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<br /> www..cpajj..cormg January20134<br /> The Rise and Stall of the<br /> Convergence Movement<br /> Have There Been Benefits to the<br /> Convergence Process?<br /> +<br /> CONVERTING FINANCIAL<br /> STATEMENTS TO IFRS<br /> PCAOB INTERNATIONAL<br /> INSPECTIONS<br /> ASSESSING<br /> THE STATE OF<br /> IFRS ADOPTION<br /> <br /> FAE 2014 Conferences<br /> <br /> <br /> 36th<br /> ANNUAL<br /> Nonprofit<br /> Conference <br /> THE AGE OF CLARITY—<br /> CHANGING STANDARDS<br /> AND CHANGING LEGISLATION<br /> THURSDAY, JANUARY 9, 2014<br /> RIT Inn & Conference Center<br /> West Henrietta, NY<br /> THURSDAY, JANUARY 16, 2014<br /> Marriott Marquis Times Square<br /> New York, NY<br /> KEEP CURRENT WITH THE LATEST<br /> NONPROFIT DEVELOPMENTS<br /> ◗ Nonprofit A&A update, including contributions<br /> vs. exchange transactions, debt financing, and<br /> consolidations<br /> ◗ Executive Order 38—how to apply the metrics<br /> a<a title="The CPA Journal - January 2014 page 1" href="http://viewer.zmags.com/publication/56adc02d?page=1"> www..cpajj..cormg January20134 The</a> <a title="The CPA Journal - January 2014 page 2" href="http://viewer.zmags.com/publication/56adc02d?page=2"> </a> <a title="The CPA Journal - January 2014 page 3" href="http://viewer.zmags.com/publication/56adc02d?page=3"> FAE 2014 Conferences 36th ANNUAL Nonprofi</a> <a title="The CPA Journal - January 2014 page 4" href="http://viewer.zmags.com/publication/56adc02d?page=4"> CONTENTS january 2014 6 PERSPECTIVES 14 IN FO</a> <a title="The CPA Journal - January 2014 page 5" href="http://viewer.zmags.com/publication/56adc02d?page=5"> vol. LXXXIV/no. 1 20 ESSENTIALS 54 ESSEN</a> <a title="The CPA Journal - January 2014 page 6" href="http://viewer.zmags.com/publication/56adc02d?page=6"> Not Yet a Member? Well, You’re Missing Out! </a> <a title="The CPA Journal - January 2014 page 7" href="http://viewer.zmags.com/publication/56adc02d?page=7"> FAE 2014 Web Events FAE's Upcoming Live Web Eve</a> <a title="The CPA Journal - January 2014 page 8" href="http://viewer.zmags.com/publication/56adc02d?page=8"> PERSPECTIVES standards setting Global Account</a> <a title="The CPA Journal - January 2014 page 9" href="http://viewer.zmags.com/publication/56adc02d?page=9"> publisher’s column NextGen and the Next Chapt</a> <a title="The CPA Journal - January 2014 page 10" href="http://viewer.zmags.com/publication/56adc02d?page=10"> (Continued from page 6) reaffirmed their commitme</a> <a title="The CPA Journal - January 2014 page 11" href="http://viewer.zmags.com/publication/56adc02d?page=11"> Modifications to IFRS Are Rare This finding is </a> <a title="The CPA Journal - January 2014 page 12" href="http://viewer.zmags.com/publication/56adc02d?page=12"> mation about dual reporting (asserting compliance</a> <a title="The CPA Journal - January 2014 page 13" href="http://viewer.zmags.com/publication/56adc02d?page=13"> domestic listed companies, and many of the remain</a> <a title="The CPA Journal - January 2014 page 14" href="http://viewer.zmags.com/publication/56adc02d?page=14"> ers might also be interested in. Greater par- tic</a> <a title="The CPA Journal - January 2014 page 15" href="http://viewer.zmags.com/publication/56adc02d?page=15"> inbox: letter to the editor Expanding the </a> <a title="The CPA Journal - January 2014 page 16" href="http://viewer.zmags.com/publication/56adc02d?page=16"> In Focus The Rise and Stall of the U.S. GAAP an</a> <a title="The CPA Journal - January 2014 page 