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The article presents a statement released by actor Stephen Collins in which he confesses to inappropriate sexual behavior with three female minors. Topics include a 2012 recording of a therapy session involving Collins and his wife Faye Grant that was leaked to the press in which Collins confesses to his actions, Grant's divorce from Collins, and Collins' treatment in therapy which began prior to his role on the television show "7th Heaven" in 1994.

Presents letters to the editor referencing articles and topics discussed in previous issues. "The Perfect Face," which focused on the global ideal of beauty; "Iraqification: A Losing Strategy," which focused on United States efforts to create a democracy in Iraq; "What Will Iraq Cost Bush?," which focused on the implications of the Iraq War for President George W. Bush's political career; Others.

The article presents news briefs on issues related to accounting in the U.S. as of June 1989. According to a CPA Reed Stigen, Internal Revenue Code section 89 is an incredibly complex and unpopular piece of legislation. Testifying before the U.S. Senate Committee on Small Business, Stigen, who represented the Minnesota Society of CPAs, predicted substantial enforcement costs and problems for the U.S. Internal Revenue Service if section 89 is not repealed or substantially simplified. Calling it one of the most complicated provisions of the Tax Reform Act of 1986, Congressman Dan Rostenkowski introduced a bill to simplify the corporate alternative minimum tax. Under current law, the structure for the corporate AMT will change after December 31, 1989. The U.S. Securities and Exchange Commission has warned companies involved in leveraged buyouts to scrutinize the profits on such transactions carefully. In Staff Accounting Bulletin no. 81, the SEC staff discussed the appropriateness of gain recognition on the sale of a business or operating units to a highly leveraged entity. INSET: WHAT HAS SECTION 89 WROUGHT?.

The article discusses the views of Edmund Coulson, the chief accountant of the Securities and Exchange Commission (SEC) regarding the issue on disclosure. Coulson aims to play an active and visible role in enforcement when he was appointed to his position. The discussion focuses on a number of initiatives aimed at enforcing and implementing full and fair disclosure in certain key areas, such as the Treadway commission recommendations and harmonization of international accounting and auditing standards. The proposal is entirely consistent with the Treadway commission recommendations and it is almost the simplest form of management reporting on internal controls and auditor involvement that can be designed.

Presents news briefs on government regulations related to finance in the United States as of December 1988. Comments of Congressman Doug Barnard Jr. on savings and loan associations; Details on the hearing held before the House Government Operations Subcommittee in Legislation and National Security about the proposal of the General Accounting Office on financial management of the federal government; Creation of the post of inspector general at the Treasury Department.

Looks at the 1988 tax filling season in the United States. Factors for delay; Impact of the Tax Reform Act of 1986. INSETS: ANSWERING THE IRS;REFORM UNFAIR, DECLARE TAXPAYERS.

Presents an interview of inspector general of the U.S. Department of Defense (DOD) June Gibbs Brown, on her role as an inspector general. Views of Brown on improving the relations between the DOD and defense contractors; Aim of the Contractor Risk Assessment Guide (CRAG) and program; Significance of this CRAG initiative for public auditors; Her opinion on the recognition of civil servants' efforts. INSET: SURVEYING THE IG'S VAST DEFENSE DOMAIN.

The article presents information about Blacks in the accounting profession in the U.S. Today there are black certified public accountants in positions of great responsibility and leadership, a reality dimly perceived some two decades ago. Thomas W. McRae is vice-president-technical of the American Institute of Certified Public Accountants (AICPA), having overall responsibility for the divisions of accounting standards, management advisory services and technical information. He was the first person to hold the post of assistant to the president-technical, which he assumed in 1982. He joined the AICPA in 1967 and served in various technical positions, including manager in the accounting standards division. Ernest H. Davenport, director of Howard University's Center for Accounting Education at the School of Business and Public Administration, was formerly a partner of Austin, Washington and Davenport in Detroit and assistant director, Accounting and Financial Management Division, U.S. General Accounting Office. INSET: ROSTER OF ROLE MODELS.

Presents an interview with Sandra Johnigan, national director of Arthur Young's thrift and real estate industries. Feasibility of the goal to find a blend of policies that will allow thrifts to grow and prosper, and encourage development of competitive and efficient financial service markets; Comment on the possible merger of the insurance funds, Federal Deposit Insurance Corp. and Federal Savings and Loan Insurance Corp.; Reference to the mortgage banking function embedded in thrift institutions.

Presents an interview with executive Emil M. Sunley on value added tax (VAT) in the United States. Alternatives to raising taxes; Factors to consider to create VAT; Reasons for imposing a VAT.

Presents an interview with A. Marvin Strait, vice-chairman of the American Institute of Certified Public Accountants' board of directors concerning the planned changes of accounting standards in the U.S. Features of the proposed changes in accounting standards; Reasons behind the planned changes; Assessment of the proposed changes.

