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<br /> A Global Partnership:<br /> Is the U.S. Ready to<br /> Seal the Deal on IFRS?<br /> Effects of Material Weaknesses • The New 990 • Rules for Overtime Pay<br /> <br /> The Pace MS in Taxation.<br /> On your schedule.<br /> Ideally suited for the<br /> working professional.<br /> 5IF.BTUFSPG4DJFODFJO5BYBUJPO1SPHSBNBU1BDF6OJWFSTJUZµT-VCJO4DIPPMPG#VTJOFTT<br /> PGGFSTBOBMMUBYJOUFOTJWFHSBEVBUFQSPHSBNEFTJHOFEFTQFDJBMMZGPSQSPGFTTJPOBMTJO<br /> UIF¾FME8JUIDPVSTFTDPOWFOJFOUMZTDIFEVMFEJOUIFFWFOJOHUIFQSPHSBNJTJEFBMMZ<br /> TVJUFEGPSUIFXPSLJOHQSPGFTTJPOBM5IFQSPHSBNDPOTJTUTPGDSFEJUTJOTQFDJBMJ[FE<br /> UBYDPVSTFTBOEJTUBVHIUCZGBDVMUZXJUIFYUFOTJWFQSBDUJDBMCBDLHSPVOEBOEFYQFSJFODF<br /> JODVSSFOUUBYMBX"DDPVOUJOHBOEMBXQSPGFTTJPOBMTXJMM¾OEUIJTDSFEJUHSBEVBUF<br /> QSPHSBNQBSUJDVMBSMZVTFGVM"MJHOZPVSTFMGXJU<a title="The CPA Journal - July 09 page 1" href="http://viewer.zmags.com/publication/a8fe9ceb?page=1"> A Global Partnership: Is the U.S. Ready to Se</a> <a title="The CPA Journal - July 09 page 2" href="http://viewer.zmags.com/publication/a8fe9ceb?page=2"> </a> <a title="The CPA Journal - July 09 page 3" href="http://viewer.zmags.com/publication/a8fe9ceb?page=3"> The Pace MS in Taxation. On your schedule. </a> <a title="The CPA Journal - July 09 page 4" href="http://viewer.zmags.com/publication/a8fe9ceb?page=4"> C ONTENTS july 2009 </a> <a title="The CPA Journal - July 09 page 5" href="http://viewer.zmags.com/publication/a8fe9ceb?page=5"> vol. LXXIX/no.7 6PERSPECTIVES 14INFOCUS </a> <a title="The CPA Journal - July 09 page 6" href="http://viewer.zmags.com/publication/a8fe9ceb?page=6"> Publisher LOUIS GRUMET Associate Pu</a> <a title="The CPA Journal - July 09 page 7" href="http://viewer.zmags.com/publication/a8fe9ceb?page=7"> Save the Date! Construction Contractors Accounti</a> <a title="The CPA Journal - July 09 page 8" href="http://viewer.zmags.com/publication/a8fe9ceb?page=8"> P ERSPECTIVES viewpoint Early Warning and Q</a> <a title="The CPA Journal - July 09 page 9" href="http://viewer.zmags.com/publication/a8fe9ceb?page=9"> publisher's column Tax Amnesty and the Stat</a> <a title="The CPA Journal - July 09 page 10" href="http://viewer.zmags.com/publication/a8fe9ceb?page=10"> (Continued from page 6) accounting: to measure an</a> <a title="The CPA Journal - July 09 page 11" href="http://viewer.zmags.com/publication/a8fe9ceb?page=11"> Problems with the Current Standards-Setting Model</a> <a title="The CPA Journal - July 09 page 12" href="http://viewer.zmags.com/publication/a8fe9ceb?page=12"> Speedy resolution of emerging issues would be </a> <a title="The CPA Journal - July 09 page 13" href="http://viewer.zmags.com/publication/a8fe9ceb?page=13"> 2008 Max Block Awards Presented ThDeistwinignuni</a> <a title="The CPA Journal - July 09 page 14" href="http://viewer.zmags.com/publication/a8fe9ceb?page=14"> The Evolution of Human Resources Directo</a> <a title="The CPA Journal - July 09 page 15" href="http://viewer.zmags.com/publication/a8fe9ceb?page=15"> on their critical programmatic functions. From a </a> <a title="The CPA Journal - July 09 page 16" href="http://viewer.zmags.com/publication/a8fe9ceb?page=16"> A FORUM ON CONTEMPORARY ACCOUNTING ISSUES </a> <a title="The CPA Journal - July 09 page 17" href="http://viewer.zmags.com/publication/a8fe9ceb?page=17"> INTERNATIONAL ACCOUNTING STANDARDS:GOING FROM THE</a> <a title="The CPA Journal - July 09 