Environmental<br />
Disasters<br />
How Auditors<br />
Can Serve as<br />
Watchdogs<br />
<br />
<br />
<br />
<br />
<br />
<br />
<br />
<br />
<br />
<br />
<br />
PLUS<br />
 Learning IFRS<br />
 Refocusing on the P&L<br />
 Health Insurance for Small BusinessesCONTENTS<br />
<br />
december 2010<br />
<br />
<br />
<br />
<br />
22 Accounting & Auditing<br />
❙ Financial Reporting<br />
Returning the Relevancy of the P&L: A Proposed Model<br />
By Ehud Lurie and Shlomi Shuv<br />
<br />
❙ Business Valuation<br />
Interpreting `Legally Perm<a title="The CPA Journal - December 2010 page 1" href="http://viewer.zmags.com/publication/b9e5dc2e?page=1">EnvironmentalDisastersHow AuditorsCan Serve </a> EnvironmentalDisastersHow AuditorsCan Serve <a title="The CPA Journal - December 2010 page 2" href="http://viewer.zmags.com/publication/b9e5dc2e?page=2"></a> <a title="The CPA Journal - December 2010 page 3" href="http://viewer.zmags.com/publication/b9e5dc2e?page=3"></a> <a title="The CPA Journal - December 2010 page 4" href="http://viewer.zmags.com/publication/b9e5dc2e?page=4">CONTENTSdecember 2010 </a> CONTENTSdecember 2010 <a title="The CPA Journal - December 2010 page 5" href="http://viewer.zmags.com/publication/b9e5dc2e?page=5">vol. LXXX/no.126PERSPECTIVES16IN FOCUS</a> vol. LXXX/no.126PERSPECTIVES16IN FOCUS<a title="The CPA Journal - December 2010 page 6" href="http://viewer.zmags.com/publication/b9e5dc2e?page=6"> PublisherJOANNE S. BARRY </a> PublisherJOANNE S. BARRY <a title="The CPA Journal - December 2010 page 7" href="http://viewer.zmags.com/publication/b9e5dc2e?page=7"></a> <a title="The CPA Journal - December 2010 page 8" href="http://viewer.zmags.com/publication/b9e5dc2e?page=8">When It Comes to Fraud, It’s Better to Be Safe tha</a> When It Comes to Fraud, It’s Better to Be Safe tha<a title="The CPA Journal - December 2010 page 9" href="http://viewer.zmags.com/publication/b9e5dc2e?page=9">Publisher’s Column, Making Our Voice Heard on Tax</a> Publisher’s Column, Making Our Voice Heard on Tax<a title="The CPA Journal - December 2010 page 10" href="http://viewer.zmags.com/publication/b9e5dc2e?page=10">When It Comes to Fraud, It’s Better to Be Safe t</a> When It Comes to Fraud, It’s Better to Be Safe t<a title="The CPA Journal - December 2010 page 11" href="http://viewer.zmags.com/publication/b9e5dc2e?page=11">When It Comes to Fraud, It’s Better to Be Safe tha</a> When It Comes to Fraud, It’s Better to Be Safe tha<a title="The CPA Journal - December 2010 page 12" href="http://viewer.zmags.com/publication/b9e5dc2e?page=12">Recognition, The CPA Journal, Editorial Review Boa</a> Recognition, The CPA Journal, Editorial Review Boa<a title="The CPA Journal - December 2010 page 13" href="http://viewer.zmags.com/publication/b9e5dc2e?page=13">IFRS for SMEs: Not for Private American Companies,</a> IFRS for SMEs: Not for Private American Companies,<a title="The CPA Journal - December 2010 page 14" href="http://viewer.zmags.com/publication/b9e5dc2e?page=14">IFRS for SMEs: Not for Private American Companie</a> IFRS for SMEs: Not for Private American Companie<a title="The CPA Journal - December 2010 page 15" href="http://viewer.zmags.com/publication/b9e5dc2e?page=15">Telecommuting and Taxes: The Telebright Case, Ch</a> Telecommuting and Taxes: The Telebright Case, Ch<a title="The CPA Journal - December 2010 page 16" href="http://viewer.zmags.com/publication/b9e5dc2e?page=16">Inbox, letters to the editor, accounting education</a> Inbox, letters to the