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<br /> www.cpaj.com July 2014<br /> UNDERSTANDING<br /> PREPARERS FINANCIAL<br /> AUDIT<br /> COMMITTEES REPORTING<br /> Views from Regulators<br /> and the Profession<br /> AUDITORS<br /> +<br /> FASB Regulatory Update<br /> Revenue Recognition<br /> INVESTORS<br /> Private-Sector Developments<br /> PCAOB SEC Financial Reporting Issues<br /> <br /> <br /> CONTENTS<br /> july 2014<br /> 6 PERSPECTIVES<br /> 12IN FOCUS<br /> 5 Publisher's Column:<br /> IRS Taxpayer Regulation Program<br /> Misses Its Target<br /> 6 Perspectives<br /> The Importance of Data Integrity:<br /> Tol<a title="The CPA Journal - July 2014 page 1" href="http://viewer.zmags.com/publication/71f40326?page=1"> www.cpaj.com July 2014 UNDERSTANDING</a> <a title="The CPA Journal - July 2014 page 2" href="http://viewer.zmags.com/publication/71f40326?page=2"> </a> <a title="The CPA Journal - July 2014 page 3" href="http://viewer.zmags.com/publication/71f40326?page=3"> </a> <a title="The CPA Journal - July 2014 page 4" href="http://viewer.zmags.com/publication/71f40326?page=4"> CONTENTS july 2014 6 PERSPECTIVES 12IN FOCUS </a> <a title="The CPA Journal - July 2014 page 5" href="http://viewer.zmags.com/publication/71f40326?page=5"> vol. LXXXIV/no. 7 50 ESSENTIALS 66 ESSENTIALS </a> <a title="The CPA Journal - July 2014 page 6" href="http://viewer.zmags.com/publication/71f40326?page=6"> Not Yet a Member? Well, You’re Missing Out! </a> <a title="The CPA Journal - July 2014 page 7" href="http://viewer.zmags.com/publication/71f40326?page=7"> publisher’s column IRS Taxpayer Regulation Pr</a> <a title="The CPA Journal - July 2014 page 8" href="http://viewer.zmags.com/publication/71f40326?page=8"> PERSPECTIVES viewpoint The Importance of Data </a> <a title="The CPA Journal - July 2014 page 9" href="http://viewer.zmags.com/publication/71f40326?page=9"> Around 1950 A.D., another bright accountant got</a> <a title="The CPA Journal - July 2014 page 10" href="http://viewer.zmags.com/publication/71f40326?page=10"> announcement 2013 Max Block Awards Presented </a> <a title="The CPA Journal - July 2014 page 11" href="http://viewer.zmags.com/publication/71f40326?page=11"> tax & accounting update Tax & Accounting Up</a> <a title="The CPA Journal - July 2014 page 12" href="http://viewer.zmags.com/publication/71f40326?page=12"> book review The Big Four and the Development </a> <a title="The CPA Journal - July 2014 page 13" href="http://viewer.zmags.com/publication/71f40326?page=13"> July 16, 2014 New York City Bar</a> <a title="The CPA Journal - July 2014 page 14" href="http://viewer.zmags.com/publication/71f40326?page=14"> In Focus ▼ PricewaterhouseCoopers Partner </a> <a title="The CPA Journal - July 2014 page 15" href="http://viewer.zmags.com/publication/71f40326?page=15"> R ecent developments i</a> <a title="The CPA Journal - July 2014 page 16" href="http://viewer.zmags.com/publication/71f40326?page=16"> In Focus Russell G. Golden </a> <a title="The CPA Journal - July 2014 page 17" href="http://viewer.zmags.com/publication/71f40326?page=17"> Paul A. Beswick All photos by Jerry Speier R us</a> <a title="The CPA Journal - July 2014 page 18" href="http://viewer.zmags.com/publication/71f40326?page=18"> RUSSELL G. GOLDEN FASB Chair A few weeks ago</a> <a title="The CPA Journal - July 2014 page 19" href="http://viewer.zmags.com/publication/71f40326?page=19"> UPDATES FROM FASB AND THE SEC changes that coul</a> <a title="The CPA Journal - July 2014 page 20" href="http://viewer.zmags.com/publication/71f40326?page=20"> PAUL A. BESWICK SEC Chief Accountant I want to </a> <a title="The CPA Journal - July 2014 page 21" href="http://viewer.zmags.com/publication/71f40326?page=21"> UPDATES FROM FASB AND THE SEC management. The P</a> <a title="The CPA Journal - July 2014 page 22" href="http://viewer.zmags.com/publication/71f40326?page=22"> In Focus </a> <a title="The CPA Journal - July 2014 page 23" href="http://viewer.zmags.com/publication/71f40326?page=23"> T he first panel at Baruch</a> <a title="The CPA Journal - July 2014 page 24" href="http://viewer.zmags.com/publication/71f40326?page=24"> also participates in the International Organizati</a> <a title="The CPA Journal - July 2014 page 25" href="http://viewer.zmags.com/publication/71f40326?page=25"> CURRENT DEVELOPMENTS AT THE SEC tial public offe</a> <a title="The CPA Journal - July 2014 page 26" href="http://viewer.zmags.com/publication/71f40326?page=26"> viduals, of which 49 