California CPA articles from May 2008

California CPA archives from May 2008

Financial services regulation.(news & trends)
May 1, 2008... Recent events have provided further evidence... that financial services regulation in the United States needs to be better integrated among fewer agencies, with clearer lines of responsibility." SEC Chairman Christopher Cox

Absence makes the work grow ...?(news & trends2)(Table)(Brief article)
May 1, 2008... CNW Group asked nearly 500 people who worked in an office: "In your opinion, would it make your job easier or more difficult if you reported to a manager who didn't work in the same Location as you?" Much more difficult 27%...

Got questions for the IRS or FTB?(news & trends)(Internal Revenue Service, Franchise Tax Board)(Brief article)
May 1, 2008... CalCPA's Committee on Taxation is accepting questions for its fall 2008 tax liaison meetings with the IRS and FEB. In addition to those agencies, vou can pose questions to the Employement Development Department and California Board of...

Have you renewed?(news & trends)
May 1, 2008... Dues were due May 1. Renew your 2008 -09 CalCPA membership online today at www.cnlepa.org/renew.

Mobility update.(news & trends)
May 1, 2008... Legislation sponsored by the California Board of Accountancy, AH 2473 (Nicllo/Mai, to allow ''accountancy mobility" was pulled off the agenda of the Assembly Business and Proiessions Committee April 9. Go to www.calcpa.org/ mobility to stay...

Know your International Accounting Standards.(news & trends)
May 1, 2008... International Financial Reporting Standards will create tremendous changes for the CPA profession--will you be ready? CalCPA has launched an educational initiative to provide members with information on global convergence of accounting...

The numbers.(news & trends)
May 1, 2008... 33% of Gen Y workers surveyed said salary, health care and retirement benefits are their No. 1 career concern for the future. -Robert Half 82% of audit committe members surveyed said audit quality has imporved in recent years. ...

CPA Day at the Capitol.(news & trends)
May 1, 2008... Represent the profession and help legislators understand key issues facing California CPAs, including the importance of CPA mobility and achieving substantial equivalency in our state by participating in CPA Day at the Capitol Tuesday, May 13....

Slate of candidates.(news & trends)(California Certified Public Accountants Education Foundation )(Brief article)
May 1, 2008... The California CPA Education Foundation's Nominations Committee nominated the following for officer positions: Pamela Kelty (Los Angeles), president; Robert Jones (East Bay), first vice president; Michael Thompson (Peninsula), vice president;...

In memoriam.(news & trends)(Obituary)(Brief article)
May 1, 2008... Steven Edward Kramer, born March 23, 1943, died Feb. 17. Kramer was born in San Diego and lived there almost all his life. He attended Crawford High School and San Diego State University (then San Diego State College), where he earned his...

Peer review standards.(Revised)
May 1, 2008... The AICPA's revised Standards for Performing and Reporting on Peer Reviews provides standards for administering, planning, performing, reporting and accepting peer reviews of CPA firms and individual CPAs enrolled in the AICPA Peer Review...

Contingent fees under circular 230.(news & trends)
May 1, 2008... The IRS has issued Notice 2008-43, which provides guidance to practitioners concerning contingent fees under Circular No. 230, 31 C.F.R. part 10 (Circular 230). Specifically, the notice provides interim guidance clarifying when a practitioner...

Latest financial crisis.(IFRS)
May 1, 2008... "As the latest financial crisis demonstrates, the world's capital markets are linked together, and IFRS can play a powerful role in providing transparency and comparability for investors, public authorities and other participants in the world's...

Disclosures about Derivative Instruments and Hedging Activities.(news & trends)
May 1, 2008... FASB has issued Statement No. 161, Disclosures about Derivative Instruments and Hedging Activities, to improve financial reporting about derivative instruments and hedging activities by requiring enhanced disclosures to enable investors to...

$4.2 million.(news & trends)
May 1, 2008... Approximately $4.2 million in payments were received since January 2008 from taxpayers seeking to prevent their names from being posted on the list of the 250 largest state income tax debtors the FTB is required to post.

Comment: Reducing Complexity in Reporting Financial Instruments.(news & trends)
May 1, 2008... FASB is Seeking comments on Reducing Complexity in Reporting Financial Instruments to simplify measurement requirements for financial instruments while providing clearer and more complete information to users. The draft describes how...

SEC content released onto the FASB Accounting Standards Codification.(news & trends)
May 1, 2008... The Financial Accounting Standards Board has released selected portions of SEC staff content onto the FASB Accounting Standards Codification (http://asc.fasb.org/home) for reference by public companies. The Codification does not change the SEC...