Presents an interview with Daniel A. Giannini, chairman of the small business committee of the American Institute of Certified Public Accountants. Views about the strides small business has made over the last decade as a vibrant, growing segment of the U.S. economy; Reasons for the surge in small business; Change in attitude by financial institutions, which are more willing to bank on small businesses; Details of the characteristics of a small business.

This article presents an interview with Charles A. Bowsher, a U. S. Comptroller General. The interview focuses on the concern about the federal deficit and the size and growth of the federal debt. Bowsher discussed several major issues concerning the country and the profession, including the General Accounting Office's accomplishments and future goals, federal financial management, audits of federal financial assistance programs and the federal deficit. Bowsher's position allows him to have perspective in discussing matters of interest to the accounting profession, such as the need for and ways to achieve sound federal financial management.

This article focuses on the 14th American Institute of Certified Public Accountants National Conference on developments in the United States Securities and Exchange Commission (SEC) which was held in January 1987 in Washington D.C. One key focus at the conference was peer review. A recommendation on whether the SEC should require that auditors of publicly held companies be subject to mandatory peer review will be submitted to the commission shortly, according to SEC chief accountant A. Clarence Sampson. A draft recommendation, he added, had been completed and SEC action was anticipated very soon. The draft is an outgrowth of a recent SEC decision to defer action on another proposal that would have required companies to disclose in their proxy statements whether their auditors were members of a peer review program subject to review by the commission. The SEC staff is working to determine if a set of appropriate international accounting standards could be developed. SEC commissioner Edward Fleischman, in the conference's keynote address, also said that, in his opinion, the commission does have the authority to require peer reviews.

The article discusses a serious concern facing the accounting profession, that is, how to attract and retain top students. Dean Button, former chief accountant at the U.S. Securities and Exchange Commission, voiced concern that accounting is no longer the preferred career choice for the brightest students at the undergraduate college level. Moreover, he added, the major accounting firms today are demonstrating an inability to seek, attract and pay for the best and brightest graduates of graduate schools or to keep those few that are hired. The most serious challenge confronting the profession, according to Russell E. Palmer, dean of the Wharton School of the University of Pennsylvania, is that too few of the best young people are entering the profession. The business and economic atmosphere with which accountants must cope has changed dramatically. Increased competition from within the profession and pressures from financial service groups are now a way of life for accounting firms. The computer has certainly affected virtually all segments of society, and accounting has been no exception. While today's brightest students take for granted the computer's number-crunching skills, many certified public accountants can remember long hours working on trial balances or a client's hand-kept records. INSET: LOOKING AT TODAY'S ACCOUNTING MAJORS.

Discusses strategies for malpractice prevention and risk management among certified public accountants (CPA) in the United States, in reference to the conference of the American Institute of Certified Public Accountants in 1986. Establishment of a coordinated CPA firm response to risk management; Considerations for client engagement acceptance procedures; Growth in the number of nonaudit claims. INSET: LIABILITY AND INSURANCE DRAW SMALL BUSINESS... By Bill Liebtag.

This article informs about the American Institute of Certified Public Accountants' National Conference on Federal Taxes that was held in Washington, D.C. on October 21-22, 1985. While legislative proposals for tax reform continue to percolate, financial planning for 1986 took center stage at the American Institute of Certified Public Accountants National Conference. A record 500 participants gathered to hear perspectives on topics generated by recent tax acts such as the new auto and fringe benefit rules and low-interest loans as well as changing aspects of divorce, tax planning and the implications of the current tax reform proposals. Speakers included Ronald A. Pearlman, assistant secretary-tax policy, Treasury Department, and Wilbur D. Mills, former chairman of the House Ways and Means Committee. The most important goal in tax reform, said Pearlman, is marginal tax reduction. "That's the best way to get taxes out of business decisions," he added, noting that the Treasury Department and congressional tax writers are concerned about the problems facing business in the transition from current law to tax reform measures that may become law.

This article presents updates on government policies concerning finance in the United States as of January 1, 1986. As of January 1, businesses and individuals will be compelled to manage their financial affairs under a cloud of uncertainty because of the pending tax reform proposals. Even though the U.S. House bill was passed in late December Senate consideration is not slated to begin until early 1986, with final passage of a House-Senate conference bill predicted by late spring or summer. Political pressure during 1986, an election year for many congressmen and senators, is likely to affect the process of producing a tax reform package, particularly if that package appears to raise taxes or fails to provide any real simplification. Other considerations, such as the deficit crisis, may also force a revision of certain underpinnings of the tax reform ideology especially the need to be "revenue neutral," if legislation does come to pass, the possibility then arises that some provisions might be made retroactive to January 1.