were CEOs, presi- dents, or </a> <a title="The CPA Journal - July 2014 page 27" href="http://viewer.zmags.com/publication/71f40326?page=27"> CURRENT DEVELOPMENTS AT THE SEC out separately, </a> <a title="The CPA Journal - July 2014 page 28" href="http://viewer.zmags.com/publication/71f40326?page=28"> In Focus </a> <a title="The CPA Journal - July 2014 page 29" href="http://viewer.zmags.com/publication/71f40326?page=29"> T Conference on May 1, 2014, focused on one of FA</a> <a title="The CPA Journal - July 2014 page 30" href="http://viewer.zmags.com/publication/71f40326?page=30"> revenue recognition in the past will be cov- ered</a> <a title="The CPA Journal - July 2014 page 31" href="http://viewer.zmags.com/publication/71f40326?page=31"> HOW TO RECOGNIZE REVENUE affected by which they</a> <a title="The CPA Journal - July 2014 page 32" href="http://viewer.zmags.com/publication/71f40326?page=32"> be lower than under U.S. GAAP. Under U.S. GAAP, t</a> <a title="The CPA Journal - July 2014 page 33" href="http://viewer.zmags.com/publication/71f40326?page=33"> HOW TO RECOGNIZE REVENUE it is today. You’ll es</a> <a title="The CPA Journal - July 2014 page 34" href="http://viewer.zmags.com/publication/71f40326?page=34"> In Focus Keynote Address by James R. Doty Enh</a> <a title="The CPA Journal - July 2014 page 35" href="http://viewer.zmags.com/publication/71f40326?page=35"> JULY 2014 / THE CPA JOURNAL </a> <a title="The CPA Journal - July 2014 page 36" href="http://viewer.zmags.com/publication/71f40326?page=36"> J ames R. Doty has been chair- man of th</a> <a title="The CPA Journal - July 2014 page 37" href="http://viewer.zmags.com/publication/71f40326?page=37"> ENHANCING THE AUDIT no confusion: the auditor h</a> <a title="The CPA Journal - July 2014 page 38" href="http://viewer.zmags.com/publication/71f40326?page=38"> reliable. We have recently commenced the 2014 ins</a> <a title="The CPA Journal - July 2014 page 39" href="http://viewer.zmags.com/publication/71f40326?page=39"> ENHANCING THE AUDIT audit in order to help the </a> <a title="The CPA Journal - July 2014 page 40" href="http://viewer.zmags.com/publication/71f40326?page=40"> In Focus Pa</a> <a title="The CPA Journal - July 2014 page 41" href="http://viewer.zmags.com/publication/71f40326?page=41"> T Financial Reporting Conference on May 1, 2014, </a> <a title="The CPA Journal - July 2014 page 42" href="http://viewer.zmags.com/publication/71f40326?page=42"> Laux, senior director of financial account- ing a</a> <a title="The CPA Journal - July 2014 page 43" href="http://viewer.zmags.com/publication/71f40326?page=43"> CURRENT DEVELOPMENTS IN THE PRIVATE SECTOR and </a> <a title="The CPA Journal - July 2014 page 44" href="http://viewer.zmags.com/publication/71f40326?page=44"> rities would be marked to market through the inco</a> <a title="The CPA Journal - July 2014 page 45" href="http://viewer.zmags.com/publication/71f40326?page=45"> CURRENT DEVELOPMENTS IN THE PRIVATE SECTOR pani</a> <a title="The CPA Journal - July 2014 page 46" href="http://viewer.zmags.com/publication/71f40326?page=46"> In Focus Pa</a> <a title="The CPA Journal - July 2014 page 47" href="http://viewer.zmags.com/publication/71f40326?page=47"> T Conference on May 1, 2014, focused on financial</a> <a title="The CPA Journal - July 2014 page 48" href="http://viewer.zmags.com/publication/71f40326?page=48"> think, by working together, some of ity issues,</a> <a title="The CPA Journal - July 2014 page 49" href="http://viewer.zmags.com/publication/71f40326?page=49"> FINANCIAL REPORTING ISSUES FOR PREPARERS number</a> <a title="The CPA Journal - July 2014 page 50" href="http://viewer.zmags.com/publication/71f40326?page=50"> get, which is very contextual and explana- tory,”</a> <a title="The CPA Journal - July 2014 page 51" href="http://viewer.zmags.com/publication/71f40326?page=51"> FINANCIAL REPORTING ISSUES FOR PREPARERS always</a> <a title="The CPA Journal - July 2014 page 52" href="http://viewer.zmags.com/publication/71f40326?page=52"> ACCOUNTING & AUDITING assurance se</a> <a title="The CPA Journal - July 2014 page 53" href="http://viewer.zmags.com/publication/71f40326?page=53"> (SSARS), and Statements on Standards for Consulti</a> <a title="The CPA Journal - July 2014 page 54" href="http://viewer.zmags.com/publication/71f40326?page=54"> Services and Levels of Assurance The services </a> <a title="The CPA Journal - July 2014 page 55" href="http://viewer.zmags.com/publication/71f40326?page=55"> The