a>
<a title="CPAJ May 2010 page 18" href="http://viewer.zmags.com/publication/3d5e33a6?page=18"> To solicit survey participants, the New York S</a>
<a title="CPAJ May 2010 page 19" href="http://viewer.zmags.com/publication/3d5e33a6?page=19"> apparent impact on professionally prepared tax re</a>
<a title="CPAJ May 2010 page 20" href="http://viewer.zmags.com/publication/3d5e33a6?page=20"> EXHIBIT 4 Ratings of Tax Rese</a>
<a title="CPAJ May 2010 page 21" href="http://viewer.zmags.com/publication/3d5e33a6?page=21"> relevance, as the ratings for some vendors increa</a>
<a title="CPAJ May 2010 page 22" href="http://viewer.zmags.com/publication/3d5e33a6?page=22"> Of the products with at least 10 ratings, CCH had</a>
<a title="CPAJ May 2010 page 23" href="http://viewer.zmags.com/publication/3d5e33a6?page=23"> ration software. Practitioners may be will- ing t</a>
<a title="CPAJ May 2010 page 24" href="http://viewer.zmags.com/publication/3d5e33a6?page=24"> A CCOUNTING & AUDITING auditing </a>
<a title="CPAJ May 2010 page 25" href="http://viewer.zmags.com/publication/3d5e33a6?page=25"> audit risk model illustrated in the AICPA's Audit</a>
<a title="CPAJ May 2010 page 26" href="http://viewer.zmags.com/publication/3d5e33a6?page=26"> includes an understanding of the five inter- nal </a>
<a title="CPAJ May 2010 page 27" href="http://viewer.zmags.com/publication/3d5e33a6?page=27"> the minimum audit coverage of the federal awards.</a>
<a title="CPAJ May 2010 page 28" href="http://viewer.zmags.com/publication/3d5e33a6?page=28"> auditors should ensure that substantive tests inc</a>
<a title="CPAJ May 2010 page 29" href="http://viewer.zmags.com/publication/3d5e33a6?page=29"> </a>
<a title="CPAJ May 2010 page 30" href="http://viewer.zmags.com/publication/3d5e33a6?page=30"> A CCOUNTING & AUDITING financial reporting </a>
<a title="CPAJ May 2010 page 31" href="http://viewer.zmags.com/publication/3d5e33a6?page=31"> Given the potential move by U.S. pub- lic comp</a>
<a title="CPAJ May 2010 page 32" href="http://viewer.zmags.com/publication/3d5e33a6?page=32"> detailed information for each company is provided</a>
<a title="CPAJ May 2010 page 33" href="http://viewer.zmags.com/publication/3d5e33a6?page=33"> effects were positive for two of the three. Thus,</a>
<a title="CPAJ May 2010 page 34" href="http://viewer.zmags.com/publication/3d5e33a6?page=34"> of specific guidance or standards before cont</a>
<a title="CPAJ May 2010 page 35" href="http://viewer.zmags.com/publication/3d5e33a6?page=35"> vulnerable in their formal defenses of their </a>
<a title="CPAJ May 2010 page 36" href="http://viewer.zmags.com/publication/3d5e33a6?page=36"> A CCOUNTING & AUDITING international accoun</a>
<a title="CPAJ May 2010 page 37" href="http://viewer.zmags.com/publication/3d5e33a6?page=37"> SMEs, listed by section. Revisions to IFRS for SM</a>
<a title="CPAJ May 2010 page 38" href="http://viewer.zmags.com/publication/3d5e33a6?page=38"> EXHIBIT 1 IFRS for SME</a>
<a title="CPAJ May 2010 page 39" href="http://viewer.zmags.com/publication/3d5e33a6?page=39"> more concise than that for full IFRS, and there a</a>
<a title="CPAJ May 2010 page 40" href="http://viewer.zmags.com/publication/3d5e33a6?page=40"> T AXATION federal taxation </a>
<a title="CPAJ May 2010 page 41" href="http://viewer.zmags.com/publication/3d5e33a6?page=41"> ness income is taxable income to the cor- poratio</a>
<a title="CPAJ May 2010 page 42" href="http://viewer.zmags.com/publication/3d5e33a6?page=42"> EXHIBIT 2 Salar</a>
<a title="CPAJ May 2010 page 43" href="http://viewer.zmags.com/publication/3d5e33a6?page=43"> ■ Timing and manner of paying bonus- es to key </a>
<a title="CPAJ May 2010 page 44" href="http://viewer.zmags.com/publication/3d5e33a6?page=44"> T AXATION federal taxation Section 1031 Li</a>
<a title="CPAJ May 2010 page 45" href="http://viewer.zmags.com/publication/3d5e33a6?page=45"> corporation's use of the property to its share- h</a>
<a title="CPAJ May 2010 page 46" href="http://viewer.zmags.com/publication/3d5e33a6?page=46"> The Tax Court agreed with the IRS. The court </a>
<a title="CPAJ May 2010 page 47" href="http://viewer.zmags.com/publication/3d5e33a6?page=47"> exchange transaction. (The court in Bolker claime</a>
<a title="CPAJ May 2010 page 48" href="http://viewer.zmags.com/publication/3d5e33a6?page=48"> F INANCE personal financial planning </a>
<a title="CPAJ May 2010 page 49" href="http://viewer.zmags.com/publication/3d5e33a6?page=49"> quantitative wealth forecasting analytics to mode</a>
<a title="CPAJ May 2010 page 50" href="http://viewer.zmags.com/publication/3d5e33a6?page=50"> </a>
<a title="CPAJ May 2010 page 51" href="http://viewer.zmags.com/publication/3d5e33a6?page=51"> </a>
