Annual Financial Planning Issue<br />
PAPEROR PLASTIC?<br />
Financial Responsibility and Consumer Debt<br />
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Plus<br />
Tax Implications of ForecWatch out —<br />
that next step is risky.<br />
Are you prepared to take<br />
the next step in your career?<br />
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You know how to identify<br />
risks in your daily life.<br />
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Why haven’t you done<br />
the samC ONTENTS<br />
september 2008<br />
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<br />
22 Accounting & Auditing<br />
? Accounting<br />
Classifying Considerations Given by a Vendor to<br />
a Customer: Where<a title="The CPA Journal - September 2008 page 1" href="http://www.zmag.dk/showmag.php?mid=hhpdp&pageid=1">Annual Financial Planning Issue
PAPEROR PLASTIC?
</a> Financial Responsibility and Consumer Debt
Plus
Tax Implications of Forec
<a title="The CPA Journal - September 2008 page 2" href="http://www.zmag.dk/showmag.php?mid=hhpdp&pageid=2">Watch out —
that next step is risky.
Are you pre</a>pared to take
the next step in your career?
You know how to identify
risks in your daily life.
Why haven’t you done
the sam
<a title="The CPA Journal - September 2008 page 3" href="http://www.zmag.dk/showmag.php?mid=hhpdp&pageid=3"></a>
<a title="The CPA Journal - September 2008 page 4" href="http://www.zmag.dk/showmag.php?mid=hhpdp&pageid=4">C ONTENTS
september 2008
22 Accounting & A</a>uditing
? Accounting
Classifying Considerations Given by a Vendor to
a Customer: Where
<a title="The CPA Journal - September 2008 page 5" href="http://www.zmag.dk/showmag.php?mid=hhpdp&pageid=5">vol. LXXVIII/no. 9
</a>
6PERSPECTIVES
16INFOCUS
6 Perspectives
The New 401(k) Landscape:
How Plan Sponsors Can Adapt
P
<a title="The CPA Journal - September 2008 page 6" href="http://www.zmag.dk/showmag.php?mid=hhpdp&pageid=6">
Publisher
LOUIS GRUMET
Associate P</a>ublisher
JOANNE S. BARRY
Manager of Publications
DANIEL CHILLAK
Art Director
LARRY MATTHEWS
Senior Designer
ERNESTO LAR
<a title="The CPA Journal - September 2008 page 7" href="http://www.zmag.dk/showmag.php?mid=hhpdp&pageid=7"></a>
<a title="The CPA Journal - September 2008 page 8" href="http://www.zmag.dk/showmag.php?mid=hhpdp&pageid=8">P ERSPECTIVES
employee benefit plans
</a>
The New 401(k) Landscape:
How Plan Sponsors Can Adapt
By Frank Armstrong III
A
recent U.S. Supreme Court case held that
<a title="The CPA Journal - September 2008 page 9" href="http://www.zmag.dk/showmag.php?mid=hhpdp&pageid=9">publisher's column
Let's Learn to Walk</a>…
… Before Running to International Standards
Fepdeteirtaiolnofafnicdiaelcsohnaovmeicitgeldobgalolibzatlioconmas-
the impetus in the mo
<a title="The CPA Journal - September 2008 page 10" href="http://www.zmag.dk/showmag.php?mid=hhpdp&pageid=10">(Continued from page 6) </a> obligation, however, applies to more than
Costs. Because it is never advisable to just the plan sponsor. It extends all the way
waste ben
<a title="The CPA Journal - September 2008 page 11" href="http://www.zmag.dk/showmag.php?mid=hhpdp&pageid=11">deals with an individual's right to sue, the
very</a> broad language of the ruling helps
bolster any case citing fiduciary breach.
Today, word spreads at the speed of the
Internet. When an employee
<a title="The CPA Journal - September 2008 page 12" href="http://www.zmag.dk/showmag.php?mid=hhpdp&pageid=12">announcement
CPE ON THE GO!
StJaurlt</a>yin,gAwugituhstt,haendthiSrdepqteumarbter oisfsu2e0s0,8i,nitpriisntposrsoibnleinteo, tehaern gCoPEto cwrewdwits.cwpahjeonurynoalu.croemadaTnhdefoCllPo
<a title="The CPA Journal - September 2008 page 13" href="http://www.zmag.dk/showmag.php?mid=hhpdp&pageid=13">When Accounting
Finally Becomes
Glo</a>bal
By Jeffrey C. Thomson
W itnhginatnhedlfaisnta5n0cyeeaprso, ftheessaicocnouhnats-
essentially been reinvented. Advances in
technology hav
<a title="The CPA Journal - September 2008 page 14" href="http://www.zmag.dk/showmag.php?mid=hhpdp&pageid=14">be helpful in reducing the complexity of
financia</a>l reporting.
