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<br /> IFRS Guidance<br /> Preparing for the Transition<br /> Featuring<br /> · First-time Adoption of International Standards<br /> · Fair Value Hedge Accounting · Auditing Under IFRS<br /> <br /> <br /> C ONTENTS<br /> march 2010<br /> 20 Accounting & Auditing<br /> ❙ International Accounting<br /> Auditing Considerations in an IFRS<br /> Reporting Environment<br /> By Joseph M. Langmead and Alfred R. Michenzi<br /> ❙ Accounting<br /> Reserves: Misleading Use<br /> of Terminology Is Increasing<br /> By Matthew C. Calderisi and Frederic M. Stiner, Jr.<br /> ❙ International Accounting<br /> Practical Impli<a title="CPAJ March 1, 2010 page 1" href="http://viewer.zmags.com/publication/d005a42e?page=1"> IFRS Guidance Preparing for the Transition </a> <a title="CPAJ March 1, 2010 page 2" href="http://viewer.zmags.com/publication/d005a42e?page=2"> </a> <a title="CPAJ March 1, 2010 page 3" href="http://viewer.zmags.com/publication/d005a42e?page=3"> </a> <a title="CPAJ March 1, 2010 page 4" href="http://viewer.zmags.com/publication/d005a42e?page=4"> C ONTENTS march 2010 </a> <a title="CPAJ March 1, 2010 page 5" href="http://viewer.zmags.com/publication/d005a42e?page=5"> vol. LXXX/no.3 6PERSPECTI</a> <a title="CPAJ March 1, 2010 page 6" href="http://viewer.zmags.com/publication/d005a42e?page=6"> Publisher LOUIS GRUMET Associate Pu</a> <a title="CPAJ March 1, 2010 page 7" href="http://viewer.zmags.com/publication/d005a42e?page=7"> </a> <a title="CPAJ March 1, 2010 page 8" href="http://viewer.zmags.com/publication/d005a42e?page=8"> P ERSPECTIVES international accounting Tra</a> <a title="CPAJ March 1, 2010 page 9" href="http://viewer.zmags.com/publication/d005a42e?page=9"> publisher's column Living Up To the Pecora </a> <a title="CPAJ March 1, 2010 page 10" href="http://viewer.zmags.com/publication/d005a42e?page=10"> (Continued from page 6) creditors need to accurat</a> <a title="CPAJ March 1, 2010 page 11" href="http://viewer.zmags.com/publication/d005a42e?page=11"> The current economic downturn is not only affe</a> <a title="CPAJ March 1, 2010 page 12" href="http://viewer.zmags.com/publication/d005a42e?page=12"> Essentials of Business Ethics: Creating an Organi</a> <a title="CPAJ March 1, 2010 page 13" href="http://viewer.zmags.com/publication/d005a42e?page=13"> inbox: letters to the editor Ethics: An U</a> <a title="CPAJ March 1, 2010 page 14" href="http://viewer.zmags.com/publication/d005a42e?page=14"> In Focus </a> <a title="CPAJ March 1, 2010 page 15" href="http://viewer.zmags.com/publication/d005a42e?page=15"> Adopting IFRS Guidance for U.S. Entities Under IF</a> <a title="CPAJ March 1, 2010 page 16" href="http://viewer.zmags.com/publication/d005a42e?page=16"> Like first-time adopters of IFRS around the wo</a> <a title="CPAJ March 1, 2010 page 17" href="http://viewer.zmags.com/publication/d005a42e?page=17"> policies in its opening IFRS statement of financi</a> <a title="CPAJ March 1, 2010 page 18" href="http://viewer.zmags.com/publication/d005a42e?page=18"> IAS 21, The Effects of Changes in Foreign Exch</a> <a title="CPAJ March 1, 2010 page 19" href="http://viewer.zmags.com/publication/d005a42e?page=19"> time adopter for its separate financial state- me</a> <a title="CPAJ March 1, 2010 page 20" href="http://viewer.zmags.com/publication/d005a42e?page=20"> ment or intangible assets (IAS 16, IAS 38); ■ C</a> <a title="CPAJ March 1, 2010 page 21" href="http://viewer.zmags.com/publication/d005a42e?page=21"> FAE's Discount Programs Can Save You </a> <a title="CPAJ March 1, 2010 page 22" href="http://viewer.zmags.com/publication/d005a42e?page=22"> A CCOUNTING & AUDITING international accoun</a> <a title="CPAJ March 1, 2010 page 