California CPA articles from August 2007

California CPA archives from August 2007

Celebrating Women CPAs.(CalCPA News)
August 1, 2007... Join us for a day of leadership development, professional growth and recognition as we celebrate California's women CPAs and their tremendous contributions to the profession. Attend Celebrating Women CPAs and leave with: * A clear...

More choices; unlimited possibilities.(CalCPA News)
August 1, 2007... Looking for an affordable way to advertise? The new CalCPA.org classifieds offer improved search functionality, expanded categories/regions, unlimited text--one low price ($195 members/$295 nonmembers). Connect with the California CPA...

New faces on CAMICO board, committee.(CAMICO News)
August 1, 2007... CAMICO Mutual Insurance Company has elected Andrew M. Eassa, CPA/ABV, CVA and Bryan C. Polster, CPA to its board of directors, and Greta Tosi-Miller, CPA as a member-at-large of the company's Claims and Loss Prevention Committee. Eassa, a...

Compilation hours as qualifying attest experience for licensure.(CBA News)(Brief article)
August 1, 2007... Compilation hours obtained after Dec. 31, 2007, no longer will be accepted as qualifying attest experience for licensure, said the California Board of Accountancy. The only exception will be for applicants who initially applied for the Uniform...

California Schedule K-1 redesign.(FTB News)(revamping of government form)(Brief article)
August 1, 2007... Transferring amounts from federal K-1s to California Schedule K-1s will soon be easier. The FTB is modifying California's Schedule K-1s (forms 100S, 565, 568, and 541) by reordering line items to make them similar to the line item order on...

HRA changes for 2007.(FTB News)(Homeowner and Renter Assistance Program)(Brief article)
August 1, 2007... The FTB has made changes to the Homeowner and Renter Assistance Program for the 2007 claim year, including: * Increasing the total household income limitation for the 2006 calendar year to $42,770; * Increasing the gross household...

IASB launches field tests of SME exposure draft.(IASB News)
August 1, 2007... The International Accounting Standards Board launched a program for field testing the proposals in the exposure draft of an International Financial Reporting Standard for Small and Medium-sized Entities. Through the testing, the IASB seeks...

Financial Reporting for Intangible Assets.(GASB News)
August 1, 2007... The Governmental Accounting Standards Board recently issued Statement No. 51, Accounting and Financial Reporting for Intangible Assets, which provides guidance regarding how to identify, account for and report intangible assets. Statement...

New IRS annual notice requirement.(IRS News)(Internal Revenue Service)(Brief article)
August 1, 2007... The IRS began mailing educational letters in July to more than 650,000 small, tax-exempt organizations that may be required to submit a new annual notice, Form 990-N, "Electronic Notice (e-Postcard) for Tax-Exempt Organizations Not Required to...

New Circular A-133 guidance.(OMB News)
August 1, 2007... The U.S. Office of Management and Budget recently issued Revisions to OMB Circular A-133, which among other things, includes updated terminology consistent with SAS 112 requirements. [ILLUSTRATION OMITTED] The OMB has also issued the...

AICPA Audit position statement.(AICPA News)
August 1, 2007... The AICPA's Accounting Standards Executive Committee has issued Statement of Position 07-1, Clarification of the Scope of the Audit and Accounting Guide Investment Companies and Accounting by Parent Companies and Equity Method Investors for...

Employee satisfaction.(News & Trends)
August 1, 2007... How important are benefits when it comes to not only attracting, but retaining employees? Take a look at the percentage of employees "highly satisfied" with their benefits that agree with the following statements: [ILLUSTRATION OMITTED]...

Resort CPE: up to 40 hours of CPE in Las Vegas.(EDUCATION FOUNDATION FOCUS)
August 1, 2007... Enjoy the glitz and glamour of Las Vegas--and earn 40 hours of CPE--Oct. 22-26 at the Venetian Resort Hotel Casino. [ILLUSTRATION OMITTED] Las Vegas CE week includes courses qualifying in accounting and auditing, fraud, ethics and...

Dennis Wu: Community Service Award winner.(CONGRATS!)
August 1, 2007... Dennis Wu, CPA, executive vice president and CFO of UCBH Holdings, received the San Francisco Business Times' CFO of the Year-Community Service Award. Prior to working at UCBH, Wu had a 37-year career at Deloitte and Touche, LLP, serving...

CAMICO announces new EPL program.(News & Trends)
August 1, 2007... CAMICO is rolling out an Employment Practices Liability (EPL) insurance program in response to a growing demand from CPA firms for insurance protection, human resources advice and legal services. As federal, state and local employment laws...

CalCPA webinars.(News & Trends)
August 1, 2007... Is FIN 48 compliance giving you some trouble? Then tune in Thursday, Aug. 21, to CalCPA's webinar, noon-1 p.m., which will cover FIN 48 compliance (accounting for uncertainty in income taxes). [ILLUSTRATION OMITTED] Registration cost...

Secretary of state examines Post-Election Audit Standards.(News & Trends)(Debra Bowen)(Brief article)
August 1, 2007... CalCPA member Amy Lehmkuhl, CPA, has been appointed by California Secretary of State Debra Bowen to serve on the newly created Post-Election Audit Standards Working Group, which is charged with examining whether the post-election audit...

