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A Global Partnership: Is the U.S. Ready to Seal the Deal on IFRS? Effects of Material Weaknesses • The New 990 • Rules for Overtime Pay The Pace MS in Taxation. On your schedule. Ideally suited for the working professional. 5IF.BTUFSPG4DJFODFJO5BYBUJPO1SPHSBNBU1BDF6OJWFSTJUZµT-VCJO4DIPPMPG#VTJOFTT PGGFSTBOBMMUBYJOUFOTJWFHSBEVBUFQSPHSBNEFTJHOFEFTQFDJBMMZGPSQSPGFTTJPOBMTJO UIF¾FME8JUIDPVSTFTDPOWFOJFOUMZTDIFEVMFEJ<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 toSe</a> A Global Partnership: Is the U.S. Ready toSe<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> The Pace MS in Taxation. On your schedule.<a title="The CPA Journal - July 09 page 4" href="http://viewer.zmags.com/publication/a8fe9ceb?page=4">C ONTENTSjuly 2009 </a> C ONTENTSjuly 2009 <a title="The CPA Journal - July 09 page 5" href="http://viewer.zmags.com/publication/a8fe9ceb?page=5">vol. LXXIX/no.76PERSPECTIVES14INFOCUS </a> vol. LXXIX/no.76PERSPECTIVES14INFOCUS <a title="The CPA Journal - July 09 page 6" href="http://viewer.zmags.com/publication/a8fe9ceb?page=6"> PublisherLOUIS GRUMET Associate Pu</a> PublisherLOUIS GRUMET Associate Pu<a title="The CPA Journal - July 09 page 7" href="http://viewer.zmags.com/publication/a8fe9ceb?page=7">Savethe Date!Construction ContractorsAccounti</a> Savethe Date!Construction ContractorsAccounti<a title="The CPA Journal - July 09 page 8" href="http://viewer.zmags.com/publication/a8fe9ceb?page=8">P ERSPECTIVESviewpointEarly Warning and Q</a> P ERSPECTIVESviewpointEarly Warning and Q<a title="The CPA Journal - July 09 page 9" href="http://viewer.zmags.com/publication/a8fe9ceb?page=9">publisher's columnTax Amnesty andthe Stat</a> publisher's columnTax Amnesty andthe Stat<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> (Continued from page 6)accounting: to measure an<a title="The CPA Journal - July 09 page 11" href="http://viewer.zmags.com/publication/a8fe9ceb?page=11">Problems with the CurrentStandards-Setting Model</a> Problems with the CurrentStandards-Setting Model<a title="The CPA Journal - July 09 page 12" href="http://viewer.zmags.com/publication/a8fe9ceb?page=12"> Speedy resolution of emerging issueswould be </a> Speedy resolution of emerging issueswould be <a title="The CPA Journal - July 09 page 13" href="http://viewer.zmags.com/publication/a8fe9ceb?page=13">2008 Max BlockAwards PresentedThDeistwinignuni</a> 2008 Max BlockAwards PresentedThDeistwinignuni<a title="The CPA Journal - July 09 page 14" href="http://viewer.zmags.com/publication/a8fe9ceb?page=14">The Evolution ofHuman Resources Directo</a> The Evolution ofHuman Resources Directo<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> on their critical programmatic functions.From 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 FORUM ON CONTEMPORARY ACCOUNTING ISSUES<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> INTERNATIONAL ACCOUNTING STANDARDS:GOING FROM THE<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> high-quality standards. I was on the IASB.I've w<a title="The CPA Journal - July 09 page 19" href="http://viewer.zmags.com/publication/a8fe9ceb?page=19"> Norris: Of course, as [IASB ViceChairman Tom]</a> Norris: Of course, as [IASB ViceChairman Tom]<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 youforced compan</a> basic mistake wasn't in the way youforced compan<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> the extent that a financial institution, a hold-<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 FORUM ON CONTEMPORARY ACCOUNTING ISSUES<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> INTERNATIONAL ACCOUNTING STANDARDS:GOING FROM THE<a title="The CPA Journal - July 09 page 24" href="http://viewer.zmags.com/publication/a8fe9ceb?page=24"> Tom Jones: The “crazy” reference wasthe idea</a> Tom Jones: The “crazy” reference wasthe idea<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'sgone. In </a> moving in that direction, but now he'sgone. In <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> Questions from the Audience Kaustav Sen, Pace<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 thinkthat</a> tions a year. It's very exceptional. I