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<br /> www.cpaj.com May 2014<br /> The ABCs of Governments<br /> and Nonprofits<br /> GASB 58<br /> Documenting<br /> Noncash<br /> Contributions<br /> Nonprofit<br /> Revitalization<br /> Act<br /> Updated<br /> COSO<br /> Framework<br /> <br /> J u n e 2 6 , 2 0 14<br /> <br /> FAE Learning Center<br /> New York City<br /> (also available via Live Webcast)<br /> What you want to know from the IRS:<br /> Identity Theft Update from Amy L. Stanton, National Executive,<br /> Office of Privacy, Information Protection & Data Security<br /> What you need to know about Collection, IRS CI, and Examinations<br /> Hear from the IRS Office of Chief Counsel and the IRS<br /> Office of Appeals<br /> Meet the new Manhattan IRS Local Taxpayer Advocate Kevin Kelly <br /> IRS Practice and<br /> Procedures Conference<br /> Go to the source! Hear directly from 8 IRS professionals<br /> <a title="The CPA Journal - May 2014 page 1" href="http://viewer.zmags.com/publication/3ed2f36c?page=1"> www.cpaj.com May 2014 The ABCs of Governments </a> <a title="The CPA Journal - May 2014 page 2" href="http://viewer.zmags.com/publication/3ed2f36c?page=2"> </a> <a title="The CPA Journal - May 2014 page 3" href="http://viewer.zmags.com/publication/3ed2f36c?page=3"> J u n e 2 6 , 2 0 14 </a> <a title="The CPA Journal - May 2014 page 4" href="http://viewer.zmags.com/publication/3ed2f36c?page=4"> CONTENTS may 2014 6 PERSPECTIVES 18ESSENTIALS </a> <a title="The CPA Journal - May 2014 page 5" href="http://viewer.zmags.com/publication/3ed2f36c?page=5"> vol. LXXXIV/no. 5 40 ESSENTIALS 65 ESSENTIALS </a> <a title="The CPA Journal - May 2014 page 6" href="http://viewer.zmags.com/publication/3ed2f36c?page=6"> Not Yet a Member? Well, You’re Missing Out! </a> <a title="The CPA Journal - May 2014 page 7" href="http://viewer.zmags.com/publication/3ed2f36c?page=7"> FAE's Live Web Events Convenient. Low price. Gre</a> <a title="The CPA Journal - May 2014 page 8" href="http://viewer.zmags.com/publication/3ed2f36c?page=8"> publisher’s column Let Tradition Guide, </a> <a title="The CPA Journal - May 2014 page 9" href="http://viewer.zmags.com/publication/3ed2f36c?page=9"> </a> <a title="The CPA Journal - May 2014 page 10" href="http://viewer.zmags.com/publication/3ed2f36c?page=10"> PERSPECTIVES financial literacy Promoting Fi</a> <a title="The CPA Journal - May 2014 page 11" href="http://viewer.zmags.com/publication/3ed2f36c?page=11"> lic school curriculum? How can CPAs more effectiv</a> <a title="The CPA Journal - May 2014 page 12" href="http://viewer.zmags.com/publication/3ed2f36c?page=12"> EXHIBIT 2 Personal Finance (PF) Instruction: Cour</a> <a title="The CPA Journal - May 2014 page 13" href="http://viewer.zmags.com/publication/3ed2f36c?page=13"> cussions, proper financial planning and risk asse</a> <a title="The CPA Journal - May 2014 page 14" href="http://viewer.zmags.com/publication/3ed2f36c?page=14"> government accounting Accuracy in Governm</a> <a title="The CPA Journal - May 2014 page 15" href="http://viewer.zmags.com/publication/3ed2f36c?page=15"> by the SEC, so Harrisburg and its offi- cials wer</a> <a title="The CPA Journal - May 2014 page 16" href="http://viewer.zmags.com/publication/3ed2f36c?page=16"> personal viewpoint Not-for-Profits Are Bi</a> <a title="The CPA Journal - May 2014 page 17" href="http://viewer.zmags.com/publication/3ed2f36c?page=17"> tax & accounting update Tax & Accounting Up</a> <a title="The CPA Journal - May 2014 page 18" href="http://viewer.zmags.com/publication/3ed2f36c?page=18"> book review Guide to Intangible Asset Valuati</a> <a title="The CPA Journal - May 2014 page 19" href="http://viewer.zmags.com/publication/3ed2f36c?page=19"> inbox: letter to the editor PCAOB Internat</a> <a title="The CPA Journal - May 2014 page 20" href="http://viewer.zmags.com/publication/3ed2f36c?page=20"> ACCOUNTING & AUDITING government acc</a> <a title="The CPA Journal - May 2014 page 21" href="http://viewer.zmags.com/publication/3ed2f36c?page=21"> extent to which individual states permit municipa</a> <a title="The CPA Journal - May 2014 page 22" href="http://viewer.zmags.com/publication/3ed2f36c?page=22"> With regard to accounts payable, notes payable, </a> <a title="The CPA Journal - May 2014 page 23" href="http://viewer.zmags.com/publication/3ed2f36c?page=23"> firmed plan of adjustment calls for lower future </a> <a title="The CPA Journal - May 2014 page 24" href="http://viewer.zmags.com/publication/3ed2f36c?page=24"> EXHIBIT 2 How CPAs Can Prepare for Municipal Bank</a> <a title="The CPA Journal - May 2014 page 25" href="http://viewer.zmags.com/publication/3ed2f36c?page=25"> equal reduction to the recorded value of the leas</a> <a title="The CPA Journal - May 2014 page 26" href="http://viewer.zmags.com/publication/3ed2f36c?page=26"> ACCOUNTING & AUDITING government acc</a> <a title="The CPA Journal - May 2014 page 27" href="http://viewer.zmags.com/publication/3ed2f36c?page=27"> nance board are “committed.” The com- mitment cla</a> <a title="The CPA Journal - May 2014 page 28" href="http://viewer.zmags.com/publication/3ed2f36c?page=28"> Government financial statements, even of the</a> <a title="The CPA Journal - May 2014 page 29" href="http://viewer.zmags.com/publication/3ed2f36c?page=29"> numerous to fully explain, including the recognit</a> <a title="The CPA Journal - May 2014 page 30" href="http://viewer.zmags.com/publication/3ed2f36c?page=30"> ACCOUNTING & AUDITING accounting Impairme</a> <a title="The CPA Journal - May 2014 page 31" href="http://viewer.zmags.com/publication/3ed2f36c?page=31"> Equipment. The guidance for intangible long-lived</a> <a title="The CPA Journal - May 2014 page 32" href="http://viewer.zmags.com/publication/3ed2f36c?page=32"> EXHIBIT 2 A Comparison of ASC 350 with IAS 36 </a> <a title="The CPA Journal - May 2014 page 33" href="http://viewer.zmags.com/publication/3ed2f36c?page=33"> n Require the disclosure of information that will</a> <a title="The CPA Journal - May 2014 page 34" href="http://viewer.zmags.com/publication/3ed2f36c?page=34"> amount exceeds the cash flow amount, the entity m</a> <a title="The CPA Journal - May 2014 page 35" href="http://viewer.zmags.com/publication/3ed2f36c?page=35"> and amount of any impairment losses recog- nized,</a> <a title="The CPA Journal - May 2014 page 36" href="http://viewer.zmags.com/publication/3ed2f36c?page=36"> ACCOUNTING & AUDITING standards se</a> <a title="The CPA Journal - May 2014 page 37" href="http://viewer.zmags.com/publication/3ed2f36c?page=37"> 2011-05. This article’s authors looked at a rando</a> <a title="The CPA Journal - May 2014 page 38" href="http://viewer.zmags.com/publication/3ed2f36c?page=38"> EXHIBIT 2 BMC Software Incorporated Consolidated </a> <a title="The CPA Journal - May 2014 page 39" href="http://viewer.zmags.com/publication/3ed2f36c?page=39"> sive income standard, 250 