23" href="http://viewer.zmags.com/publication/d005a42e?page=23"> IFRS still contains alternative treatments, t</a> <a title="CPAJ March 1, 2010 page 24" href="http://viewer.zmags.com/publication/d005a42e?page=24"> and financial management personnel close to the f</a> <a title="CPAJ March 1, 2010 page 25" href="http://viewer.zmags.com/publication/d005a42e?page=25"> such important inconsistencies in the first insta</a> <a title="CPAJ March 1, 2010 page 26" href="http://viewer.zmags.com/publication/d005a42e?page=26"> A CCOUNTING & AUDITING accounting Rese</a> <a title="CPAJ March 1, 2010 page 27" href="http://viewer.zmags.com/publication/d005a42e?page=27"> seen a sharp jump. Use of the term in the asset s</a> <a title="CPAJ March 1, 2010 page 28" href="http://viewer.zmags.com/publication/d005a42e?page=28"> Banks and insurance companies have ble tha</a> <a title="CPAJ March 1, 2010 page 29" href="http://viewer.zmags.com/publication/d005a42e?page=29"> All conferences now being webcast— visit our webs</a> <a title="CPAJ March 1, 2010 page 30" href="http://viewer.zmags.com/publication/d005a42e?page=30"> A CCOUNTING & AUDITING international accoun</a> <a title="CPAJ March 1, 2010 page 31" href="http://viewer.zmags.com/publication/d005a42e?page=31"> provide a hierarchy for determining fair value. </a> <a title="CPAJ March 1, 2010 page 32" href="http://viewer.zmags.com/publication/d005a42e?page=32"> possible efforts to obtain information abou</a> <a title="CPAJ March 1, 2010 page 33" href="http://viewer.zmags.com/publication/d005a42e?page=33"> term hedging, when the hedging instrument has a l</a> <a title="CPAJ March 1, 2010 page 34" href="http://viewer.zmags.com/publication/d005a42e?page=34"> Subsequent to the hedge, adjustments to the ca</a> <a title="CPAJ March 1, 2010 page 35" href="http://viewer.zmags.com/publication/d005a42e?page=35"> Reset Date 3-Month Libor Ju</a> <a title="CPAJ March 1, 2010 page 36" href="http://viewer.zmags.com/publication/d005a42e?page=36"> bonds, whereas the original method dis- aggregate</a> <a title="CPAJ March 1, 2010 page 37" href="http://viewer.zmags.com/publication/d005a42e?page=37"> assumes that the hedging relationship is not high</a> <a title="CPAJ March 1, 2010 page 38" href="http://viewer.zmags.com/publication/d005a42e?page=38"> T AXATION federal taxation </a> <a title="CPAJ March 1, 2010 page 39" href="http://viewer.zmags.com/publication/d005a42e?page=39"> and (2) (section 183[c]). Thus, taxpay- ers canno</a> <a title="CPAJ March 1, 2010 page 40" href="http://viewer.zmags.com/publication/d005a42e?page=40"> </a> <a title="CPAJ March 1, 2010 page 41" href="http://viewer.zmags.com/publication/d005a42e?page=41"> notes were issued with little likelihood of repay</a> <a title="CPAJ March 1, 2010 page 42" href="http://viewer.zmags.com/publication/d005a42e?page=42"> </a> <a title="CPAJ March 1, 2010 page 43" href="http://viewer.zmags.com/publication/d005a42e?page=43"> (Treasury Regulations section 1.183- 2[b][4]). A </a> <a title="CPAJ March 1, 2010 page 44" href="http://viewer.zmags.com/publication/d005a42e?page=44"> a profit (Krebs). Another court ruled against an </a> <a title="CPAJ March 1, 2010 page 45" href="http://viewer.zmags.com/publication/d005a42e?page=45"> never been a prerequisite to deductibility” (Jack</a> <a title="CPAJ March 1, 2010 page 46" href="http://viewer.zmags.com/publication/d005a42e?page=46"> T AXATION international taxation Personal </a> <a title="CPAJ March 1, 2010 page 47" href="http://viewer.zmags.com/publication/d005a42e?page=47"> national students to file the form—even if they d</a> <a title="CPAJ March 1, 2010 page 48" href="http://viewer.zmags.com/publication/d005a42e?page=48"> taxation on certain items of income (IRS Publicat</a> <a title="CPAJ March 1, 2010 page 49" href="http://viewer.zmags.com/publication/d005a42e?page=49"> </a> <a title="CPAJ March 1, 2010 page 50" href="http://viewer.zmags.com/publication/d005a42e?page=50"> EXHIBIT 2 (Continued) Country Amounts Received f</a> <a title="CPAJ March 1, 2010 page 51" href="http://viewer.zmags.com/publication/d005a42e?page=51"> EXHIBIT 2 (Continued) Country Amounts Received f</a> <a title="CPAJ March 1, 2010 page 52" href="http://viewer.zmags.com/publication/d005a42e?page=52"> EXHIBIT 2 (Continued) Country Amounts Received f</a> <a title="CPAJ March 1, 2010 page 53" href="http://viewer.zmags.com/publication/d005a42e?page=53"> T AXATION tax incentives Going Green with Pr</a> <a title="CPAJ March 1, 2010 page 54" href="http://viewer.zmags.com/publication/d005a42e?page=54"> Modified Accelerated Cost Recovery System (MACRS)</a> <a title="CPAJ March 1, 2010 page 55" href="http://viewer.zmags.com/publication/d005a42e?page=55"> and boats for business purposes. Effective Octobe</a> <a title="CPAJ March 1, 2010 page 56" href="http://viewer.zmags.com/publication/d005a42e?page=56"> 825). The American Recovery and Reinvestment Act </a> <a title="CPAJ March 1, 2010 page 57" href="http://viewer.zmags.com/publication/d005a42e?page=57"> If a propane bus is sold to a tax-exempt entit</a> <a title="CPAJ March 1, 2010 page 58" href="http://viewer.zmags.com/publication/d005a42e?page=58"> F INANCE employee benefit plans A Loomin</a> <a title="CPAJ March 1, 2010 page 59" href="http://viewer.zmags.com/publication/d005a42e?page=59"> adequate to pay the ultimate total obliga- tions </a> <a title="CPAJ March 1, 2010 page 60" href="http://viewer.zmags.com/publication/d005a42e?page=60"> public-sector employers may be able to postpone m</a> <a title="CPAJ March 1, 2010 page 61" href="http://viewer.zmags.com/publication/d005a42e?page=61"> M ANAGEMENT practice management Desire</a> <a title="CPAJ March 1, 2010 page 62" href="http://viewer.zmags.com/publication/d005a42e?page=62"> identify whether there are any attributes that se</a> <a title="CPAJ March 1, 2010 page 63" href="http://viewer.zmags.com/publication/d005a42e?page=63"> ■ Passive management by exception. The leader i</a> <a title="CPAJ March 1, 2010 page 64" href="http://viewer.zmags.com/publication/d005a42e?page=64"> As the data was parsed further, there were not</a> <a title="CPAJ March 1, 2010 page 65" href="http://viewer.zmags.com/publication/d005a42e?page=65"> R ESPONSIBILITIES & LEADERSHIP ethics </a> <a title="CPAJ March 1, 2010 page 66" href="http://viewer.zmags.com/publication/d005a42e?page=66"> the context of the discussion below, the articles</a> <a title="CPAJ March 1, 2010 page 67" href="http://viewer.zmags.com/publication/d005a42e?page=67"> subordination of principle. It also requires audi</a> <a title="CPAJ March 1, 2010 page 68" href="http://viewer.zmags.com/publication/d005a42e?page=68"> The rules, however, generally address the appeara</a> <a title="CPAJ March 1, 2010 page 69" href="http://viewer.zmags.com/publication/d005a42e?page=69"> to be deduced from the actions of an auditor duri</a> <a title="CPAJ March 1, 2010 page 70" href="http://viewer.zmags.com/publication/d005a42e?page=70"> ment when independence may not actually be impair</a> <a title="CPAJ March 1, 2010 page 71" href="http://viewer.zmags.com/publication/d005a42e?page=71"> T ECHNOLOGY electronic reporting Using XB</a> <a title="CPAJ March 1, 2010 page 72" href="http://viewer.zmags.com/publication/d005a42e?page=72"> Pages 1 to 5 of the 10-Q of the PDF can be us</a> <a title="CPAJ March 1, 2010 page 73" href="http://viewer.zmags.com/publication/d005a42e?page=73"> data. 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