thinkthat<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 FORUM ON CONTEMPORARY ACCOUNTING ISSUES<a title="The CPA Journal - July 09 page 29" href="http://viewer.zmags.com/publication/a8fe9ceb?page=29">INTERNATIONAL ACCOUNTING STANDARDS: PANEL DISCUSS</a> INTERNATIONAL ACCOUNTING STANDARDS: PANEL DISCUSS<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 FORUM ON CONTEMPORARY ACCOUNTING ISSUES<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> INTERNATIONAL ACCOUNTING STANDARDS:GOING FROM THE<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 last10 ye</a> business in their careers. Just in the last10 ye<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> policy makers want to be sure they're lis-tening<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> to the table and spent the day with us, dia-logu<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 ananswe</a> change?” it's a lot harder to articulate ananswe<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 FORUM ON CONTEMPORARY ACCOUNTING ISSUES<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> INTERNATIONAL ACCOUNTING STANDARDS:GOING FROM THE<a title="The CPA Journal - July 09 page 38" href="http://viewer.zmags.com/publication/a8fe9ceb?page=38"> Edward E. Nusbaum: I don't thinkthere is a gr</a> Edward E. Nusbaum: I don't thinkthere is a gr<a title="The CPA Journal - July 09 page 39" href="http://viewer.zmags.com/publication/a8fe9ceb?page=39">pany traded on the Shanghai StockExchange, you a</a> pany traded on the Shanghai StockExchange, you a<a title="The CPA Journal - July 09 page 40" href="http://viewer.zmags.com/publication/a8fe9ceb?page=40"> Nusbaum: The question is, are investorssmart</a> Nusbaum: The question is, are investorssmart<a title="The CPA Journal - July 09 page 41" href="http://viewer.zmags.com/publication/a8fe9ceb?page=41"> Then when the accounting programs inuniversit</a> Then when the accounting programs inuniversit<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 FORUM ON CONTEMPORARY ACCOUNTING ISSUES<a title="The CPA Journal - July 09 page 43" href="http://viewer.zmags.com/publication/a8fe9ceb?page=43">INTERNATIONAL ACCOUNTING STANDARDS: PANEL DISCUSS</a> INTERNATIONAL ACCOUNTING STANDARDS: PANEL DISCUSS<a title="The CPA Journal - July 09 page 44" href="http://viewer.zmags.com/publication/a8fe9ceb?page=44">A CCOUNTING & AUDITINGinternal controls</a> A CCOUNTING & AUDITINGinternal controls<a title="The CPA Journal - July 09 page 45" href="http://viewer.zmags.com/publication/a8fe9ceb?page=45">■ stock market (price) reaction beyondthe init</a> ■ stock market (price) reaction beyondthe init<a title="The CPA Journal - July 09 page 46" href="http://viewer.zmags.com/publication/a8fe9ceb?page=46">the 9% annual reduction in the portfolioof mater</a> the 9% annual reduction in the portfolioof mater<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.comIndex Fact </a> folio by 15.6% (Exhibit 2—Russell.comIndex Fact <a title="The CPA Journal - July 09 page 48" href="http://viewer.zmags.com/publication/a8fe9ceb?page=48">CFOs include assurance that appropriateinternal </a> CFOs include assurance that appropriateinternal <a title="The CPA Journal - July 09 page 49" href="http://viewer.zmags.com/publication/a8fe9ceb?page=49">tors should have led to the identificationof int</a> tors should have led to the identificationof int<a title="The CPA Journal - July 09 page 50" href="http://viewer.zmags.com/publication/a8fe9ceb?page=50">A CCOUNTING & AUDITINGauditing Under</a> A CCOUNTING & AUDITINGauditing Under<a title="The CPA Journal - July 09 page 51" href="http://viewer.zmags.com/publication/a8fe9ceb?page=51">each risk assessment procedure. AsExhibit 2 show</a> each risk assessment procedure. AsExhibit 2 show<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> was first introduced in the appendix to SAS 1<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> recorded and to document an understand-ing of th<a title="The CPA Journal - July 09 page 54" href="http://viewer.zmags.com/publication/a8fe9ceb?page=54">T AXATIONnot-for-profit organizations</a> T AXATIONnot-for-profit organizations<a title="The CPA Journal - July 09 page 55" href="http://viewer.zmags.com/publication/a8fe9ceb?page=55">Reforms,” Michigan