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www.cpaj.com March 2012<br /> The Value of<br /> Management<br /> Accounting<br /> An Interview with IMA<br /> President and CEO<br /> Jeffrey C. Thomson Plus<br />  Federal Tax Update<br />  New Ethics Guidance<br />  Managing Foreign Exchange RiskCONTENTS<br /> march<br /> 22 Accounting & Auditing<br /> Accounting<br /> Foreign Currency Forward Contracts<br /> and Cash Flow Hedging:<br /> Managing the Foreign Exchange Risk<br /> By Josef Rashty and John O'Shaughnessy<br /> Auditing<br /> Maximizing the Value of a Risk-Based Audit Plan:<br /> Internal Auditors Can Identify and Mitigate Risk<br /> By Michael Bechara and Gaurav Kapoor<br /> <a title="The CPA Journal - March 2012 page 1" href="http://viewer.zmags.com/publication/dcefce6a?page=1">www.cpaj.com March 2012 The Value</a> <a title="The CPA Journal - March 2012 page 2" href="http://viewer.zmags.com/publication/dcefce6a?page=2"></a> <a title="The CPA Journal - March 2012 page 3" href="http://viewer.zmags.com/publication/dcefce6a?page=3"></a> <a title="The CPA Journal - March 2012 page 4" href="http://viewer.zmags.com/publication/dcefce6a?page=4">CONTENTS march 22 Accounting &</a> <a title="The CPA Journal - March 2012 page 5" href="http://viewer.zmags.com/publication/dcefce6a?page=5">vol. 6PERSPECTIVES </a> <a title="The CPA Journal - March 2012 page 6" href="http://viewer.zmags.com/publication/dcefce6a?page=6">Publisher JOANNE S. BARRY Art Directo</a> <a title="The CPA Journal - March 2012 page 7" href="http://viewer.zmags.com/publication/dcefce6a?page=7">FAE 2012 CPE foundation for accounting FAE </a> <a title="The CPA Journal - March 2012 page 8" href="http://viewer.zmags.com/publication/dcefce6a?page=8">The IASB’s Convergence Program, the Prospects for </a> <a title="The CPA Journal - March 2012 page 9" href="http://viewer.zmags.com/publication/dcefce6a?page=9">Publisher’s Column, A Partner in the Profession an</a> <a title="The CPA Journal - March 2012 page 10" href="http://viewer.zmags.com/publication/dcefce6a?page=10">The IASB’s Convergence Program, the Prospects for </a> <a title="The CPA Journal - March 2012 page 11" href="http://viewer.zmags.com/publication/dcefce6a?page=11">The IASB’s Convergence Program, the Prospects for </a> <a title="The CPA Journal - March 2012 page 12" href="http://viewer.zmags.com/publication/dcefce6a?page=12">Concerns About the PCAOB’s Release on Possible Rev</a> <a title="The CPA Journal - March 2012 page 13" href="http://viewer.zmags.com/publication/dcefce6a?page=13">Concerns About the PCAOB’s Release on Possible Rev</a> <a title="The CPA Journal - March 2012 page 14" href="http://viewer.zmags.com/publication/dcefce6a?page=14">Concerns About the PCAOB’s Release on Possible Rev</a> <a title="The CPA Journal - March 2012 page 15" href="http://viewer.zmags.com/publication/dcefce6a?page=15">The Case Against Non-CPA Ownership, firms, AICPA, </a> <a title="The CPA Journal - March 2012 page 16" href="http://viewer.zmags.com/publication/dcefce6a?page=16">Inbox: Letters to the Editor, Focus on Fiscal Cons</a> <a title="The CPA Journal - March 2012 page 17" href="http://viewer.zmags.com/publication/dcefce6a?page=17">Inbox: Letters to the Editor, Focus on Fiscal Cons</a> <a title="The CPA Journal - March 2012 page 18" href="http://viewer.zmags.com/publication/dcefce6a?page=18">Recognizing the Value of Management Accounting: Th</a> <a title="The CPA Journal - March 2012 page 