Too often, the attention of regulators,
including FASB and the SEC, is focused
on the needs of large corporations that have
the re
<a title="The CPA Journal - September 2008 page 15" href="http://www.zmag.dk/showmag.php?mid=hhpdp&pageid=15">SAVE THE DATE!
Investment Companies
Conferen</a>ce
(Formerly the Investment Partnership Conference)
Offering in-depth coverage of the current issues
in the investment indu
<a title="The CPA Journal - September 2008 page 16" href="http://www.zmag.dk/showmag.php?mid=hhpdp&pageid=16">book review
The Complete Idiot's Guide t</a>o Success as a
Personal Financial Planner
By John P. Napolitano, CFP, CPA, PFS, MST
Published by Alpha Books, a member of Penguin Group
(USA
<a title="The CPA Journal - September 2008 page 17" href="http://www.zmag.dk/showmag.php?mid=hhpdp&pageid=17"></a>
<a title="The CPA Journal - September 2008 page 18" href="http://www.zmag.dk/showmag.php?mid=hhpdp&pageid=18">Focus
In
</a>
16
<a title="The CPA Journal - September 2008 page 19" href="http://www.zmag.dk/showmag.php?mid=hhpdp&pageid=19">Paper
or Plastic?
CPAs Can Educate College Stude</a>nts on Responsible Credit Card Use
By Michael J.R. Hoffman, Karen S. McKenzie, and Susan Paris
T he growing credit crisis in the United
<a title="The CPA Journal - September 2008 page 20" href="http://www.zmag.dk/showmag.php?mid=hhpdp&pageid=20">with a large debt burden is an obvious
problem. F</a>ew students leave college with
a plan for paying off their debt. Many
students also do not realize that with a
bad credit rating, finding a job or
<a title="The CPA Journal - September 2008 page 21" href="http://www.zmag.dk/showmag.php?mid=hhpdp&pageid=21">lucrative contracts have been used to fund
financ</a>ial literacy/credit card education or
debt consolidation programs.” Manning
urged that efforts dedicated to marketing
credit cards on campus should
<a title="The CPA Journal - September 2008 page 22" href="http://www.zmag.dk/showmag.php?mid=hhpdp&pageid=22">web-based information, as well as a wide
variety </a>of financial seminars throughout the
state with its partners in business (see
www.wicpa.org/financialliteracy/
financialliteracy.htm). While the AI
<a title="The CPA Journal - September 2008 page 23" href="http://www.zmag.dk/showmag.php?mid=hhpdp&pageid=23">The Pace MS in Taxation.
On your schedule.
</a> Ideally suited for the
working professional.
5IF.BTUFSPG4DJFODFJO5BYBUJPO1SPHSBNBU1BDF6OJWFSTJUZµT-VCJO4DIPPMPG#VTJOFTT
PGGFS
<a title="The CPA Journal - September 2008 page 24" href="http://www.zmag.dk/showmag.php?mid=hhpdp&pageid=24">A CCOUNTING & AUDITING
accounting
</a>
Classifying Considerations Given
by a Vendor to a Customer
Where Do They Be
<a title="The CPA Journal - September 2008 page 25" href="http://www.zmag.dk/showmag.php?mid=hhpdp&pageid=25">Issues Task Force (EITF) has issued guid-
ance ov</a>er the past few years that address-
es the income statement classification,
timing of recognition, and measurement
of the consideration in various
<a title="The CPA Journal - September 2008 page 26" href="http://www.zmag.dk/showmag.php?mid=hhpdp&pageid=26"> EXHIBIT 2
Illustrative</a> Example: Expense Classification
SoRfetwseallrerCompanyC(R(eCs-eSlolefrt).sReellsevllaeriothuesnprsoedlluscthseisneitpsrosduuitectsoftosoeftnwda-
<a title="The CPA Journal - September 2008 page 27" href="http://www.zmag.dk/showmag.php?mid=hhpdp&pageid=27">is either cash or “other than cash” is flawed
bec</a>ause it is form-based. In certain sce-
narios this could lead to transactions struc-
tured to gain a perceived advantageous
accounting treatment. F
<a title="The CPA Journal - September 2008 page 28" href="http://www.zmag.dk/showmag.php?mid=hhpdp&pageid=28">A CCOUNTING & AUDITING
accounting
</a>