17" href="http://viewer.zmags.com/publication/56adc02d?page=17"> Convergence Movement Have There Been Benefits t</a> <a title="The CPA Journal - January 2014 page 18" href="http://viewer.zmags.com/publication/56adc02d?page=18"> Given this background, the purpose of this dis</a> <a title="The CPA Journal - January 2014 page 19" href="http://viewer.zmags.com/publication/56adc02d?page=19"> Reporting Standards into the Financial Reporting </a> <a title="The CPA Journal - January 2014 page 20" href="http://viewer.zmags.com/publication/56adc02d?page=20"> limited specific guidance and exceptions to the g</a> <a title="The CPA Journal - January 2014 page 21" href="http://viewer.zmags.com/publication/56adc02d?page=21"> obtain highly comparable, but not identi- cal, se</a> <a title="The CPA Journal - January 2014 page 22" href="http://viewer.zmags.com/publication/56adc02d?page=22"> ACCOUNTING & AUDITING international a</a> <a title="The CPA Journal - January 2014 page 23" href="http://viewer.zmags.com/publication/56adc02d?page=23"> Coverage of IFRS in college accounting curricu</a> <a title="The CPA Journal - January 2014 page 24" href="http://viewer.zmags.com/publication/56adc02d?page=24"> year, and any related income tax effects have bee</a> <a title="The CPA Journal - January 2014 page 25" href="http://viewer.zmags.com/publication/56adc02d?page=25"> n The market value of the equipment at the incept</a> <a title="The CPA Journal - January 2014 page 26" href="http://viewer.zmags.com/publication/56adc02d?page=26"> accumulated depreciation and subsequent accumulat</a> <a title="The CPA Journal - January 2014 page 27" href="http://viewer.zmags.com/publication/56adc02d?page=27"> expected future cash flows from the asset). An im</a> <a title="The CPA Journal - January 2014 page 28" href="http://viewer.zmags.com/publication/56adc02d?page=28"> Goodwill impairment. Under U.S. GAAP (ASC 350-2</a> <a title="The CPA Journal - January 2014 page 29" href="http://viewer.zmags.com/publication/56adc02d?page=29"> (a contractual obligation to deliver cash or othe</a> <a title="The CPA Journal - January 2014 page 30" href="http://viewer.zmags.com/publication/56adc02d?page=30"> the lessee’s incremental borrowing rate as the di</a> <a title="The CPA Journal - January 2014 page 31" href="http://viewer.zmags.com/publication/56adc02d?page=31"> Effects on Financial Ratios Any changes made to</a> <a title="The CPA Journal - January 2014 page 32" href="http://viewer.zmags.com/publication/56adc02d?page=32"> ACCOUNTING & AUDITING international </a> <a title="The CPA Journal - January 2014 page 33" href="http://viewer.zmags.com/publication/56adc02d?page=33"> A1–A6). At the end of 2012, 911 foreign audit fir</a> <a title="The CPA Journal - January 2014 page 34" href="http://viewer.zmags.com/publication/56adc02d?page=34"> EXHIBIT 1 International Inspections: Number of In</a> <a title="The CPA Journal - January 2014 page 35" href="http://viewer.zmags.com/publication/56adc02d?page=35"> Conference, Apr. 12, 2013). Inspections in other </a> <a title="The CPA Journal - January 2014 page 36" href="http://viewer.zmags.com/publication/56adc02d?page=36"> Domestic Firms That Audit 100 or Fewer Public Com</a> <a title="The CPA Journal - January 2014 page 37" href="http://viewer.zmags.com/publication/56adc02d?page=37"> Accounting Research, vol. 15, no. 1, Spring 1998,</a> <a title="The CPA Journal - January 2014 page 38" href="http://viewer.zmags.com/publication/56adc02d?page=38"> als to conduct fieldwork (Hermanson et al. 2007).