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<br /> www.cpaj.com July 2013<br /> Baruch College’s 12th Annual Financial Reporting Conference<br /> Navigating Financial Reporting<br /> Views from Regulators and the Profession<br /> Plus<br /> • PCAOB Settled Disciplinary Orders • Reporting Foreign Investments<br /> • Performance Management Dashboards<br /> <br /> <br /> <br /> INE<br /> OR<br /> foundation for accounting<br /> f o u n d a t i o n f o r a c c o u n t i n g<br /> FAE<br /> e d u c a t i o n<br /> education <br /> 2013 FAE Seminars<br /> A<br /> PLAN NOW F<br /> DEC. 31 CPE DEADL<br /> DEC. 31 CPE DEADL<br /> AE REGIONAL LEARNING CENTERS<br /> E LOCAL CPAs<br /> Over 200 Courses Scheduled Across 5 Regional Centers<br /> WESTERN<br /> NYC<br /> EASTERN<br /> WESTCHESTER<br /> LONG ISLAND<br /> Complete your CPE requirements conveniently and economically.<br /> Complete your CPE<a title="The CPA Journal - July 2013 page 1" href="http://viewer.zmags.com/publication/a1f5e0bc?page=1"> www.cpaj.com July 2013 Baruch </a> <a title="The CPA Journal - July 2013 page 2" href="http://viewer.zmags.com/publication/a1f5e0bc?page=2"> </a> <a title="The CPA Journal - July 2013 page 3" href="http://viewer.zmags.com/publication/a1f5e0bc?page=3"> INE OR foundation for acc</a> <a title="The CPA Journal - July 2013 page 4" href="http://viewer.zmags.com/publication/a1f5e0bc?page=4"> CONTENTS july 2013 6 PERSPECTIVES 12 IN FO</a> <a title="The CPA Journal - July 2013 page 5" href="http://viewer.zmags.com/publication/a1f5e0bc?page=5"> vol. LXXXIII/no. 7 46 ESSENTIALS 68 ES</a> <a title="The CPA Journal - July 2013 page 6" href="http://viewer.zmags.com/publication/a1f5e0bc?page=6"> new york state society of NYSSCPA certified </a> <a title="The CPA Journal - July 2013 page 7" href="http://viewer.zmags.com/publication/a1f5e0bc?page=7"> FAE 2013 Web Events FAE's Upcoming Live Web Ev</a> <a title="The CPA Journal - July 2013 page 8" href="http://viewer.zmags.com/publication/a1f5e0bc?page=8"> PERSPECTIVES international viewpoint Big Four</a> <a title="The CPA Journal - July 2013 page 9" href="http://viewer.zmags.com/publication/a1f5e0bc?page=9"> publisher’s column A New Look at Nonprofits </a> <a title="The CPA Journal - July 2013 page 10" href="http://viewer.zmags.com/publication/a1f5e0bc?page=10"> (Continued from page 6) political system; the com</a> <a title="The CPA Journal - July 2013 page 11" href="http://viewer.zmags.com/publication/a1f5e0bc?page=11"> norms seen in other countries—for exam- ple, acco</a> <a title="The CPA Journal - July 2013 page 12" href="http://viewer.zmags.com/publication/a1f5e0bc?page=12"> </a> <a title="The CPA Journal - July 2013 page 13" href="http://viewer.zmags.com/publication/a1f5e0bc?page=13"> viewpoint Student Loans The Next Bubble? By M</a> <a title="The CPA Journal - July 2013 page 14" href="http://viewer.zmags.com/publication/a1f5e0bc?page=14"> In Focus 12th Annual Financial Reporting Confere</a> <a title="The CPA Journal - July 2013 page 15" href="http://viewer.zmags.com/publication/a1f5e0bc?page=15"> Navigating Financial Reporting 13 </a> <a title="The CPA Journal - July 2013 page 16" href="http://viewer.zmags.com/publication/a1f5e0bc?page=16"> In Focus ▼ Leslie F. Seidman Paul A. Beswick ▼</a> <a title="The CPA Journal - July 2013 page 17" href="http://viewer.zmags.com/publication/a1f5e0bc?page=17"> FASB/SEC 15 ▼ LESLIE</a> <a