Valuation of Hedge Funds
Moving Toward Greater Standardization
By Harvey Poniachek
T he term hedge fund, as generally
defined,
<a title="The CPA Journal - September 2008 page 29" href="http://www.zmag.dk/showmag.php?mid=hhpdp&pageid=29">different investment styles or strategies and
dif</a>ferent assets. Ideally, valuation could be
done by valuing each specific asset (or lia-
bility) and then aggregating them to yield
the fund's total
<a title="The CPA Journal - September 2008 page 30" href="http://www.zmag.dk/showmag.php?mid=hhpdp&pageid=30">third-party vendor pricing services to value
comp</a>lex or illiquid assets, whereas rela-
tively few use either proprietary or pur-
chased pricing models (Deloitte Financial
Services, “Precautions Th
<a title="The CPA Journal - September 2008 page 31" href="http://www.zmag.dk/showmag.php?mid=hhpdp&pageid=31">funds pursue and the inherent difficulty in
valui</a>ng complex, illiquid, or distressed
financial instruments for which market
quotes are unavailable.
In recognizing that hedge funds vary con-
s
<a title="The CPA Journal - September 2008 page 32" href="http://www.zmag.dk/showmag.php?mid=hhpdp&pageid=32">A CCOUNTING & AUDITING
sec practice
</a>
Complying with the SEC's Compensation
Discussion and Analysis Requirements
By Gerry Grant
T
he latest SEC regulation fo
<a title="The CPA Journal - September 2008 page 33" href="http://www.zmag.dk/showmag.php?mid=hhpdp&pageid=33">? Include discussions about how one ele-
ment o</a>f the compensation package relates
to other elements of the compensation
package.
? Identify material differences that exist in
compensation pol
<a title="The CPA Journal - September 2008 page 34" href="http://www.zmag.dk/showmag.php?mid=hhpdp&pageid=34">be adjusted up or down to reflect addi-
tional qu</a>antitative and qualitative factors,
such as total shareholder return, employ-
ee satisfaction measures and strategic posi-
tioning relative to comp
<a title="The CPA Journal - September 2008 page 35" href="http://www.zmag.dk/showmag.php?mid=hhpdp&pageid=35"></a>
<a title="The CPA Journal - September 2008 page 36" href="http://www.zmag.dk/showmag.php?mid=hhpdp&pageid=36">T AXATION
tax planning
Tax Conseque</a>nces of Home Sales
and Foreclosures
Making the Best of a Bad Situation
By Mark A. Segal, Bruce M. Bird, and
Barbara Leonard
I n many area
<a title="The CPA Journal - September 2008 page 37" href="http://www.zmag.dk/showmag.php?mid=hhpdp&pageid=37">the last five years. It is not necessary for
the </a>taxpayer's period of ownership and use
to be coextensive.
Example. Sam and Diane Miller are
married and file a joint return. As lessees,
they p
<a title="The CPA Journal - September 2008 page 38" href="http://www.zmag.dk/showmag.php?mid=hhpdp&pageid=38">ferred to another city by his employer, and
the S</a>miths sold their principal residence
for $350,000.
The maximum exclusion that will be
allowed to the Smiths is $125,000, which
equals $500,000—
<a title="The CPA Journal - September 2008 page 39" href="http://www.zmag.dk/showmag.php?mid=hhpdp&pageid=39">`Project Lifeline'
Recently, the U.S. Departme</a>nt of the
Treasury announced that six mortgage-ser-
vicers representing 50% of the mortgage
market will be participating in “Project
Lifeline.” Un
<a title="The CPA Journal - September 2008 page 40" href="http://www.zmag.dk/showmag.php?mid=hhpdp&pageid=40">property is successful, the taxpayer's expens-
es</a> will be deductible for adjusted gross
income (AGI).
Examples of deductible expenses include,
but are not limited to, depreciation, man-
ageme
<a title="The CPA Journal - September 2008 page 41" href="http://www.zmag.dk/showmag.php?mid=hhpdp&pageid=41">WHEN YOUR CREDITS OUTWEIGH YOUR DEBITS,
GOOD THIN</a>GS HAPPEN.