editor, accounting education<a title="The CPA Journal - December 2010 page 17" href="http://viewer.zmags.com/publication/b9e5dc2e?page=17"></a> <a title="The CPA Journal - December 2010 page 18" href="http://viewer.zmags.com/publication/b9e5dc2e?page=18">Environmental Disasters, How Auditors Can Serve as</a> Environmental Disasters, How Auditors Can Serve as<a title="The CPA Journal - December 2010 page 19" href="http://viewer.zmags.com/publication/b9e5dc2e?page=19">Environmental Disasters, How Auditors Can Serve as</a> Environmental Disasters, How Auditors Can Serve as<a title="The CPA Journal - December 2010 page 20" href="http://viewer.zmags.com/publication/b9e5dc2e?page=20">Environmental Disasters, How Auditors Can Serve as</a> Environmental Disasters, How Auditors Can Serve as<a title="The CPA Journal - December 2010 page 21" href="http://viewer.zmags.com/publication/b9e5dc2e?page=21">Environmental Disasters, How Auditors Can Serve </a> Environmental Disasters, How Auditors Can Serve <a title="The CPA Journal - December 2010 page 22" href="http://viewer.zmags.com/publication/b9e5dc2e?page=22">Environmental Disasters, How Auditors Can Serve as</a> Environmental Disasters, How Auditors Can Serve as<a title="The CPA Journal - December 2010 page 23" href="http://viewer.zmags.com/publication/b9e5dc2e?page=23"></a> <a title="The CPA Journal - December 2010 page 24" href="http://viewer.zmags.com/publication/b9e5dc2e?page=24">Returning the Relevancy of the P&L: A Proposed M</a> Returning the Relevancy of the P&L: A Proposed M<a title="The CPA Journal - December 2010 page 25" href="http://viewer.zmags.com/publication/b9e5dc2e?page=25">Returning the Relevancy of the P&L: A Proposed M</a> Returning the Relevancy of the P&L: A Proposed M<a title="The CPA Journal - December 2010 page 26" href="http://viewer.zmags.com/publication/b9e5dc2e?page=26">Returning the Relevancy of the P&L: A Proposed M</a> Returning the Relevancy of the P&L: A Proposed M<a title="The CPA Journal - December 2010 page 27" href="http://viewer.zmags.com/publication/b9e5dc2e?page=27">Returning the Relevancy of the P&L: A Proposed Mod</a> Returning the Relevancy of the P&L: A Proposed Mod<a title="The CPA Journal - December 2010 page 28" href="http://viewer.zmags.com/publication/b9e5dc2e?page=28">Returning the Relevancy of the P&L: A Proposed Mod</a> Returning the Relevancy of the P&L: A Proposed Mod<a title="The CPA Journal - December 2010 page 29" href="http://viewer.zmags.com/publication/b9e5dc2e?page=29">Returning the Relevancy of the P&L: A Proposed M</a> Returning the Relevancy of the P&L: A Proposed M<a title="The CPA Journal - December 2010 page 30" href="http://viewer.zmags.com/publication/b9e5dc2e?page=30">Interpreting Legally Permissible in Appling Fair V</a> Interpreting Legally Permissible in Appling Fair V<a title="The CPA Journal - December 2010 page 31" href="http://viewer.zmags.com/publication/b9e5dc2e?page=31">Interpreting Legally Permissible in Appling Fair</a> Interpreting Legally Permissible in Appling Fair<a title="The CPA Journal - December 2010 page 32" href="http://viewer.zmags.com/publication/b9e5dc2e?page=32">Accounting for Bill-and-Hold Transactions: Guidanc</a> Accounting for Bill-and-Hold Transactions: Guidanc<a title="The CPA Journal - December 2010 page 33" href="http://viewer.zmags.com/publication/b9e5dc2e?page=33">Accounting for Bill-and-Hold Transactions: Guidanc</a> Accounting for Bill-and-Hold Transactions: Guidanc<a title="The CPA Journal - December 