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<br /> Accounting for Troubled<br /> Debt Restructurings<br /> Deleveraging in Turbulent Times<br /> Plus<br />  Update on the Extraordinary Item<br />  The `Marriage Tax' on Social Security<br />  Examining the S Corporation<br /> <br /> <br /> CONTENTS<br /> february<br /> 26 Accounting & Auditing<br /> ❙ Accounting<br /> Use of the Extraordinary Item:<br /> Recent FASB Guidance in the Context<br /> of Current Practice<br /> By George O. Gamble, Thomas R. Noland,<br /> Tharindra Ranasinghe, and Sandip Dhole<br /> ❙ International Accounting<br /> Stock Compensation Under U.S. GAAP and IFRS:<br /> Similarities and Differences<br /> By Josef Rashty and John O'Shaughnessy<br /> <a title="The CPA Journal - February 2012 page 1" href="http://viewer.zmags.com/publication/79e01b26?page=1"> Accounting for Troubled Debt Restructurings Delev</a> <a title="The CPA Journal - February 2012 page 2" href="http://viewer.zmags.com/publication/79e01b26?page=2"> </a> <a title="The CPA Journal - February 2012 page 3" href="http://viewer.zmags.com/publication/79e01b26?page=3"> </a> <a title="The CPA Journal - February 2012 page 4" href="http://viewer.zmags.com/publication/79e01b26?page=4"> CONTENTS february 26 Accounti</a> <a title="The CPA Journal - February 2012 page 5" href="http://viewer.zmags.com/publication/79e01b26?page=5"> vol. LXXXII/no.2 6PERS PECTIVES 16IN</a> <a title="The CPA Journal - February 2012 page 6" href="http://viewer.zmags.com/publication/79e01b26?page=6"> Publisher JOANNE S. BARRY Art </a> <a title="The CPA Journal - February 2012 page 7" href="http://viewer.zmags.com/publication/79e01b26?page=7"> Bringing flexible and affordable education direct</a> <a title="The CPA Journal - February 2012 page 8" href="http://viewer.zmags.com/publication/79e01b26?page=8"> PERSPECTIVES point/counterpoint </a> <a title="The CPA Journal - February 2012 page 9" href="http://viewer.zmags.com/publication/79e01b26?page=9"> publisher's column Our Member-Oriented Posi</a> <a title="The CPA Journal - February 2012 page 10" href="http://viewer.zmags.com/publication/79e01b26?page=10"> Action from the NYSSCPA President and Board </a> <a title="The CPA Journal - February 2012 page 11" href="http://viewer.zmags.com/publication/79e01b26?page=11"> (Continued from page 6) history of the CPA profes</a> <a title="The CPA Journal - February 2012 page 12" href="http://viewer.zmags.com/publication/79e01b26?page=12"> (Continued from page 8) CPA Responsibility I</a> <a title="The CPA Journal - February 2012 page 13" href="http://viewer.zmags.com/publication/79e01b26?page=13"> A New Audit Report By Jack T. Ciesielski and Tho</a> <a title="The CPA Journal - February 2012 page 14" href="http://viewer.zmags.com/publication/79e01b26?page=14"> auditor assurance on other informa- tion outs</a> <a title="The CPA Journal - February 2012 page 15" href="http://viewer.zmags.com/publication/79e01b26?page=15"> boldest alternative in the concept release: the i</a> <a title="The CPA Journal - February 2012 page 16" href="http://viewer.zmags.com/publication/79e01b26?page=16"> of, and for, the periods presented in the report.</a> <a title="The CPA Journal - February 2012 page 17" href="http://viewer.zmags.com/publication/79e01b26?page=17"> inbox: letter to the editor Calculati</a> <a title="The CPA Journal - February 2012 page 18" href="http://viewer.zmags.com/publication/79e01b26?page=18"> In Focus </a> <a title="The CPA Journal - February 2012 page 19" href="http://viewer.zmags.com/publication/79e01b26?page=19"> Accounting for Troubled Debt Restructurings by De</a> <a title="The CPA Journal - February 2012 page 20" href="http://viewer.zmags.com/publication/79e01b26?page=20"> EXHIBIT</a> <a title="The CPA Journal - February 2012 page 21" href="http://viewer.zmags.com/publication/79e01b26?page=21"> The underlying accounting principles concernin</a> <a title="The CPA Journal - February 2012 page 22" href="http://viewer.zmags.com/publication/79e01b26?page=22"> EXHI</a> <a title="The CPA Journal - February 2012 page 23" href="http://viewer.zmags.com/publication/79e01b26?page=23"> in market rates or a reduction in the debtor's cr</a> <a title="The CPA Journal - February 2012 page 24" href="http://viewer.zmags.com/publication/79e01b26?page=24"> income per share basis the $6.5 million gain was </a> <a title="The CPA Journal - February 2012 page 25" href="http://viewer.zmags.com/publication/79e01b26?page=25"> est to a lender in exchange for complete satisfac</a> <a title="The CPA Journal - February 2012 page 26" href="http://viewer.zmags.com/publication/79e01b26?page=26"> defined