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Practice Management
STRATEGIC PLANNERS LEAD THE PACK
Thomas Purcell
The demands of growing a firm in an evolving CPA marketplace call for a strategic plan. Learn how to organize and implement one from a CPA who has experience in the trenches.
Case study: A destination needs a plan for how to get there.

The Fraud Beat
ENEMIES WITHIN
Joseph T. Wells
Small companies, especially those that do not have routine and periodic audits, are at high risk for employee fraud. Asset misappropriation can go undetected for many years, which can precipitate huge writeoffs, sometimes causing bankruptcies. CPAs can help by suggesting periodic examinations of their unaudited clients’ cash accounts as an additional service.

Insurance Issues
HOW TO ORGANIZE YOUR INSURANCE PRACTICE
Neil Alexander
As some CPA firms build insurance practices, success depends in large part on how they structure and operate the ventures and the kind of insurance business they do.

Business and Industry
BUDGETS ON A ROLL
Randy Myers
Today’s forward-looking businesses are scrapping conventional, static once-a-year budgets in favor of rolling budgets—forecasts that are updated every few months. The result: Managers get a better handle on their operations.

Financial Reporting
ACCOUNTING FOR ASSET RETIREMENT OBLIGATIONS
Eric R. Alexander and Ronald R. Hiner
FASB has changed the rules for how companies account for asset retirement obligations—removing assets from service through sale, abandonment, recycling or disposal. The new guidelines take a balance-sheet approach, requiring businesses to recognize a liability when they incur a retirement obligation.

Tax/Employee Benefits
NEW RULES FOR IRA DISTRIBUTIONS
Matthew Monippallil
The requirements for calculating minimum distributions from IRAs and qualified retirement plans are changing. CPAs should find them to be user-friendly, and clients are likely to pay less in taxes.

Consulting
A ROAD MAP TO RISK MANAGEMENT
Stephen W. Bodine, Anthony Pugliese and Paul L. Walker
The growth of Web-based services, complex financial instruments and contracts and untested emerging markets offers companies opportunities along with the potential for making huge mistakes. This article describes step-by-step integrated risk management procedures CPAs can apply to a variety of business situations.

International Business
USING THE EURO—A GOOD BET?
Anette W. Estrada
Twelve European nations are about to begin mandatory euro use, continuing their bold journey into uncharted financial waters. That means CPAs serving U.S. companies with customers in these countries should learn how to compare the costs and benefits of doing business in the new currency.

News Digest
Accounting…Employee Benefits… Financial Reporting…Government Accounting…International…Legal…Privacy…Securities…Technology…FYI.

Correction
Web address in software story corrected.

The Internet
Smart stops on the Web.

By the Numbers
New research shows that many senior citizens would benefit from professional planning advice.

At a Glance: Charts and Graphics
IT workers still in demand.
Raises outpace inflation.
Getting the most from a gallon.
Check-the-box option is a hit.

Letters
CPAs as investment advisers: a reader’s viewpoint.
Objection sustained.
On penny stocks, SIPC and zeros.
CPAs and fraud.
Don’t assume—prepare for adequate provision.

Checklist
Myths that gets in the way of efficient billing.

Tax Matters
Tax Case: Related corporate redemptions.
Tax Case: Fees for future services.

From the Tax Adviser
The streamlined sales tax project.

Technology Q&A
Ink-jet vs. laser printers…Convert decimals to fractions…What you should know about defragging your hard drive…Printing just one spreadsheet column and row…Stop a CD from automatically starting.

Inside AICPA
The global credential naming process moves forward.
Daniel J. Noll named the AICPA’s liaison to AcSEC.
CPA2Biz unveils new tools for CPAs.
WebTrust penetrates a new market.

Golden Business Ideas
Practical ideas for improving your business.

12-Month Index
JofA articles by author and subject.

In This Issue