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Financial Reporting/Risk Management
PRACTICAL ISSUES IN IMPLEMENTING FASB 133
Angela L.J. Hwang and John S. Patouhas
Hedging transactions play an integral part in many companies’ risk management activities. FASB Statement no. 133 changes the previous accounting definition of a derivative instrument. CPAs and finance executives need a blend of accounting and financial analysis skills to assess the complex statement and apply its requirements.

Employee Benefits
FLEXIBLE BENEFITS FOR SMALL EMPLOYERS
John G. Simmons
Small employers facing higher insurance premiums can use a variety of means to provide benefits to themselves and their employees as an alternative to eliminating coverage. Substantial tax savings under IRC section 125 lets both key and non-key employees enjoy several tax-free benefits.

Technology Workshop
DO IT ON THE WEB
TerryAnn Glandon
If you’re thinking of launching a Web site to handle retail trade, consider constructing it yourself with off-the-shelf software.

Professional Issues
PENCILS DOWN, COMPUTERS UP—THE NEW CPA EXAM
William W. Holder and Craig N. Mills
The format and administration of the Uniform CPA Examination have been virtually unchanged for decades. A new exam now in development will be computer-delivered and will test candidates’ skills in professional research as well as their ability to use technology to solve problems.

Practice Management
NINE WAYS TO MAKE YOUR FIRM MORE EXCITING
Edward Mendlowitz
The effort to create a lively office culture rewards modest expenditure with a big payoff. It fosters a pleasant, energetic workplace and makes clients look forward to your visits. This article shares some methods that apply to any type of business—yours or your clients’.

Tax
STEALTH TAXES
Richard Boes and Gary R. Wells
CPAs need to be aware of the additional outlays their clients face when hidden taxes come into play. With proper planning, clients may be able to avoid phase-outs, the alternative minimum tax and other provisions that can unexpectedly increase their tax liability.

News Digest
Auditing…Banking…Financial Reporting…Fraud…Government Accounting and Auditing… International…Mergers and Acquisitions…Professional Issues…Small Business…Technology

The Internet
Smart stops on the Web.

By the Numbers
Raises this year will be steady but not spectacular for corporate finance, accounting and tax professionals.

At a Glance: Charts and Graphics
Business use of Web on the rise.
’Tis the season.

Letters
About the recalculation option.
A different opinion on buybacks.
Forget the money—give me flex-time.

Checklist
A practitioner’s guide to managing cash flow.

Tax Matters
IRS announces optional and charitable mileage rates for 2001.

Tax Brief: Individual. An engineering company demonstrated that a sufficient portion of its services did not fall under the “substantially all” test and therefore it was not a personal service corporation.

Line Items.

Tax Case: Aggregate approach to partnership causes S corporation taxation.

From the Tax Adviser
New capital gains rules.

Inside AICPA
O’Malley wins McCloy Award.

The Fraud Beat
In 75% of the cases involving fraudulent financial statements, the CEO was the schemer.

Technology Q&A
Get Excel to print all data… Changing your identity in Office…An easy way to insert symbols in spreadsheets…Use Outlook to organize e-mail and projects.

For the Practicing Auditor
Research Summary 7: The Effect of Independence on Additional Audit Work: A European Perspective.
Research Summary 8: The Effects of Formal Sanctions on Auditor Independence.

Golden Business Ideas
Practical ideas for improving your business.

In This Issue