Accounting Commons^™

Letter From Alan R. Einhorn, Chair, Aicpa Tax Executive Committee, To Douglas H. Shulman, Commissioner Of Internal Revenue, Re: Proposed Revenue Procedure To Exempt Certain S Corporations From Failure To Timely File Penalty Under Section 6699., Alan R. Einhorn, American Institute Of Certified Public Accountants. Tax Executive Committee

Association Sections, Divisions, Boards, Teams

No abstract provided.

Cpa Client Bulletin, December 2008, American Institute Of Certified Public Accountants (Aicpa)

Newsletters

No abstract provided.

Financial Risk Management: Lessons From The Current Crisis ... So Far, Knowledge@Smu

Knowledge@SMU

The current economic recovery looks long and difficult, and makes providing for an ageing population an even greater challenge. Will economies rebound to provide for the health care needs of retirees? At a conference organised in November 2008 by the Sim Kee Boon Institute’s newly launched Center for Silver Security at the Singapore Management University, Todd Groome of the International Monetary Fund spoke on how the ongoing financial crisis could shape retirement risk.

The Timeliness Of Accounting Disclosures In International Security Markets, C. Mitchell Conover, Robert E. Miller, Andrew Szakmary

Finance Faculty Publications

In this study, we examine financial reporting lags, the incidence of late filing, and the relationship between reporting lags, firm performance and the degree of capital market scrutiny. We use a large sample of firms spanning 22 countries over an eleven-year period. A focal point of our analysis is whether the incidence of late filing, and the relations between reporting days and other variables, differ systematically between common and code law countries. Relative to U.S. firms, we report that the time taken and allowed for filing is usually longer in other countries and that the statutory requirement is more frequently …

Does Convergence Of Accounting Standards Lead To The Convergence Of Accounting Practices? A Study From China, Songlan Peng, Rasoul H. Tondkar, Joyce Van Der Van Der Laan Smith, David W. Harless

Accounting Faculty Publications

In this empirical study we examine whether China's efforts to converge domestic accounting standards with International Financial Reporting Standards (IFRS) over the past 15 years have resulted in the successful convergence of Chinese listed firms. This study is unique in that we evaluate convergence of firms' accounting practices from three perspectives: (1) the level of compliance with Chinese GAAP and IFRS, (2) the consistency of accounting choices under Chinese GAAP and IFRS, and (3) identification of significant differences in the net incomes produced under Chinese GAAP and IFRS (earnings gap).

Using the 1999 and 2002 annual reports of 79 Chinese …

Quality Control Defects Revealed In Smaller Firms' Pcaob Inspection Reports, Dana R. Hermanson, Richard W. Houston

Faculty Articles

The article reports the study of Public Company Accounting Oversight Board (PCAOB) on the quality control (QC) defects of small audit firms. Topics including the accounting lapses of small auditing firms, tips on complying QC standards and importance of inspection on the auditing industry are discussed. Study reveals that smaller firms have deficient processes in conducting audit quality. The article notes that PCAOB is expected to increase campaign in assisting audit firms while small audit firms are encouraged to address their QC deficiencies.

Component Materiality For Group Audits, Steven M. Glover, Jonathan T. Liljegren, Douglas F. Prawitt, William F. Messier

Faculty Publications

Determining overall group materiality and materiality levels for individual components is becoming more of a hot-button issue as the number and complexity of large and international group audits increases. Auditing standards and other professional materials offer little practical guidance on the topic. Internal and peer reviews and regulatory inspections have revealed a variety of approaches in this area. In some instances, reviews have discovered potentially troubling practices. Our conversations with regulators and practitioners indicate an intense and growing interest in the development of conceptually sound guidance. This article outlines a practical approach that group engagement partners can consider in establishing …

The Viability Of The Fair Tax, Jonathan M. Clark

Senior Honors Theses

This thesis begins by investigating the current system of federal taxation in the United States and examining the flaws within the system. It will then deal with a proposal put forth to reform the current tax system, namely the Fair Tax. The Fair Tax will be examined in great depth and all aspects of it will be explained. The objective of this paper is to determine if the Fair Tax is a viable solution for fundamental tax reform in America. Both advantages and disadvantages of the Fair Tax will objectively be pointed out and an educated opinion will be given …

Profitability Analysis Of Chinese Listed Firms: 1992-2004, Jianjun Niu, Heng Yue, Guohua Jiang

Research Collection School Of Accountancy

This research collects and analyses the profitability data of Chineselisted companies from 1992 to 2004. Results show that, on average, theprofitability of Chinese listed companies has declined over the period. Post-IPOearnings also exhibit a downward trend. A further analysis reveals that changes inlisted firms’ profitability ratio follow a strong mean reversion pattern.

Proposed Statements On Standards For Tax Services, November 26, 2008; Exposure Draft (American Institute Of Certified Public Accountants), 2008, November 26, American Institute Of Certified Public Accountants. Tax Executive Committee

Exposure Drafts, Comment Letters, and Statements of Position

No abstract provided.

Comment Letters On Proposed Statements On Standards For Tax Services, November 26, 2008, American Institute Of Certified Public Accountants. Tax Executive Committee

Exposure Drafts, Comment Letters, and Statements of Position

No abstract provided.

