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<br /> Accounting Across Borders<br />  N.Y. Legislation Delivers Reform, Mobility<br />  IFRS on the Horizon<br /> PLUS<br /> Madoff Victims' Tax Questions for 2008 Returns<br /> <br /> <br /> C ONTENTS<br /> march 2009<br /> 26 Accounting & Auditing<br /> ❙ International Accounting<br /> The Economic Effects of IFRS Adoption:<br /> Investigating the Expected Benefits<br /> By Barry Jay Epstein<br /> ❙ International Accounting<br /> Twenty Questions on International<br /> Financial Reporting Standards<br /> By Heidi Tribunella<br /> ❙ Business Valuation<br /> The Valuation of Earn-outs and Acquired<br /> Contingencies Under SFAS 141(R)<br /> By Marc Asbra and Karen Miles<br /> <a title="The CPA Journal - March 2009 page 1" href="http://viewer.zmags.com/publication/417412e3?page=1"> Accounting Across Borders  N.Y. Legislation Deli</a> <a title="The CPA Journal - March 2009 page 2" href="http://viewer.zmags.com/publication/417412e3?page=2"> </a> <a title="The CPA Journal - March 2009 page 3" href="http://viewer.zmags.com/publication/417412e3?page=3"> </a> <a title="The CPA Journal - March 2009 page 4" href="http://viewer.zmags.com/publication/417412e3?page=4"> C ONTENTS march 2009 26 A</a> <a title="The CPA Journal - March 2009 page 5" href="http://viewer.zmags.com/publication/417412e3?page=5"> vol. LXXIX/no. 3 6 PERSPECTIVES 16 INFOCUS </a> <a title="The CPA Journal - March 2009 page 6" href="http://viewer.zmags.com/publication/417412e3?page=6"> Publisher LOUIS GRUMET Associate Pu</a> <a title="The CPA Journal - March 2009 page 7" href="http://viewer.zmags.com/publication/417412e3?page=7"> </a> <a title="The CPA Journal - March 2009 page 8" href="http://viewer.zmags.com/publication/417412e3?page=8"> P ERSPECTIVES viewpoint `Excelsior' The Pu</a> <a title="The CPA Journal - March 2009 page 9" href="http://viewer.zmags.com/publication/417412e3?page=9"> publisher's column New Law Addresses Mobili</a> <a title="The CPA Journal - March 2009 page 10" href="http://viewer.zmags.com/publication/417412e3?page=10"> (Continued from page 6) argument to include tax s</a> <a title="The CPA Journal - March 2009 page 11" href="http://viewer.zmags.com/publication/417412e3?page=11"> vices, or other professional services involv- ing</a> <a title="The CPA Journal - March 2009 page 12" href="http://viewer.zmags.com/publication/417412e3?page=12"> not in good standing—or if final disci- plinary a</a> <a title="The CPA Journal - March 2009 page 13" href="http://viewer.zmags.com/publication/417412e3?page=13"> without a principal place of business in New York</a> <a title="The CPA Journal - March 2009 page 14" href="http://viewer.zmags.com/publication/417412e3?page=14"> Accounting Associations Need Synergies, N</a> <a title="The CPA Journal - March 2009 page 15" href="http://viewer.zmags.com/publication/417412e3?page=15"> value, spur economic development, and benefit soc</a> <a title="The CPA Journal - March 2009 page 16" href="http://viewer.zmags.com/publication/417412e3?page=16"> Extraordinary Circumstances: The Journey of a Cor</a> <a title="The CPA Journal - March 2009 page 17" href="http://viewer.zmags.com/publication/417412e3?page=17"> inbox: letters to the editor Confronting </a> <a title="The CPA Journal - March 2009 page 18" href="http://viewer.zmags.com/publication/417412e3?page=18"> Focus In By Jos</a> <a title="The CPA Journal - March 2009 page 19" href="http://viewer.zmags.com/publication/417412e3?page=19"> I n December 2007, the SEC eliminated the </a> <a title="The CPA Journal - March 2009 page 20" href="http://viewer.zmags.com/publication/417412e3?page=20"> Background Why is IFRS back in the news? The F</a> <a title="The CPA Journal - March 2009 page 21" href="http://viewer.zmags.com/publication/417412e3?page=21"> </a> <a title="The CPA Journal - March 2009 page 22" href="http://viewer.zmags.com/publication/417412e3?page=22"> ulators around the world have influenced and will</a> <a title="The CPA Journal - March 2009 page 23" href="http://viewer.zmags.com/publication/417412e3?page=23"> the adoption of the FASB online codifica- tion of</a> <a title="The CPA Journal - March 2009 page 24" href="http://viewer.zmags.com/publication/417412e3?page=24"> ences. Although there are differences in presenta</a> <a title="The CPA Journal - March 2009 page 25" href="http://viewer.zmags.com/publication/417412e3?page=25"> Leases. The IFRS criteria for distin- guishing</a> <a title="The CPA Journal - March 2009 page 