2010 page 34" href="http://viewer.zmags.com/publication/b9e5dc2e?page=34"> Accounting for Bill-and-Hold Transactions: Gui</a> Accounting for Bill-and-Hold Transactions: Gui<a title="The CPA Journal - December 2010 page 35" href="http://viewer.zmags.com/publication/b9e5dc2e?page=35">Accounting for Bill-and-Hold Transactions: Guidanc</a> Accounting for Bill-and-Hold Transactions: Guidanc<a title="The CPA Journal - December 2010 page 36" href="http://viewer.zmags.com/publication/b9e5dc2e?page=36">Accounting for Bill-and-Hold Transactions: Guidanc</a> Accounting for Bill-and-Hold Transactions: Guidanc<a title="The CPA Journal - December 2010 page 37" href="http://viewer.zmags.com/publication/b9e5dc2e?page=37">Accounting for Bill-and-Hold Transactions: Guidanc</a> Accounting for Bill-and-Hold Transactions: Guidanc<a title="The CPA Journal - December 2010 page 38" href="http://viewer.zmags.com/publication/b9e5dc2e?page=38">Accounting for Bill-and-Hold Transactions: Guidanc</a> Accounting for Bill-and-Hold Transactions: Guidanc<a title="The CPA Journal - December 2010 page 39" href="http://viewer.zmags.com/publication/b9e5dc2e?page=39">Nonprofit conference, FAE, NYSSCPASave the D</a> Nonprofit conference, FAE, NYSSCPASave the D<a title="The CPA Journal - December 2010 page 40" href="http://viewer.zmags.com/publication/b9e5dc2e?page=40">Federal Taxation, Helping Small Businesses Provide</a> Federal Taxation, Helping Small Businesses Provide<a title="The CPA Journal - December 2010 page 41" href="http://viewer.zmags.com/publication/b9e5dc2e?page=41">Federal Taxation, Helping Small Businesses Provide</a> Federal Taxation, Helping Small Businesses Provide<a title="The CPA Journal - December 2010 page 42" href="http://viewer.zmags.com/publication/b9e5dc2e?page=42">Federal Taxation, Helping Small Businesses Provide</a> Federal Taxation, Helping Small Businesses Provide<a title="The CPA Journal - December 2010 page 43" href="http://viewer.zmags.com/publication/b9e5dc2e?page=43">Federal Taxation, Helping Small Businesses Provide</a> Federal Taxation, Helping Small Businesses Provide<a title="The CPA Journal - December 2010 page 44" href="http://viewer.zmags.com/publication/b9e5dc2e?page=44">Federal Taxation, Medicare Part B Premiums: A Hidd</a> Federal Taxation, Medicare Part B Premiums: A Hidd<a title="The CPA Journal - December 2010 page 45" href="http://viewer.zmags.com/publication/b9e5dc2e?page=45">Federal Taxation, Medicare Part B Premiums: A Hi</a> Federal Taxation, Medicare Part B Premiums: A Hi<a title="The CPA Journal - December 2010 page 46" href="http://viewer.zmags.com/publication/b9e5dc2e?page=46">Federal Taxation, Medicare Part B Premiums: A Hi</a> Federal Taxation, Medicare Part B Premiums: A Hi<a title="The CPA Journal - December 2010 page 47" href="http://viewer.zmags.com/publication/b9e5dc2e?page=47">Federal Taxation, Medicare Part B Premiums: A Hidd</a> Federal Taxation, Medicare Part B Premiums: A Hidd<a title="The CPA Journal - December 2010 page 48" href="http://viewer.zmags.com/publication/b9e5dc2e?page=48">2010 Estate Tax Repeal, Basis Rules, Reporting Req</a> 2010 Estate Tax Repeal, Basis Rules, Reporting Req<a title="The CPA Journal - December 2010 page 49" href="http://viewer.zmags.com/publication/b9e5dc2e?page=49">2010 Estate Tax Repeal, Basis Rules, Reporting R</a> 2010 Estate Tax Repeal, Basis Rules, Reporting R<a title="The CPA Journal - December 2010 page 50" href="http://viewer.zmags.com/publication/b9e5dc2e?page=50">2010 