If Oprah Winfrey can do it, why can't I? So, here I go telling you about a story of sorts that I think you will want to read.
First of all it is short, only 47 pages. It is a nonfictional piece, but it reads like a novel. It is particularly well suited for the individual who likes working with numbers.
The first half of the book is a lot of razzle-dazzle, but it holds your interest well. It's the second half, however, that is really fascinating. It gets into the inner workings of modern accounting.
To give you a little taste, you have a majority-owned subsidiary, astronomical amounts being paid for goodwill, stock options galore, $80 million in losses, questions as to whether the sub can continue as a going concern, and net operating loss carryforwards of $127 million.
Have I piqued your interest? How about the fact it is free and accessible via the Internet? Check out the following excerpt--
"In Fiscal 2002, the AICPA on a stand-alone basis had an actual excess of operating expense over revenue of $5.4 million before accounting for the $336,000 net loss in the AICPA's equity interest in Shared Services, LLC, and before elimination entries. …
In Fiscal 2002, operating expenses on a combined basis (AICPA, CPA2Biz and the related organizations (the "Institute")) exceeded operating revenue by approximately $41.0 million …"
Okay, if you haven't guessed, the title is the AICPA's 2001-2002 Annual Report.
Yes, I think it is a must-read for every CPA, especially those who are AICPA members and are interested in the financials of the AICPA and CPA2Biz. It can be found on the AICPA Web site at www.aicpa.org/about/annrpt/2001-2002/page2.html
Please-e-mail your reviews to me at Howard.Wolosky@amgpubs.com .
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