If you are visually impaired or blind, you can visit the PDF version by Pressing CONTROL + ALT + 4
<br /> www.cpaj.com August 2013<br /> The U.S. Government's<br /> Consolidated Financial<br /> Statements<br /> A Primer for CPAs<br /> Plus<br /> • Government Pension Reporting Gap • Uncertain Tax Position Disclosures<br /> • Qualified Conservation Easements<br /> <br /> <br /> <br /> INE<br /> OR<br /> f o u n d a t i o n f<br /> FAf o r <br /> Ea c c o u n t i n g<br /> e d u c a t i o n<br /> 2013 FAE Seminars<br /> A<br /> PLAN NOW F<br /> DEC. 31 CPE DEADL<br /> DEC. 31 CPE DEADL<br /> FAE REGIONAL LEARNING CENTERS<br /> SERVE LOCAL CPAs<br /> SERVE LOCAL CPA<br /> Over 200 Courses Scheduled!<br /> Plan your CPE now to meet<br /> the December 31 deadline!<br /> Benefits<br /> Complete your CPE requirements conveniently and economically.<br /> Complete your CPE requirements conveniently and economically<br /> Interact with expert inst<a title="The CPA Journal - August 2013 page 1" href="http://viewer.zmags.com/publication/a8a580bc?page=1"> www.cpaj.com August 2013 The U.S. Go</a> <a title="The CPA Journal - August 2013 page 2" href="http://viewer.zmags.com/publication/a8a580bc?page=2"> </a> <a title="The CPA Journal - August 2013 page 3" href="http://viewer.zmags.com/publication/a8a580bc?page=3"> INE OR f o u n d a t i o n </a> <a title="The CPA Journal - August 2013 page 4" href="http://viewer.zmags.com/publication/a8a580bc?page=4"> CONTENTS august 2013 6 PERSPECTIVES 16 IN FOC</a> <a title="The CPA Journal - August 2013 page 5" href="http://viewer.zmags.com/publication/a8a580bc?page=5"> vol. LXXXIII/no. 8 28 ESSENTIALS 61 ESSE</a> <a title="The CPA Journal - August 2013 page 6" href="http://viewer.zmags.com/publication/a8a580bc?page=6"> new york state society of NYSSCPA certified </a> <a title="The CPA Journal - August 2013 page 7" href="http://viewer.zmags.com/publication/a8a580bc?page=7"> FAE 2013 CPE foundation for accounting FAE educ</a> <a title="The CPA Journal - August 2013 page 8" href="http://viewer.zmags.com/publication/a8a580bc?page=8"> PERSPECTIVES viewpoint How Many Accounting Fra</a> <a title="The CPA Journal - August 2013 page 9" href="http://viewer.zmags.com/publication/a8a580bc?page=9"> publisher’s column NYSSCPA on the Move By t</a> <a title="The CPA Journal - August 2013 page 10" href="http://viewer.zmags.com/publication/a8a580bc?page=10"> (Continued from page 6) ed proposal would allow f</a> <a title="The CPA Journal - August 2013 page 11" href="http://viewer.zmags.com/publication/a8a580bc?page=11"> accounting basis used and avoid the impli- cation</a> <a title="The CPA Journal - August 2013 page 12" href="http://viewer.zmags.com/publication/a8a580bc?page=12"> future of the profession Perspectives o</a> <a title="The CPA Journal - August 2013 page 13" href="http://viewer.zmags.com/publication/a8a580bc?page=13"> tions—the Pathways Commission per- ceives the nee</a> <a title="The CPA Journal - August 2013 page 14" href="http://viewer.zmags.com/publication/a8a580bc?page=14"> While the Pathways Commission’s report envision</a> <a title="The CPA Journal - August 2013 page 15" href="http://viewer.zmags.com/publication/a8a580bc?page=15"> be elevated, and students should be exposed to ac</a> <a title="The CPA Journal - August 2013 page 16" href="http://viewer.zmags.com/publication/a8a580bc?page=16"> In the final analysis, clear-cut strate- gies a</a> <a title="The CPA Journal - August 2013 page 17" href="http://viewer.zmags.com/publication/a8a580bc?page=17"> inbox: letters to the editor Is Bigger Bet</a> <a title="The CPA Journal - August 2013 page 18" href="http://viewer.zmags.com/publication/a8a580bc?page=18"> INFOCUS THE U.S. GOVERNMENT'S CONSOLIDATED FINA</a> <a title="The CPA Journal - August 2013 page 19" href="http://viewer.zmags.com/publication/a8a580bc?page=19"> </a> <a title="The CPA Journal - August 2013 page 20" href="http://viewer.zmags.com/publication/a8a580bc?page=20"> accounting for state and local government and fin</a> <a title="The CPA Journal - August 2013 page 21" href="http://viewer.zmags.com/publication/a8a580bc?page=21"> receive unqualified opinions. (“Agency” is meant </a> <a title="The CPA Journal - August 2013 page 22" href="http://viewer.zmags.com/publication/a8a580bc?page=22"> The Individual Statements The analysis below </a> <a title="The CPA Journal - August 2013 page 23" href="http://viewer.zmags.com/publication/a8a580bc?page=23"> fiscal year; its assets; its liabilities, which a</a> <a title="The CPA Journal - August 2013 page 24" href="http://viewer.zmags.com/publication/a8a580bc?page=24"> </a> <a title="The CPA Journal - August 2013 page 25" href="http://viewer.zmags.com/publication/a8a580bc?page=25"> Fund accounting in government operations means re</a> <a title="The CPA Journal - August 2013 page 26" href="http://viewer.zmags.com/publication/a8a580bc?page=26"> </a> <a title="The CPA Journal - August 2013 page 27" href="http://viewer.zmags.com/publication/a8a580bc?page=27"> tation; however, the Statement of Net Cost lists </a> <a title="The CPA Journal - August 2013 page 28" href="http://viewer.zmags.com/publication/a8a580bc?page=28"> words, although the statement is not divid- ed in</a> <a title="The CPA Journal - August 2013 page 29" href="http://viewer.zmags.com/publication/a8a580bc?page=29"> familiar statement of cash flows, without the fam</a> <a title="The CPA Journal - August 2013 page 30" href="http://viewer.zmags.com/publication/a8a580bc?page=30"> ACCOUNTING & AUDITING government acc</a> <a title="The CPA Journal - August 2013 page 31" href="http://viewer.zmags.com/publication/a8a580bc?page=31"> summary of the new standards appears in Exhibit 1</a> <a title="The CPA Journal - August 2013 page 32" href="http://viewer.zmags.com/publication/a8a580bc?page=32"> for pension benefits and $627 billion for retiree</a> <a title="The CPA Journal - August 2013 page 33" href="http://viewer.zmags.com/publication/a8a580bc?page=33"> 14.1% of revenues; average contributions would ne</a> <a title="The CPA Journal - August 2013 page 34" href="http://viewer.zmags.com/publication/a8a580bc?page=34"> EXHIBIT 2 The Widening Ga</a> <a title="The CPA Journal - August 2013 page 35" href="http://viewer.zmags.com/publication/a8a580bc?page=35"> est rate only when future benefit payments are no</a> <a title="The CPA Journal - August 2013 page 36" href="http://viewer.zmags.com/publication/a8a580bc?page=36"> plans, the net pension liability represents the e</a> <a title="The CPA Journal - August 2013 page 37" href="http://viewer.zmags.com/publication/a8a580bc?page=37"> must present required supplementary infor- mation</a> <a title="The CPA Journal - August 2013 page 38" href="http://viewer.zmags.com/publication/a8a580bc?page=38"> ACCOUNTING & AUDITING auditing Mandatory </a> <a title="The CPA Journal - August 2013 page 39" href="http://viewer.zmags.com/publication/a8a580bc?page=39"> transparency and accountability for audi- tors (</a> <a title="The CPA Journal - August 2013 page 