26" href="http://viewer.zmags.com/publication/417412e3?page=26"> companies occurred in June 2002 and was effective</a> <a title="The CPA Journal - March 2009 page 27" href="http://viewer.zmags.com/publication/417412e3?page=27"> </a> <a title="The CPA Journal - March 2009 page 28" href="http://viewer.zmags.com/publication/417412e3?page=28"> A CCOUNTING & AUDITING international accoun</a> <a title="The CPA Journal - March 2009 page 29" href="http://viewer.zmags.com/publication/417412e3?page=29"> capital flows and the lowering of the cost of cap</a> <a title="The CPA Journal - March 2009 page 30" href="http://viewer.zmags.com/publication/417412e3?page=30"> Bahnson, whose Quality Financial Reporting (McGra</a> <a title="The CPA Journal - March 2009 page 31" href="http://viewer.zmags.com/publication/417412e3?page=31"> value is defined as related to the future earning</a> <a title="The CPA Journal - March 2009 page 32" href="http://viewer.zmags.com/publication/417412e3?page=32"> Nonetheless, based on a review of the lit- eratur</a> <a title="The CPA Journal - March 2009 page 33" href="http://viewer.zmags.com/publication/417412e3?page=33"> ■ Extent and nature of government involvement i</a> <a title="The CPA Journal - March 2009 page 34" href="http://viewer.zmags.com/publication/417412e3?page=34"> A CCOUNTING & AUDITING international accoun</a> <a title="The CPA Journal - March 2009 page 35" href="http://viewer.zmags.com/publication/417412e3?page=35"> papers for Phases C and B are expected in the thi</a> <a title="The CPA Journal - March 2009 page 36" href="http://viewer.zmags.com/publication/417412e3?page=36"> 9. What Are the Major Differences Between U.S. GA</a> <a title="The CPA Journal - March 2009 page 37" href="http://viewer.zmags.com/publication/417412e3?page=37"> at fair value or on the basis of its propor- tion</a> <a title="The CPA Journal - March 2009 page 38" href="http://viewer.zmags.com/publication/417412e3?page=38"> There are differences in unrecognized continge</a> <a title="The CPA Journal - March 2009 page 39" href="http://viewer.zmags.com/publication/417412e3?page=39"> dards, which are available for free on the FASB w</a> <a title="The CPA Journal - March 2009 page 40" href="http://viewer.zmags.com/publication/417412e3?page=40"> A CCOUNTING & AUDITING business valuation </a> <a title="The CPA Journal - March 2009 page 41" href="http://viewer.zmags.com/publication/417412e3?page=41"> tion of the fair value of an earn-out under this </a> <a title="The CPA Journal - March 2009 page 42" href="http://viewer.zmags.com/publication/417412e3?page=42"> amount of goodwill finally recorded under prior G</a> <a title="The CPA Journal - March 2009 page 43" href="http://viewer.zmags.com/publication/417412e3?page=43"> a liability only if it is more likely than not (i</a> <a title="The CPA Journal - March 2009 page 44" href="http://viewer.zmags.com/publication/417412e3?page=44"> information would limit the counterparty's abilit</a> <a title="The CPA Journal - March 2009 page 45" href="http://viewer.zmags.com/publication/417412e3?page=45"> Register Now Online at www.nycpashow.com </a> <a title="The CPA Journal - March 2009 page 46" href="http://viewer.zmags.com/publication/417412e3?page=46"> T AXATION federal taxation </a> <a title="The CPA Journal - March 2009 page 47" href="http://viewer.zmags.com/publication/417412e3?page=47"> the IRS issues guidance or audit guidelines contr</a> <a title="The CPA Journal - March 2009 page 48" href="http://viewer.zmags.com/publication/417412e3?page=48"> EXHIBIT 1 Reinvested Income ----------Reim</a> <a title="The CPA Journal - March 2009 page 49" href="http://viewer.zmags.com/publication/417412e3?page=49"> tax basis at the beginning of the year; f) taxabl</a> <a title="The CPA Journal - March 2009 page 50" href="http://viewer.zmags.com/publication/417412e3?page=50"> EXHIBIT 2 Current-Pay Income ----------Re</a> <a title="The CPA Journal - March 2009 page 51" href="http://viewer.zmags.com/publication/417412e3?page=51"> and CCA 200451030). The IRS cites Revenue Ruling </a> <a title="The CPA Journal - March 2009 page 52" href="http://viewer.zmags.com/publication/417412e3?page=52"> THE GOOD, THE BAD, AND THE MADOFF THEFT LOSS </a> <a title="The CPA Journal - March 2009 page 53" href="http://viewer.zmags.com/publication/417412e3?page=53"> returns. Phantom income for 2005 to 2007 represen</a> <a title="The CPA Journal - March 2009 page 54" href="http://viewer.zmags.com/publication/417412e3?page=54"> T AXATION fraud Deductibility of Theft Loss</a> <a title="The CPA