You have a successful practice, stable clients, talented sta and CAMICO. You can look to the future because our
professional liabil
<a title="The CPA Journal - September 2008 page 42" href="http://www.zmag.dk/showmag.php?mid=hhpdp&pageid=42">T AXATION
federal taxation
Tax Planning</a> Rules for Ministers
By Ted D. Englebrecht and
Jonathan A. Cameron
Ministers are individuals who have
devoted their lives to teachi
<a title="The CPA Journal - September 2008 page 43" href="http://www.zmag.dk/showmag.php?mid=hhpdp&pageid=43">1. The court's decision was in conflict
with the </a>specific language of the regulations
because it required all five conditions to be
met. In 1989, the court refined its position
(Knight v. Comm'r,
<a title="The CPA Journal - September 2008 page 44" href="http://www.zmag.dk/showmag.php?mid=hhpdp&pageid=44">long as the proper procedures discussed above
are</a> followed. There may be some cases
where the housing allowance represents near-
ly all of a minister's compensation, especially
in areas where the
<a title="The CPA Journal - September 2008 page 45" href="http://www.zmag.dk/showmag.php?mid=hhpdp&pageid=45">the full-time requirement, and the right of
the e</a>mployer to discharge the minister.
Upon application of these tests, most min-
isters will be considered employees for fed-
eral tax purposes.
<a title="The CPA Journal - September 2008 page 46" href="http://www.zmag.dk/showmag.php?mid=hhpdp&pageid=46">? The expenses must have a business con-
nectio</a>n. These expenses must be incurred
by the minister while performing services
as an employee of the organization.
? The minister must provide adeq
<a title="The CPA Journal - September 2008 page 47" href="http://www.zmag.dk/showmag.php?mid=hhpdp&pageid=47">by the IRS. Bennett's 2002 ministerial
income was</a> not exempt from self-employ-
ment taxes.
Other Tax Snares to Avoid
Example: Tithing Expenses. Bradley
Pixley was an ordained Baptist ministe
<a title="The CPA Journal - September 2008 page 48" href="http://www.zmag.dk/showmag.php?mid=hhpdp&pageid=48">T AXATION
estate planning
Life Insura</a>nce Is Now Taxable?
Pension Protection Act Adds IRC Section 101(j)
By David Weinstock
A
s a general rule, life insu
<a title="The CPA Journal - September 2008 page 49" href="http://www.zmag.dk/showmag.php?mid=hhpdp&pageid=49"> director, a highly compensated employ-
ee,</a> or a highly compensated individual
(as defined).
? Beneficiary exceptions: intended to
exclude common arrangements where
someone other than
<a title="The CPA Journal - September 2008 page 50" href="http://www.zmag.dk/showmag.php?mid=hhpdp&pageid=50">F INANCE
personal financial planning
</a>
Social Security Planning:
Emphasis on Married Couples
By Neal R. VanZante and
Ralph B. Fritzsch
T he United States currently has a
s
<a title="The CPA Journal - September 2008 page 51" href="http://www.zmag.dk/showmag.php?mid=hhpdp&pageid=51">receiving benefits and that he will wait until
he</a> is 70 (“Waiting on Social Security
Benefits Can Pay Dividends,” Chicago
Tribune, February 3, 2008). This reversal
is based on more recent studies
<a title="The CPA Journal - September 2008 page 52" href="http://www.zmag.dk/showmag.php?mid=hhpdp&pageid=52">der. As a general rule, because the average
woman</a>'s life expectancy is longer than the
average man's life expectancy, women will
benefit more than men from delaying the
start of their Social Secur
<a title="The CPA Journal - September 2008 page 53" href="http://www.zmag.dk/showmag.php?mid=hhpdp&pageid=53">added to the amount that must be returned,
howeve</a>r, and any federal income taxes
paid on the Social Security benefits over
the years are refundable. (See IRS
Publication 915 for details about how