Estate Tax Repeal, Basis Rules, Reporting Req</a> 2010 Estate Tax Repeal, Basis Rules, Reporting Req<a title="The CPA Journal - December 2010 page 51" href="http://viewer.zmags.com/publication/b9e5dc2e?page=51">2010 Estate Tax Repeal, Basis Rules, Reporting Req</a> 2010 Estate Tax Repeal, Basis Rules, Reporting Req<a title="The CPA Journal - December 2010 page 52" href="http://viewer.zmags.com/publication/b9e5dc2e?page=52">Personal Financial Planning, The ‘Tighten Your Bel</a> Personal Financial Planning, The ‘Tighten Your Bel<a title="The CPA Journal - December 2010 page 53" href="http://viewer.zmags.com/publication/b9e5dc2e?page=53">Personal Financial Planning, The ‘Tighten Your Bel</a> Personal Financial Planning, The ‘Tighten Your Bel<a title="The CPA Journal - December 2010 page 54" href="http://viewer.zmags.com/publication/b9e5dc2e?page=54"> Personal Financial Planning, The ‘Tigh</a> Personal Financial Planning, The ‘Tigh<a title="The CPA Journal - December 2010 page 55" href="http://viewer.zmags.com/publication/b9e5dc2e?page=55">Personal Financial Planning, The ‘Tighten Your B</a> Personal Financial Planning, The ‘Tighten Your B<a title="The CPA Journal - December 2010 page 56" href="http://viewer.zmags.com/publication/b9e5dc2e?page=56">Financial Reporting, The IFRS Theme Park: An Alter</a> Financial Reporting, The IFRS Theme Park: An Alter<a title="The CPA Journal - December 2010 page 57" href="http://viewer.zmags.com/publication/b9e5dc2e?page=57">Financial Reporting, The IFRS Theme Park: An Alter</a> Financial Reporting, The IFRS Theme Park: An Alter<a title="The CPA Journal - December 2010 page 58" href="http://viewer.zmags.com/publication/b9e5dc2e?page=58">Financial Reporting, The IFRS Theme Park: An Alter</a> Financial Reporting, The IFRS Theme Park: An Alter<a title="The CPA Journal - December 2010 page 59" href="http://viewer.zmags.com/publication/b9e5dc2e?page=59">Financial Reporting, The IFRS Theme Park: An Alter</a> Financial Reporting, The IFRS Theme Park: An Alter<a title="The CPA Journal - December 2010 page 60" href="http://viewer.zmags.com/publication/b9e5dc2e?page=60">Financial Reporting, The IFRS Theme Park: An Alter</a> Financial Reporting, The IFRS Theme Park: An Alter<a title="The CPA Journal - December 2010 page 61" href="http://viewer.zmags.com/publication/b9e5dc2e?page=61">Financial Reporting, The IFRS Theme Park: An Alter</a> Financial Reporting, The IFRS Theme Park: An Alter<a title="The CPA Journal - December 2010 page 62" href="http://viewer.zmags.com/publication/b9e5dc2e?page=62">Fraud, The Fair Credit Reporting Act: Responsibili</a> Fraud, The Fair Credit Reporting Act: Responsibili<a title="The CPA Journal - December 2010 page 63" href="http://viewer.zmags.com/publication/b9e5dc2e?page=63">Fraud, The Fair Credit Reporting Act: Responsibili</a> Fraud, The Fair Credit Reporting Act: Responsibili<a title="The CPA Journal - December 2010 page 64" href="http://viewer.zmags.com/publication/b9e5dc2e?page=64">Fraud, The Fair Credit Reporting Act: Responsibili</a> Fraud, The Fair Credit Reporting Act: Responsibili<a title="The CPA Journal - December 2010 page 65" href="http://viewer.zmags.com/publication/b9e5dc2e?page=65">Fraud, The Fair Credit Reporting Act: Responsibili</a> Fraud, The Fair Credit Reporting Act: Responsibili<a title="The CPA Journal - December 2010 page 66" href="http://viewer.zmags.com/publication/b9e5dc2e?page=66">Regulation of the Profession, Regulatory and Legal</a> Regulation of the Profession, Regulatory