page 18" href="http://viewer.zmags.com/publication/a8fe9ceb?page=18"> high-quality standards. I was on the IASB. I've w</a> <a title="The CPA Journal - July 09 page 19" href="http://viewer.zmags.com/publication/a8fe9ceb?page=19"> Norris: Of course, as [IASB Vice Chairman Tom]</a> <a title="The CPA Journal - July 09 page 20" href="http://viewer.zmags.com/publication/a8fe9ceb?page=20"> basic mistake wasn't in the way you forced compan</a> <a title="The CPA Journal - July 09 page 21" href="http://viewer.zmags.com/publication/a8fe9ceb?page=21"> the extent that a financial institution, a hold- </a> <a title="The CPA Journal - July 09 page 22" href="http://viewer.zmags.com/publication/a8fe9ceb?page=22"> A FORUM ON CONTEMPORARY ACCOUNTING ISSUES </a> <a title="The CPA Journal - July 09 page 23" href="http://viewer.zmags.com/publication/a8fe9ceb?page=23"> INTERNATIONAL ACCOUNTING STANDARDS:GOING FROM THE</a> <a title="The CPA Journal - July 09 page 24" href="http://viewer.zmags.com/publication/a8fe9ceb?page=24"> Tom Jones: The “crazy” reference was the idea</a> <a title="The CPA Journal - July 09 page 25" href="http://viewer.zmags.com/publication/a8fe9ceb?page=25"> moving in that direction, but now he's gone. In </a> <a title="The CPA Journal - July 09 page 26" href="http://viewer.zmags.com/publication/a8fe9ceb?page=26"> Questions from the Audience Kaustav Sen, Pace</a> <a title="The CPA Journal - July 09 page 27" href="http://viewer.zmags.com/publication/a8fe9ceb?page=27"> tions a year. It's very exceptional. I think that</a> <a title="The CPA Journal - July 09 page 28" href="http://viewer.zmags.com/publication/a8fe9ceb?page=28"> A FORUM ON CONTEMPORARY ACCOUNTING ISSUES </a> <a title="The CPA Journal - July 09 page 29" href="http://viewer.zmags.com/publication/a8fe9ceb?page=29"> INTERNATIONAL ACCOUNTING STANDARDS: PANEL DISCUSS</a> <a title="The CPA Journal - July 09 page 30" href="http://viewer.zmags.com/publication/a8fe9ceb?page=30"> A FORUM ON CONTEMPORARY ACCOUNTING ISSUES </a> <a title="The CPA Journal - July 09 page 31" href="http://viewer.zmags.com/publication/a8fe9ceb?page=31"> INTERNATIONAL ACCOUNTING STANDARDS:GOING FROM THE</a> <a title="The CPA Journal - July 09 page 32" href="http://viewer.zmags.com/publication/a8fe9ceb?page=32"> business in their careers. Just in the last 10 ye</a> <a title="The CPA Journal - July 09 page 33" href="http://viewer.zmags.com/publication/a8fe9ceb?page=33"> policy makers want to be sure they're lis- tening</a> <a title="The CPA Journal - July 09 page 34" href="http://viewer.zmags.com/publication/a8fe9ceb?page=34"> to the table and spent the day with us, dia- logu</a> <a title="The CPA Journal - July 09 page 35" href="http://viewer.zmags.com/publication/a8fe9ceb?page=35"> change?” it's a lot harder to articulate an answe</a> <a title="The CPA Journal - July 09 page 36" href="http://viewer.zmags.com/publication/a8fe9ceb?page=36"> A FORUM ON CONTEMPORARY ACCOUNTING ISSUES </a> <a title="The CPA Journal - July 09 page 37" href="http://viewer.zmags.com/publication/a8fe9ceb?page=37"> INTERNATIONAL ACCOUNTING STANDARDS:GOING FROM THE</a> <a title="The CPA Journal - July 09 page 38" href="http://viewer.zmags.com/publication/a8fe9ceb?page=38"> Edward E. Nusbaum: I don't think there is a gr</a> <a title="The CPA Journal - July 09 page 39" href="http://viewer.zmags.com/publication/a8fe9ceb?page=39"> pany traded on the Shanghai Stock Exchange, you a</a> <a title="The