title="The CPA Journal - July 2013 page 18" href="http://viewer.zmags.com/publication/a1f5e0bc?page=18"> In Focus FASB's Standards-Setting Process </a> <a title="The CPA Journal - July 2013 page 19" href="http://viewer.zmags.com/publication/a1f5e0bc?page=19"> FASB/SEC 17 ▼ PAUL A. BESW</a> <a title="The CPA Journal - July 2013 page 20" href="http://viewer.zmags.com/publication/a1f5e0bc?page=20"> In Focus accounting literature, discuss the dif-</a> <a title="The CPA Journal - July 2013 page 21" href="http://viewer.zmags.com/publication/a1f5e0bc?page=21"> FASB/SEC 19 that they’re studying the issues</a> <a title="The CPA Journal - July 2013 page 22" href="http://viewer.zmags.com/publication/a1f5e0bc?page=22"> In Focus The Big Three Convergence Projects Rev</a> <a title="The CPA Journal - July 2013 page 23" href="http://viewer.zmags.com/publication/a1f5e0bc?page=23"> Revenue Recognition, Leases, and Financial Instru</a> <a title="The CPA Journal - July 2013 page 24" href="http://viewer.zmags.com/publication/a1f5e0bc?page=24"> In Focus it easier to avoid having to capitalize</a> <a title="The CPA Journal - July 2013 page 25" href="http://viewer.zmags.com/publication/a1f5e0bc?page=25"> Revenue Recognition, Leases, and Financial Instru</a> <a title="The CPA Journal - July 2013 page 26" href="http://viewer.zmags.com/publication/a1f5e0bc?page=26"> In Focus Recognition and Measurement The pa</a> <a title="The CPA Journal - July 2013 page 27" href="http://viewer.zmags.com/publication/a1f5e0bc?page=27"> Revenue Recognition, Leases, and Financial Instru</a> <a title="The CPA Journal - July 2013 page 28" href="http://viewer.zmags.com/publication/a1f5e0bc?page=28"> </a> <a title="The CPA Journal - July 2013 page 29" href="http://viewer.zmags.com/publication/a1f5e0bc?page=29"> </a> <a title="The CPA Journal - July 2013 page 30" href="http://viewer.zmags.com/publication/a1f5e0bc?page=30"> </a> <a title="The CPA Journal - July 2013 page 31" href="http://viewer.zmags.com/publication/a1f5e0bc?page=31"> </a> <a title="The CPA Journal - July 2013 page 32" href="http://viewer.zmags.com/publication/a1f5e0bc?page=32"> In Focus LOOKING TO THE PCAOB Its Past and Its F</a> <a title="The CPA Journal - July 2013 page 33" href="http://viewer.zmags.com/publication/a1f5e0bc?page=33"> Keynote Address by Jay D. Hanson 31 ▼ Remember</a> <a title="The CPA Journal - July 2013 page 34" href="http://viewer.zmags.com/publication/a1f5e0bc?page=34"> In Focus tered from 85 different countries. We i</a> <a title="The CPA Journal - July 2013 page 35" href="http://viewer.zmags.com/publication/a1f5e0bc?page=35"> Keynote Address by Jay D. Hanson 33 bination</a> <a title="The CPA Journal - July 2013 page 36" href="http://viewer.zmags.com/publication/a1f5e0bc?page=36"> In Focus That was a joint enforcement effort by </a> <a title="The CPA Journal - July 2013 page 37" href="http://viewer.zmags.com/publication/a1f5e0bc?page=37"> Keynote Address by Jay D. Hanson 35 wrong? T</a> <a title="The CPA Journal - July 2013 page 38" href="http://viewer.zmags.com/publication/a1f5e0bc?page=38"> In Focus One of the things that Craig [Olinger</a> <a title="The CPA Journal - July 2013 page 39" href="http://viewer.zmags.com/publication/a1f5e0bc?page=39"> Keynote Address by Jay D. Hanson 37 The c</a> <a title="The CPA Journal - July 2013 page 40" href="http://viewer.zmags.com/publication/a1f5e0bc?page=40"> In Focus