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<br /> Baruch College's 11th Annual Financial Reporting Conference<br /> Views from Regulators and the Profession<br /> Plus<br />  Private Company Standards<br />  Enhancing Management Advice<br />  Professional Participation on Campus<br /> <br /> <br /> <br /> CONTENTS<br /> july 2012<br /> 46 Accounting & Auditing<br /> ❙ Standards Setting<br /> The Controversy over Private Company Reporting Standards:<br /> Recommendations of the Blue Ribbon Panel and the<br /> Financial Accounting Foundation's Response<br /> Spark New Debate<br /> By Nicholas C. Lynch<br /> 54 Taxation<br /> ❙ State & Local Taxation<br /> New York Enacts an On-time Bud<a title="The CPA Journal - July 2012 page 1" href="http://viewer.zmags.com/publication/43a38bed?page=1"> Baruch College's 11th Annual Financial Reporting </a> <a title="The CPA Journal - July 2012 page 2" href="http://viewer.zmags.com/publication/43a38bed?page=2"> </a> <a title="The CPA Journal - July 2012 page 3" href="http://viewer.zmags.com/publication/43a38bed?page=3"> </a> <a title="The CPA Journal - July 2012 page 4" href="http://viewer.zmags.com/publication/43a38bed?page=4"> </a> <a title="The CPA Journal - July 2012 page 5" href="http://viewer.zmags.com/publication/43a38bed?page=5"> CONTENTS july 2012 </a> <a title="The CPA Journal - July 2012 page 6" href="http://viewer.zmags.com/publication/43a38bed?page=6"> vol. LXXXII/no.7 6PERSPECTIVES 14IN FOCUS </a> <a title="The CPA Journal - July 2012 page 7" href="http://viewer.zmags.com/publication/43a38bed?page=7"> Publisher JOANNE S. BARRY Associate Publisher C</a> <a title="The CPA Journal - July 2012 page 8" href="http://viewer.zmags.com/publication/43a38bed?page=8"> Serve on the NYSSCPA Nominating Committee WHAT </a> <a title="The CPA Journal - July 2012 page 9" href="http://viewer.zmags.com/publication/43a38bed?page=9"> PERSPECTIVES historical perspective The P</a> <a title="The CPA Journal - July 2012 page 10" href="http://viewer.zmags.com/publication/43a38bed?page=10"> publisher's column Mending the Gaps in the </a> <a title="The CPA Journal - July 2012 page 11" href="http://viewer.zmags.com/publication/43a38bed?page=11"> (Continued from page 6) held the position of pres</a> <a title="The CPA Journal - July 2012 page 12" href="http://viewer.zmags.com/publication/43a38bed?page=12"> Accounting Association, and led the orga- nizatio</a> <a title="The CPA Journal - July 2012 page 13" href="http://viewer.zmags.com/publication/43a38bed?page=13"> future of the profession The Best Accou</a> <a title="The CPA Journal - July 2012 page 14" href="http://viewer.zmags.com/publication/43a38bed?page=14"> EXHIBIT 1 A Cl</a> <a title="The CPA Journal - July 2012 page 15" href="http://viewer.zmags.com/publication/43a38bed?page=15"> EXHIBIT 2 Quality of Life Ca</a> <a title="The CPA Journal - July 2012 page 16" href="http://viewer.zmags.com/publication/43a38bed?page=16"> indicates that the extent of testing in the table</a> <a title="The CPA Journal - July 2012 page 17" href="http://viewer.zmags.com/publication/43a38bed?page=17"> In Focus </a> <a title="The CPA Journal - July 2012 page 18" href="http://viewer.zmags.com/publication/43a38bed?page=18"> All photos by: Robert Horne R egulators, financi</a> <a title="The CPA Journal - July 2012 page 19" href="http://viewer.zmags.com/publication/43a38bed?page=19"> In Focus Updates from FASB and the SEC Conductin</a> <a title="The CPA Journal - July 2012 page 20" href="http://viewer.zmags.com/publication/43a38bed?page=20"> FASB/SEC diverse input from our stakeholders. </a> <a title="The CPA Journal - July 2012 page 21" href="http://viewer.zmags.com/publication/43a38bed?page=21"> Illuminating Financial Reporting based on the co</a> <a title="The CPA Journal - July 2012 page 22" href="http://viewer.zmags.com/publication/43a38bed?page=22"> FASB/SEC versus private companies. So the purpos</a> <a title="The CPA Journal - July 2012 page 23" href="http://viewer.zmags.com/publication/43a38bed?page=23"> Illuminating Financial Reporting </a> <a title="The CPA Journal - July 2012 page 24" href="http://viewer.zmags.com/publication/43a38bed?page=24"> FASB/SEC tor ought to be putting themselves in a</a> <a title="The CPA Journal - July 2012 page 25" href="http://viewer.zmags.com/publication/43a38bed?page=25"> Illuminating Financial Reporting an impact on ei</a> <a title="The CPA Journal - July 2012 page 26" href="http://viewer.zmags.com/publication/43a38bed?page=26"> FASB/SEC modifies the rejection