CPA Journal - July 09 page 40" href="http://viewer.zmags.com/publication/a8fe9ceb?page=40"> Nusbaum: The question is, are investors smart</a> <a title="The CPA Journal - July 09 page 41" href="http://viewer.zmags.com/publication/a8fe9ceb?page=41"> Then when the accounting programs in universit</a> <a title="The CPA Journal - July 09 page 42" href="http://viewer.zmags.com/publication/a8fe9ceb?page=42"> A FORUM ON CONTEMPORARY ACCOUNTING ISSUES </a> <a title="The CPA Journal - July 09 page 43" href="http://viewer.zmags.com/publication/a8fe9ceb?page=43"> INTERNATIONAL ACCOUNTING STANDARDS: PANEL DISCUSS</a> <a title="The CPA Journal - July 09 page 44" href="http://viewer.zmags.com/publication/a8fe9ceb?page=44"> A CCOUNTING & AUDITING internal controls </a> <a title="The CPA Journal - July 09 page 45" href="http://viewer.zmags.com/publication/a8fe9ceb?page=45"> ■ stock market (price) reaction beyond the init</a> <a title="The CPA Journal - July 09 page 46" href="http://viewer.zmags.com/publication/a8fe9ceb?page=46"> the 9% annual reduction in the portfolio of mater</a> <a title="The CPA Journal - July 09 page 47" href="http://viewer.zmags.com/publication/a8fe9ceb?page=47"> folio by 15.6% (Exhibit 2—Russell.com Index Fact </a> <a title="The CPA Journal - July 09 page 48" href="http://viewer.zmags.com/publication/a8fe9ceb?page=48"> CFOs include assurance that appropriate internal </a> <a title="The CPA Journal - July 09 page 49" href="http://viewer.zmags.com/publication/a8fe9ceb?page=49"> tors should have led to the identification of int</a> <a title="The CPA Journal - July 09 page 50" href="http://viewer.zmags.com/publication/a8fe9ceb?page=50"> A CCOUNTING & AUDITING auditing Under</a> <a title="The CPA Journal - July 09 page 51" href="http://viewer.zmags.com/publication/a8fe9ceb?page=51"> each risk assessment procedure. As Exhibit 2 show</a> <a title="The CPA Journal - July 09 page 52" href="http://viewer.zmags.com/publication/a8fe9ceb?page=52"> was first introduced in the appendix to SAS 1</a> <a title="The CPA Journal - July 09 page 53" href="http://viewer.zmags.com/publication/a8fe9ceb?page=53"> recorded and to document an understand- ing of th</a> <a title="The CPA Journal - July 09 page 54" href="http://viewer.zmags.com/publication/a8fe9ceb?page=54"> T AXATION not-for-profit organizations </a> <a title="The CPA Journal - July 09 page 55" href="http://viewer.zmags.com/publication/a8fe9ceb?page=55"> Reforms,” Michigan Law Review, March 2008). Th</a> <a title="The CPA Journal - July 09 page 56" href="http://viewer.zmags.com/publication/a8fe9ceb?page=56"> nization and stay under the radar. Hopefully, aft</a> <a title="The CPA Journal - July 09 page 57" href="http://viewer.zmags.com/publication/a8fe9ceb?page=57"> The answer isn't easy. From the auditor's perspec</a> <a title="The CPA Journal - July 09 page 58" href="http://viewer.zmags.com/publication/a8fe9ceb?page=58"> T AXATION federal taxation Can IRC Sect</a> <a title="The CPA Journal - July 09 page 59" href="http://viewer.zmags.com/publication/a8fe9ceb?page=59"> restriction on the right to dispose of the income</a> <a title="The CPA Journal - July 09 page 60" href="http://viewer.zmags.com/publication/a8fe9ceb?page=60"> F INANCE estate planning Recognizing and </a> <a title="The CPA Journal - July 09 page 61" href="http://viewer.zmags.com/publication/a8fe9ceb?page=61"> there has been undue influence, particularly if t</a> <a title="The