responsible party identifies com- pliance r</a> <a title="The CPA Journal - July 2014 page 56" href="http://viewer.zmags.com/publication/71f40326?page=56"> TAXATION tax planning Cost Recovery Issues In</a> <a title="The CPA Journal - July 2014 page 57" href="http://viewer.zmags.com/publication/71f40326?page=57"> explicitly included in any other class, and build</a> <a title="The CPA Journal - July 2014 page 58" href="http://viewer.zmags.com/publication/71f40326?page=58"> n The longevity of such a parking struc- ture is </a> <a title="The CPA Journal - July 2014 page 59" href="http://viewer.zmags.com/publication/71f40326?page=59"> </a> <a title="The CPA Journal - July 2014 page 60" href="http://viewer.zmags.com/publication/71f40326?page=60"> TAXATION federal taxation </a> <a title="The CPA Journal - July 2014 page 61" href="http://viewer.zmags.com/publication/71f40326?page=61"> the benefit of the dependency exemption. In addit</a> <a title="The CPA Journal - July 2014 page 62" href="http://viewer.zmags.com/publication/71f40326?page=62"> The Option of Amending Previously Filed Tax Retur</a> <a title="The CPA Journal - July 2014 page 63" href="http://viewer.zmags.com/publication/71f40326?page=63"> and dependent care flexible spending arrange- men</a> <a title="The CPA Journal - July 2014 page 64" href="http://viewer.zmags.com/publication/71f40326?page=64"> on capital gains and dividend income, and new tax</a> <a title="The CPA Journal - July 2014 page 65" href="http://viewer.zmags.com/publication/71f40326?page=65"> annual exclusion amount to reduce the potential g</a> <a title="The CPA Journal - July 2014 page 66" href="http://viewer.zmags.com/publication/71f40326?page=66"> FINANCE personal financial planning Social S</a> <a title="The CPA Journal - July 2014 page 67" href="http://viewer.zmags.com/publication/71f40326?page=67"> Strategies for Married Couples Although there </a> <a title="The CPA Journal - July 2014 page 68" href="http://viewer.zmags.com/publication/71f40326?page=68"> MANAGEMENT practice management Strategies to </a> <a title="The CPA Journal - July 2014 page 69" href="http://viewer.zmags.com/publication/71f40326?page=69"> n Payments must continue at least until the partn</a> <a title="The CPA Journal - July 2014 page 70" href="http://viewer.zmags.com/publication/71f40326?page=70"> payments made pursuant to a retirement plan from </a> <a title="The CPA Journal - July 2014 page 71" href="http://viewer.zmags.com/publication/71f40326?page=71"> to payments made to a general partner in a partne</a> <a title="The CPA Journal - July 2014 page 72" href="http://viewer.zmags.com/publication/71f40326?page=72"> RESPONSIBILITIES & LEADERSHIP ethics Era</a> <a title="The CPA Journal - July 2014 page 73" href="http://viewer.zmags.com/publication/71f40326?page=73"> er inquire about such a sealed conviction. [See N</a> <a title="The CPA Journal - July 2014 page 74" href="http://viewer.zmags.com/publication/71f40326?page=74"> TECHNOLOGY what to bookmark Website</a> <a title="The CPA Journal - July 2014 page 75" href="http://viewer.zmags.com/publication/71f40326?page=75"> panies report the same type of item dif- ferently</a> <a title="The CPA Journal - July 2014 page 76" href="http://viewer.zmags.com/publication/71f40326?page=76"> CLASSIFIEDMARKETPLACE SPACE FOR RENT/REAL ESTATE</a> <a title="The CPA Journal - July 2014 page 77" href="http://viewer.zmags.com/publication/71f40326?page=77"> CLASSIFIED PARTNERS Our clients, top “20” CPA fir</a> <a title="The CPA Journal - July 2014 page 78" href="http://viewer.zmags.com/publication/71f40326?page=78"> CLASSIFIED SALES TAX, ISAAC STERNHEIM & CO. Sales</a> <a title="The CPA Journal - July 2014 page 79" href="http://viewer.zmags.com/publication/71f40326?page=79"> CLASSIFIED PEER REVIEWS Kurcia</a> <a title="The CPA Journal - July 2014 page 80" href="http://viewer.zmags.com/publication/71f40326?page=80"> CLASSIFIED </a> <a title="The CPA Journal - July 2014 page 81" href="http://viewer.zmags.com/publication/71f40326?page=81"> ECONOMIC & MARKET DATA monthly u</a> <a title="The CPA Journal - July 2014 page 82" href="http://viewer.zmags.com/publication/71f40326?page=82"> EDITORIAL a message from the editor-in-chief </a> <a title="The CPA Journal - July 2014 page 83" href="http://viewer.zmags.com/publication/71f40326?page=83"> 2014 Conferences July Employee Benefits Confere</a> <a title="The CPA Journal - July 2014 page 84" href="http://viewer.zmags.com/publication/71f40326?page=84"> </a>