40" href="http://viewer.zmags.com/publication/a8a580bc?page=40"> sistent and intimate basis, naturally building re</a> <a title="The CPA Journal - August 2013 page 41" href="http://viewer.zmags.com/publication/a8a580bc?page=41"> FAE 2013 CONFERENCES foundation for FA Ea c c o </a> <a title="The CPA Journal - August 2013 page 42" href="http://viewer.zmags.com/publication/a8a580bc?page=42"> TAXATION corporate taxation </a> <a title="The CPA Journal - August 2013 page 43" href="http://viewer.zmags.com/publication/a8a580bc?page=43"> medium-sized corporate taxpayers. Such corporatio</a> <a title="The CPA Journal - August 2013 page 44" href="http://viewer.zmags.com/publication/a8a580bc?page=44"> tions 482 (transfer pricing), 41 (research and ex</a> <a title="The CPA Journal - August 2013 page 45" href="http://viewer.zmags.com/publication/a8a580bc?page=45"> audit issues; however, it was not designed to dir</a> <a title="The CPA Journal - August 2013 page 46" href="http://viewer.zmags.com/publication/a8a580bc?page=46"> a reserve, it will trigger reporting of the tax p</a> <a title="The CPA Journal - August 2013 page 47" href="http://viewer.zmags.com/publication/a8a580bc?page=47"> possible) eliminate uncertain tax positions. As n</a> <a title="The CPA Journal - August 2013 page 48" href="http://viewer.zmags.com/publication/a8a580bc?page=48"> TAXATION federal taxation A Practical Look at</a> <a title="The CPA Journal - August 2013 page 49" href="http://viewer.zmags.com/publication/a8a580bc?page=49"> a lawyer but loses $10,000 as a documen- tary fil</a> <a title="The CPA Journal - August 2013 page 50" href="http://viewer.zmags.com/publication/a8a580bc?page=50"> The success of the taxpayer in carrying on ot</a> <a title="The CPA Journal - August 2013 page 51" href="http://viewer.zmags.com/publication/a8a580bc?page=51"> FINANCE not-for-profit organizations </a> <a title="The CPA Journal - August 2013 page 52" href="http://viewer.zmags.com/publication/a8a580bc?page=52"> Statutory Rules Under IRC section 170(h), a ch</a> <a title="The CPA Journal - August 2013 page 53" href="http://viewer.zmags.com/publication/a8a580bc?page=53"> exclusion from the gross estate will be allowed f</a> <a title="The CPA Journal - August 2013 page 54" href="http://viewer.zmags.com/publication/a8a580bc?page=54"> be able to take a charitable contribution deducti</a> <a title="The CPA Journal - August 2013 page 55" href="http://viewer.zmags.com/publication/a8a580bc?page=55"> 1970, then to $1,975 in 1971 and 1973. The FMV es</a> <a title="The CPA Journal - August 2013 page 56" href="http://viewer.zmags.com/publication/a8a580bc?page=56"> upon condemnation, the land would revert to the c</a> <a title="The CPA Journal - August 2013 page 57" href="http://viewer.zmags.com/publication/a8a580bc?page=57"> Gunnison County encumbering four addi- tional acr</a> <a title="The CPA Journal - August 2013 page 58" href="http://viewer.zmags.com/publication/a8a580bc?page=58"> MANAGEMENT corporate finance Stock Option Alt</a> <a title="The CPA Journal - August 2013 page 59" href="http://viewer.zmags.com/publication/a8a580bc?page=59"> ket, the FMV is readily determinable. Certain oth</a> <a title="The CPA Journal - August 2013 page 60" href="http://viewer.zmags.com/publication/a8a580bc?page=60"> antee that the value of the stock will increase i</a> <a title="The CPA Journal - August 2013 page 61" href="http://viewer.zmags.com/publication/a8a580bc?page=61"> ence between zero and the selling price. The basi</a> <a title="The CPA Journal - August 2013 