Comment Letters On Proposed Statement On Standards For Accounting And Review Services, Applicability Of Statements On Standards For Accounting And Review Services, November 17, 2008, American Institute Of Certified Public Accountants. Accounting And Review Services Committee

Exposure Drafts, Comment Letters, and Statements of Position

No abstract provided.

Comment Letters On Proposed Statement On Standards For Attestation Engagements: Reporting On Controls At A Service Organization , November 17, 2008, American Institute Of Certified Public Accountants. Auditing Standards Board

Exposure Drafts, Comment Letters, and Statements of Position

No abstract provided.

Comment Letters On Proposed Statement On Auditing Standards: Audit Considerations Relating To An Entity Using A Service Organization (Redrafted), November 17, 2008, American Institute Of Certified Public Accountants. Auditing Standards Board

Exposure Drafts, Comment Letters, and Statements of Position

No abstract provided.

Proposed Statement On Auditing Standards: Audit Considerations Relating To An Entity Using A Service Organization (Redrafted), November 17, 2008; Exposure Draft (American Institute Of Certified Public Accountants), 2008, November 17, American Institute Of Certified Public Accountants. Auditing Standards Board

Exposure Drafts, Comment Letters, and Statements of Position

No abstract provided.

Proposed Statement On Standards For Attestation Engagements: Reporting On Controls At A Service Organization, November 17, 2008; Exposure Draft (American Institute Of Certified Public Accountants), 2008, November 17, American Institute Of Certified Public Accountants. Auditing Standards Board

Exposure Drafts, Comment Letters, and Statements of Position

No abstract provided.

Proposed Statement On Standards For Accounting And Review Services, Applicability Of Statements On Standards For Accounting And Review Services, November 17, 2008; Exposure Draft (American Institute Of Certified Public Accountants), 2008, November 17, American Institute Of Certified Public Accountants. Accounting And Review Services Committee

Exposure Drafts, Comment Letters, and Statements of Position

No abstract provided.

Comment Letter To United States Securities And Exchange Commission Re: Study Of Mark-To-Market Accounting Applicable To Financial Institutions., Barry C. Melancon, American Institute Of Certified Public Accountants (Aicpa)

Exposure Drafts, Comment Letters, and Statements of Position

No abstract provided.

Thierry Apoteker On The Threat Of Global Stagflation, Knowledge@Smu

Knowledge@SMU

Managing director Thierry Apoteker and his team at French company T-A-C (Thierry Apoteker Consulting) have correctly predicted many of the economic shocks that the world has seen in the past three months. In a recent presentation hosted by the International Trading Institute, Singapore Management University, Apoteker made a convincing case for worldwide inflation and recession, known as stagflation.

Members In Business And Industry, November 2008, American Institute Of Certified Public Accountants (Aicpa)

Newsletters

No abstract provided.

Planner, Volume 23, Number 6, November-December 2008, American Institute Of Certified Public Accountants (Aicpa)

Newsletters

No abstract provided.

Members In Medium Public Accounting Firms, November 2008, American Institute Of Certified Public Accountants (Aicpa)

Newsletters

No abstract provided.

Fair-Value Accounting Provides Much Needed Transparency In Dislocated Markets, Knowledge@Smu

Knowledge@SMU

In the current global financial turmoil, more transparency is needed, not less, say Singapore Management University professor of accounting Andrew Lee and accounting lecturer Lim Chu Yeong. While some critics argue that fair-value accounting is partly to blame and should be suspended, in a recent commentary Lee and Lim made the case for fair-value accounting as having an important role to play in providing timely and relevant information to investors.

Retail Investors And Structured Products: A Case Of 'Buyer Beware'!, Knowledge@Smu

Knowledge@SMU

Across the globe, buyers of structured products linked to Lehman Brothers have seen their investments wiped out. In Singapore, the MAS (Monetary Authority of Singapore) has appointed an independent committee to oversee the review and resolution of customer complaints. Tan Chong Hui, professor of quantitative finance at Singapore Management University, has this advice especially for retail investors of structured products: caveat emptor or ‘buyer beware’.

Cpa Client Bulletin, November 2008, American Institute Of Certified Public Accountants (Aicpa)

Newsletters

No abstract provided.

Members In Small Local Public Accounting Firms, November 2008, American Institute Of Certified Public Accountants (Aicpa)

Newsletters

No abstract provided.

Members In Government, November 2008, American Institute Of Certified Public Accountants (Aicpa)

Newsletters

No abstract provided.

Members In Education, November 2008, American Institute Of Certified Public Accountants (Aicpa)

Newsletters

No abstract provided.

Members In Large Public Accounting Firms, November 2008, American Institute Of Certified Public Accountants (Aicpa)

Newsletters

No abstract provided.

Pcaob Inspection Process: An Objective, Comprehensive Assessment Is Justified, Bernard H. Newman, Mary Ellen Oliverio

Faculty Working Papers and Articles

The Public Company Accounting Oversight Board (PCAOB) is charged with performing inspections of registered accounting firms. (Sarbanes-Oxley Act of 2002, Section 104) Basically, inspections are to “assess the degree of compliance. . . with the Act, the rules of the Board, the rules of the Commission, or professional standards. The inspection process has many aspects. Matters that have been discussed include timeliness of reports, extent of public disclosure of findings, qualifications of inspections, and the nature of the inspection process. Only the last identified matter, the nature of the inspection process, is the subject of this paper. After a review …