Cpa Journal

Bec Preparation stuff

I posted my preparation material here in this blog along with the research I did. There are no big changes in BEC, except that we don't have Business structures in the syllabus. Additionally now we have communication section carried to this exam. Use the simulation preparation help in this blog and perform your written communications well. Good luck.

Please find my notes under downloads

Regulation videos...

Federal taxation—individuals

Simulations

Resources that can help you master the simulations part of the CPA Exam...

Communications part:

Choose any of the above books and videos to refresh your GPS, Grammar punctuation and spelling ...
And master your business writing skills...

Courage

Finally a reply

Finally I received a reply from NASBA about my 6 month free subscription to online professional literature .

This is the reply

You need to submit another Request Form.
Go to www.cpa-exam.org
Move your mouse over PREPARE FOR THE EXAM
Scroll down to Access to Prof Literature and Click on it
Under the paragraph describing the Online Access, there is a link Click here to subscribe
This will take you to the Professional Literature Request form
Only use your current Exam Section ID#
Fill out the rest of the form as specified and Submit

I overlooked the information when I browsed these websites. I sent my request hope this information helps you too.
For direct link click here

GAAP Hierarchy

When preparing financial statements in accordance with Generally Accepted Accounting Principles (GAAP) there may be times when GAAP standards do not specifically address your situation, and other times, there might be conflicting standards. To make matters worse, the growing body of complex standards has resulted in standards overload. These facts make it difficult to determine which standard to follow. As an accountant, remember that the Statement of Accounting Standard Number (SAS) 69 establishes a hierarchy to follow. SAS 69 establishes five levels of GAAP; the highest level in the hierarchy that specifically addresses the issue establishes GAAP. The five levels of hierarchy for nongovernmental entities are:

Level A Financial Accounting Standards Board (FASB) Statements of Financial Standards

FASB Interpretations

APB Opinions

AICPA Accounting Research Bulletins (ARBs).....

Rest of the article is here

OCBOA Financial Statements

One of your small business tax clients asks you to prepare and report on a set of financial statements. Because you’re familiar with the company, you know it has entered into an interest rate swap to lock in a low rate. The company also has a significant amount of goodwill and other intangible assets that may be subject to impairment as well as considerable fixed assets still subject to depreciation. It wants financial statements the company’s owners and executives can easily understand. You wonder whether there is a way to comply with the client’s request that is both cost-effective and less complicated than GAAP-based financial statements. Before you turn down the engagement, you might want to consider preparing and reporting on the financial statements using an “other comprehensive basis of accounting” (OCBOA). In situations where GAAP-basis statements aren’t necessary because of loan covenants, regulatory requirements or similar circumstances, an OCBOA may just be the answer........

Rest of the article is here

Videos

Fighting Procastination

“Procrastination is the thief of time.” - Edward Young (1683-1765)

The pain of procrastination affects students in many different ways. Every time you feel guilty of it, the best thing to do it fight it. Feeling worried causes stress and further affects us.

I deeply digg into the basics of unwanted behaviors and I recommend you to do a basic research on things that disturb you and waste your time. I am only dealing with one problem I face, but it may differ with you. Reaching the goal we planned for is the priority and this should be a boosting thing too.

I was observing myself and when I understood the problem I researched on why I behave in a particular way. Yes, though it is strange we don't know in many ways why we behave in a particular way. The hidden reasons amazed me and I want you to read this article.

Discussion

Procrastination is a complex psychological behavior that affects everyone to some degree or another. With some it can be a minor problem; with others it is a source of considerable stress and anxiety. Procrastination is only remotely related to time management, (procrastinators often know exactly what they should be doing, even if they cannot do it), which is why very detailed schedules usually are no help.

Characteristics

The procrastinator is often remarkably optimistic about his ability to complete a task on a tight deadline; this is usually accompanied by expressions of reassurance that everything is under control. (Therefore, there is no need to start.) For example, he may estimate that a paper will take only five days to write; he has fifteen days; there is plenty of time; no need to start. Lulled by a false sense of security, time passes. At some point, he crosses over an imaginary starting time and suddenly realizes, "Oh no! - I am not in control! There isn't enough time!”............
The rest of the article is here
You can also download this useful article on procrastination. Click here

Securities Act of 1933

Section 1 -- Short Title

Section 2 -- Definitions; Promotion of Efficiency, Competition, and Capital Formation

Section 2A -- Swap Agreements

Section 3 -- Classes of Securities under this Title

Section 4 -- Exempted Transactions

Section 5 -- Prohibitions Relating to Interstate Commerce and the Mails

Section 6 -- Registration of Securities

Section 7 -- Information Required in Registration Statement

Section 8 -- Taking Effect of Registration Statements and Amendments Thereto

Section 8A -- Cease-and-Desist Proceedings

Section 9 -- Court Review of Orders

Section 10 -- Information Required in Prospectus

Section 11 -- Civil Liabilities on Account of False Registration Statement

Section 12 -- Civil Liabilities Arising in Connection with Prospectuses and Communications

