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<br /> www.cpaj.com September 2013<br /> ANNUAL FINANCIAL PLANNING ISSUE<br /> Cultivating<br /> a Thriving<br /> Portfolio<br /> • Hedge Funds<br /> •Delaware Trusts<br /> • Prenuptial Agreements<br /> • Education Expenses<br /> <br /> <br /> CONTENTS<br /> september 2013<br /> 6 PERSPECTIVES 14ESSENTIALS <br /> 6 Perspectives<br /> Why Libor Manipulation Matters:<br /> Recommendations for CPAs and Investors<br /> Publisher’s Column: Here’s to the Standards<br /> Setters: FASB Turns 40<br /> A Universal Fiduciary Standard: Does It<br /> Eliminate Confusion or Protect Investors?<br /> 14 Accounting & Auditing<br /> y Standards Setting<br /> A Better Approach to Lease Accoun<a title="The CPA Journal - September 2013 page 1" href="http://viewer.zmags.com/publication/e1e8e62a?page=1"> www.cpaj.com September 2013 ANNUAL FINAN</a> <a title="The CPA Journal - September 2013 page 2" href="http://viewer.zmags.com/publication/e1e8e62a?page=2"> </a> <a title="The CPA Journal - September 2013 page 3" href="http://viewer.zmags.com/publication/e1e8e62a?page=3"> </a> <a title="The CPA Journal - September 2013 page 4" href="http://viewer.zmags.com/publication/e1e8e62a?page=4"> CONTENTS september 2013 6 PERSPECTIVES 14ESSE</a> <a title="The CPA Journal - September 2013 page 5" href="http://viewer.zmags.com/publication/e1e8e62a?page=5"> vol. LXXXIII/no. 9 26 ESSENTIALS 36 ESSE</a> <a title="The CPA Journal - September 2013 page 6" href="http://viewer.zmags.com/publication/e1e8e62a?page=6"> new york state society of NYSSCPA certified </a> <a title="The CPA Journal - September 2013 page 7" href="http://viewer.zmags.com/publication/e1e8e62a?page=7"> FAE 2013 Conferences Keep current on high-leve</a> <a title="The CPA Journal - September 2013 page 8" href="http://viewer.zmags.com/publication/e1e8e62a?page=8"> PERSPECTIVES viewpoint Why Libor Manipulation </a> <a title="The CPA Journal - September 2013 page 9" href="http://viewer.zmags.com/publication/e1e8e62a?page=9"> publisher’s column Here's to the Standards Se</a> <a title="The CPA Journal - September 2013 page 10" href="http://viewer.zmags.com/publication/e1e8e62a?page=10"> (Continued from page 6) mark for debt securities </a> <a title="The CPA Journal - September 2013 page 11" href="http://viewer.zmags.com/publication/e1e8e62a?page=11"> The Big Picture There is, of course, a set o</a> <a title="The CPA Journal - September 2013 page 12" href="http://viewer.zmags.com/publication/e1e8e62a?page=12"> experienced in a Libor environment, while avoidin</a> <a title="The CPA Journal - September 2013 page 13" href="http://viewer.zmags.com/publication/e1e8e62a?page=13"> CPA will typically be considered a fiducia- ry wh</a> <a title="The CPA Journal - September 2013 page 14" href="http://viewer.zmags.com/publication/e1e8e62a?page=14"> ries are judged by a standard of conduct, rather </a> <a title="The CPA Journal - September 2013 page 15" href="http://viewer.zmags.com/publication/e1e8e62a?page=15"> In a 2010 letter to Congress, the Project on G</a> <a title="The CPA Journal - September 2013 page 16" href="http://viewer.zmags.com/publication/e1e8e62a?page=16"> ACCOUNTING & AUDITING standards se</a> <a title="The CPA Journal - September 2013 page 17" href="http://viewer.zmags.com/publication/e1e8e62a?page=17"> and key users (lenders, credit analysts, and equi</a> <a title="The CPA Journal - September 2013 page 18" href="http://viewer.zmags.com/publication/e1e8e62a?page=18"> not result in separating lease assets and lia- bi</a> <a title="The CPA Journal - September 2013 page 19" href="http://viewer.zmags.com/publication/e1e8e62a?page=19"> purchase or control the ownership interest i</a> <a title="The CPA Journal - September 2013 page 20" href="http://viewer.zmags.com/publication/e1e8e62a?page=20"> leases) and some leases are financed pur- infor</a> <a title="The CPA Journal - September 2013 page 21" href="http://viewer.zmags.com/publication/e1e8e62a?page=21"> for the capitalization of contracts (AAA 2001). I</a> <a title="The CPA Journal - September 2013 page 22" href="http://viewer.zmags.com/publication/e1e8e62a?page=22"> RECOMMENDED EXECUTORY CONTRACT LEASE ACCOUNTING M</a> <a title="The CPA Journal - September 2013 page 23" href="http://viewer.zmags.com/publication/e1e8e62a?page=23"> approach is much simpler than the pro- posed I&A </a> <a title="The CPA Journal - September 2013 page 24" href="http://viewer.zmags.com/publication/e1e8e62a?page=24"> require that substantially similar lease con</a> <a title="The CPA Journal - September 2013 page 25" href="http://viewer.zmags.com/publication/e1e8e62a?page=25"> arrangement. The current decisions regard- ing th</a> <a title="The CPA Journal - September 2013 page 26" href="http://viewer.zmags.com/publication/e1e8e62a?page=26"> residual guarantees are included in the lessor’s </a> <a title="The CPA Journal - September 2013 page 27" href="http://viewer.zmags.com/publication/e1e8e62a?page=27"> income and expense has not been in vogue, as acco</a> <a title="The CPA Journal - September 2013 page 28" href="http://viewer.zmags.com/publication/e1e8e62a?page=28"> TAXATION federal taxation </a> <a title="The CPA Journal - September 2013 page 29" href="http://viewer.zmags.com/publication/e1e8e62a?page=29"> Determining Factors Income tax regulations p</a> <a title="The CPA Journal - September 2013 page 30" href="http://viewer.zmags.com/publication/e1e8e62a?page=30"> operated a “cattery” to breed, show, and sell ped</a> <a title="The CPA Journal - September 2013 page 31" href="http://viewer.zmags.com/publication/e1e8e62a?page=31"> mare-leasing program would pass muster with the I</a> <a title="The CPA Journal - September 2013 page 32" href="http://viewer.zmags.com/publication/e1e8e62a?page=32"> the case’s focal question. IRC section 162 does n</a> <a title="The CPA Journal - September 2013 page 33" href="http://viewer.zmags.com/publication/e1e8e62a?page=33"> level of involvement or any of the other issues t</a> <a title="The CPA Journal - September 2013 page 34" href="http://viewer.zmags.com/publication/e1e8e62a?page=34"> TAXATION federal taxation Supreme Court Rulin</a> <a title="The CPA Journal - September 2013 page 35" href="http://viewer.zmags.com/publication/e1e8e62a?page=35"> Consequently, until this issue works its way t</a> <a title="The CPA Journal - September 2013 page 36" href="http://viewer.zmags.com/publication/e1e8e62a?page=36"> of-household to take advantage of the AOTC. The c</a> <a title="The CPA Journal - September 2013 page 37" href="http://viewer.zmags.com/publication/e1e8e62a?page=37"> FAE 2013 CPE CHOOSE YOUR FAE VALUE PASS P</a> <a title="The CPA Journal - September 2013 page 38" href="http://viewer.zmags.com/publication/e1e8e62a?page=38"> FINANCE markets & investments Advising Indi</a> <a title="The CPA Journal - September 2013 page 39" href="http://viewer.zmags.com/publication/e1e8e62a?page=39"> lion. Thus, investors need to proceed with extrem</a> <a title="The CPA Journal - September 2013 page 40" href="http://viewer.zmags.com/publication/e1e8e62a?page=40"> 1.2% fixed management fee and 14% of n Underper</a> <a title="The CPA Journal - September 2013 page 41" href="http://viewer.zmags.com/publication/e1e8e62a?page=41"> to 15 years. (http://video.cnbc.com/ gallery/?vid</a> <a title="The CPA Journal - September 2013 page 42" href="http://viewer.zmags.com/publication/e1e8e62a?page=42"> offerings (http://www.sec.gov/ News/PressReleas</a> <a title="The CPA Journal - September 2013 page 43" href="http://viewer.zmags.com/publication/e1e8e62a?page=43"> that meet certain “sophistication” require- ments</a> <a title="The CPA Journal - September 2013 page 44" href="http://viewer.zmags.com/publication/e1e8e62a?page=44"> because a fund will sometimes charge a performanc</a> <a title="The CPA Journal - September 2013 page 45" href="http://viewer.zmags.com/publication/e1e8e62a?page=45"> of an interest in a partnership, which means</a> <a title="The CPA Journal - September 2013 page 46" href="http://viewer.zmags.com/publication/e1e8e62a?page=46"> FINANCE estates & trusts </a> <a title="The CPA Journal - September 2013 page 47" href="http://viewer.zmags.com/publication/e1e8e62a?page=47"> ex-spouses. As a result, these trusts are increas</a> <a title="The CPA Journal - September 2013 page 48" href="http://viewer.zmags.com/publication/e1e8e62a?page=48"> 6. How Can a DAPT Be Used as an Alternative to a </a> <a title="The CPA Journal - September 2013 page 49" href="http://viewer.zmags.com/publication/e1e8e62a?page=49"> n The ability to receive income or prin- cipal di</a> <a title="The CPA Journal - September 2013 page 50" href="http://viewer.zmags.com/publication/e1e8e62a?page=50"> 15. Can a Delaware