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<br /> www.cpaj.com November 2012<br /> A Clear Look at<br /> Tax Software<br /> 2012 Annual Survey of New York State Tax Professionals<br /> plus<br />  Revaluation of Nonfinancial Assets<br />  Financial Management in Nonprofits<br />  Not-So-Uniform CPA Requirements<br /> <br /> <br /> CONTENTS<br /> november 2012<br /> 26 Accounting & Auditing<br /> ❙ Standards Setting<br /> Upward Revaluation of Nonfinancial Assets:<br /> Should It Be Available in U.S. GAAP?<br /> By David Sardone and Tom Tyson<br /> ❙ Auditing<br /> PCAOB Auditor Inspections and Foreign Auditors:<br /> Questions about Audit Quality<br /> By Matthew Notbohm, Dee Ann Ellingson,<br /> and Katherine Campbell<br /> <a title="The CPA Journal - November 2012 page 1" href="http://viewer.zmags.com/publication/e005d279?page=1"> www.cpaj.com November 2012 A Clear Look at Ta</a> <a title="The CPA Journal - November 2012 page 2" href="http://viewer.zmags.com/publication/e005d279?page=2"> </a> <a title="The CPA Journal - November 2012 page 3" href="http://viewer.zmags.com/publication/e005d279?page=3"> </a> <a title="The CPA Journal - November 2012 page 4" href="http://viewer.zmags.com/publication/e005d279?page=4"> CONTENTS november 2012 </a> <a title="The CPA Journal - November 2012 page 5" href="http://viewer.zmags.com/publication/e005d279?page=5"> vol. LXXXII/no.11 6PERSPECTIVES 16IN FOCUS </a> <a title="The CPA Journal - November 2012 page 6" href="http://viewer.zmags.com/publication/e005d279?page=6"> new york state society of NYSSCPA certif</a> <a title="The CPA Journal - November 2012 page 7" href="http://viewer.zmags.com/publication/e005d279?page=7"> </a> <a title="The CPA Journal - November 2012 page 8" href="http://viewer.zmags.com/publication/e005d279?page=8"> PERSPECTIVES viewpoint How to Prosper durin</a> <a title="The CPA Journal - November 2012 page 9" href="http://viewer.zmags.com/publication/e005d279?page=9"> publisher's column New York CPAs: Y</a> <a title="The CPA Journal - November 2012 page 10" href="http://viewer.zmags.com/publication/e005d279?page=10"> (Continued from page 6) fewer resources (CBS News</a> <a title="The CPA Journal - November 2012 page 11" href="http://viewer.zmags.com/publication/e005d279?page=11"> nomic downturn, accounting firms might have more </a> <a title="The CPA Journal - November 2012 page 12" href="http://viewer.zmags.com/publication/e005d279?page=12"> was arduous and expensive for publicly traded com</a> <a title="The CPA Journal - November 2012 page 13" href="http://viewer.zmags.com/publication/e005d279?page=13"> future of the profession Evaluating the</a> <a title="The CPA Journal - November 2012 page 14" href="http://viewer.zmags.com/publication/e005d279?page=14"> But absent from this 600-page report was any r</a> <a title="The CPA Journal - November 2012 page 15" href="http://viewer.zmags.com/publication/e005d279?page=15"> </a> <a title="The CPA Journal - November 2012 page 16" href="http://viewer.zmags.com/publication/e005d279?page=16"> 23% of the cases, the outside auditors were impli</a> <a title="The CPA Journal - November 2012 page 17" href="http://viewer.zmags.com/publication/e005d279?page=17"> inbox: letter to the editor The Impor</a> <a title="The CPA Journal - November 2012 page 18" href="http://viewer.zmags.com/publication/e005d279?page=18"> In Focus </a> <a title="The CPA Journal - November 2012 page 19" href="http://viewer.zmags.com/publication/e005d279?page=19"> 11 00 A1Clear Look at1 Ta0x Software0 2012 Ann</a> <a title="The CPA Journal - November 2012 page 20" href="http://viewer.zmags.com/publication/e005d279?page=20"> Beginning in January 2012, tax preparers who</a> <a title="The CPA Journal - November 2012 page 21" href="http://viewer.zmags.com/publication/e005d279?page=21"> ing up tax return data and respondents' expe- rie</a> <a title="The CPA Journal - November 2012 page 22" href="http://viewer.zmags.com/publication/e005d279?page=22"> e-filing requirements, increasing their soft- war</a> <a title="The CPA Journal - November 2012 page 23" href="http://viewer.zmags.com/publication/e005d279?page=23"> (10 ratings), which had not received enough respo</a> <a title="The CPA Journal - November 2012 page 24" href="http://viewer.zmags.com/publication/e005d279?page=24"> decreases. With the exception of CCH ProSystem fx</a> <a title="The CPA Journal - November 2012 page 25" href="http://viewer.zmags.com/publication/e005d279?page=25"> moved up to first from its usual third place, to </a> <a title="The CPA Journal - November 2012 page 