Sen. Charles Schumer.(News & Trends)
August 1, 2007... "I don't think consumers will truly be safe from irresponsible and deceptive lending practices until we enact tougher federal laws." --Sen. Charles Schumer

Alma who?(News & Trends)
August 1, 2007... 13 percent of CFOs felt the prestige of an applicant's alma mater was important when evaluating an entry-level accounting/finance job candidate.--Accountemps

Worldwide.(News & Trends)
August 1, 2007... More than 780 audit firms registered with the PCAOB are located outside of the United States, spanning more than 80 countries.--PCAOB

Write offs.(News & Trends)
August 1, 2007... Over a 10-month period, the FTB wrote off 373,819 accounts for a total amount of $3,219,766,558 under the new 20-year statute of limitations.--FTB

Announcements.(membermilestones)
August 1, 2007... Greenstein, Rogoff, Olsen & Co. LLP promoted Ronald H. Cohen to partner... Gatto, Pope & Walwick, LLP promoted Brian Franczak, CPA to tax manager and congratulated Cindy Musser for passing of the California CPA Exam and her promotion to audit...

Firm news.(membermilestones)
August 1, 2007... San Francisco-based Novogradac & Company LLP has opened its third office in Cleveland... Horn Murdock Cole and Dickson Allan has changed its name to Accretive Solutions.

Members in the news.(membermilestones)(Brief article)
August 1, 2007... In the May 29 Lassen County News, Ken Theobald discusses what entrepreneurs need to do to start a business... The June Journal of Accountancy profiles Ruben Davila... Steve Duben, Mitch Freedman and Gregg Wind provide advice about taxes and...

Inside the CBA; CalCPA member & CBA president David Swartz: focused on the public.(Cover story)
August 1, 2007... David Swartz was more than a little concerned a few years ago when he heard of the California Board of Accountancy's plans to apply the provisions of the Sarbanes-Oxley Act to private companies in California. "It would have knocked the economic...

SSVS 1: dealing with the impact of the new business valuation standards.(Statement on Standards for Valuation Services No. 1)
August 1, 2007... After nearly five years of arduous work, the AICPA has issued its much anticipated business valuation standard--Statement on Standards for Valuation Services No. 1 (SSVS 1). [ILLUSTRATION OMITTED] Because of the AICPA's close ties to...

What's fair? FASB moves closer to fair value consistency and comparability.(FAIRVALUE)
August 1, 2007... CPAs have long been familiar with the term "fair value," a measurement required in accounting for business combinations, goodwill impairment assessments and most financial instruments. But until recently, there were different definitions of...

Another new tax law; 2007 Small Business & Work Opportunities Tax Act: good and bad news.(federaltax)
August 1, 2007... The following are selected highlights of the 2007 Small Business and Work Opportunity Tax Act (P.L. 110-28), signed into law May 25, 2007. Preparer Penalties Expanded and Increased Old Law: An income tax return preparer was defined as...

CalCPA treasurer's report.(2007 annual report)(California Society of Certified Public Accountants)(Brief article)
August 1, 2007... A circle of success would be an apt description of the financial results of CalCPA for 2006-07. Our phenomenal membership growth (to more than 30,000 members) fueled an increase in dues revenues, greater participation at chapter events and more...

Foundation treasurer's report.(2007 annual report)
August 1, 2007... California CPA Education Foundation's financial statements for fiscal year ended April 30, 2007, the Foundation's 40th year of operations, demonstrate the organization's continued strength. The Foundation continues to provide outstanding...

Independent auditor's report.(2007 annual report)
August 1, 2007... To the Council of California Society of Certified Public Accountants To the Board of Trustees California Certified Public Accountants Education Foundation Redwood City, California We have audited the accompanying combining...

Combining statements of financial position.(2007 annual report)(California Certified Public Accountants Education Foundation )(Financial report)
August 1, 2007... Access the Annual Report online at www.calcpa.org or www.educationafoundation.org COMBINING STATEMENTS OF FINANCIAL POSITION California Society of Certified Public Accountants California Certified Public Accountants Education...

Combining statements of activities.(2007 annual report)(California Certified Public Accountants Education Foundation)(Financial report)
August 1, 2007... COMBINING STATEMENTS OF ACTIVITIES California Society of Certified Public Accountants California Certified Public Accountants Education Foundation Years Ended April 30, 2007 and 2006 (dollars in thousands) ...

Statements of functional expenses.(2007 annual report)(Table)
August 1, 2007... STATEMENTS OF FUNCTIONAL EXPENSES California Society of Certified Public Accountants Years Ended April 30, 2007 and 2006 (dollars in thousands) Member Events ...

Statements of functional expenses.(2007 annual report)(California Certified Public Accountants Education Foundation)(Financial report)
August 1, 2007... STATEMENTS OF FUNCTIONAL EXPENSES California Certified Public Accountants Education Foundation Years Ended April 30, 2007 and 2006 (dollars in thousands) Professional Management ...

Combining statements of cash flows.(2007 annual report)(California Society of Certified Public Accountants and California Certified Public Accountants Education Foundation )(Financial report)
August 1, 2007... COMBINING STATEMENTS OF CASH FLOWS California Society of Certified Public Accountants California Certified Public Accountants Education Foundation Years Ended April 30, 2007 and 2006 (dollars in thousands) ...

Notes to the combining financial statements (dollars in thousands).(2007 annual report)
August 1, 2007... 1. ORGANIZATION & SIGNIFICANT ACCOUNTING POLICIES The California Society of Certified Public Accountants (Society) is a nonprofit incorporated membership organization whose purpose is to advance the profession of accountancy in the State of...

Audit awareness: SAS Nos. 104-111 fundamentally alter how auditors ply their trade.(ACCOUNTING & AUDITING)(Interview)
August 1, 2007... The AICPA's Audit Risk Standards (SAS Nos. 104-111) are continuing the trend of reworking the landscape of financial statement audits. These standards are effective for audits of financial statements for periods beginning on or after Dec. 15,...

The UAA and you: plenty of reasons to care about Uniform Accountancy Act.(governmentrelations)
August 1, 2007... The Uniform Accountancy Act is jointly developed by the AICPA and the National Association of State Boards of Accountancy. It is essentially a model for how the CPA profession is regulated in the United States. Among other issues related...