<a title="The CPA Journal - September 2008 page 54" href="http://www.zmag.dk/showmag.php?mid=hhpdp&pageid=54">M ANAGEMENT
practice management
Inte</a>rnal Control at Private
Companies and Nonprofits
Using SOX to Your Advantage
By Chris Jeffrey
S
hould the Sarbanes-Oxley Act
<a title="The CPA Journal - September 2008 page 55" href="http://www.zmag.dk/showmag.php?mid=hhpdp&pageid=55">ket seemed to applaud those companies
that were “</a>strengthening” their internal
controls. Conversely, financial restatements
due to breakdowns in internal controls rose
drastically, creating additi
<a title="The CPA Journal - September 2008 page 56" href="http://www.zmag.dk/showmag.php?mid=hhpdp&pageid=56">ing. With the implementation of SASs
104–111 (com</a>monly referred to as the risk
assessment standards), external auditors
will be placing more scrutiny on the
internal controls of all organizations,
<a title="The CPA Journal - September 2008 page 57" href="http://www.zmag.dk/showmag.php?mid=hhpdp&pageid=57">AIG Elite Global PlusSM and AIG Elite Global Survi</a>vorSM
Global Indexing,
revealed
The Evolution of Index Universal Life Insurance
AIG American General intro
<a title="The CPA Journal - September 2008 page 58" href="http://www.zmag.dk/showmag.php?mid=hhpdp&pageid=58">M ANAGEMENT
management tools
The Imp</a>ortance of Listening Skills
in Tax Preparation
By Steven Golen and David H. Lynch
T
o a tax practitioner, the ab
<a title="The CPA Journal - September 2008 page 59" href="http://www.zmag.dk/showmag.php?mid=hhpdp&pageid=59">Discussion
Recognition of these factors is th</a>e first
step toward improvement in the listening
process. The “preoccupied” factor
shows that tax practitioners tend to
focus their attention away
<a title="The CPA Journal - September 2008 page 60" href="http://www.zmag.dk/showmag.php?mid=hhpdp&pageid=60">determine whether they have been accu-
rately und</a>erstood. They could say some-
thing similar to this: “As I understand
it, this is what I think you are saying …”
Such a response could significantl
<a title="The CPA Journal - September 2008 page 61" href="http://www.zmag.dk/showmag.php?mid=hhpdp&pageid=61">the recipients to determine if pertinent
data wer</a>e excluded.
? Have staff listen to a speaker on video-
tape and identify words used to slant lis-
teners' attitudes.
? Have staff make a list
<a title="The CPA Journal - September 2008 page 62" href="http://www.zmag.dk/showmag.php?mid=hhpdp&pageid=62">R ESPONSIBILITIES & LEADERSHIP
education
</a>
What Are Students Taught in
International Accounting Courses?
The Need for Global Education in U.S. Classrooms
By Bert J. Zarb and
<a title="The CPA Journal - September 2008 page 63" href="http://www.zmag.dk/showmag.php?mid=hhpdp&pageid=63">cult to implement, because courses are
already pa</a>cked with information and not all
textbooks cover international issues. Authors
have also stressed that it is more crucial to
determine what topics
<a title="The CPA Journal - September 2008 page 64" href="http://www.zmag.dk/showmag.php?mid=hhpdp&pageid=64">in international accounting courses. Most
U.S. un</a>iversities were integrating interna-
tional accounting in intermediate and
advanced courses. The topics identified as
important by accounting pract
<a title="The CPA Journal - September 2008 page 65" href="http://www.zmag.dk/showmag.php?mid=hhpdp&pageid=65">causes of international differences, where
42% of</a> respondents reported spending
more than an hour on this issue.
Accounting development in the global
economy and accounting measurements
and
<a title="The CPA Journal - September 2008 page 66" href="http://www.zmag.dk/showmag.php?mid=hhpdp&pageid=66">information systems, international treasury ca</a>l methods employed by respondents
management, and business failure classifi- and the average class time devoted to each.