and Legal<a title="The CPA Journal - December 2010 page 67" href="http://viewer.zmags.com/publication/b9e5dc2e?page=67">Regulation of the Profession, Regulatory and Legal</a> Regulation of the Profession, Regulatory and Legal<a title="The CPA Journal - December 2010 page 68" href="http://viewer.zmags.com/publication/b9e5dc2e?page=68">Regulation of the Profession, Regulatory and Legal</a> Regulation of the Profession, Regulatory and Legal<a title="The CPA Journal - December 2010 page 69" href="http://viewer.zmags.com/publication/b9e5dc2e?page=69">Regulation of the Profession, Regulatory and Legal</a> Regulation of the Profession, Regulatory and Legal<a title="The CPA Journal - December 2010 page 70" href="http://viewer.zmags.com/publication/b9e5dc2e?page=70">Technology, The CPA and the Computer, Forecasting:</a> Technology, The CPA and the Computer, Forecasting:<a title="The CPA Journal - December 2010 page 71" href="http://viewer.zmags.com/publication/b9e5dc2e?page=71">Technology, The CPA and the Computer, Forecasting:</a> Technology, The CPA and the Computer, Forecasting:<a title="The CPA Journal - December 2010 page 72" href="http://viewer.zmags.com/publication/b9e5dc2e?page=72"> Technology, The CPA and the Comp</a> Technology, The CPA and the Comp<a title="The CPA Journal - December 2010 page 73" href="http://viewer.zmags.com/publication/b9e5dc2e?page=73">Technology, The CPA and the Computer, Forecasting:</a> Technology, The CPA and the Computer, Forecasting:<a title="The CPA Journal - December 2010 page 74" href="http://viewer.zmags.com/publication/b9e5dc2e?page=74">What to Bookmark, Website of the Month, Planned Gi</a> What to Bookmark, Website of the Month, Planned Gi<a title="The CPA Journal - December 2010 page 75" href="http://viewer.zmags.com/publication/b9e5dc2e?page=75">What to Bookmark, Website of the Month, Planned Gi</a> What to Bookmark, Website of the Month, Planned Gi<a title="The CPA Journal - December 2010 page 76" href="http://viewer.zmags.com/publication/b9e5dc2e?page=76">ClassifiedPROFESSIONAL OPPORTUNITY l BUSINESS l TA</a> ClassifiedPROFESSIONAL OPPORTUNITY l BUSINESS l TA<a title="The CPA Journal - December 2010 page 77" href="http://viewer.zmags.com/publication/b9e5dc2e?page=77">RMSBG, Bergen County's largest independentacco</a> RMSBG, Bergen County's largest independentacco<a title="The CPA Journal - December 2010 page 78" href="http://viewer.zmags.com/publication/b9e5dc2e?page=78">WINDOWED OFFICE TO RENT (13 x 16),ONE BLOCK FR</a> WINDOWED OFFICE TO RENT (13 x 16),ONE BLOCK FR<a title="The CPA Journal - December 2010 page 79" href="http://viewer.zmags.com/publication/b9e5dc2e?page=79">TAX WRITE-OFFTAX WRITE-OFF Have $600,000 unc</a> TAX WRITE-OFFTAX WRITE-OFF Have $600,000 unc<a title="The CPA Journal - December 2010 page 80" href="http://viewer.zmags.com/publication/b9e5dc2e?page=80"> </a> <a title="The CPA Journal - December 2010 page 81" href="http://viewer.zmags.com/publication/b9e5dc2e?page=81">ECONOMIC & MARKET DATAmonthly up</a> ECONOMIC & MARKET DATAmonthly up<a title="The CPA Journal - December 2010 page 82" href="http://viewer.zmags.com/publication/b9e5dc2e?page=82">2010, Another Year Behind Us, Mary-Jo Kranacher, e</a> 2010, Another Year Behind Us, Mary-Jo Kranacher, e<a title="The CPA Journal - December 2010 page 83" href="http://viewer.zmags.com/publication/b9e5dc2e?page=83"></a> <a title="The CPA Journal - December 2010 page 84" href="http://viewer.zmags.com/publication/b9e5dc2e?page=84"></a>