March 2009 - Journal of Accountancy

As if a recession, the credit crisis and the housing downturn were not causing enough stress, many companies, and their accountants and auditors, must also consider an accounting issue that has become increasingly pressing—should their investments be considered “other-than-temporarily impaired”? This issue is relevant not only for financial institutions but

Most nonprofit organizations are now reviewing their first redesigned IRS Form 990 and its many new information requirements designed to enhance transparency and accountability. CPAs with nonprofit clients now are seeing the pieces fit together with satisfaction or, if drawing together the information has been difficult, perhaps with some concern.

Despite the best intentions of all involved parties, some CPA firm mergers and acquisitions are not as successful as originally planned; indeed, some end as failures. When viewed in perfect hindsight, it often seems that simple common sense, or lack thereof, was the reason for the success or failure of

Faculty in charge of accounting Ph.D. programs at American colleges and universities say they recognize that CPAs starting out on an academic career track encounter challenges that can best be met by creative approaches. Most often, these approaches emphasize a personal touch through mentoring and advising. Nearly always, these leaders

David Walker is a man on a mission. As U.S. comptroller general, he used the bully pulpit to fuel a campaign of town hall meetings highlighting the country’s ballooning federal deficit. The Fiscal Wake-Up Tour and the publicity it generated begat the documentary I.O.U.S.A. Walker hopes the film will do

Editor’s note: This is a sidebar to “The Redesigned Form 990: Advising Nonprofit Organizations,” March 09.  Part I provides a snapshot of the entire organization because it summarizes the income statement and balance sheet on the first page. It also asks for a description of the organization’s mission. Since this is

Over the past several years many companies pursued extremely aggressive growth, resulting in an accumulation of fixed assets on balance sheets. Many of these assets (especially land and buildings) have enjoyed an unprecedented appreciation in value. However, the current recession and accompanying credit crunch have caught some companies in a

For some time, leaders of the accounting profession have been concerned about an impending shortage of accounting professors, particularly in the audit and tax specializations. A recent analysis co-sponsored by the AICPA and the American Accounting Association reveals that between 500 and 700 accounting faculty per year will retire over

The pending retirement of the baby boomer generation and the unrelenting challenge of finding and keeping talented staff can have grave consequences for firms that fail to develop a succession strategy. With the AICPA’s 2008 PCPS Succession Survey showing that only 35% of multiowner firms had a written succession plan,