26" href="http://viewer.zmags.com/publication/e005d279?page=26"> EXHIBIT 9 Tax Season Problems No Prob</a> <a title="The CPA Journal - November 2012 page 27" href="http://viewer.zmags.com/publication/e005d279?page=27"> The websites for the tax software ven- dors ut</a> <a title="The CPA Journal - November 2012 page 28" href="http://viewer.zmags.com/publication/e005d279?page=28"> ACCOUNTING & AUDITING standards setting</a> <a title="The CPA Journal - November 2012 page 29" href="http://viewer.zmags.com/publication/e005d279?page=29"> Treatment under U.S. GAAP The current treatmen</a> <a title="The CPA Journal - November 2012 page 30" href="http://viewer.zmags.com/publication/e005d279?page=30"> With respect to measurement, if the revaluation</a> <a title="The CPA Journal - November 2012 page 31" href="http://viewer.zmags.com/publication/e005d279?page=31"> value accounting. ASC 820 applies to assets and l</a> <a title="The CPA Journal - November 2012 page 32" href="http://viewer.zmags.com/publication/e005d279?page=32"> for fair value computation because the assessed v</a> <a title="The CPA Journal - November 2012 page 33" href="http://viewer.zmags.com/publication/e005d279?page=33"> </a> <a title="The CPA Journal - November 2012 page 34" href="http://viewer.zmags.com/publication/e005d279?page=34"> ACCOUNTING & AUDITING auditing PCA</a> <a title="The CPA Journal - November 2012 page 35" href="http://viewer.zmags.com/publication/e005d279?page=35"> value PCAOB inspections and believe that they hel</a> <a title="The CPA Journal - November 2012 page 36" href="http://viewer.zmags.com/publication/e005d279?page=36"> all circumstances; with cooperative agree- ments,</a> <a title="The CPA Journal - November 2012 page 37" href="http://viewer.zmags.com/publication/e005d279?page=37"> CPAs. The first group is composed of prac- tition</a> <a title="The CPA Journal - November 2012 page 38" href="http://viewer.zmags.com/publication/e005d279?page=38"> TAXATION tax policy </a> <a title="The CPA Journal - November 2012 page 39" href="http://viewer.zmags.com/publication/e005d279?page=39"> ed from the work of a tax accountant, who is more</a> <a title="The CPA Journal - November 2012 page 40" href="http://viewer.zmags.com/publication/e005d279?page=40"> which officially began in December 2007 and ended</a> <a title="The CPA Journal - November 2012 page 41" href="http://viewer.zmags.com/publication/e005d279?page=41"> breakdown of this increase shows a 1.8% decrease </a> <a title="The CPA Journal - November 2012 page 42" href="http://viewer.zmags.com/publication/e005d279?page=42"> total returns filed for taxpayers earning more th</a> <a title="The CPA Journal - November 2012 page 43" href="http://viewer.zmags.com/publication/e005d279?page=43"> Nevada ranked in the top five states that wer</a> <a title="The CPA Journal - November 2012 page 44" href="http://viewer.zmags.com/publication/e005d279?page=44"> TAXATION state & local taxation Sales</a> <a title="The CPA Journal - November 2012 page 45" href="http://viewer.zmags.com/publication/e005d279?page=45"> sales tax only when an interstate business has a </a> <a title="The CPA Journal - November 2012 page 46" href="http://viewer.zmags.com/publication/e005d279?page=46"> </a> <a title="The CPA Journal - November 2012 page 47" href="http://viewer.zmags.com/publication/e005d279?page=47"> care needs to be taken in defining that rela- tio</a> <a title="The CPA Journal - November 2012 page 48" href="http://viewer.zmags.com/publication/e005d279?page=48"> rates for different items and services within the</a> <a title="The CPA Journal - November 2012 page 49" href="http://viewer.zmags.com/publication/e005d279?page=49"> The Marketplace Equity Sales Tax Bill was int</a> <a title="The CPA Journal - November 2012 page 50" href="http://viewer.zmags.com/publication/e005d279?page=50"> FINANCE not-for-profit organizations </a> <a title="The CPA Journal - November 2012 page 51" href="http://viewer.zmags.com/publication/e005d279?page=51"> This evolving area has grown in impor- tance d</a> <a title="The CPA Journal - November 2012 page 52" href="http://viewer.zmags.com/publication/e005d279?page=52"> FINANCIAL STATEMENTS UNDER NONPROFIT GAAP Key dif</a> <a title="The CPA Journal - November 2012 page 53" href="http://viewer.zmags.com/publication/e005d279?page=53"> The Nonprofit Legal Framework U.S. nonprofits </a> <a title="The CPA Journal - November 2012 page 54" href="http://viewer.zmags.com/publication/e005d279?page=54"> INVESTING UNDER UPMIFA The Uniform Prudent Mana</a> <a title="The CPA Journal - November 2012 page 55" href="http://viewer.zmags.com/publication/e005d279?page=55"> when