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This symbol identifies articles in the home study CPE program.

Executive Compensation
PLANNING FOR THE CAP
Joseph R. Oliver and Roselyn E. Morris
With a limit on the compensation a company can deduct for its CEO and other top executives, a newly public company must avoid disallowed deductions. Companies may be able to postpone the limit or structure packages to avoid it.

THE INS AND OUTS OF SERP SWAPS
John C. Boma and Justin D. Toney
Many executives depend on supplemental executive retirement plans (SERPs). However, these plans are not an efficient way to transfer wealth—taxes can erode up to 85 cents of every dollar. Some companies allow executives to swap SERP benefits for tax-favored life insurance.

Partner Compensation
MONEY TALKS OR PARTNERS WALK
Charles McCann
Splitting a firm’s profits among partners with varied stakes and diverse talents requires a formula that factors in everyone’s contribution, provides incentives—and leaves capital in the business.

Financial Reporting/Corporate Governance
MANAGEMENT REPORTS ON INTERNAL CONTROLS
David M. Willis and Susan S. Lightle
Should company management be required to report on internal controls? As participants in the reporting process, CPAs should know the nature and content of these reports and how they are used.

Practice Development
CPAs ADD HR TO THE MIX
Phaedra Brotherton
The need to find, train and keep staff tops nearly every company’s list of urgent requirements. Some firms are stepping in with human resources expertise to help clients vet hires, deal with policy issues and keep costs down.

Technology Workshop
FLOWCHARTING MADE SIMPLE
Mark W. Lehman
You don’t need fancy computer software to create graphic representations of data flow and organizational structures. Excel can do the job just fine. This article explains how and provides time-saving tips.

The Fraud Beat
SO THAT'S WHY IT'S CALLED A PYRAMID SCHEME
Joseph T. Wells
Ironically, the accountant has come full circle over the course of 5,000 years. Beginning as a scribe-cum-financial-watchdog in ancient Egypt and evolving into the auditor of huge conglomerates’ financial reports at the start of the 21st century, the CPA is again assuming a leading role in the war against fraud.

The Century Timeline, Part 1
TAKING ACCOUNT: KEY DATES FOR THE PROFESSION, 1887–1988
Anita Dennis
What was the first school of accounting? When was the first professional standard created? What early court cases defined the breadth of accountants’ liability? Get answers to these questions and follow the profession’s path through the first nine decades of the 20th century.

In My Opinion
WHAT DRIVES EARNINGS MANAGEMENT?
Paul Rosenfield
People who issue financial reports are often concerned more about what the reports tell about them than they are about how well the reports reflect real-world events. Unfortunately, GAAP tilts toward the issuers, the author says.

Financial Reporting
XBRL for Financial Statements, an electronic data-labeling specification, becomes available for commercial and industrial companies reporting according to U.S. GAAP.

Business/Industry
A recent survey shows that in some instances of stock buybacks underperforming ones showed large gains.

A new study highlights a sharp rise in domestic and international audit fees.

Clarification
Information from September tax brief corrected.

Auditing
AcSEC provides more time to examine its SOP for entities that lend to or finance the activities of others.

The Internet
Smart stops on the Web.

Frontline Views
AICPA president Barry Melancon discusses the proposed SEC rule on auditor independence.

International
IFAC issues a draft of a study that assesses the applicability of private-sector corporate governance principles to public sector entities around the world.

Obituary
Francis M. Wheat, SEC commissioner and head of the committee that recommended the formation of FASB.

By the Numbers
Firms explore new ways of setting themselves apart from competitors.

At a Glance: Charts and Graphics
Women’s salaries still lag behind.

CFOs see tech role in their future.

Small businesses and the Internet.

Taxes take bite out of work day.

Uncle Sam’s budget for 2001.

Letters
Some were omitted.

Additional concerns.

Another look at FASB Interpretation 44.

A historical look at standards.

Don’t forget the consultant.

Checklist
How to make outsourcing work.

Tax Matters
The commissioner of the IRS Large and Mid-Size Business Division emphasizes early resolution of cases.

The tax executive committee finalizes statements on standards for tax services.

Tax Brief—Individual: Day traders need to be aware of certain tax rules.

Tax Case: Corporate acquisitions.

From the Tax Adviser
Being a trader in securities.

Inside AICPA
Special Report. The Institute’s precertification education executive committee is developing resources in three areas for educators.

AICPA honors Gerhard G. Mueller as outstanding educator.

The Institute introduces a comprehensive, Web-based library of CPE courses, available on a flat-fee basis.

Harvey Gaffen receives the public service award for his fund-raising efforts.

Technology Q&A
Resizing fonts fast…What you need to know about underlines…Enlarge text in spreadsheet tabs…More on Excel headers and footers…Removing scroll bars…Cordless telephones… Replacing Oops! with UPS.

Golden Business Ideas
Practical ideas for improving your business.

In This Issue