</a> <a title="The CPA Journal - January 2014 page 39" href="http://viewer.zmags.com/publication/56adc02d?page=39"> audit deficiencies. Revenue issues were most freq</a> <a title="The CPA Journal - January 2014 page 40" href="http://viewer.zmags.com/publication/56adc02d?page=40"> EXHIBIT 7 Nature of Audit Deficiencies 2005 </a> <a title="The CPA Journal - January 2014 page 41" href="http://viewer.zmags.com/publication/56adc02d?page=41"> tions and the report lag are longer for Big Six–a</a> <a title="The CPA Journal - January 2014 page 42" href="http://viewer.zmags.com/publication/56adc02d?page=42"> ACCOUNTING & AUDITING auditing </a> <a title="The CPA Journal - January 2014 page 43" href="http://viewer.zmags.com/publication/56adc02d?page=43"> ed by AU-C section 505, “External Confirmations.”</a> <a title="The CPA Journal - January 2014 page 44" href="http://viewer.zmags.com/publication/56adc02d?page=44"> following are examples of such innocu- ous discla</a> <a title="The CPA Journal - January 2014 page 45" href="http://viewer.zmags.com/publication/56adc02d?page=45"> If the auditor has determined that a writ- t</a> <a title="The CPA Journal - January 2014 page 46" href="http://viewer.zmags.com/publication/56adc02d?page=46"> TAXATION state & local taxation Statutes</a> <a title="The CPA Journal - January 2014 page 47" href="http://viewer.zmags.com/publication/56adc02d?page=47"> statute defines the term. Typically, in order to </a> <a title="The CPA Journal - January 2014 page 48" href="http://viewer.zmags.com/publication/56adc02d?page=48"> Oregon’s statute of limitations is four years fro</a> <a title="The CPA Journal - January 2014 page 49" href="http://viewer.zmags.com/publication/56adc02d?page=49"> EXHIBIT 2 Omission of Income Income Tax Author</a> <a title="The CPA Journal - January 2014 page 50" href="http://viewer.zmags.com/publication/56adc02d?page=50"> EXHIBIT 3 Amended Returns Tax Authority </a> <a title="The CPA Journal - January 2014 page 51" href="http://viewer.zmags.com/publication/56adc02d?page=51"> FAE 2014 CPE Save on 2014 CPE! New Year’s Resol</a> <a title="The CPA Journal - January 2014 page 52" href="http://viewer.zmags.com/publication/56adc02d?page=52"> TAXATION compliance & enforcement Statute of</a> <a title="The CPA Journal - January 2014 page 53" href="http://viewer.zmags.com/publication/56adc02d?page=53"> the transfer of the short sales proceeds to this </a> <a title="The CPA Journal - January 2014 page 54" href="http://viewer.zmags.com/publication/56adc02d?page=54"> sale of real estate by the taxpayer. The case was</a> <a title="The CPA Journal - January 2014 page 55" href="http://viewer.zmags.com/publication/56adc02d?page=55"> WRITE ABOUT NOT-FOR-PROFIT AND GOVERNMENT ACCOUNT</a> <a title="The CPA Journal - January 2014 page 56" href="http://viewer.zmags.com/publication/56adc02d?page=56"> FINANCE estates & trusts </a> <a title="The CPA Journal - January 2014 page 57" href="http://viewer.zmags.com/publication/56adc02d?page=57"> These two tradeoffs make an intervivos trust l</a> <a title="The CPA Journal - January 2014 page 58" href="http://viewer.zmags.com/publication/56adc02d?page=58"> own funds; this is typically the maximum annual a</a> <a title="The CPA Journal - January 2014 page 59" href="http://viewer.zmags.com/publication/56adc02d?page=59"> eficiary and exercisable during life or at death,</a> <a title="The CPA Journal - January 2014 page 60" href="http://viewer.zmags.com/publication/56adc02d?page=60"> gift” trust, utilizing the primary beneficiary’s </a> <a title="The CPA Journal - January 2014 page 61" href="http://viewer.zmags.com/publication/56adc02d?page=61"> GST