The article focuses on problems concerning professional liability in the United States. Last year, there was one private civil lawsuit filed for every 15 Americans. An estimated 16.6 million private civil suits were tried in federal courts, nearly double the amount a decade ago. The professions have not been immune to the epidemic of lawsuits. The medical profession, the first to come under attack, has suffered under the weight of a mind-boggling number of lawsuits, resulting in increasingly expensive and increasingly unavailable liability insurance. Now, the crisis of escalating judgments and legal costs that beset the medical profession has spread to most other professions and businesses needing liability insurance. Premium increases for professional liability coverage of several hundred percent would not be unusual for both attorneys and accountants, William G. MacLean, assistant vice-president of CNA Financial Corp., a major writer of such coverage, said recently. As a result of the premium increase, some medium-sized firms previously paying about 3,400 dollars for $5 million in coverage saw their bills jump to $10,250. In addition, the deductible per claim doubled, going from $3,500 to $7,000. INSETS: Suggestions for limiting liability from a Washington attorney;AICPA conference to focus malpractice exposure.

Presents news briefs related to accounting in the U.S. as of November 1978. Suspension of the effectivity date of Statement Number 19, Financial Accounting and Reporting by Oil and Gas Producing Companies, by members of the U.S. Financial Accounting Standards Board (FASB); Interpretations issued by FASB dealing with Statement Number 13, Accounting for Leases; Nominees for board of directors of the American Institute of Certified Public Accountants.

Reports on issues and events related to the accounting practice in the U.S. as of February 1978. Government regulations has several effects on businesses such as the alteration of the cost structure of doing business. Accountants can contribute largely to the collective bargaining process according to Ray Vande Weele of the University of Wisconsin. Several things are to be considered in planning the finances of entertainers. Accounting and auditing of municipal finances is projected to become a growth area for accountants.

This article presents an interview with Rick Elam, vice-president for education of the American Institute of Certified Public Accountants (CPA), about the 150 college-level semester hours for accounting students in the U.S. This include the reasons for instituting the requirement, its impact on college accounting programs, the discussion on the focus subjects of the additional hours, and the utilization of the Uniform CPA Examination as a guide to the curricula.

The article reports on the opposition of the American Institute of Certified Public Accountants to the implementation of a tax law on highly leveraged transactions specifically on leveraged buyouts (LBO) in the U.S. The chairman of the Institute's federal taxation committee Arthur S. Hoffman attested before the House Ways and Means Committee suggesting that Congress should determine another approach before using tax legislation to direct LBO. Some proposals includes interest deductions in takeovers and all mergers and slow the growth of corporate debt.

Interviews Herbert J. Lerner, chairman of the American Institute of Certified Public Accountants' (AICPA) tax division executive committee, and Donald H. Skadden, AICPA vice-president-taxation, on the introduction of taxpayers' bill of rights in the U.S. Motive of the legislation; Steps taken by the Internal Revenue Service for the rights of taxpayers; Discussion of the measures introduced earlier regarding this bill.

Interviews Senator Dale Bumpers and Congressman John J. LaFalce on issues affecting small businesses in the United States as of June 1988. Objectives of the Senate Small Business Committee; Programs of the Small Business Administration for minorities; Discussion of the predominant political issues affecting small business in 1988; Revision of some loan programs.

Interviews James Abdnor, administrator of the Small Business Administration (SBA), about the goals of the SBA in the United States. Alterations in the operations of the SBA; Difference between working as an administrator and being a member of the U.S. Congress; Proposal for setting up a Corporation for Small Business Investment. INSET: PROPOSED LEGISLATION.

This article discusses recommendations for the reform of small businesses in the U.S., presented at the White House Conference on Small Business in 1986. Robert W. Philip, Arthur Andersen LLP's director of national policy affecting small business, says that the ultimate success of the White House Conference on Small Business will be measured in future. Key determinants, he added, will be the speed of presidential and congressional action on the recommendations and the interest of national small business groups in following up on those recommendations. The White House's response "could best be described as tepid," he said, adding that "no proactive response" was made after the final conference recommendations had been formally received by the White House late last year. Top among the 1986 conference recommendations were tort reform, rejection of mandated employee health benefits, concern for tax-subsidized competition from commercial nonprofit organizations and reduction of the federal deficit, noted Franks. Swain, chief counsel for advocacy for the U.S. Small Business Administration. INSET: SBA SETS SMALL BUSINESS ISSUES CONFERENCE FOR FALL.

This article presents news briefs related to accounting in the U.S. The American Institute of Certified Public Accountants recently submitted comments on the U.S. Securities and Exchange Commission's (SEC) concept release on management's discussion and analysis (MD&A), which accompanies financial statements filed with the commission. In a letter to the SEC, Philip B. Chenok, Institute president, and Jerry D. Sullivan, chairman of the auditing standards board, noted that present MD&A disclosures "are not the equivalent of a risk analysis, nor should they be." The decision as to whether an entity's MD&A should be required to be audited should be predicated on the views of financial statement users and issuers and the Commission's evaluation of the uniformity and quality of information filed by registrants. Two varying measures creating a chief financial officer for the U.S. were recently introduced in the House and the Senate. This bill builds upon recent recommendations made by the U.S. General Accounting Office for an under secretary for financial management within the U.S. Treasury Department.

