Editorial Staff

Publisher/Editor-in-Chief
Colleen Katz

Project Team Leader
Geoffrey L. Pickard

Managing Editor
Cheryl Rosen

Senior Editors
Laura Baron
Katharine W. Coveleski
Peter D. Fleming
Michael Hayes
James Quaglietta
Robert Tie

Senior Assistant Editor
Sarah Cobb

Assistant Editor
Vince Nolan

Contributing Editors
Anita Dennis
Lesli S. Laffie
Joan Mancuso
Barbara J. Shildneck
Joseph T. Wells
Stanley Zarowin

Production Director
Peter M. Tuohy 

Art Director
Jeryl A. Costello

Production Manager
Gene Cioffi

Senior Manager—
Production Services—
Publishing Technology
Robert DiCorcia

Production Editor
D. Hillel Lofaso

Senior Production Associates
Valrie Mason, Ingrid Medina

Associate Publisher
Thomas R. Greve

Advertising Team Manager
Karin DeMarco

Advertising Representatives
Larry Hookey, Joseph Torres

Advertising Coordinator
John Weinberg

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Highlights

MEMBERS ASKED TO COMMENT ON BV ED
The AICPA extended the comment period on an exposure draft of proposed Statement on Standards for Valuation Services, Valuation of a Business, Business Ownership Interest, Security, or Intangible Asset (www.aicpa.org/exposure/). Once the standards are final, CPAs who are AICPA members will be required to comply with them when performing a valuation engagement that reaches a conclusion of value or an indication of value.

Some examples of situations in which the standards might apply include the following: valuing a block of publicly traded stock if the analysis includes consideration of a discount for blockage, lock-up, or other contractual or market restrictions; valuing stock that is not publicly traded; and computing the fair market value of assets in a charitable remainder trust.

For more information about the ED, the AICPA Business Valuation and Forensic & Litigation Services Membership Section or the Accredited in Business Valuation credential, go to www.aicpa.org/BVFLS. Comments should be submitted to bvstds@aicpa.org by September 30, 2005.

UNIFORMITY IN INCOME TAX ACCOUNTING SOUGHT
FASB issued an exposure draft (ED) of a proposed interpretation, Accounting for Uncertain Tax Positions (www.fasb.org/draft/index.shtml), to reduce the significant diversity that exists in the recognition and measurement in accounting for income taxes. It would apply to all tax positions accounted for in accordance with Statement no. 109, Accounting for Income Taxes. The interpretation would require enterprises to recognize in their financial statements the best estimate of a tax position’s impact only if, on audit, that position is probable of being sustained solely on its technical merits, and it would mandate the presumption that taxing authorities will evaluate the position during an audit. Comments are due September 12, 2005.

FASAB REQUESTS INPUT ON TECHNICAL AGENDA
The Federal Accounting Standards Advisory Board (FASAB) is requesting feedback on options for adding projects to its agenda (www.fasab.gov/pdffiles). Although the board has identified four topics—the federal entity, leases, conceptual framework acceleration and the appropriate source for GAAP—as subjects of possible projects, it is requesting assistance in setting priorities for them and in identifying any other projects respondents consider a higher priority. Comments are due September 9, 2005.

POLL FOCUSES ON AUDIT COMMITTEES
In a recent online poll the AICPA Virtual Grassroots Panel, an occupationally diverse group of CPAs, commented on the results of audit committees’ efforts to better understand financial statements, fight fraud, recruit qualified professionals and respond effectively to other critical challenges. Nearly 270 members of the panel noticed a general enhancement in the role audit committees play in corporate governance. More than 80% said potential legal liability was the greatest obstacle to CPAs’ serving on audit committees, and slightly more than three-quarters cited lack of time to participate as another impediment. Additional information on the poll’s results is available from Leigh Knopf at 212-596-6132 or lknopf@aicpa.org.

Editorial Advisers

Catherine Allen, Kenneth D. Askelson, James Bean, John C. Boma, Steven J. Brown, Jolene C. Brucks, Thomas F. Burrage, Linda Burt, J. Gregory Bushong, R. Patrick Cargill, Benson J. Chapman, Rosemarie T. Dunn, Thomas Emmerling, Elizabeth Fender, Robert J. Freeman, Kim Gibson, Alan Glazer, Randi K. Grant, Patrick T. Hanratty, DeAnn Hill, James E. Hunton, Sandra Johnigan, Susan S. Jones, Frank J. Kopczynski, Jeffrey B. Kraut, Dennis B. Kremer, Alan Levin, John Lewison, Joseph P. Liotta, Mano Mahadeva, Benjamin F. Mathews, David McIntee, Anita Meola, Debra Mitchell, Roger H. Molvar, Brenda Morris, Craig Murray, Glenn Newman, Lyne P. Noella, Edward T. Odmark, Mary P. Ricciardello, Mark L. Richardson, Marshall B. Romney, Peggy Scott, Carolyn Sechler, Gary Shamis, Ivan J. Sotomayor, Alan Steiger, Paul C. Sullivan, Barry S. Sziklay, Gary R. Trugman, Robert Willens, Mark A. Yahoudy, Alan S. Zipp