19" href="http://viewer.zmags.com/publication/dcefce6a?page=19">Recognizing the Value of Management Accounting: Th</a> <a title="The CPA Journal - March 2012 page 20" href="http://viewer.zmags.com/publication/dcefce6a?page=20">Recognizing the Value of Management Accounting: Th</a> <a title="The CPA Journal - March 2012 page 21" href="http://viewer.zmags.com/publication/dcefce6a?page=21">Recognizing the Value of Management Accounting: Th</a> <a title="The CPA Journal - March 2012 page 22" href="http://viewer.zmags.com/publication/dcefce6a?page=22">Recognizing the Value of Management Accounting: Th</a> <a title="The CPA Journal - March 2012 page 23" href="http://viewer.zmags.com/publication/dcefce6a?page=23">Recognizing the Value of Management Accounting: Th</a> <a title="The CPA Journal - March 2012 page 24" href="http://viewer.zmags.com/publication/dcefce6a?page=24">Foreign Currency Forward Contracts and Cash Flow H</a> <a title="The CPA Journal - March 2012 page 25" href="http://viewer.zmags.com/publication/dcefce6a?page=25">Foreign Currency Forward Contracts and Cash Flow H</a> <a title="The CPA Journal - March 2012 page 26" href="http://viewer.zmags.com/publication/dcefce6a?page=26">Foreign Currency Forward Contracts and Cash Flow H</a> <a title="The CPA Journal - March 2012 page 27" href="http://viewer.zmags.com/publication/dcefce6a?page=27">Foreign Currency Forward Contracts and Cash Flow H</a> <a title="The CPA Journal - March 2012 page 28" href="http://viewer.zmags.com/publication/dcefce6a?page=28">Foreign Currency Forward Contracts and Cash Flow H</a> <a title="The CPA Journal - March 2012 page 29" href="http://viewer.zmags.com/publication/dcefce6a?page=29">Foreign Currency Forward Contracts and Cash Flow H</a> <a title="The CPA Journal - March 2012 page 30" href="http://viewer.zmags.com/publication/dcefce6a?page=30">Maximizing the Value of a Risk-Based Audit Plan, I</a> <a title="The CPA Journal - March 2012 page 31" href="http://viewer.zmags.com/publication/dcefce6a?page=31">Maximizing the Value of a Risk-Based Audit Plan, I</a> <a title="The CPA Journal - March 2012 page 32" href="http://viewer.zmags.com/publication/dcefce6a?page=32">Maximizing the Value of a Risk-Based Audit Plan, I</a> <a title="The CPA Journal - March 2012 page 33" href="http://viewer.zmags.com/publication/dcefce6a?page=33">CPE, NYSSCPA, FAE, breakfast conference, business </a> <a title="The CPA Journal - March 2012 page 34" href="http://viewer.zmags.com/publication/dcefce6a?page=34">CPAs’ and CFOs’ Perceptions Regarding Principles-B</a> <a title="The CPA Journal - March 2012 page 35" href="http://viewer.zmags.com/publication/dcefce6a?page=35">CPAs’ and CFOs’ Perceptions Regarding Principles-B</a> <a title="The CPA Journal - March 2012 page 36" href="http://viewer.zmags.com/publication/dcefce6a?page=36">CPAs’ and CFOs’ Perceptions Regarding Principles-B</a> <a title="The CPA Journal - March 2012 page 37" href="http://viewer.zmags.com/publication/dcefce6a?page=37">CPAs’ and CFOs’ Perceptions Regarding Principles-B</a> <a title="The CPA Journal - March 2012 page 38" href="http://viewer.zmags.com/publication/dcefce6a?page=38">CPAs’ and CFOs’ Perceptions Regarding Principles-B</a> <a title="The CPA Journal - March 2012 page 39" href="http://viewer.zmags.com/publication/dcefce6a?page=39">CPAs’ and CFOs’ Perceptions Regarding Principles-B</a> <a title="The CPA Journal - March 2012 page 40" href="http://viewer.zmags.com/publication/dcefce6a?page=40">Restructuring the Accounting Rules for