Law Review, March2008). Th</a> Reforms,” Michigan Law Review, March2008). Th<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> nization and stay under the radar. Hopefully,aft<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'sperspec</a> The answer isn't easy. From the auditor'sperspec<a title="The CPA Journal - July 09 page 58" href="http://viewer.zmags.com/publication/a8fe9ceb?page=58">T AXATIONfederal taxation Can IRC Sect</a> T AXATIONfederal taxation Can IRC Sect<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 theincome</a> restriction on the right to dispose of theincome<a title="The CPA Journal - July 09 page 60" href="http://viewer.zmags.com/publication/a8fe9ceb?page=60">F INANCEestate planningRecognizing and </a> F INANCEestate planningRecognizing and <a title="The CPA Journal - July 09 page 61" href="http://viewer.zmags.com/publication/a8fe9ceb?page=61">there has been undue influence, particularlyif t</a> there has been undue influence, particularlyif t<a title="The CPA Journal - July 09 page 62" href="http://viewer.zmags.com/publication/a8fe9ceb?page=62">M ANAGEMENTemployee benefit plans</a> M ANAGEMENTemployee benefit plans<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 HourDivision, mo</a> According to the DOL's Wage and HourDivision, mo<a title="The CPA Journal - July 09 page 64" href="http://viewer.zmags.com/publication/a8fe9ceb?page=64"> The “look back” period for assessingdamages g</a> The “look back” period for assessingdamages g<a title="The CPA Journal - July 09 page 65" href="http://viewer.zmags.com/publication/a8fe9ceb?page=65">is required to reimburse the wrongedemployee for</a> is required to reimburse the wrongedemployee for<a title="The CPA Journal - July 09 page 66" href="http://viewer.zmags.com/publication/a8fe9ceb?page=66">M ANAGEMENTpractice managementDisengage</a> M ANAGEMENTpractice managementDisengage<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 athird</a> statements are not expected to be used by athird<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 isbehind </a> If the client has not paid the fee, or isbehind <a title="The CPA Journal - July 09 page 69" href="http://viewer.zmags.com/publication/a8fe9ceb?page=69">former client of upcoming deadlines andaddress t</a> former client of upcoming deadlines andaddress t<a title="The CPA Journal - July 09 page 70" href="http://viewer.zmags.com/publication/a8fe9ceb?page=70">client who is a construction contractor. Duringt</a> client who is a construction contractor. Duringt<a title="The CPA Journal - July 09 page 71" href="http://viewer.zmags.com/publication/a8fe9ceb?page=71">R ESPONSIBILITIES & LEADERSHIPprofessional </a> R ESPONSIBILITIES & LEADERSHIPprofessional <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> Be a team player. During the first two rel<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> trait. Employees cannot be effective lead-ers wi<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> repetitive questions or failing to ask appro-pri<a title="The CPA Journal - July 09 page 75" href="http://viewer.zmags.com/publication/a8fe9ceb?page=75">T ECHNOLOGYwhat to bookmarkWebsite of </a> T ECHNOLOGYwhat to bookmarkWebsite of <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> Classified PROFESSIONAL OPPORTUNITY l BUSINESS l<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 well-established full-service CPA firm seeks me<a title="The CPA Journal - July 09 page 78" href="http://viewer.zmags.com/publication/a8fe9ceb?page=78">INNOVATIVE STRATEGIESfor sales and use tax compl</a> INNOVATIVE STRATEGIESfor sales and use tax compl<a title="The CPA Journal - July 09 page 79" href="http://viewer.zmags.com/publication/a8fe9ceb?page=79">PEER REVIEWMBS Bookkeepingwww.marksbookkee</a> PEER REVIEWMBS Bookkeepingwww.marksbookkee<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 ATAmonthly update</a> E CONOMIC & MARKET D ATAmonthly update<a title="The CPA Journal - July 09 page 82" href="http://viewer.zmags.com/publication/a8fe9ceb?page=82">E DITORIALa message from the editor-in-chie</a> E DITORIALa message from the editor-in-chie<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>