by ASC 915, “Development Stage Entities”)</a> <a title="The CPA Journal - February 2012 page 27" href="http://viewer.zmags.com/publication/79e01b26?page=27"> restructuring meets the “unusual” and “infrequent</a> <a title="The CPA Journal - February 2012 page 28" href="http://viewer.zmags.com/publication/79e01b26?page=28"> ACCOUNTING & AUDITING accounting </a> <a title="The CPA Journal - February 2012 page 29" href="http://viewer.zmags.com/publication/79e01b26?page=29"> ing, especially SEC filers. After all, the pur- p</a> <a title="The CPA Journal - February 2012 page 30" href="http://viewer.zmags.com/publication/79e01b26?page=30"> be considered extraordinary if they are incurred </a> <a title="The CPA Journal - February 2012 page 31" href="http://viewer.zmags.com/publication/79e01b26?page=31"> each occurrence, an analysis of the com- pany's S</a> <a title="The CPA Journal - February 2012 page 32" href="http://viewer.zmags.com/publication/79e01b26?page=32"> sidiaries, and one case of losses associat- ed wi</a> <a title="The CPA Journal - February 2012 page 33" href="http://viewer.zmags.com/publication/79e01b26?page=33"> are with respect to estimating a company's value,</a> <a title="The CPA Journal - February 2012 page 34" href="http://viewer.zmags.com/publication/79e01b26?page=34"> ACCOUNTING & AUDITING international acc</a> <a title="The CPA Journal - February 2012 page 35" href="http://viewer.zmags.com/publication/79e01b26?page=35"> to make an accounting policy election regarding t</a> <a title="The CPA Journal - February 2012 page 36" href="http://viewer.zmags.com/publication/79e01b26?page=36"> sification of such awards as equity ver- sus liab</a> <a title="The CPA Journal - February 2012 page 37" href="http://viewer.zmags.com/publication/79e01b26?page=37"> occurs—a condition that the company expects will </a> <a title="The CPA Journal - February 2012 page 38" href="http://viewer.zmags.com/publication/79e01b26?page=38"> ACCOUNTING & AUDITING auditing Ca</a> <a title="The CPA Journal - February 2012 page 39" href="http://viewer.zmags.com/publication/79e01b26?page=39"> fees charged by successor auditors taking on the </a> <a title="The CPA Journal - February 2012 page 40" href="http://viewer.zmags.com/publication/79e01b26?page=40"> EXHIBIT Research Examining the Causes and Consequ</a> <a title="The CPA Journal - February 2012 page 41" href="http://viewer.zmags.com/publication/79e01b26?page=41"> tendency to move from Big Four to small- er audit</a> <a title="The CPA Journal - February 2012 page 42" href="http://viewer.zmags.com/publication/79e01b26?page=42"> TAXATION corporate taxation </a> <a title="The CPA Journal - February 2012 page 43" href="http://viewer.zmags.com/publication/79e01b26?page=43"> poses, outpacing C corporations by a 2- to-1 marg</a> <a title="The CPA Journal - February 2012 page 44" href="http://viewer.zmags.com/publication/79e01b26?page=44"> tions from S corporations were not sub- ject to s</a> <a title="The CPA Journal - February 2012 page 45" href="http://viewer.zmags.com/publication/79e01b26?page=45"> $20,000) and repayment terms. Failure to document</a> <a title="The CPA Journal - February 2012 page 46" href="http://viewer.zmags.com/publication/79e01b26?page=46"> tions. The GAO makes four recommen- dations to he</a> <a title="The CPA Journal - February 2012 page 47" href="http://viewer.zmags.com/publication/79e01b26?page=47"> it is a provision for the sale of small-busi- nes</a> <a title="The CPA Journal - February 2012 page 48" href="http://viewer.zmags.com/publication/79e01b26?page=48"> TAXATION federal taxation Treasury </a> <a title="The CPA Journal - February 2012 page 49" href="http://viewer.zmags.com/publication/79e01b26?page=49"> amended the regulations pertaining to the FICA ex</a> <a title="The CPA Journal - February 2012 page 50" href="http://viewer.zmags.com/publication/79e01b26?page=50"> TAXATION tax incentives Charitab</a> <a title="The CPA Journal - February 2012 page 51" href="http://viewer.zmags.com/publication/79e01b26?page=51"> students carry a balance, some schools can </a> <a title="The CPA Journal - February 2012 page 52" href="http://viewer.zmags.com/publication/79e01b26?page=52"> We appreciate your contribution of $_____</a> <a title="The CPA Journal - February 2012 page 53" href="http://viewer.zmags.com/publication/79e01b26?page=53"> with the IRS. That is, the sample written acknowl</a> <a title="The CPA Journal - February 2012 page 54" href="http://viewer.zmags.com/publication/79e01b26?page=54"> TAXATION federal taxation Considerations </a> <a title="The