Restructuri</a> <a title="The CPA Journal - March 2012 page 41" href="http://viewer.zmags.com/publication/dcefce6a?page=41">Restructuring the Accounting Rules for Restructuri</a> <a title="The CPA Journal - March 2012 page 42" href="http://viewer.zmags.com/publication/dcefce6a?page=42">Restructuring the Accounting Rules for Restructuri</a> <a title="The CPA Journal - March 2012 page 43" href="http://viewer.zmags.com/publication/dcefce6a?page=43">Restructuring the Accounting Rules for Restructuri</a> <a title="The CPA Journal - March 2012 page 44" href="http://viewer.zmags.com/publication/dcefce6a?page=44">An Update on New Tax Law Changes, 2011 Tax Return </a> <a title="The CPA Journal - March 2012 page 45" href="http://viewer.zmags.com/publication/dcefce6a?page=45">An Update on New Tax Law Changes, 2011 Tax Return </a> <a title="The CPA Journal - March 2012 page 46" href="http://viewer.zmags.com/publication/dcefce6a?page=46">An Update on New Tax Law Changes, 2011 Tax Return </a> <a title="The CPA Journal - March 2012 page 47" href="http://viewer.zmags.com/publication/dcefce6a?page=47">An Update on New Tax Law Changes, 2011 Tax Return </a> <a title="The CPA Journal - March 2012 page 48" href="http://viewer.zmags.com/publication/dcefce6a?page=48">An Update on New Tax Law Changes, 2011 Tax Return </a> <a title="The CPA Journal - March 2012 page 49" href="http://viewer.zmags.com/publication/dcefce6a?page=49">An Update on New Tax Law Changes, 2011 Tax Return </a> <a title="The CPA Journal - March 2012 page 50" href="http://viewer.zmags.com/publication/dcefce6a?page=50">Using Fairness Opinions to Manage Risk in Middle-</a> <a title="The CPA Journal - March 2012 page 51" href="http://viewer.zmags.com/publication/dcefce6a?page=51">Using Fairness Opinions to Manage Risk in Middle-</a> <a title="The CPA Journal - March 2012 page 52" href="http://viewer.zmags.com/publication/dcefce6a?page=52">Using Fairness Opinions to Manage Risk in Middle-</a> <a title="The CPA Journal - March 2012 page 53" href="http://viewer.zmags.com/publication/dcefce6a?page=53">Using Fairness Opinions to Manage Risk in Middle-</a> <a title="The CPA Journal - March 2012 page 54" href="http://viewer.zmags.com/publication/dcefce6a?page=54">A Tax Quality Control Template for Avoiding Risk, </a> <a title="The CPA Journal - March 2012 page 55" href="http://viewer.zmags.com/publication/dcefce6a?page=55">A Tax Quality Control Template for Avoiding Risk, </a> <a title="The CPA Journal - March 2012 page 56" href="http://viewer.zmags.com/publication/dcefce6a?page=56">A Tax Quality Control Template for Avoiding Risk, </a> <a title="The CPA Journal - March 2012 page 57" href="http://viewer.zmags.com/publication/dcefce6a?page=57">A Tax Quality Control Template for Avoiding Risk, </a> <a title="The CPA Journal - March 2012 page 58" href="http://viewer.zmags.com/publication/dcefce6a?page=58">Acquiring, Starting, or Buying into a CPA Firm: Ex</a> <a title="The CPA Journal - March 2012 page 59" href="http://viewer.zmags.com/publication/dcefce6a?page=59">Acquiring, Starting, or Buying into a CPA Firm: Ex</a> <a title="The CPA Journal - March 2012 page 60" href="http://viewer.zmags.com/publication/dcefce6a?page=60">Acquiring, Starting, or Buying into a CPA Firm: Ex</a> <a title="The CPA Journal - March 2012 page 61" href="http://viewer.zmags.com/publication/dcefce6a?page=61">New Ethics Guidance for CPAs in Public Practice an</a> <a title="The CPA Journal - March 2012 page 