Editorial Staff

Publisher/Editor-in-Chief
Colleen Katz

Managing Editor
Cheryl Rosen

Senior Editors
Laura Baron
Katharine W. Coveleski
Peter D. Fleming
Michael Hayes
James Quaglietta
Robert Tie

Senior Assistant Editor
Sarah Cobb

Assistant Editor
Vince Nolan

Contributing Editors
Anita Dennis
Lesli S. Laffie
Joan Mancuso
Barbara J. Shildneck
Joseph T. Wells
Stanley Zarowin

Production Director
Peter M. Tuohy 

Art Director
Jeryl A. Costello

Production Manager
Gene Cioffi

Senior Manager—
Production Services—
Publishing Technology
Robert DiCorcia

Production Editor
D. Hillel Lofaso

Senior Production Associates
Valrie Mason, Ingrid Medina

Associate Publisher
Thomas R. Greve

Advertising Team Manager
Karin DeMarco

Advertising Representatives
Joseph Torres, Kurt Weber

Advertising Coordinator
John Weinberg

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Highlights

AICPA ISSUES SSARS EDs
The Institute’s Accounting and Review Services Committee (ARSC) released three exposure drafts (EDs) (www.aicpa.org/members/div/auditstd/drafts.asp). Compilation of Specified Elements, Accounts, or Items of a Financial Statement and Pro Forma Financial Information, if adopted, will expand the applicability of Statements on Standards for Accounting and Review Services (SSARS), which now pertain only to financial statements. This statement would permit accountants to compile or review certain information—that is not a financial statement—in accordance with SSARS and would be effective for engagements entered into after December 15, 2005. Restricting the Use of an Accountant’s Compilation or Review Report, if issued as final, will define the terms general use and restricted use, provide guidance on language permitted in—and restrictions on the use of—reports issued pursuant to SSARS and will take effect upon issuance. Omnibus Statement on Standards for Accounting and Review Services—2005, if issued, will amend certain provisions of SSARS no. 1, Compilation and Review of Financial Statements, and SSARS no. 2, Reporting on Comparative Financial Statements, and will be effective for compilations and reviews of financial statements for periods ending on or after December 15, 2005. Send comments on the EDs by June 10, 2005 to mglynn@aicpa.org.

INSTITUTE EXPOSES DRAFT BV STANDARDS
The AICPA released an exposure draft (www.aicpa.org/exposure/proposed_stmt_ stds_val_serv.asp) of proposed business valuation (BV) standards with which AICPA members providing BV and forensic and litigation services would be required to comply when valuing businesses, business ownership interests, securities or intangible assets and reporting their conclusions to clients. For more information about the ED, the AICPA Business Valuation and Forensic & Litigation Services Membership Section or its Accredited in Business Valuation credential, go to www.aicpa.org/BVFLS. Comments should be submitted to bvstds@aicpa.org by June 15, 2005.

PCAOB PROPOSES AUDITING STANDARDS
The Public Company Accounting Oversight Board (PCAOB) released an exposure draft of an auditing standard on testing, evaluating and reporting on whether a material weakness in a company’s internal control over financial reporting has been eliminated (www.pcaobus.org). The proposed auditing standard would establish a voluntary stand-alone engagement that could be performed at the company’s request. Comments are due May 16, 2005.

GASB ISSUES INITIAL OBSERVATIONS
The Governmental Accounting Standards Board (GASB) released a preliminary views document, Accounting and Financial Reporting for Pollution Remediation Obligations (www.gasb.org/exp/pv_pollution_remediation.pdf), containing the board’s early opinions, which it later may issue as an exposure draft. The cited obligations concern the responsibility of state and local governments to address current or potential detrimental effects of existing pollution by participating in remediation activities, such as site assessments and cleanups. Comments are due June 24, 2005.

Editorial Advisers

Catherine Allen, Kenneth D. Askelson, James Bean, John C. Boma, Steven J. Brown, Jolene C. Brucks, Thomas F. Burrage, Linda Burt, J. Gregory Bushong, R. Patrick Cargill, Benson J. Chapman, Rosemarie T. Dunn, Thomas Emmerling, Elizabeth Fender, Robert J. Freeman, Kim Gibson, Alan Glazer, Randi K. Grant, Patrick T. Hanratty, DeAnn Hill, James E. Hunton, Sandra Johnigan, Frank J. Kopczynski, Jeffrey B. Kraut, Dennis B. Kremer, Alan Levin, John Lewison, Joseph P. Liotta, Mano Mahadeva, Benjamin F. Mathews, David McIntee, Anita Meola, Debra Mitchell, Roger H. Molvar, Brenda Morris, Craig Murray, Glenn Newman, Lyne P. Noella, Edward T. Odmark, Mary P. Ricciardello, Mark L. Richardson, Marshall B. Romney, Peggy Scott, Carolyn Sechler, Gary Shamis, Ivan J. Sotomayor, Alan Steiger, Paul C. Sullivan, Barry S. Sziklay, Gary R. Trugman, Robert Willens, Mark A. Yahoudy, Alan S. Zipp