Publisher's Information

CONTENTS

JANUARY 2007

VOLUME 203 NUMBER 1

This symbol identifies articles in the home study CPE program.

TAX/PERSONAL FINANCIAL PLANNING
Home Free
by Pamela S. Weathers and Jason E. Havens
Stratospheric home prices are outstripping the $500,000 exclusion under IRC section 121 for gains on sales. But homeowners who also use their principal residence for business or investment can defer tax on any excess gain.
For CPAs advising clients on real estate and personal financial planning.

PERSONAL FINANCIAL PLANNING/BONDS
TIPS and CIPS
by Richard F. Boes, Franklin J. Plewa and Mark Bezik
To protect investors against the risk of inflation, the U.S. government introduced Treasury inflation-protected securities (TIPS); corporations soon followed suit and introduced corporate inflation-protected securities (CIPS). This article explains what TIPS and CIPS are, how they are taxed and why they should be part of your clients’ portfolios.

For CPAs who provide financial planning advice.

ARTICLES

SPECIAL REPORT
Fighting Fraud
Corporate looting, bid rigging, kickbacks and boiler rooms are the vintage fraud schemes; you’ll be amazed at the newest incarnations and where they spring up. To take an aggressive stance against all kinds of corporate corruption, the AICPA and ACFE have joined forces to form the first organization to fight fraud worldwide.

For all CPAs.

AICPA SPECIAL REPORT
A Glimpse of the Future
Americans between the ages of 25 and 34 must grow and nurture not only their young families, but their financial resources as well. The AICPA and its members are committed to helping them understand the issues and build a stronger future—for themselves and for the nation.
For all CPAs.

PRACTICE DEVELOPMENT/PFP
Sell Financial Products Well
by Anthony Sardis and Edward Mendlowitz
Looking for new sources of revenue? Before developing a niche to offer clients investment advisory services and products, take steps to manage your risk.

For partners in CPA firms.

TECHNOLOGY WORKSHOP
Navigate Speedily in Excel Data
by James T. Severson
When a spreadsheet contains many pages of data-laden worksheets, it’s very difficult to locate information. But add Forms Toolbar Buttons and Macro commands to the file and the task becomes both easy and very fast.

For all CPAs.

AUDITING
Assessing and Responding to Risks in a Financial Statement Audit: Part II
by John A. Fogarty, Lynford Graham and Darrel R. Schubert
This article continues the discussion of the Auditing Standards Board’s eight new auditing standards—SAS nos. 104 to 111—to guide auditors in the assessment of and response to the risks of material misstatement in a financial statement audit. Effective for audits of nonissuers for periods that began on or after December 15, 2006, the SASs offer guidance for summarizing audit results and drawing conclusions.

For CPAs on audits of private companies and other nonissuers.

IN OUR OPINION
Improving CEO-Speak
by Joel Amernic and Russell Craig
TCPAs should take an active role in ensuring that CEOs and other members of senior management are more sensitive to the language they use when discussing accounting information in written and spoken business communications.

For CPAs advising corporate executives.