entities with fis- cal </a> <a title="The CPA Journal - May 2014 page 40" href="http://viewer.zmags.com/publication/3ed2f36c?page=40"> than the group of larger companies (9.6%), this d</a> <a title="The CPA Journal - May 2014 page 41" href="http://viewer.zmags.com/publication/3ed2f36c?page=41"> or 17.6%). Testing showed that the reporting diff</a> <a title="The CPA Journal - May 2014 page 42" href="http://viewer.zmags.com/publication/3ed2f36c?page=42"> TAXATION federal taxation </a> <a title="The CPA Journal - May 2014 page 43" href="http://viewer.zmags.com/publication/3ed2f36c?page=43"> ble deductions, and this scrutiny will extend bey</a> <a title="The CPA Journal - May 2014 page 44" href="http://viewer.zmags.com/publication/3ed2f36c?page=44"> noncash contribution greater than $5,000 is subst</a> <a title="The CPA Journal - May 2014 page 45" href="http://viewer.zmags.com/publication/3ed2f36c?page=45"> the IRS’s audit position, Mohamed hired two nomin</a> <a title="The CPA Journal - May 2014 page 46" href="http://viewer.zmags.com/publication/3ed2f36c?page=46"> against the Commissioner here, because ‘the autho</a> <a title="The CPA Journal - May 2014 page 47" href="http://viewer.zmags.com/publication/3ed2f36c?page=47"> </a> <a title="The CPA Journal - May 2014 page 48" href="http://viewer.zmags.com/publication/3ed2f36c?page=48"> FINANCE not-for-profit organizations </a> <a title="The CPA Journal - May 2014 page 49" href="http://viewer.zmags.com/publication/3ed2f36c?page=49"> however, the act’s fundamental principles and maj</a> <a title="The CPA Journal - May 2014 page 50" href="http://viewer.zmags.com/publication/3ed2f36c?page=50"> have immediate funds to pay for it; in addi- tion</a> <a title="The CPA Journal - May 2014 page 51" href="http://viewer.zmags.com/publication/3ed2f36c?page=51"> n Board committees (i.e., Are commit- tee membe</a> <a title="The CPA Journal - May 2014 page 52" href="http://viewer.zmags.com/publication/3ed2f36c?page=52"> tive possibilities, and the documentation of the </a> <a title="The CPA Journal - May 2014 page 53" href="http://viewer.zmags.com/publication/3ed2f36c?page=53"> board is given express responsibility for over- s</a> <a title="The CPA Journal - May 2014 page 54" href="http://viewer.zmags.com/publication/3ed2f36c?page=54"> Form 990 Issues Independence. The detail provi</a> <a title="The CPA Journal - May 2014 page 55" href="http://viewer.zmags.com/publication/3ed2f36c?page=55"> its application. But an issue arises when trying </a> <a title="The CPA Journal - May 2014 page 56" href="http://viewer.zmags.com/publication/3ed2f36c?page=56"> MANAGEMENT not-for-profit organizations </a> <a title="The CPA Journal - May 2014 page 57" href="http://viewer.zmags.com/publication/3ed2f36c?page=57"> are relevant for a variety of entities, pub- lic,</a> <a title="The CPA Journal - May 2014 page 58" href="http://viewer.zmags.com/publication/3ed2f36c?page=58"> Internal Control–Integrated Framework are intende</a> <a title="The CPA Journal - May 2014 page 59" href="http://viewer.zmags.com/publication/3ed2f36c?page=59"> begin with the control environment (IC Framework)</a> <a title="The CPA Journal - May 2014 page 60" href="http://viewer.zmags.com/publication/3ed2f36c?page=60"> Framework. Funding from the U.S. gov- ernment can</a> <a title="The CPA Journal - May 2014 page 61" href="http://viewer.zmags.com/publication/3ed2f36c?page=61"> and 15 (External Communication) of the IC