language, and th</a> <a title="The CPA Journal - July 2012 page 27" href="http://viewer.zmags.com/publication/43a38bed?page=27"> In Focus Current Developments at the SEC IFRS Wo</a> <a title="The CPA Journal - July 2012 page 28" href="http://viewer.zmags.com/publication/43a38bed?page=28"> SEC is currently “substantially written and we'r</a> <a title="The CPA Journal - July 2012 page 29" href="http://viewer.zmags.com/publication/43a38bed?page=29"> Illuminating Financial Reporting should “further</a> <a title="The CPA Journal - July 2012 page 30" href="http://viewer.zmags.com/publication/43a38bed?page=30"> SEC be filed; you can't come in without an audit</a> <a title="The CPA Journal - July 2012 page 31" href="http://viewer.zmags.com/publication/43a38bed?page=31"> In Focus Current Developments in the Priv</a> <a title="The CPA Journal - July 2012 page 32" href="http://viewer.zmags.com/publication/43a38bed?page=32"> PRIVATE SECTOR entities and should alleviate som</a> <a title="The CPA Journal - July 2012 page 33" href="http://viewer.zmags.com/publication/43a38bed?page=33"> Illuminating Financial Reporting mine how commun</a> <a title="The CPA Journal - July 2012 page 34" href="http://viewer.zmags.com/publication/43a38bed?page=34"> PRIVATE SECTOR to “treat it the same way we do a</a> <a title="The CPA Journal - July 2012 page 35" href="http://viewer.zmags.com/publication/43a38bed?page=35"> In Focus Driving Change to Achieve </a> <a title="The CPA Journal - July 2012 page 36" href="http://viewer.zmags.com/publication/43a38bed?page=36"> KEYNOTE ADDRESS Reliable and Relevant Audits </a> <a title="The CPA Journal - July 2012 page 37" href="http://viewer.zmags.com/publication/43a38bed?page=37"> Illuminating Financial Reporting oversight respo</a> <a title="The CPA Journal - July 2012 page 38" href="http://viewer.zmags.com/publication/43a38bed?page=38"> KEYNOTE ADDRESS our basic operations—the “ordina</a> <a title="The CPA Journal - July 2012 page 39" href="http://viewer.zmags.com/publication/43a38bed?page=39"> ILLUMINATING FINANCIAL REPORTING </a> <a title="The CPA Journal - July 2012 page 40" href="http://viewer.zmags.com/publication/43a38bed?page=40"> KEYNOTE ADDRESS milestones beyond holding a few </a> <a title="The CPA Journal - July 2012 page 41" href="http://viewer.zmags.com/publication/43a38bed?page=41"> In Focus Status of Adopting Internati</a> <a title="The CPA Journal - July 2012 page 42" href="http://viewer.zmags.com/publication/43a38bed?page=42"> INTERNATIONAL STANDARDS vergence projects—revenu</a> <a title="The CPA Journal - July 2012 page 43" href="http://viewer.zmags.com/publication/43a38bed?page=43"> Illuminating Financial Reporting Having a comm</a> <a title="The CPA Journal - July 2012 page 44" href="http://viewer.zmags.com/publication/43a38bed?page=44"> INTERNATIONAL STANDARDS GAAP and IFRS,” she said</a> <a title="The CPA Journal - July 2012 page 45" href="http://viewer.zmags.com/publication/43a38bed?page=45"> In Focus The Big Three Convergence Projects Reve</a> <a title="The CPA Journal - July 2012 page 46" href="http://viewer.zmags.com/publication/43a38bed?page=46"> CONVERGENCE PROJECTS that “some incremental impr</a> <a title="The CPA Journal - July 2012 page 47" href="http://viewer.zmags.com/publication/43a38bed?page=47"> Illuminating Financial Reporting </a> <a title="The CPA Journal - July 2012 page 48" href="http://viewer.zmags.com/publication/43a38bed?page=48"> CONVERGENCE PROJECTS Cosper explained FASB's </a> <a title="The CPA Journal - July 2012 page 49" href="http://viewer.zmags.com/publication/43a38bed?page=49"> ACCOUNTING & AUDITING standards setting</a> <a title="The CPA Journal - July 2012 page 50" href="http://viewer.zmags.com/publication/43a38bed?page=50"> The Blue Ribbon Panel In January 2011, a Blue </a> <a title="The CPA Journal - July 2012 page 51" href="http://viewer.zmags.com/publication/43a38bed?page=51"> developing and newly finalized standards to priva</a> <a title="The CPA Journal - July 2012 page 52" href="http://viewer.zmags.com/publication/43a38bed?page=52"> members, including a chairman, four prac- titione</a> <a title="The CPA Journal - July 2012 page 53" href="http://viewer.zmags.com/publication/43a38bed?page=53"> “Consolidation of Variable Interest Entities” (su</a> <a title="The CPA Journal - July 2012 page 54" href="http://viewer.zmags.com/publication/43a38bed?page=54"> closures. Under the proposed guidance, financial </a> <a title="The CPA Journal - July 2012 page 55" href="http://viewer.zmags.com/publication/43a38bed?page=55"> believe