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  CONTENTS  

 
FEBRUARY 2008
VOLUME 205 NUMBER 2
 

HEADLINER Q&A
Change Agent
Robert Herz has led FASB through a period of significant change. He spoke recently with the JofA about simplifying accounting standards, the road to international convergence, the future role of FASB and changes ahead for CPAs.
For all CPAs

TECHNOLOGY / BUSINESS & INDUSTRY
Six Steps to XBRL
by Mary E. Phillips, Tammy E. Bahmanziari and Robert G. Colvard
With the complete XBRL US GAAP Taxonomies now under public review, three
accounting educators share a short XBRL tagging lesson for CPAs.

For CPAs who prepare financial statements or advise preparers

ARTICLES

AUDITING / LEGAL UPDATE
Deepening Insolvency: An Emerging Threat?
by Kelly M. Hnatt
The deepening insolvency theory may create increased legal risk for auditors, particularly those who work with troubled businesses. In some cases, the theory may fuel additional scrutiny of the auditor’s consideration of an entity’s ability to continue as a going concern.

For CPAs who conduct audits

From the Defense: How to Combat a Deepening Insolvency Claim
by Michael E. Keyes

Legal Update: High Court Bars Secondary Liability in Securities Case
by Kim Nilsen

EDUCATION / CPA EXAMINATION
Expanding the Ranks of African-American CPAs
by Frank K. Ross and Leslie Traub
This report on the CPA Examination Summit convened by the National Association of Black Accountants and the Howard University School of Business Center for Accounting Education highlights recommendations from summit participants on increasing the number of African-American CPAs.

For CPAs in public practice and in education

PERSONAL FINANCIAL PLANNING
Partnerships for Community Development
by Curtis O. Sanders
CPAs can use their expertise to structure partnerships between property owners and community-oriented developers who want to revitalize undervalued areas without displacing current residents and local businesses.
For CPAs in public practice

TECHNOLOGY WORKSHOP
Discover the Power of Excel 2007
by Bradley C. Adams
Excel has undergone a massive redesign in Office 2007. This article will speed up your learning curve and help you customize its abundant functions so that it can become an even more powerful calculation tool.
For all CPAs

TAX / PERSONAL FINANCIAL PLANNING
Real Tax Savings in Real Estate
by Elizabeth Murphy and Keith Gunter
With mortgage foreclosures on the rise, buying and selling real estate may appear to be an attractive opportunity. But do your clients know the tax benefits of being considered a real estate professional, as opposed to a passive investor?
For CPAs with clients who deal in real estate

NEWS

HIGHLIGHTS
Recent developments in the accounting profession

NEWS DIGEST
AuditingBankingFinancial ReportingGovernmentMutual FundsPensionsXBRLFYI

AT A GLANCE: CHARTS AND GRAPHICS
Spike in Thrifts’ Loss Provisions
Mutual Funds Concentrated in Retirement Plans
Millions Receive AMT Relief
More Cents for Your Travel

COLUMNS

IN THIS ISSUE
Subject index

LETTERS
Fair Value Made Clear
Fair Value Could Be Made Clearer
Wagering on S Corp Wages?
The State of S Corps

TOP LINE
News, people, trends and other noteworthy items

CHECKLIST
Vendor Management Tips

TECHNOLOGY
Smart Stops on the Web

TAX PRACTICE CORNER
Independent Contractor or Employee?

TAX MATTERS
Passive or Nonpassive Activity—IRS Wins Either Way
Deciphering the Code
Do-It-Yourself Will Succeeds In Spite of Itself
Son of BOSS Adjustment Timely for IRS
Till Death or § 6015(e)(4) Do Us Part
Line Items

FROM THE TAX ADVISER
Identifying “Specified Employees”

TECHNOLOGY Q&A
by Stanley Zarowin
Print the contents of any directoryCopy error messages into your browser to search for a solutionTame cranky Track Changes and learn how to customize shortcutsShould you keep your laptop plugged in or not?...Excel shortcuts

INSIDE AICPA
Institute Helps Mark IFAC Anniversary
AICPA Offers Scholarships

THE LAST WORD
A closer look at some of the intriguing, inspiring and imaginative folks who are the heart of the AICPA

©2008 AICPA