Framewo</a> <a title="The CPA Journal - May 2014 page 62" href="http://viewer.zmags.com/publication/3ed2f36c?page=62"> MANAGEMENT not-for-profit organizations The B</a> <a title="The CPA Journal - May 2014 page 63" href="http://viewer.zmags.com/publication/3ed2f36c?page=63"> of federal dollars audited by less than 1%. This </a> <a title="The CPA Journal - May 2014 page 64" href="http://viewer.zmags.com/publication/3ed2f36c?page=64"> </a> <a title="The CPA Journal - May 2014 page 65" href="http://viewer.zmags.com/publication/3ed2f36c?page=65"> </a> <a title="The CPA Journal - May 2014 page 66" href="http://viewer.zmags.com/publication/3ed2f36c?page=66"> Recipients of federal funds. Several clauses in</a> <a title="The CPA Journal - May 2014 page 67" href="http://viewer.zmags.com/publication/3ed2f36c?page=67"> RESPONSIBILITIES & LEADERSHIP fraud H</a> <a title="The CPA Journal - May 2014 page 68" href="http://viewer.zmags.com/publication/3ed2f36c?page=68"> er. Firm A performed the audit of Dixon from 1990</a> <a title="The CPA Journal - May 2014 page 69" href="http://viewer.zmags.com/publication/3ed2f36c?page=69"> Consideration of Fraud in a Financial Statement A</a> <a title="The CPA Journal - May 2014 page 70" href="http://viewer.zmags.com/publication/3ed2f36c?page=70"> ities is often done for the wrong reasons. Audito</a> <a title="The CPA Journal - May 2014 page 71" href="http://viewer.zmags.com/publication/3ed2f36c?page=71"> TECHNOLOGY security SEC Cybersecurity Disclosu</a> <a title="The CPA Journal - May 2014 page 72" href="http://viewer.zmags.com/publication/3ed2f36c?page=72"> to the nature, occurrence, and the poten- tial co</a> <a title="The CPA Journal - May 2014 page 73" href="http://viewer.zmags.com/publication/3ed2f36c?page=73"> tionships, loss of business and future cash flows</a> <a title="The CPA Journal - May 2014 page 74" href="http://viewer.zmags.com/publication/3ed2f36c?page=74"> TECHNOLOGY what to bookmark Website of the M</a> <a title="The CPA Journal - May 2014 page 75" href="http://viewer.zmags.com/publication/3ed2f36c?page=75"> ment attributes for financial statements: his- to</a> <a title="The CPA Journal - May 2014 page 76" href="http://viewer.zmags.com/publication/3ed2f36c?page=76"> CLASSIFIEDMARKETPLACE SPACE FOR RENT/REAL ESTATE</a> <a title="The CPA Journal - May 2014 page 77" href="http://viewer.zmags.com/publication/3ed2f36c?page=77"> CLASSIFIED Westchester CPA firm seeks to acquire </a> <a title="The CPA Journal - May 2014 page 78" href="http://viewer.zmags.com/publication/3ed2f36c?page=78"> CLASSIFIED Buxbaum Sales Tax Consultants www.nysa</a> <a title="The CPA Journal - May 2014 page 79" href="http://viewer.zmags.com/publication/3ed2f36c?page=79"> CLASSIFIED PEER REVIEW SPECIALIZING IN EM</a> <a title="The CPA Journal - May 2014 page 80" href="http://viewer.zmags.com/publication/3ed2f36c?page=80"> CLASSIFIED EDITOR IN CHIEF: CPA JOURNAL We are c</a> <a title="The CPA Journal - May 2014 page 81" href="http://viewer.zmags.com/publication/3ed2f36c?page=81"> ECONOMIC & MARKET DATA monthly u</a> <a title="The CPA Journal - May 2014 page 82" href="http://viewer.zmags.com/publication/3ed2f36c?page=82"> EDITORIAL a message from the editor-in-chief </a> <a title="The CPA Journal - May 2014 page 83" href="http://viewer.zmags.com/publication/3ed2f36c?page=83"> </a> <a title="The CPA Journal - May 2014 page 84" href="http://viewer.zmags.com/publication/3ed2f36c?page=84"> </a>