that there are going to be differ- ences </a> <a title="The CPA Journal - July 2012 page 56" href="http://viewer.zmags.com/publication/43a38bed?page=56"> Entities (IFRS for SMEs) might likewise provide a</a> <a title="The CPA Journal - July 2012 page 57" href="http://viewer.zmags.com/publication/43a38bed?page=57"> TAXATION state & local taxation New Yor</a> <a title="The CPA Journal - July 2012 page 58" href="http://viewer.zmags.com/publication/43a38bed?page=58"> E-file Mandate The Budget Act makes several c</a> <a title="The CPA Journal - July 2012 page 59" href="http://viewer.zmags.com/publication/43a38bed?page=59"> TAXATION state & local taxation Relocat</a> <a title="The CPA Journal - July 2012 page 60" href="http://viewer.zmags.com/publication/43a38bed?page=60"> administration—not, strictly speaking, as trustee</a> <a title="The CPA Journal - July 2012 page 61" href="http://viewer.zmags.com/publication/43a38bed?page=61"> FINANCE employee benefit plans Service P</a> <a title="The CPA Journal - July 2012 page 62" href="http://viewer.zmags.com/publication/43a38bed?page=62"> require, the use of a sample guide or uni- form f</a> <a title="The CPA Journal - July 2012 page 63" href="http://viewer.zmags.com/publication/43a38bed?page=63"> compensation paid to covered service providers un</a> <a title="The CPA Journal - July 2012 page 64" href="http://viewer.zmags.com/publication/43a38bed?page=64"> service arrangements. Certain calculation methodo</a> <a title="The CPA Journal - July 2012 page 65" href="http://viewer.zmags.com/publication/43a38bed?page=65"> MANAGEMENT corporate management </a> <a title="The CPA Journal - July 2012 page 66" href="http://viewer.zmags.com/publication/43a38bed?page=66"> strategic change proposals and project management</a> <a title="The CPA Journal - July 2012 page 67" href="http://viewer.zmags.com/publication/43a38bed?page=67"> regulatory requirements with constrained completi</a> <a title="The CPA Journal - July 2012 page 68" href="http://viewer.zmags.com/publication/43a38bed?page=68"> Shared project authority can be expressed w</a> <a title="The CPA Journal - July 2012 page 69" href="http://viewer.zmags.com/publication/43a38bed?page=69"> Project sponsors and teams should regularly consu</a> <a title="The CPA Journal - July 2012 page 70" href="http://viewer.zmags.com/publication/43a38bed?page=70"> project activity periods, rather than over time. </a> <a title="The CPA Journal - July 2012 page 71" href="http://viewer.zmags.com/publication/43a38bed?page=71"> RESPONSIBILITIES & LEADERSHIP education </a> <a title="The CPA Journal - July 2012 page 72" href="http://viewer.zmags.com/publication/43a38bed?page=72"> some cases, professionals act as judges; role- pl</a> <a title="The CPA Journal - July 2012 page 73" href="http://viewer.zmags.com/publication/43a38bed?page=73"> skills, and can reinforce business and account- i</a> <a title="The CPA Journal - July 2012 page 74" href="http://viewer.zmags.com/publication/43a38bed?page=74"> (As of March 28, 2012) The NYSSCPA ex</a> <a title="The CPA Journal - July 2012 page 75" href="http://viewer.zmags.com/publication/43a38bed?page=75"> TECHNOLOGY what to bookmark Website</a> <a title="The CPA Journal - July 2012 page 76" href="http://viewer.zmags.com/publication/43a38bed?page=76"> to engage in transactions with organizations base</a> <a title="The CPA Journal - July 2012 page 77" href="http://viewer.zmags.com/publication/43a38bed?page=77"> CLASSIFIEDMARKETPLACE PROFESSIONAL OPPORTUNITY l </a> <a title="The CPA Journal - July 2012 page 78" href="http://viewer.zmags.com/publication/43a38bed?page=78"> Peer Review If you need help, th</a> <a title="The CPA Journal - July 2012 page 79" href="http://viewer.zmags.com/publication/43a38bed?page=79"> New York City Metro Technical Accounting/Auditin</a> <a title="The CPA Journal - July 2012 page 80" href="http://viewer.zmags.com/publication/43a38bed?page=80"> Peer Review If you need help, the</a> <a title="The CPA Journal - July 2012 page 81" href="http://viewer.zmags.com/publication/43a38bed?page=81"> </a> <a title="The CPA Journal - July 2012 page 82" href="http://viewer.zmags.com/publication/43a38bed?page=82"> ECONOMIC & MARKET DATA monthly upd</a> <a title="The CPA Journal - July 2012 page 83" href="http://viewer.zmags.com/publication/43a38bed?page=83"> FAE 2012 Conferences foundation for accountin</a> <a title="The CPA Journal - July 2012 page 84" href="http://viewer.zmags.com/publication/43a38bed?page=84"> </a>