Current Developments in the Privat</a> <a title="The CPA Journal - July 2013 page 41" href="http://viewer.zmags.com/publication/a1f5e0bc?page=41"> Current Developments in the Private Sector 39 T </a> <a title="The CPA Journal - July 2013 page 42" href="http://viewer.zmags.com/publication/a1f5e0bc?page=42"> In Focus rowing only if it met all six criteria </a> <a title="The CPA Journal - July 2013 page 43" href="http://viewer.zmags.com/publication/a1f5e0bc?page=43"> Current Developments in the Private Sector 41 </a> <a title="The CPA Journal - July 2013 page 44" href="http://viewer.zmags.com/publication/a1f5e0bc?page=44"> In Focus GAAP For Private Companies Debating A</a> <a title="The CPA Journal - July 2013 page 45" href="http://viewer.zmags.com/publication/a1f5e0bc?page=45"> GAAP For Private Companies 43 T he final panel a</a> <a title="The CPA Journal - July 2013 page 46" href="http://viewer.zmags.com/publication/a1f5e0bc?page=46"> In Focus public companies. For example, pri- vat</a> <a title="The CPA Journal - July 2013 page 47" href="http://viewer.zmags.com/publication/a1f5e0bc?page=47"> GAAP For Private Companies 45 vasive across </a> <a title="The CPA Journal - July 2013 page 48" href="http://viewer.zmags.com/publication/a1f5e0bc?page=48"> ACCOUNTING & AUDITING auditing Using PCAO</a> <a title="The CPA Journal - July 2013 page 49" href="http://viewer.zmags.com/publication/a1f5e0bc?page=49"> The results of the periodic inspections are su</a> <a title="The CPA Journal - July 2013 page 50" href="http://viewer.zmags.com/publication/a1f5e0bc?page=50"> EXHIBI</a> <a title="The CPA Journal - July 2013 page 51" href="http://viewer.zmags.com/publication/a1f5e0bc?page=51"> with GAAP and are free of material (quali- tative</a> <a title="The CPA Journal - July 2013 page 52" href="http://viewer.zmags.com/publication/a1f5e0bc?page=52"> n Allowing material misstatement in the financial</a> <a title="The CPA Journal - July 2013 page 53" href="http://viewer.zmags.com/publication/a1f5e0bc?page=53"> Most registered public accounting firms inspec</a> <a title="The CPA Journal - July 2013 page 54" href="http://viewer.zmags.com/publication/a1f5e0bc?page=54"> TAXATION international taxation </a> <a title="The CPA Journal - July 2013 page 55" href="http://viewer.zmags.com/publication/a1f5e0bc?page=55"> which requires only that the return be filed in t</a> <a title="The CPA Journal - July 2013 page 56" href="http://viewer.zmags.com/publication/a1f5e0bc?page=56"> the act of producing them. (In Re: Special F</a> <a title="The CPA Journal - July 2013 page 57" href="http://viewer.zmags.com/publication/a1f5e0bc?page=57"> If a U.S. citizen is a bona fide resident of </a> <a title="The CPA Journal - July 2013 page 58" href="http://viewer.zmags.com/publication/a1f5e0bc?page=58"> Regulations section 1.6038-3 details the informat</a> <a title="The CPA Journal - July 2013 page 59" href="http://viewer.zmags.com/publication/a1f5e0bc?page=59"> financial asset, including PFIC stock. In additio</a> <a title="The CPA Journal - July 2013 page 60" href="http://viewer.zmags.com/publication/a1f5e0bc?page=60"> Treasury Regulations section 1.6046A- 1[A]). The </a> <a title="The CPA Journal - July 2013 page 61" href="http://viewer.zmags.com/publication/a1f5e0bc?page=61"> treated as the owner of any portion of a for- eig</a> <a title="The CPA Journal - July 2013 page 