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2012: The Year of the Perfect Storm

Mary-Jo Kranacher, MBA, CPA/CFF, CFE

This was a year that included massive property destruction for many in the New York area, caused by superstorm Sandy; political gridlock during the U.S. presidential campaign season that has brought the nation to the edge of the “fiscal cliff'; and economic uncertainty in the European Union, which caused enormous instability in the global financial markets. Weather, politics, and finance each contributed to a year we won't soon forget.

Among all this turmoil, it's comforting to know that some things have enjoyed a measure of stability—after 82 years of publication, The CPA Journal continues to earn the respect of CPAs and other financial professionals for its in-depth analysis of emerging issues. But this is not a singular endeavor. The editors are grateful to the accounting and financial professionals who shared their expertise with our readers by authoring articles for publication in the Journal.


The CPA Journal is a submission-based, double-blind, peer-reviewed monthly publication that features special themes throughout the year, such as a focus on financial planning and a taxation update. The content and length of an article determine whether it will appear as an In Focus article, in the Essentials section, or in the Perspectives section. In Focus articles address areas of general interest and are often featured on the cover. Articles in the Essentials sections cover specific technical topics, whereas the Perspectives section includes news and opinion pieces on matters of importance to our readers.

The primary areas of interest covered in the Journal are accounting and auditing, taxation, finance, management, responsibilities and leadership, and technology. The editors attempt to balance practical infor mation and conceptual analysis to provide readers with opportunities to enhance their understanding of key issues. We depend on a large group of individuals from a diverse cross-section of the profession to assist us in providing the best material for our readers. These individuals may author or review manuscripts. When we ask a reviewer to evaluate a manuscript for possible publication, we use six criteria to ensure quality control: technical accuracy, readability, practicality, relevance of topic, timeliness, and comprehensiveness.

During the Society's past fiscal year—between June 1, 2011, and May 31, 2012—the Journal received 253 submissions, compared to 247 the previous year. Of those, 75 were accepted outright, 77 were accepted after revision, 55 were rejected, and 4 were withdrawn without a decision. Of the 128 submissions returned to authors for revision, 33 are still pending revision at this time. The comparable numbers for the previous year were: 71 accepted, 74 accepted after revision, 57 rejected, and 6 withdrawn. The average length of time a manuscript spent in the review process was 56 days (83 last year). The average article took approximately 59 days from acceptance to publication (47 last year). The acceptance rate before revision was 29.6% (28.7% last year), and the overall acceptance rate was 60.1% (58.7% last year). The overall acceptance rate for submissions from academics was 62.1%, and it was 56.5% for submissions from practitioners and other financial professionals (64.6% and 39.3% last year, respectively). Academic authors were responsible for 66% of submissions accepted through the review process; nonacademic authors were responsible for 34% (67.6% and 32.4% last year, respectively).


Every year at this time, we take this opportunity to thank everyone who has contributed to the Journal—by developing topics, soliciting authors, reviewing submissions, and participating in judging articles for the annual Max Block Distinguished Article Award program. The Editorial Board members, editors, and production staff are named each month on the masthead. The Editorial Board includes individuals who author and review submissions, solicit and develop submissions by others, and advise the editors as we continue to develop the mission and future direction of the magazine.

In addition to those hard-working and dedicated individuals, the Journal has also benefited over the past year from the efforts of many members of the Editorial Review Board, upon whom the editors frequently rely for evaluating manuscripts, and ad hoc reviewers, experts occasionally asked to review individual manuscripts on a particular subject. The names of Editorial Review Board members and ad hoc reviewers who evaluated manuscripts over the past year are listed in the Perspectives section of this issue on page 12.

Finally, I would like to thank the members of the editorial and production staffs, who are essential to making The CPA Journal a quality publication. Without their dedication and hard work, this monthly endeavor would not be possible.

As always, we welcome your comments and suggestions, and encourage your support of The CPA Journal's mission for the profession.

Mary-Jo Kranacher, MBA, CPA/CFF, CFE. Editor-in-Chief. ACFE Endowed Professor of Fraud Examination, York College, The City University of New York (CUNY), mkranacher@nysscpa.org.

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