The article presents highlights of the American Institute of CPA Spring Tax Division Meeting which was held in Washington D.C. in May of 1987, where participants contemplated the fallout from the 1986 tax act and looked ahead. Some of the topics discussed were participants' concerns of calendar year-end legislation, international taxation, travel and entertainment expenses, and tax administration developments--all in relation to the 1986 tax act. Another topic covered was the status of IRS regulations projects in the international area and the service's plans to step up litigation of cases involving international tax issues.

Provides information on several tax reform matters discussed at the Spring Tax Division Meeting of the American Institute of Certified Public Accountants in May 1986 in Washington, D.C. Political appeal of a proposed tax revision bill; Function of the book income preference to be included in the corporate alternative minimum tax; Prediction on the implementation of a broad-based consumption tax.

Profiles Congressman Joseph J. DioGuardi (R-N.Y.) in the U.S. His views on the need for management skills by the federal government; Capability of DioGuardi as a certified public accountant; Efforts of DioGuardi to urge accounting firms to lead partners to enter public careers.

The article focuses on the relationship between the U.S. Financial Accounting Standards Board (FASB) and business community, as described by FASB Chairman Donald J. Kirk in 1985. Kirk remarked that the FASB and many in industry are like ships passing in the night. They signal to each other, but it seems as though they are only talking to each other, not really communicating. Kirk, in his remarks, focused on communications, the meanings of messages, the need sometimes to decode those messages and the ever-present danger of misinterpreting messages. The FASB and the business community each have had difficulty in getting its message across to the other and the they have both at times had difficulty getting their messages across to the press and the general public. Perhaps one of the most controversial issues confronting the FASB in recent years has been employers' accounting for pension costs, which recently resulted in two FASB statements in this area. Since being put on the agenda in 1980, few other subjects have manifested the underlying disagreements between the board and the business community in the way that this issue has.

This article presents updates on governmental accounting in the U.S. as of May 5, 1986. on February 20, 1986 Norman W. Lipshie, chairman of the New York State Society of Certified Public Accountants professional liability insurance committee, told the Senate Small Business Committee that liability exposure is the most serious problem faced by the professions and small business person. The key issue surfacing at the state conference preceding the August 1986 White House conference on Small Business is the cost and availability of liability insurance. Senator William V. Roth, Jr., a senior member of the Senate Finance Committee, outlined a series of tax reform proposals including a revised version of his business transfer tax. Thomas W. Hayes, auditor general, California states that the general public expects and deserves a better system for accounting, financial control. Last August, in a major decision, the U.S. Tax Court permitted a corporation filing consolidated returns to effectively claim what the IRS deems a "double deduction" when the stock of a subsidiary is sold.

This article presents information about the 13th annual American Institute of Certified Public Accountants National Conference on Current Securities & Exchange Commission (SEC) Developments. It was held in Washington, D.C., in January 1986. The pressures on the accounting profession and the regulatory climate were key focuses at the conference. The profession is not accounting, but rather public accounting, said SEC Commissioner Charles C. Cox, in opening the conference. Looking forward into 1986, Cox said that five major problems will confront the accounting profession, and each will test the effectiveness of accountants' ability to recapture public confidence through private action. The most pressing problem is the perception or credibility gap. The second is similar to the first, in that it presents a question of image. The accounting self-regulatory program suffers from the same sort of credibility gap. Auditors also need to reassure both regulators and customers that they maintain sufficient independence in performing management advisory services engagements. Another problems are commercialism and opinion shopping.

The article provides suggestions to car wash dealers on making a loan in the U.S. The origination of a car wash loan can be the most complex and misunderstood loan request to a typical commercial lender. It is equally important for the borrower to interview the lender as it is for the lender to underwrite the loan approval. It is very important for a borrower to have their homework completed before interviewing the lender. Define the property as being full service, self-service, exterior express, or in-bay automatic.

Analyzes the issue of child safety on the Internet. Lack of Internet victims; Crimes against children that does not involve the Internet; Hillside Elementary School in Cottage Grove, Minnesota's use of the Internet.

The article reports on the legislation proposed by Senator David Pryor amending the Defense Appropriations Bill of the U.S. in 1988. The bill, which was patterned after S 2674 or the Consultant Registration and Reform Act of 1988, now requires consultants receiving funds either directly from the Department of Defense or through prime contractors on defense projects to register with the department. During the bill's introduction, Pryor claimed that the amendment simply requires the same kind of disclosure and sunshine by the consulting industry.