PROFESSIONAL ISSUES
Speaking in the Public Interest
by Robert Tie
New AICPA Chairman Randy Fletchall says he will champion the profession’s role
as an influential voice on social and economic policy and will aim to further unite CPAs. But, Fletchall says, the profession also needs to focus on its greatest need: attracting and retaining top talent.
For all CPAs

FINANCIAL REPORTING / BUSINESS VALUATION
Refining Fair Value Measurement
by Paul B.W. Miller and Paul R. Bahnson
FASB Statement no. 157 specifies new factors to consider when measuring fair values that are already required in GAAP. The authors explain some of the changes caused by the new standard and the uniformity and consistency it brings to fair value measurements.
For CPAs who prepare or audit financial reports or conduct business valuations

BUSINESS & INDUSTRY / FINANCIAL REPORTING
Accounting for Gift Cards
by Charles Owen Kile Jr.
Gift card sales are an increasingly important part of the retail trade, but so far no consensus has emerged on how to record these transactions. This article discusses the issues and provides insights into the possible implications of various accounting treatments.

For financial executives in retail companies and their auditors

ARTICLES

RISK MANAGEMENT / TECHNOLOGY
The Human Element: The Weakest Link in Information Security
by Stephen Lineberry
The best defense against a social engineering attack is a good offense, and that means putting an often overlooked player—the average employee—through some drills. Consider these tips for testing the strength of information security procedures and the resolve of the employees who implement those policies.

For CPAs in business and industry

IN PRACTICE
Management Accounting Research for the C-Suite
by Cynthia Bolt-Lee
Explore practical implications of findings from the best of management accounting research.
For CPAs who prepare income tax returns or advise companies on
accounting for taxes