62" href="http://viewer.zmags.com/publication/dcefce6a?page=62">New Ethics Guidance for CPAs in Public Practice an</a> <a title="The CPA Journal - March 2012 page 63" href="http://viewer.zmags.com/publication/dcefce6a?page=63">New Ethics Guidance for CPAs in Public Practice an</a> <a title="The CPA Journal - March 2012 page 64" href="http://viewer.zmags.com/publication/dcefce6a?page=64">New Ethics Guidance for CPAs in Public Practice an</a> <a title="The CPA Journal - March 2012 page 65" href="http://viewer.zmags.com/publication/dcefce6a?page=65">New Ethics Guidance for CPAs in Public Practice an</a> <a title="The CPA Journal - March 2012 page 66" href="http://viewer.zmags.com/publication/dcefce6a?page=66">New Ethics Guidance for CPAs in Public Practice an</a> <a title="The CPA Journal - March 2012 page 67" href="http://viewer.zmags.com/publication/dcefce6a?page=67">Accounting Education in the Second Life World: Opp</a> <a title="The CPA Journal - March 2012 page 68" href="http://viewer.zmags.com/publication/dcefce6a?page=68">Accounting Education in the Second Life World: Opp</a> <a title="The CPA Journal - March 2012 page 69" href="http://viewer.zmags.com/publication/dcefce6a?page=69">Accounting Education in the Second Life World: Opp</a> <a title="The CPA Journal - March 2012 page 70" href="http://viewer.zmags.com/publication/dcefce6a?page=70">Accounting Education in the Second Life World: Opp</a> <a title="The CPA Journal - March 2012 page 71" href="http://viewer.zmags.com/publication/dcefce6a?page=71">Accounting Education in the Second Life World: Opp</a> <a title="The CPA Journal - March 2012 page 72" href="http://viewer.zmags.com/publication/dcefce6a?page=72"> Accounting Education in the Second Life World: O</a> <a title="The CPA Journal - March 2012 page 73" href="http://viewer.zmags.com/publication/dcefce6a?page=73">Accounting Education in the Second Life World: Opp</a> <a title="The CPA Journal - March 2012 page 74" href="http://viewer.zmags.com/publication/dcefce6a?page=74">Website of the Month, IFRS.org, what to bookmark, </a> <a title="The CPA Journal - March 2012 page 75" href="http://viewer.zmags.com/publication/dcefce6a?page=75">Website of the Month, IFRS.org, what to bookmark, </a> <a title="The CPA Journal - March 2012 page 76" href="http://viewer.zmags.com/publication/dcefce6a?page=76">CLASSIFIEDMARKETPLACE PROFESSIONAL OPPORTUNITY l </a> <a title="The CPA Journal - March 2012 page 77" href="http://viewer.zmags.com/publication/dcefce6a?page=77">Goldstein Lieberman & Company LLC one of the regi</a> <a title="The CPA Journal - March 2012 page 78" href="http://viewer.zmags.com/publication/dcefce6a?page=78">Buxbaum Sales Tax Consultants www.nysalestax.c</a> <a title="The CPA Journal - March 2012 page 79" href="http://viewer.zmags.com/publication/dcefce6a?page=79">Become a subscriber to The CPA Journal. </a> <a title="The CPA Journal - March 2012 page 80" href="http://viewer.zmags.com/publication/dcefce6a?page=80"> </a> <a title="The CPA Journal - March 2012 page 81" href="http://viewer.zmags.com/publication/dcefce6a?page=81">ECONOMIC & MARKET DATA monthly up</a> <a title="The CPA Journal - March 2012 page 82" href="http://viewer.zmags.com/publication/dcefce6a?page=82"> Tax Fairness, editorial, a message from the edit</a> <a title="The CPA Journal - March 2012 page 83" href="http://viewer.zmags.com/publication/dcefce6a?page=83"> </a> <a title="The CPA Journal - March 2012 page 84" href="http://viewer.zmags.com/publication/dcefce6a?page=84"> </a>