XBRL: It’s Unstoppable
Robert Tie
Here it comes, ready or not. XBRL is revolutionizing the way financial information is being reported and used around the world. CPA Charles Hoffman, the father of XBRL, tells the JofA how as a small-firm practitioner he came up with the idea and helped make it a reality. For all CPAs.

Explode Generation X Myths
A special report prepared by Catalyst for the JofA
Attention employers: Quick! What’s the no. 1 reason Gen-Xers plan to leave your organization for new positions? No, it’s not more money or more free time—it’s intellectual stimulation. How does that square with your impression of this group? To debunk more misconceptions you might have about tomorrow’s business leaders, read this latest study about their professional and workplace preferences. For all CPAs.

Tax
THE BEST OF BOTH WORLDS
William Edward Allen III and Mary B. Foster
Cost segregation and IRC section 1031 exchanges are two of the most valuable tax-deferral strategies for commercial real estate owners. Here’s what CPAs need to know to provide answers and planning opportunities. For CPAs in public practice and industry.

WITHDRAW WITHOUT PENALTY
Lee G. Knight and Ray A. Knight
CPAs commonly advise clients not to touch retirement funds before age 5912 because of the 10% early withdrawal penalty. But when clients face unforeseen circumstances, CPAs must abandon this position and help them avoid the penalty. This article discusses eight exemptions related to life cycle events. For CPAs in public practice.

Practice Management/Fraud
ANSWER PLEASE: FRAUD-BASED INTERVIEWING
John J. Hall
Talking to clients, managers and employees is an important way to obtain information during an audit. This article presents ideas to help CPAs improve their interviewing and listening skills to probe deeper for information and better identify fraudulent financial reporting risks. For auditors.

Practice Management/Audit Standards
STAY OUT OF TROUBLE
Ric Rosario and Suzanne Holl
While the distinctions between PCAOB auditing standards and generally accepted auditing standards (GAAS) are clear, non-SEC registrant companies (nonissuers) may be confused about which standards apply when. This article discusses some differences between PCAOB auditing standards and GAAS as well as ways CPAs can mitigate risk when a nonissuer requests an audit in accordance with both sets of standards. For CPAs who audit private companies.

Business & Industry
NEW HORIZONS: ENTERPRISE-WIDE COMPLIANCE
Joanne Sammer
To streamline compliance activities, reduce costs and smooth operations, CPAs should encourage businesses to adopt a company-wide approach that uses information collected to comply with one set of regulations to satisfy others. For CPAs involved in compliance work.

Technology Workshop
EMERGENCY RX FOR WINDOWS XP
Simon Petravick and Coleen S. Troutman
Microsoft’s Windows XP operating system contains an assortment of do-it-yourself tools to repair or jump-start your computer. So don’t panic when your computer won’t run right or won’t run at all. For all CPAs.