page 62" href="http://viewer.zmags.com/publication/a8a580bc?page=62"> for a swap involving ISOs. An exercise of NSOs tr</a> <a title="The CPA Journal - August 2013 page 63" href="http://viewer.zmags.com/publication/a8a580bc?page=63"> RESPONSIBILITY & LEADERSHIP future</a> <a title="The CPA Journal - August 2013 page 64" href="http://viewer.zmags.com/publication/a8a580bc?page=64"> (UAA, 6th ed., August 2011; UAA Model Rules, July</a> <a title="The CPA Journal - August 2013 page 65" href="http://viewer.zmags.com/publication/a8a580bc?page=65"> hour debate concerns whether one should be allowe</a> <a title="The CPA Journal - August 2013 page 66" href="http://viewer.zmags.com/publication/a8a580bc?page=66"> requirement; however, California will grant a lic</a> <a title="The CPA Journal - August 2013 page 67" href="http://viewer.zmags.com/publication/a8a580bc?page=67"> Hasselback, 2009). Individual responses were coll</a> <a title="The CPA Journal - August 2013 page 68" href="http://viewer.zmags.com/publication/a8a580bc?page=68"> (55%) disagreed with this idea. The of substitu</a> <a title="The CPA Journal - August 2013 page 69" href="http://viewer.zmags.com/publication/a8a580bc?page=69"> TECHNOLOGY electronic reporting An Overview o</a> <a title="The CPA Journal - August 2013 page 70" href="http://viewer.zmags.com/publication/a8a580bc?page=70"> CHECKLIST FOR XBRL-RELATED CONTROLS Tag Selec</a> <a title="The CPA Journal - August 2013 page 71" href="http://viewer.zmags.com/publication/a8a580bc?page=71"> responsibilities to the FAF and FASB was to achie</a> <a title="The CPA Journal - August 2013 page 72" href="http://viewer.zmags.com/publication/a8a580bc?page=72"> n Improper use of calculation linkbase, resulting</a> <a title="The CPA Journal - August 2013 page 73" href="http://viewer.zmags.com/publication/a8a580bc?page=73"> identifies the procedures performed and their res</a> <a title="The CPA Journal - August 2013 page 74" href="http://viewer.zmags.com/publication/a8a580bc?page=74"> TECHNOLOGY what to bookmark We</a> <a title="The CPA Journal - August 2013 page 75" href="http://viewer.zmags.com/publication/a8a580bc?page=75"> al debt. Resources include some discour- aging gr</a> <a title="The CPA Journal - August 2013 page 76" href="http://viewer.zmags.com/publication/a8a580bc?page=76"> CLASSIFIEDMARKETPLACE PROFESSIONAL OPPORTUNITY l</a> <a title="The CPA Journal - August 2013 page 77" href="http://viewer.zmags.com/publication/a8a580bc?page=77"> CLASSIFIED Peer Review If you nee</a> <a title="The CPA Journal - August 2013 page 78" href="http://viewer.zmags.com/publication/a8a580bc?page=78"> CLASSIFIED Office Space for rent in large Western</a> <a title="The CPA Journal - August 2013 page 79" href="http://viewer.zmags.com/publication/a8a580bc?page=79"> CLASSIFIED HELP WITH PREPARING F</a> <a title="The CPA Journal - August 2013 page 80" href="http://viewer.zmags.com/publication/a8a580bc?page=80"> CLASSIFIED NOW IS THE SEASON TO ACT… Do your c</a> <a title="The CPA Journal - August 2013 page 81" href="http://viewer.zmags.com/publication/a8a580bc?page=81"> The CPA Journal Online The editors invite re</a> <a title="The CPA Journal - August 2013 page 82" href="http://viewer.zmags.com/publication/a8a580bc?page=82"> ECONOMIC & MARKET DATA monthly u</a> <a title="The CPA Journal - August 2013 page 83" href="http://viewer.zmags.com/publication/a8a580bc?page=83"> </a> <a title="The CPA Journal - August 2013 page 84" href="http://viewer.zmags.com/publication/a8a580bc?page=84"> </a>