Journal - March 2009 page 55" href="http://viewer.zmags.com/publication/417412e3?page=55"> court-ordered restitution. This was further suppo</a> <a title="The CPA Journal - March 2009 page 56" href="http://viewer.zmags.com/publication/417412e3?page=56"> T AXATION state & local taxation Using C</a> <a title="The CPA Journal - March 2009 page 57" href="http://viewer.zmags.com/publication/417412e3?page=57"> Federal Child and Dependent Care Tax Credit Th</a> <a title="The CPA Journal - March 2009 page 58" href="http://viewer.zmags.com/publication/417412e3?page=58"> This squeeze is evident from childcare statist</a> <a title="The CPA Journal - March 2009 page 59" href="http://viewer.zmags.com/publication/417412e3?page=59"> expenses qualifies for the New York DCTC, so the </a> <a title="The CPA Journal - March 2009 page 60" href="http://viewer.zmags.com/publication/417412e3?page=60"> Oregon has a nonrefundable child and dependent</a> <a title="The CPA Journal - March 2009 page 61" href="http://viewer.zmags.com/publication/417412e3?page=61"> In the abstract, it might make some sense </a> <a title="The CPA Journal - March 2009 page 62" href="http://viewer.zmags.com/publication/417412e3?page=62"> T AXATION federal taxation New Real Estate </a> <a title="The CPA Journal - March 2009 page 63" href="http://viewer.zmags.com/publication/417412e3?page=63"> conversion, or transfers between spouses or as a </a> <a title="The CPA Journal - March 2009 page 64" href="http://viewer.zmags.com/publication/417412e3?page=64"> F INANCE personal financial planning Ret</a> <a title="The CPA Journal - March 2009 page 65" href="http://viewer.zmags.com/publication/417412e3?page=65"> 2009, the rate of increase for upper-income indiv</a> <a title="The CPA Journal - March 2009 page 66" href="http://viewer.zmags.com/publication/417412e3?page=66"> EXHIBIT 2 Part B P</a> <a title="The CPA Journal - March 2009 page 67" href="http://viewer.zmags.com/publication/417412e3?page=67"> Possible Adjustments There are occasions when</a> <a title="The CPA Journal - March 2009 page 68" href="http://viewer.zmags.com/publication/417412e3?page=68"> F INANCE personal financial planning Tax</a> <a title="The CPA Journal - March 2009 page 69" href="http://viewer.zmags.com/publication/417412e3?page=69"> requires the teacher to spread the nine-month sal</a> <a title="The CPA Journal - March 2009 page 70" href="http://viewer.zmags.com/publication/417412e3?page=70"> M ANAGEMENT practice management Tax Plann</a> <a title="The CPA Journal - March 2009 page 71" href="http://viewer.zmags.com/publication/417412e3?page=71"> ■ Failure by Magassy to make a good faith, reas</a> <a title="The CPA Journal - March 2009 page 72" href="http://viewer.zmags.com/publication/417412e3?page=72"> R ESPONSIBILITIES & LEADERSHIP diversity of</a> <a title="The CPA Journal - March 2009 page 73" href="http://viewer.zmags.com/publication/417412e3?page=73"> with several highly successful minority accountin</a> <a title="The CPA Journal - March 2009 page 74" href="http://viewer.zmags.com/publication/417412e3?page=74"> T ECHNOLOGY what to bookmark Website of </a> <a title="The CPA Journal - March 2009 page 75" href="http://viewer.zmags.com/publication/417412e3?page=75"> America. From the historical summary page, users </a> <a title="The CPA Journal - March 2009 page 76" href="http://viewer.zmags.com/publication/417412e3?page=76"> Classified PROFESSIONAL OPPORTUNITY l BUSINESS l</a> <a title="The CPA Journal - March 2009 page 77" href="http://viewer.zmags.com/publication/417412e3?page=77"> CPA PRACTICES Sales  Mergers  Va</a> <a title="The CPA Journal - March 2009 page 78" href="http://viewer.zmags.com/publication/417412e3?page=78"> LEGAL SERVICES PROFESSIONAL CONDUCT EXPERT </a> <a title="The CPA Journal - March 2009 page 79" href="http://viewer.zmags.com/publication/417412e3?page=79"> Classified Rates Rates & W</a> <a title="The CPA Journal - March 2009 page 80" href="http://viewer.zmags.com/publication/417412e3?page=80"> </a> <a title="The CPA Journal - March 2009 page 81" href="http://viewer.zmags.com/publication/417412e3?page=81"> E CONOMIC & MARKET D ATA monthly update</a> <a title="The CPA Journal - March 2009 page 82" href="http://viewer.zmags.com/publication/417412e3?page=82"> E DITORIAL a message from the editor-in-chie</a> <a title="The CPA Journal - March 2009 page 83" href="http://viewer.zmags.com/publication/417412e3?page=83"> </a> <a title="The CPA Journal - March 2009 page 84" href="http://viewer.zmags.com/publication/417412e3?page=84"> </a>