CPA Journal - February 2012 page 55" href="http://viewer.zmags.com/publication/79e01b26?page=55"> Sexual harassment policy Drug policy Conflict of </a> <a title="The CPA Journal - February 2012 page 56" href="http://viewer.zmags.com/publication/79e01b26?page=56"> FINANCE personal financial planning Seni</a> <a title="The CPA Journal - February 2012 page 57" href="http://viewer.zmags.com/publication/79e01b26?page=57"> Information Used in Examples Three examples are</a> <a title="The CPA Journal - February 2012 page 58" href="http://viewer.zmags.com/publication/79e01b26?page=58"> personal exemptions and standard deduc- tions wou</a> <a title="The CPA Journal - February 2012 page 59" href="http://viewer.zmags.com/publication/79e01b26?page=59"> </a> <a title="The CPA Journal - February 2012 page 60" href="http://viewer.zmags.com/publication/79e01b26?page=60"> FINANCE employee benefit plans Major New</a> <a title="The CPA Journal - February 2012 page 61" href="http://viewer.zmags.com/publication/79e01b26?page=61"> well as for auditors of the plans and those who a</a> <a title="The CPA Journal - February 2012 page 62" href="http://viewer.zmags.com/publication/79e01b26?page=62"> MANAGEMENT corporate governance The Foreign</a> <a title="The CPA Journal - February 2012 page 63" href="http://viewer.zmags.com/publication/79e01b26?page=63"> First, the person making the payment can be eith</a> <a title="The CPA Journal - February 2012 page 64" href="http://viewer.zmags.com/publication/79e01b26?page=64"> EXHIBIT 3 2010 Corruptio</a> <a title="The CPA Journal - February 2012 page 65" href="http://viewer.zmags.com/publication/79e01b26?page=65"> individuals involved ranged from high- ranking of</a> <a title="The CPA Journal - February 2012 page 66" href="http://viewer.zmags.com/publication/79e01b26?page=66"> cials of the National Petroleum Investment Manage</a> <a title="The CPA Journal - February 2012 page 67" href="http://viewer.zmags.com/publication/79e01b26?page=67"> Special assessment amount. In about 40% of the</a> <a title="The CPA Journal - February 2012 page 68" href="http://viewer.zmags.com/publication/79e01b26?page=68"> MANAGEMENT accountant's liability Ta</a> <a title="The CPA Journal - February 2012 page 69" href="http://viewer.zmags.com/publication/79e01b26?page=69"> made under SEC Rule 10b-5), where interest paid t</a> <a title="The CPA Journal - February 2012 page 70" href="http://viewer.zmags.com/publication/79e01b26?page=70"> RESPONSIBILITIES & LEADERSHIP fraud </a> <a title="The CPA Journal - February 2012 page 71" href="http://viewer.zmags.com/publication/79e01b26?page=71"> Are the Stereotypes True? Male? Although stati</a> <a title="The CPA Journal - February 2012 page 72" href="http://viewer.zmags.com/publication/79e01b26?page=72"> The `Not So Accidental' Fraudster? Dec</a> <a title="The CPA Journal - February 2012 page 73" href="http://viewer.zmags.com/publication/79e01b26?page=73"> study were more likely to be repeat offend- ers, </a> <a title="The CPA Journal - February 2012 page 74" href="http://viewer.zmags.com/publication/79e01b26?page=74"> TECHNOLOGY what to bookmark Webs</a> <a title="The CPA Journal - February 2012 page 75" href="http://viewer.zmags.com/publication/79e01b26?page=75"> Recent tax law commentaries include a comparis</a> <a title="The CPA Journal - February 2012 page 76" href="http://viewer.zmags.com/publication/79e01b26?page=76"> CLASSIFIEDMARKETPLACE PROFESSIONAL OPPORTUNITY l </a> <a title="The CPA Journal - February 2012 page 77" href="http://viewer.zmags.com/publication/79e01b26?page=77"> Goldstein Lieberman & Company LLC one of the reg</a> <a title="The CPA Journal - February 2012 page 78" href="http://viewer.zmags.com/publication/79e01b26?page=78"> SALES TAX, ISAAC STERNHEIM & CO. Sales tax consu</a> <a title="The CPA Journal - February 2012 page 79" href="http://viewer.zmags.com/publication/79e01b26?page=79"> PRACTICE WANTED Midtown CPA firm seeks merger o</a> <a title="The CPA Journal - February 2012 page 80" href="http://viewer.zmags.com/publication/79e01b26?page=80"> </a> <a title="The CPA Journal - February 2012 page 81" href="http://viewer.zmags.com/publication/79e01b26?page=81"> ECONOMIC & MARKET DATA monthly upd</a> <a title="The CPA Journal - February 2012 page 82" href="http://viewer.zmags.com/publication/79e01b26?page=82"> EDITORIAL a message from the editor-in-c</a> <a title="The CPA Journal - February 2012 page 83" href="http://viewer.zmags.com/publication/79e01b26?page=83"> </a> <a title="The CPA Journal - February 2012 page 84" href="http://viewer.zmags.com/publication/79e01b26?page=84"> </a>