CPA Journal - July 09 page 62" href="http://viewer.zmags.com/publication/a8fe9ceb?page=62"> M ANAGEMENT employee benefit plans </a> <a title="The CPA Journal - July 09 page 63" href="http://viewer.zmags.com/publication/a8fe9ceb?page=63"> According to the DOL's Wage and Hour Division, mo</a> <a title="The CPA Journal - July 09 page 64" href="http://viewer.zmags.com/publication/a8fe9ceb?page=64"> The “look back” period for assessing damages g</a> <a title="The CPA Journal - July 09 page 65" href="http://viewer.zmags.com/publication/a8fe9ceb?page=65"> is required to reimburse the wronged employee for</a> <a title="The CPA Journal - July 09 page 66" href="http://viewer.zmags.com/publication/a8fe9ceb?page=66"> M ANAGEMENT practice management Disengage</a> <a title="The CPA Journal - July 09 page 67" href="http://viewer.zmags.com/publication/a8fe9ceb?page=67"> statements are not expected to be used by a third</a> <a title="The CPA Journal - July 09 page 68" href="http://viewer.zmags.com/publication/a8fe9ceb?page=68"> If the client has not paid the fee, or is behind </a> <a title="The CPA Journal - July 09 page 69" href="http://viewer.zmags.com/publication/a8fe9ceb?page=69"> former client of upcoming deadlines and address t</a> <a title="The CPA Journal - July 09 page 70" href="http://viewer.zmags.com/publication/a8fe9ceb?page=70"> client who is a construction contractor. During t</a> <a title="The CPA Journal - July 09 page 71" href="http://viewer.zmags.com/publication/a8fe9ceb?page=71"> R ESPONSIBILITIES & LEADERSHIP professional </a> <a title="The CPA Journal - July 09 page 72" href="http://viewer.zmags.com/publication/a8fe9ceb?page=72"> Be a team player. During the first two rel</a> <a title="The CPA Journal - July 09 page 73" href="http://viewer.zmags.com/publication/a8fe9ceb?page=73"> trait. Employees cannot be effective lead- ers wi</a> <a title="The CPA Journal - July 09 page 74" href="http://viewer.zmags.com/publication/a8fe9ceb?page=74"> repetitive questions or failing to ask appro- pri</a> <a title="The CPA Journal - July 09 page 75" href="http://viewer.zmags.com/publication/a8fe9ceb?page=75"> T ECHNOLOGY what to bookmark Website of </a> <a title="The CPA Journal - July 09 page 76" href="http://viewer.zmags.com/publication/a8fe9ceb?page=76"> Classified PROFESSIONAL OPPORTUNITY l BUSINESS l</a> <a title="The CPA Journal - July 09 page 77" href="http://viewer.zmags.com/publication/a8fe9ceb?page=77"> A well-established full-service CPA firm seeks me</a> <a title="The CPA Journal - July 09 page 78" href="http://viewer.zmags.com/publication/a8fe9ceb?page=78"> INNOVATIVE STRATEGIES for sales and use tax compl</a> <a title="The CPA Journal - July 09 page 79" href="http://viewer.zmags.com/publication/a8fe9ceb?page=79"> PEER REVIEW MBS Bookkeeping www.marksbookkee</a> <a title="The CPA Journal - July 09 page 80" href="http://viewer.zmags.com/publication/a8fe9ceb?page=80"> </a> <a title="The CPA Journal - July 09 page 81" href="http://viewer.zmags.com/publication/a8fe9ceb?page=81"> E CONOMIC & MARKET D ATA monthly update</a> <a title="The CPA Journal - July 09 page 82" href="http://viewer.zmags.com/publication/a8fe9ceb?page=82"> E DITORIAL a message from the editor-in-chie</a> <a title="The CPA Journal - July 09 page 83" href="http://viewer.zmags.com/publication/a8fe9ceb?page=83"> </a> <a title="The CPA Journal - July 09 page 84" href="http://viewer.zmags.com/publication/a8fe9ceb?page=84"> </a>