the work would bog down the board with detai</a> <a title="The CPA Journal - November 2012 page 56" href="http://viewer.zmags.com/publication/e005d279?page=56"> delegated investment management func- tions when </a> <a title="The CPA Journal - November 2012 page 57" href="http://viewer.zmags.com/publication/e005d279?page=57"> 4944 regulations prohibiting investments that jeo</a> <a title="The CPA Journal - November 2012 page 58" href="http://viewer.zmags.com/publication/e005d279?page=58"> be commonly asked to perform the fol- lowing hier</a> <a title="The CPA Journal - November 2012 page 59" href="http://viewer.zmags.com/publication/e005d279?page=59"> reach federal agencies, these practitioners are o</a> <a title="The CPA Journal - November 2012 page 60" href="http://viewer.zmags.com/publication/e005d279?page=60"> MANAGEMENT accountant's liability Compara</a> <a title="The CPA Journal - November 2012 page 61" href="http://viewer.zmags.com/publication/e005d279?page=61"> gence and breach of contract actions can carry di</a> <a title="The CPA Journal - November 2012 page 62" href="http://viewer.zmags.com/publication/e005d279?page=62"> might blame their accountants for failing to dema</a> <a title="The CPA Journal - November 2012 page 63" href="http://viewer.zmags.com/publication/e005d279?page=63"> FAE 2012 conferences foundation for accounting</a> <a title="The CPA Journal - November 2012 page 64" href="http://viewer.zmags.com/publication/e005d279?page=64"> RESPONSIBILITIES & LEADERSHIP education </a> <a title="The CPA Journal - November 2012 page 65" href="http://viewer.zmags.com/publication/e005d279?page=65"> cepts and practices, as well as core busi- ness a</a> <a title="The CPA Journal - November 2012 page 66" href="http://viewer.zmags.com/publication/e005d279?page=66"> EXHIBIT 1 CPA Exam Education and Licensure Requir</a> <a title="The CPA Journal - November 2012 page 67" href="http://viewer.zmags.com/publication/e005d279?page=67"> ments that there is very little uniformity across</a> <a title="The CPA Journal - November 2012 page 68" href="http://viewer.zmags.com/publication/e005d279?page=68"> TECHNOLOGY future of the profession </a> <a title="The CPA Journal - November 2012 page 69" href="http://viewer.zmags.com/publication/e005d279?page=69"> in the classroom for items irrelevant to the cour</a> <a title="The CPA Journal - November 2012 page 70" href="http://viewer.zmags.com/publication/e005d279?page=70"> EXHIBIT 1 Meth</a> <a title="The CPA Journal - November 2012 page 71" href="http://viewer.zmags.com/publication/e005d279?page=71"> professional settings could potentially ben- efit</a> <a title="The CPA Journal - November 2012 page 72" href="http://viewer.zmags.com/publication/e005d279?page=72"> ders for course-related purposes and social purpo</a> <a title="The CPA Journal - November 2012 page 73" href="http://viewer.zmags.com/publication/e005d279?page=73"> tance communication than for other pur- poses. Bu</a> <a title="The CPA Journal - November 2012 page 74" href="http://viewer.zmags.com/publication/e005d279?page=74"> TECHNOLOGY what to bookmark Website of t</a> <a title="The CPA Journal - November 2012 page 75" href="http://viewer.zmags.com/publication/e005d279?page=75"> The industry outlook section also provides a link</a> <a title="The CPA Journal - November 2012 page 76" href="http://viewer.zmags.com/publication/e005d279?page=76"> CLASSIFIEDMARKETPLACE PROFESSIONAL OPPORTUNITY l </a> <a title="The CPA Journal - November 2012 page 77" href="http://viewer.zmags.com/publication/e005d279?page=77"> Peer Review If you need help, the</a> <a title="The CPA Journal - November 2012 page 78" href="http://viewer.zmags.com/publication/e005d279?page=78"> PEER REVIEW SERVICES PEER REVIEW SPECIALIZING </a> <a title="The CPA Journal - November 2012 page 79" href="http://viewer.zmags.com/publication/e005d279?page=79"> PROFESSIONAL CONDUCT EXPERT PROFESSIONAL CONDUCT</a> <a title="The CPA Journal - November 2012 page 80" href="http://viewer.zmags.com/publication/e005d279?page=80"> </a> <a title="The CPA Journal - November 2012 page 81" href="http://viewer.zmags.com/publication/e005d279?page=81"> ECONOMIC & MARKET DATA monthly upd</a> <a title="The CPA Journal - November 2012 page 82" href="http://viewer.zmags.com/publication/e005d279?page=82"> EDITORIAL a message from the editor-in-c</a> <a title="The CPA Journal - November 2012 page 83" href="http://viewer.zmags.com/publication/e005d279?page=83"> </a> <a title="The CPA Journal - November 2012 page 84" href="http://viewer.zmags.com/publication/e005d279?page=84"> </a>