taxes, in that the settlor can allocate the a</a> <a title="The CPA Journal - January 2014 page 62" href="http://viewer.zmags.com/publication/56adc02d?page=62"> MANAGEMENT employee benefit plans </a> <a title="The CPA Journal - January 2014 page 63" href="http://viewer.zmags.com/publication/56adc02d?page=63"> of each participant. These plans are easy to esta</a> <a title="The CPA Journal - January 2014 page 64" href="http://viewer.zmags.com/publication/56adc02d?page=64"> bargains for retirement benefits can be excluded </a> <a title="The CPA Journal - January 2014 page 65" href="http://viewer.zmags.com/publication/56adc02d?page=65"> contributions; they must also provide each partic</a> <a title="The CPA Journal - January 2014 page 66" href="http://viewer.zmags.com/publication/56adc02d?page=66"> an employee becomes eligible to partici- pate in </a> <a title="The CPA Journal - January 2014 page 67" href="http://viewer.zmags.com/publication/56adc02d?page=67"> </a> <a title="The CPA Journal - January 2014 page 68" href="http://viewer.zmags.com/publication/56adc02d?page=68"> RESPONSIBILITIES & LEADERSHIP education </a> <a title="The CPA Journal - January 2014 page 69" href="http://viewer.zmags.com/publication/56adc02d?page=69"> The profession does not just need num- bers, </a> <a title="The CPA Journal - January 2014 page 70" href="http://viewer.zmags.com/publication/56adc02d?page=70"> EXHIBIT 3 Population-Adjusted Accounting Graduate</a> <a title="The CPA Journal - January 2014 page 71" href="http://viewer.zmags.com/publication/56adc02d?page=71"> Texas (5,869), Arizona (4,160), Florida (4,001), </a> <a title="The CPA Journal - January 2014 page 72" href="http://viewer.zmags.com/publication/56adc02d?page=72"> significantly affect the rankings of the states p</a> <a title="The CPA Journal - January 2014 page 73" href="http://viewer.zmags.com/publication/56adc02d?page=73"> undergraduate programs, and 12 were in the top 50</a> <a title="The CPA Journal - January 2014 page 74" href="http://viewer.zmags.com/publication/56adc02d?page=74"> TECHNOLOGY what to bookmark Website </a> <a title="The CPA Journal - January 2014 page 75" href="http://viewer.zmags.com/publication/56adc02d?page=75"> cial statements similarly include standard refere</a> <a title="The CPA Journal - January 2014 page 76" href="http://viewer.zmags.com/publication/56adc02d?page=76"> CLASSIFIEDMARKETPLACE PROFESSIONAL OPPORTUNITY l</a> <a title="The CPA Journal - January 2014 page 77" href="http://viewer.zmags.com/publication/56adc02d?page=77"> CLASSIFIED Peer Review We author it, we teach it</a> <a title="The CPA Journal - January 2014 page 78" href="http://viewer.zmags.com/publication/56adc02d?page=78"> CLASSIFIED SALES TAX PROBLEMS? Are y</a> <a title="The CPA Journal - January 2014 page 79" href="http://viewer.zmags.com/publication/56adc02d?page=79"> CLASSIFIED Now you</a> <a title="The CPA Journal - January 2014 page 80" href="http://viewer.zmags.com/publication/56adc02d?page=80"> CLASSIFIED Ad</a> <a title="The CPA Journal - January 2014 page 81" href="http://viewer.zmags.com/publication/56adc02d?page=81"> ECONOMIC & MARKET DATA monthly u</a> <a title="The CPA Journal - January 2014 page 82" href="http://viewer.zmags.com/publication/56adc02d?page=82"> EDITORIAL a message from the editor-in-chief </a> <a title="The CPA Journal - January 2014 page 83" href="http://viewer.zmags.com/publication/56adc02d?page=83"> </a> <a title="The CPA Journal - January 2014 page 84" href="http://viewer.zmags.com/publication/56adc02d?page=84"> </a>