cation models. More tha
<a title="The CPA Journal - September 2008 page 67" href="http://www.zmag.dk/showmag.php?mid=hhpdp&pageid=67">ing of international accounting were a lack
of em</a>phasis on international accounting in
doctoral programs and a lack of faculty
expertise. Nearly all of the respondents have
PhDs, and all are appar
<a title="The CPA Journal - September 2008 page 68" href="http://www.zmag.dk/showmag.php?mid=hhpdp&pageid=68">T ECHNOLOGY
the cpa and the computer
</a>
Using Automated Identity
and Access Management Controls
Protecting a Network Against Insider Attacks
By George R. Aldhizer III,
Pa
<a title="The CPA Journal - September 2008 page 69" href="http://www.zmag.dk/showmag.php?mid=hhpdp&pageid=69"> Automating business process controls,
includin</a>g IAM, is critical, because organi-
zations produce vast amounts of data annu-
ally. While the amount of organizational data
doubles every 12 to 18
<a title="The CPA Journal - September 2008 page 70" href="http://www.zmag.dk/showmag.php?mid=hhpdp&pageid=70">tion and cutting-edge physical security con-
trol</a>s can be applied. In the future, it can
be automatically tagged as it is created or
as it enters the database and is automati-
cally transferred to
<a title="The CPA Journal - September 2008 page 71" href="http://www.zmag.dk/showmag.php?mid=hhpdp&pageid=71">Gramm-Leach-Bliley Act (GLBA) for finan-
cial ins</a>titutions, the Health Insurance
Portability and Accountability Act (HIPAA)
for healthcare providers, and Federal Trade
Commission (FTC) enforcement
<a title="The CPA Journal - September 2008 page 72" href="http://www.zmag.dk/showmag.php?mid=hhpdp&pageid=72">mated link between the centralized HR
system and </a>the automated IAM system
on the date of termination. The automat-
ed IAM system leaves a complete “foot-
print” of all accounts created by appli-
<a title="The CPA Journal - September 2008 page 73" href="http://www.zmag.dk/showmag.php?mid=hhpdp&pageid=73"> One strategy is to only apply auto-
mated IAM </a>controls to an organiza-
tion's most sensitive data, such as intel-
lectual property; personal information,
including customer and HR data; and cer
<a title="The CPA Journal - September 2008 page 74" href="http://www.zmag.dk/showmag.php?mid=hhpdp&pageid=74">T ECHNOLOGY
what to bookmark
Websit</a>e of the Month:
NewRetirement
By Susan B. Anders
N
ew Retirement LLC uses its web-
site www.newretiremen
<a title="The CPA Journal - September 2008 page 75" href="http://www.zmag.dk/showmag.php?mid=hhpdp&pageid=75">tages and disadvantages. A substantial
section on</a> retirement risks contains
thought-provoking discussions and
statistics.
The left side of the retirement news main
page provides an index of n
<a title="The CPA Journal - September 2008 page 76" href="http://www.zmag.dk/showmag.php?mid=hhpdp&pageid=76">Classified PROFESSIONAL OPPORTUNITY l BUSINESS l </a>TAX CONSULTANCY l LEGAL l MARKETING l EDUCATION
l PEER REVIEW l INCORPORATION l COMPUTER CONSULTING & SOFTWARE l LOOKING FOR SPACE
<a title="The CPA Journal - September 2008 page 77" href="http://www.zmag.dk/showmag.php?mid=hhpdp&pageid=77"> CPA PRACTICES
Sales · Mergers · Va</a>luations · Testimony
Brochure available. No obligation.
Robert N. Stanton (212) 573-6815.
URGENT NEED: We represent leading compa-
nie
<a title="The CPA Journal - September 2008 page 78" href="http://www.zmag.dk/showmag.php?mid=hhpdp&pageid=78"> SALES TAX CONSULTANTS
Stewart Buxbaum, CPA,</a> MBA
· Former Senior Sales Tax Auditor, Team Leader,
Instructor, and Supervisor.
· Over 30 years' experience with the New York
State Sales Tax B
<a title="The CPA Journal - September 2008 page 79" href="http://www.zmag.dk/showmag.php?mid=hhpdp&pageid=79"> CUSTOMIZED QUICKBOOKS SOLUTIONS
FULL SERVIC</a>E ACCOUNTING & BOOKKEEPING
On line or on site
QuickBooks, POS, MAC, lightspeed POS
<a title="The CPA Journal - September 2008 page 80" href="http://www.zmag.dk/showmag.php?mid=hhpdp&pageid=80"> </a>Ad Index & FAXFORMATION Service.
Here's the quickest and easiest way to receive information from th
<a title="The CPA Journal - September 2008 page 81" href="http://www.zmag.dk/showmag.php?mid=hhpdp&pageid=81">E CONOMIC & MARKET D ATA
monthly updat</a>e
Forté Capital's Selected Statistics
U.S. Equity Indexes 07/31/08 YTD Return
S&P 500
<a title="The CPA Journal - September 2008 page 82" href="http://www.zmag.dk/showmag.php?mid=hhpdp&pageid=82">E DITORIAL
a message from the editor-in-chie</a>f
“If You Find Yourself in a Hole …”
“… Stop Digging!”
T
he collapse of the subprime mort-
gage market in
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