Section 13 -- Limitation of Actions

Section 14 -- Contrary Stipulations Void

Section 15 -- Liability of Controlling Persons

Section 16 -- Additional Remedies

Section 17 -- Fraudulent Interstate Transactions

Section 18 -- Exemption from State Regulation of Securities Offerings

Section 19 -- Special Powers of Commission

Section 20 -- Injunctions and Prosecution of Offenses

Section 21 -- Hearings by Commission

Section 22 -- Jurisdiction of Offenses and Suits

Section 23 -- Unlawful Representations

Section 24 -- Penalties

Section 25 -- Jurisdiction of Other Government Agencies over Securities

Section 26 -- Separability of Provisions

Section 27 -- Private Securities Litigation

Section 27A -- Application of Safe Harbor for Forward-Looking Statements

Section 28 -- General Exemptive Authority

Source :http://www.law.uc.edu/CCL/33Act/

Securities Exchange Act of 1934

Section 1 -- Short Title

Section 2 -- Necessity for Regulation

Section 3 -- Definitions and Application

Section 3A -- Swap Agreements

Section 4 -- Securities and Exchange Commission

Section 4A -- Delegation of Functions by Commission

Section 4B -- Transfer of Functions with Respect to Assignment of Personnel to Chairman

Section 4C -- Appearance and Practice Before the Commission

Section 5 -- Transactions on Unregistered Exchanges

Section 6 -- National Securities Exchanges

Section 7 -- Margin Requirements

Section 8 -- Restrictions on Borrowing and Lending by Members, Brokers, and Dealers

Section 9 -- Manipulation of Security Prices

Section 10 -- Manipulative and Deceptive Devices

Section l0A -- Audit Requirements

Section 11 -- Trading by Members of Exchanges, Brokers, and Dealers

Section 11A -- National Market System for Securities; Securities Information Processors

Section 12 -- Registration Requirements for Securities

Section 13 -- Periodical and Other Reports

Section 14 -- Proxies

Section 15 -- Registration and Regulation of Brokers and Dealers

Section 15A -- Registered Securities Associations

Section 15B -- Municipal Securities

Section 15C -- Government Securities Brokers and Dealers

Section 15D -- Securities Analysts and Research Reports

Section 15E -- Registration of Nationally Recognized Statistical Rating Organizations

Section 16 -- Directors, Officers, and Principal Stockholders

Section 17 -- Records and Reports

Section 17A -- National System for Clearance and Settlement of Securities Transactions

Section 17B -- Automated Quotation Systems for Penny Stocks

Section 18 -- Liability for Misleading Statements

Section 19 -- Registration, Responsibilities, and Oversight of Self-Regulatory Organizations

Section 20 -- Liability of Controlling Persons and Persons Who Aid and Abet Violations

Section 20A -- Liability to Contemporaneous Traders for Insider Trading

Section 21 -- Investigations and Actions

Section 21A -- Civil Penalties for Insider Trading

Section 21B -- Civil Remedies In Administrative Proceedings

Section 21C -- Cease-and-Desist Proceedings

Section 21D -- Private Securities Litigation

Section 21E -- Application of Safe Harbor for Forward-Looking Statements

Section 22 -- Hearings by Commission

Section 23 -- Rules, Regulations, and Orders; Annual Reports

Section 24 -- Public Availability of Information

Section 25 -- Court Review of Orders and Rules

Section 26 -- Unlawful Representations

Section 27 -- Jurisdiction of Offenses and Suits

Section 27A -- Special Provision Relating to Statute of Limitations on Private Causes of Action

Section 28 -- Effect on Existing Law

Section 29 -- Validity of Contracts

source: http://www.law.uc.edu

Regulation References

INTERNAL REVENUE CODE

Federal tax law begins with the Internal Revenue Code (IRC), enacted by Congress in Title 26 of the United States Code (26 U.S.C.).
The Internal Revenue Code (or IRC; more formally, the Internal Revenue Code of 1986, as amended) is the main body of domestic statutory tax law of the United States organized topically, including laws covering the income tax (see Income tax in the United States), payroll taxes, gift taxes, estate taxes and statutory excise taxes. The Internal Revenue Code is published as Title 26 of the United States Code (USC), and is also known as the internal revenue title. Its governing authority is the Internal Revenue Service.

Subtitle A—Income Taxes

Subtitle B—Estate and Gift Taxes

Subtitle C—Employment Taxes

Subtitle D—Miscellaneous Excise Taxes

Subtitle E—Alcohol, Tobacco, and Certain Other Excise Taxes

Subtitle F—Procedure and Administration

Subtitle G—The Joint Committee on Taxation

Subtitle H—Financing of Presidential Election Campaigns

Subtitle I—Trust Fund Code

Subtitle J—Coal Industry Health Benefits

Subtitle K—Group Health Plan Requirements

Source :
http://www.law.cornell.edu/uscode/html/uscode26/usc_sup_01_26.html
http://en.wikipedia.org/wiki/Internal_Revenue_Code
http://www.irs.gov/taxpros/article/0,,id=98137,00.html#irc