Trust Provide State Income Tax</a> <a title="The CPA Journal - September 2013 page 51" href="http://viewer.zmags.com/publication/e1e8e62a?page=51"> The organization can control the invest- ment </a> <a title="The CPA Journal - September 2013 page 52" href="http://viewer.zmags.com/publication/e1e8e62a?page=52"> FINANCE markets & investments Finding Better</a> <a title="The CPA Journal - September 2013 page 53" href="http://viewer.zmags.com/publication/e1e8e62a?page=53"> tions. The 1970s, which saw high infla- tion and </a> <a title="The CPA Journal - September 2013 page 54" href="http://viewer.zmags.com/publication/e1e8e62a?page=54"> Bernstein, October 2010, http://www.alliance- ber</a> <a title="The CPA Journal - September 2013 page 55" href="http://viewer.zmags.com/publication/e1e8e62a?page=55"> options include assembling risk-parity port- foli</a> <a title="The CPA Journal - September 2013 page 56" href="http://viewer.zmags.com/publication/e1e8e62a?page=56"> Reserve might begin to cut back on its accommodat</a> <a title="The CPA Journal - September 2013 page 57" href="http://viewer.zmags.com/publication/e1e8e62a?page=57"> trol. First, it’s critical to maintain a wide vie</a> <a title="The CPA Journal - September 2013 page 58" href="http://viewer.zmags.com/publication/e1e8e62a?page=58"> FINANCE personal financial planning Deductib</a> <a title="The CPA Journal - September 2013 page 59" href="http://viewer.zmags.com/publication/e1e8e62a?page=59"> Maintenance or Improvement of Skills The ded</a> <a title="The CPA Journal - September 2013 page 60" href="http://viewer.zmags.com/publication/e1e8e62a?page=60"> trade or business criterion. The following sectio</a> <a title="The CPA Journal - September 2013 page 61" href="http://viewer.zmags.com/publication/e1e8e62a?page=61"> weekend per month and one two-week period per yea</a> <a title="The CPA Journal - September 2013 page 62" href="http://viewer.zmags.com/publication/e1e8e62a?page=62"> her job, the taxpayer decided to attend an evenin</a> <a title="The CPA Journal - September 2013 page 63" href="http://viewer.zmags.com/publication/e1e8e62a?page=63"> ment to obtain the degree. Moreover, because the </a> <a title="The CPA Journal - September 2013 page 64" href="http://viewer.zmags.com/publication/e1e8e62a?page=64"> FINANCE personal financial planning The Bene</a> <a title="The CPA Journal - September 2013 page 65" href="http://viewer.zmags.com/publication/e1e8e62a?page=65"> property and debt, as well as handle other financ</a> <a title="The CPA Journal - September 2013 page 66" href="http://viewer.zmags.com/publication/e1e8e62a?page=66"> states to determine which party, if any, should p</a> <a title="The CPA Journal - September 2013 page 67" href="http://viewer.zmags.com/publication/e1e8e62a?page=67"> Proving involuntariness. 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Its data, tracked since 2002,</a> <a title="The CPA Journal - September 2013 page 75" href="http://viewer.zmags.com/publication/e1e8e62a?page=75"> TECHNOLOGY what to bookmark Website of the M</a> <a title="The CPA Journal - September 2013 page 76" href="http://viewer.zmags.com/publication/e1e8e62a?page=76"> CLASSIFIEDMARKETPLACE PROFESSIONAL OPPORTUNITY l</a> <a title="The CPA Journal - September 2013 page 77" href="http://viewer.zmags.com/publication/e1e8e62a?page=77"> CLASSIFIED Peer Review If you nee</a> <a title="The CPA Journal - September 2013 page 78" href="http://viewer.zmags.com/publication/e1e8e62a?page=78"> CLASSIFIED PEER REVIEW SERVICES PEER REVIEW SP</a> <a title="The CPA Journal - September 2013 page 79" href="http://viewer.zmags.com/publication/e1e8e62a?page=79"> CLASSIFIED </a> <a title="The CPA Journal - September 2013 page 80" href="http://viewer.zmags.com/publication/e1e8e62a?page=80"> CLASSIFIED NOW IS THE SEASON TO ACT… Do your c</a> <a title="The CPA Journal - September 2013 page 81" href="http://viewer.zmags.com/publication/e1e8e62a?page=81"> ECONOMIC & MARKET DATA monthly u</a> <a title="The CPA Journal - September 2013 page 82" href="http://viewer.zmags.com/publication/e1e8e62a?page=82"> EDITORIAL a message from the editor-in-chief </a> <a title="The CPA Journal - September 2013 page 83" href="http://viewer.zmags.com/publication/e1e8e62a?page=83"> </a> <a title="The CPA Journal - September 2013 page 84" href="http://viewer.zmags.com/publication/e1e8e62a?page=84"> </a>