'Serious estate tax reform'.(news & trends)
May 1, 2008... U.S. Senate Finance Committee Chair Max Baucus is calling for "serious estate tax reform," emphasizing that the current estate tax law is "complicated" and lacks certainty for American families because the law constantly changes. The...

Help change IRS form 990.(news & trends)(Internal Revenue Service)(Brief article)
May 1, 2008... The IRS is seeking comment on the draft instructions to 2008 Form 990, which is the return most tax-exempt organizations must file annually. The draft 2008 Form 990 instructions include a general overview that explains its purpose, an...

Membermilestones.
May 1, 2008... Announcements Robert J. Frcek, CPA has joined Miller, Kaplan, Arase & Co., LLP as director of benefit services... Arie Wilgenburg has been selected to a two-year term as an accounting fellow by the SEC... [ILLUSTRATION OMITTED] ...

Following Kentucky? Kentucky court decision May revolutionize state bond taxation.(taxationissues)
May 1, 2008... the Kentucky Court of Appeals issued an opinion Jan. 6, 2006, that sent shock waves through the CPA and tax adviser professional communities, the municipal bond industry and state finance departments. Kentucky, like all states with a state...

What does it mean? making sense of variable interest entities.(federalregulations)
May 1, 2008... When FASB issued FIN 46(R), many assumed it applied only to large entities using special purpose entities to keep liabilities to keep liabilities off of their balance sheets. It turns out FIN 46(R) also applies to many situations involving...

The bottom line: monitoring your insurance is critical.(Simple Precautions if Disaster Strikes)
May 1, 2008... Mitchell Freedman is no stranger to disaster. Indeed, he's considered somewhat of an expert on pre- and post-disaster planning. He owns a small CPA firm, Mitchell Freedman Accountancy Corporation, and was one of a handful of CPAs who edited...

Know your way: clarifying responsibilities of audit committee members.(nonprofita&a)
May 1, 2008... to satisfy their responsibilities and sleep well at night--nonprofit audit committee members need to be knowledgeable about their responsibilities. If you already serve, or are asked to serve on a nonprofit audit committee, do you know your...

Mutual attraction: what their employers do for them.(YEPs Share)
May 1, 2008... it's no secret that attracting and retaining talent is a top priority for businesses. It's also no surprise that there can be a disconnect between what management thinks emerging professionals are looking for in a job. [ILLUSTRATION...

Notice of Meeting; the Annual Members Business Meeting of the California society of certified public accountants will take place friday-saturday, June 27-28 at the hilton Waikoloa Village in Waikoloa, Hawaii.(specialsection)
May 1, 2008... The Annual Members Business Meeting will include a membership vote on: 1) the minutes from the 2007 Annual Members Business Meeting; and 2) election of officers and directors should there be a contested seat. If there is a contested seat, a...

Chapter representatives.(NOMINATIONS)(Table)
May 1, 2008... The following CalCPA members have been elected by their chapter as representatives, from that chapter, to CalCPA Council. Chapter representatives on CalCPA Council may serve either a one-or a two-year term. Terms are effective from, and end...

2008-09 CalCPA officercandidates.(CANDIDATES)(California Society of Certified Public Accountants)
May 1, 2008... Chair Gregory M. Burke, CPA Director, John Waddell & Co. CPAs Sacramento Current: CalCPA Board of Directors, first vice chair; CalCPA Council; CalCPA Bylaws Committee, board liaison; CalCPA Finance Committee, board liaison: CalCPA...

Mobility update: separating myth from fact.(Capitol Beat)
May 1, 2008... Legislation sponsored by the California Board of Accountancy, AB 2473 (Niello/Ma) to allow "accountancy mobility," was pulled off the Assembly Business and Professions Committee's agenda April 9. It's clear the CPA profession must further...

Long-term care insurance: buy now or pay later.(By the numbers)
May 1, 2008... long-term care is becoming a hot topic due to improved health care, longer life expectancy and the growing number of retiring Baby Boomers. The average cost of long-term care in America can be daunting, and for California residents, even...

Hello? help, please; FTB's hotline issues, court rulings and exchanges.(CATax)(Franchise Tax Board)
May 1, 2008... Many TaxTalk participants complained in March about service on the FTB Hotline. Many alleged that the hotline staff had been cut, along with other state personnel cuts. [ILLUSTRATION OMITTED] Our own intrepid Jim Counts pursued the...

Amy Ainsworth.(finalentry)
May 1, 2008... cpa@yahoo.com Amy Ainsworth is a rising young and emerging professional. For her, Yahoo! is more than a free e-mail account, it's where she works on mergers and acquisitions for the high-profile company. After five years of public...