62" href="http://viewer.zmags.com/publication/a1f5e0bc?page=62"> FINANCE personal financial planning Consider</a> <a title="The CPA Journal - July 2013 page 63" href="http://viewer.zmags.com/publication/a1f5e0bc?page=63"> only income taxes on the distribution, but also 1</a> <a title="The CPA Journal - July 2013 page 64" href="http://viewer.zmags.com/publication/a1f5e0bc?page=64"> MANAGEMENT management tools </a> <a title="The CPA Journal - July 2013 page 65" href="http://viewer.zmags.com/publication/a1f5e0bc?page=65"> analysis_calculator.swf). Buttons are used to cha</a> <a title="The CPA Journal - July 2013 page 66" href="http://viewer.zmags.com/publication/a1f5e0bc?page=66"> Design (formerly called Xcelsius) software and Or</a> <a title="The CPA Journal - July 2013 page 67" href="http://viewer.zmags.com/publication/a1f5e0bc?page=67"> want to start from the very beginning, there are </a> <a title="The CPA Journal - July 2013 page 68" href="http://viewer.zmags.com/publication/a1f5e0bc?page=68"> sales, customer returns as a percentage of sales,</a> <a title="The CPA Journal - July 2013 page 69" href="http://viewer.zmags.com/publication/a1f5e0bc?page=69"> the principle that causes a viewer to first see t</a> <a title="The CPA Journal - July 2013 page 70" href="http://viewer.zmags.com/publication/a1f5e0bc?page=70"> RESPONSIBILITIES & LEADERSHIP f</a> <a title="The CPA Journal - July 2013 page 71" href="http://viewer.zmags.com/publication/a1f5e0bc?page=71"> recruits that accept offers; however, they have c</a> <a title="The CPA Journal - July 2013 page 72" href="http://viewer.zmags.com/publication/a1f5e0bc?page=72"> large firms revealed that more than 60% of the hi</a> <a title="The CPA Journal - July 2013 page 73" href="http://viewer.zmags.com/publication/a1f5e0bc?page=73"> even driving records. They are paying atten- tion</a> <a title="The CPA Journal - July 2013 page 74" href="http://viewer.zmags.com/publication/a1f5e0bc?page=74"> TECHNOLOGY what to bookmark Websit</a> <a title="The CPA Journal - July 2013 page 75" href="http://viewer.zmags.com/publication/a1f5e0bc?page=75"> staff report on its IFRS work plan. The staff rep</a> <a title="The CPA Journal - July 2013 page 76" href="http://viewer.zmags.com/publication/a1f5e0bc?page=76"> CLASSIFIEDMARKETPLACE PROFESSIONAL OPPORTUNITY l</a> <a title="The CPA Journal - July 2013 page 77" href="http://viewer.zmags.com/publication/a1f5e0bc?page=77"> CLASSIFIED Peer Review If you nee</a> <a title="The CPA Journal - July 2013 page 78" href="http://viewer.zmags.com/publication/a1f5e0bc?page=78"> CLASSIFIED SPACE FOR RENT AAA PROFESSIONAL OFFIC</a> <a title="The CPA Journal - July 2013 page 79" href="http://viewer.zmags.com/publication/a1f5e0bc?page=79"> CLASSIFIED Peer Review If you nee</a> <a title="The CPA Journal - July 2013 page 80" href="http://viewer.zmags.com/publication/a1f5e0bc?page=80"> CLASSIFIED Classified Rates </a> <a title="The CPA Journal - July 2013 page 81" href="http://viewer.zmags.com/publication/a1f5e0bc?page=81"> ECONOMIC & MARKET DATA monthly u</a> <a title="The CPA Journal - July 2013 page 82" href="http://viewer.zmags.com/publication/a1f5e0bc?page=82"> EDITORIAL a message from the editor-in-chief </a> <a title="The CPA Journal - July 2013 page 83" href="http://viewer.zmags.com/publication/a1f5e0bc?page=83"> </a> <a title="The CPA Journal - July 2013 page 84" href="http://viewer.zmags.com/publication/a1f5e0bc?page=84"> </a>