Publisher's Information

CONTENTS

MAY 2007

VOLUME 203 NUMBER 5

EMPLOYEE BENEFITS/FINANCIAL REPORTING
Perfect Storm Prompts Changes in Pension Accounting
by Paul B.W. Miller and Paul R. Bahnson
New guidance from FASB on accounting for pension and other postretirement benefits has improved the financial reporting for these obligations. And more changes might be in the works.
For CPAs who work for or advise companies with benefit obligations.

EMPLOYEE BENEFITS/PERSONAL FINANCIAL PLANNING
Taking Stock of ESPPs
by Timothy A. Farmer and Gregory G. Geisler
Millions of American workers are “leaving money on the table” because they don’t take advantage of employee stock purchase plans (ESPPs). Here are some pointers for your clients on when to buy shares and how long to hold them.
For CPAs who offer financial planning services.

EMPLOYEE BENEFITS
Time to Rethink Your 401(k) Plan?
by Nancy E. Oates and Cynthia B. Brown
Explore options to strengthen and promote your 401(k) plan in light of the Pension Protection Act of 2006.
For CPAs responsible for employee benefits programs.

ARTICLES
TECHNOLOGY/SOFTWARE
Get Ready for Vista
by Randolph P. Johnston
The launch of Microsoft’s new operating system and Office applications, while providing more powerful tools for accountants, will take some getting used to.
For all CPAs.

FRAUD
What Is Your Fraud IQ?
by Joseph T. Wells
Think you can spot corruption in any of its many forms? Take this (deceptively) simple test to find out just how much you know.
For all CPAs.

BUSINESS VALUATION
Intangible Value: Delineating Between Shades of Gray
by Marc G. Olsen and Michael Halliwell
Intangible assets are an important part of business today, and many executives think innovation and related intangible assets now represent the principal basis for growth. While it is easy to argue that intangible assets are valuable, it is not so easy to accurately capture that value. This article describes some methods for doing so.
For CPA/ABVs and CFOs.

FINANCIAL REPORTING/TAX
Avoiding FASB 123(R) Pitfalls
by David Randolph
Stock-option compensation may not hold the allure it once did. But it’s still common, especially among the same kind of visionary but cash-hungry companies as in the dot-com days—in other words, companies most likely to post a tax net operating loss (NOL). Enter FASB Statement no. 123(R). Fortunately, there’s no reason companies operating at a loss should also be at a loss for knowing how and when to recognize tax benefits associated with share-based compensation.
For CPAs advising businesses.

FINANCIAL REPORTING
Extraordinary Items Share Exclusive Company
by Theresa F. Henry and Mark P. Holtzman
FASB Statement no. 145 has made extraordinary items less common, but they have not disappeared entirely. The authors review which events qualify for extraordinary treatment under the more restrictive criteria.
For CPAs who prepare financial statements or who advise companies on financial reporting.