<a title="CPAJ May 2010 page 52" href="http://viewer.zmags.com/publication/3d5e33a6?page=52"> ditional IRA and $450,000 in taxable assets (both</a>
<a title="CPAJ May 2010 page 53" href="http://viewer.zmags.com/publication/3d5e33a6?page=53"> then stretched by his heirs to extend the tax-fre</a>
<a title="CPAJ May 2010 page 54" href="http://viewer.zmags.com/publication/3d5e33a6?page=54"> M ANAGEMENT internal controls </a>
<a title="CPAJ May 2010 page 55" href="http://viewer.zmags.com/publication/3d5e33a6?page=55"> ness of the system, lest it become outdated due t</a>
<a title="CPAJ May 2010 page 56" href="http://viewer.zmags.com/publication/3d5e33a6?page=56"> management uses the tone at the top to get the me</a>
<a title="CPAJ May 2010 page 57" href="http://viewer.zmags.com/publication/3d5e33a6?page=57"> internal control evaluation team. The first step </a>
<a title="CPAJ May 2010 page 58" href="http://viewer.zmags.com/publication/3d5e33a6?page=58"> The evaluation team should observe the relatio</a>
<a title="CPAJ May 2010 page 59" href="http://viewer.zmags.com/publication/3d5e33a6?page=59"> of the annual report date and timely enough to al</a>
<a title="CPAJ May 2010 page 60" href="http://viewer.zmags.com/publication/3d5e33a6?page=60"> R ESPONSIBILITIES & LEADERSHIP fraud W</a>
<a title="CPAJ May 2010 page 61" href="http://viewer.zmags.com/publication/3d5e33a6?page=61"> But SOX is not the only federal law that prot</a>
<a title="CPAJ May 2010 page 62" href="http://viewer.zmags.com/publication/3d5e33a6?page=62"> whistleblower statutes protect only public employ</a>
<a title="CPAJ May 2010 page 63" href="http://viewer.zmags.com/publication/3d5e33a6?page=63"> tected activity and that would dissuade a rea- so</a>
<a title="CPAJ May 2010 page 64" href="http://viewer.zmags.com/publication/3d5e33a6?page=64"> T ECHNOLOGY electronic reporting </a>
<a title="CPAJ May 2010 page 65" href="http://viewer.zmags.com/publication/3d5e33a6?page=65"> Taub, “In Data Tagging, Auditors Feel Left Out,” </a>
<a title="CPAJ May 2010 page 66" href="http://viewer.zmags.com/publication/3d5e33a6?page=66"> EXHIBIT 2 XBRL FR Insta</a>
<a title="CPAJ May 2010 page 67" href="http://viewer.zmags.com/publication/3d5e33a6?page=67"> the business facts are measured; this contains a </a>
<a title="CPAJ May 2010 page 68" href="http://viewer.zmags.com/publication/3d5e33a6?page=68"> Hannon, “XBRL GL: The General Ledger Gets Its Gro</a>
<a title="CPAJ May 2010 page 69" href="http://viewer.zmags.com/publication/3d5e33a6?page=69"> measurableCostPerUnit element. There are several </a>
<a title="CPAJ May 2010 page 70" href="http://viewer.zmags.com/publication/3d5e33a6?page=70"> Gianluca Garbellotto, “The Global Ledger for Fina</a>
<a title="CPAJ May 2010 page 71" href="http://viewer.zmags.com/publication/3d5e33a6?page=71"> analytical procedures and make critical judgments</a>
<a title="CPAJ May 2010 page 72" href="http://viewer.zmags.com/publication/3d5e33a6?page=72"> generally caused the loss of a paper-based audit </a>
<a title="CPAJ May 2010 page 73" href="http://viewer.zmags.com/publication/3d5e33a6?page=73"> access. Application controls relevant to XBRL inc</a>
<a title="CPAJ May 2010 page 74" href="http://viewer.zmags.com/publication/3d5e33a6?page=74"> T ECHNOLOGY what to bookmark Website of </a>
<a title="CPAJ May 2010 page 75" href="http://viewer.zmags.com/publication/3d5e33a6?page=75"> ings” directory's entries. An index's data summar</a>
<a title="CPAJ May 2010 page 76" href="http://viewer.zmags.com/publication/3d5e33a6?page=76"> Classified PROFESSIONAL OPPORTUNITY l BUSINESS l</a>
<a title="CPAJ May 2010 page 77" href="http://viewer.zmags.com/publication/3d5e33a6?page=77"> CPA FIRMS OR PARTNERS We represent a number of q</a>
<a title="CPAJ May 2010 page 78" href="http://viewer.zmags.com/publication/3d5e33a6?page=78"> Woodbury-CPA firm has 4th floor windowed & non-wi</a>
<a title="CPAJ May 2010 page 79" href="http://viewer.zmags.com/publication/3d5e33a6?page=79"> PEER REVIEWBuxbaum Sales Tax Consultants </a>
<a title="CPAJ May 2010 page 80" href="http://viewer.zmags.com/publication/3d5e33a6?page=80"> Here's the quickest and easiest way to </a>
<a title="CPAJ May 2010 page 81" href="http://viewer.zmags.com/publication/3d5e33a6?page=81"> E CONOMIC & MARKET D ATA monthly update</a>
<a title="CPAJ May 2010 page 82" href="http://viewer.zmags.com/publication/3d5e33a6?page=82"> E DITORIAL a message from the editor-in-chie</a>
<a title="CPAJ May 2010 page 83" href="http://viewer.zmags.com/publication/3d5e33a6?page=83"> </a>
<a title="CPAJ May 2010 page 84" href="http://viewer.zmags.com/publication/3d5e33a6?page=84"> </a>