California CPA articles from November 2008

California CPA archives from November 2008

We believe that once Congress starts setting accounting standards through its political process.(news&trends)
November 1, 2008... "We believe that once Congress starts setting accounting standards through its political process, the integrity of U.S. accounting standard setting and the credibility of U.S. financial reporting will be dangerously compromised." --Robert...

CSI accountants on the rise.(news&trends)
November 1, 2008... Demand for CPAs providing forensic accounting services has accelerated. According to a recent survey: 94% CPAs represented 94% of forensic experts hired over the past two years. 68% of CPAs polled said their forensic practices have...

Celebrating women CPAs.(news&trends)
November 1, 2008... www.calcpa.org/women Join CalCPA Dec. 3 for a day of leadership development, professional growth and recognition at the 2008 Women's Leadership Forum. From tips and strategies for attaining leadership positions within the profession to...

CalCPA leaders wanted.(news&trends)
November 1, 2008... California CPAs are the driving force behind one of the world's largest economies. Isn't it time you put your leadership skills to use for the betterment of the CPA profession? [ILLUSTRATION OMITTED] The CalCPA Nominations Committee is...

Correction: CalCPA Institute donor list.(news&trends)(Correction notice)
November 1, 2008... Due to a sorting error, the list of CalCPA Institute donors in the October issue of California CPA was incorrect. A corrected version is available at www.calcpa.org/outreach under "News and Resources."

Going concern and subsequent events.(news&trends)
November 1, 2008... FASB issued two related Exposure Drafts for public comment: Going Concern and Subsequent Events. The proposal on going concern would require management of a reporting entity to consider all available information about the future, which is...

Technical terminations of certain publicly traded partnerships.(news&trends)
November 1, 2008... The IRS plans to issue guidance regarding technical terminations of a publicly traded partnership (PTP) resulting in multiple short tax years within one calendar year, which can cause considerable problems for taxpayers. The issue arises...

Credit crisis: regulatory reactions.(news&trends)
November 1, 2008... The International Accounting Standards Board is focusing on the recommendations of the Financial Stability Forum, which included: * Improving the accounting and disclosure standards for off balance sheet vehicles on an accelerated basis and...

CalCPA member discounts on CCH tax guidebooks.(news&trends)
November 1, 2008... CalCPA members can order CCH's 2009 U.S. Master Tax Guide and the Guidebook to California Taxes 2009 at significantly discounted rates: * Tax Guide (ship date, late December): $49.95/members; $69.95/nonmembers. * Guidebook (ship date,...

The numbers.
November 1, 2008... 135,000 Number of customer accounts transferred to either to Neuberger Berman or to Barclays Capital in the Lehman Brothers Inc. liquidation. --James W. Giddens, Lehman Brothers Inc. SIPA Trustee

The numbers.
November 1, 2008... $51 billion Amount of federally guaranteed loans originated through the Federal Family Education Loan Program for the current school year, up from approximately $45 billion for the same period last year. --Department of Education Secretary...

The numbers.
November 1, 2008... 60% Number of 250 CFOs surveyed who say their company has at least some experience with IFRS.

The numbers.
November 1, 2008... $1,300 Amount of alternative motor vehicle tax credit that can be received for a 2009 Volkswagen Jetta 2.0L TDI Sedan.

Education Foundation Awards.(Excellence in CPA Education)(Conference notes)
November 1, 2008... Every year the California CPA Education Foundation's Awards Committee singles out a select few individuals who deserve special recognition for their efforts to educate California CPAs. [ILLUSTRATION OMITTED] This year's winners are:...

Vehicle and aircraft use tax change.
November 1, 2008... Vehicle and Aircraft Use Tax Change: With the approval of the state budget, vehicles, vessels and aircraft shipped or brought into California are now subject to the use tax within 12 months of the date of purchase. This change is expected to...

SEC takes a look at accounting standards.
November 1, 2008... The SEC is undertaking a Congressionally mandated study on "mark-to-market" accounting that will focus on the effects of such standards on a financial institution's balance sheet, on bank failures in 2008 and on the quality of financial...

Announcements.(membermilestones)
November 1, 2008... Ron Durkin retired from KPMG and started his own firm, Durkin Forensic... NSBN LLP announced that the Association of Certified Fraud Examiners awarded partner Jenifer Siou, CPA, CFE, and manager Eric Smetana, CPA, CFE the globally preferred...

Firm news.(membermilestones)
November 1, 2008... Kellogg & Andelson Accountancy Corporation acquired the West Los Angeles office of Kelson Rood Stoll & Winkler, CPAs.

It's not as hard as you think: International Financial Reporting Standards & Convergence.
November 1, 2008... When I talk to my clients about International Financial Reporting Standards, I'm reminded of a story by naturalist Milton Olsen. Olsen says migrating geese fly in a "V" formation because, as each bird flaps its wings, it creates uplift for the...

CalCPA salutes those who keep CPA-PAC strong.
November 1, 2008... Firms Frank Rimerman + Co.LLP * Gursey Schneider LLP * Ueltzen & Company LLP * M. Green & Company LLP CPAs * Gish Seiden Kline & Co. LLP * White Nelson & Co, * DeGregori Gormsen & Ringer LLP * Delagnes Mitchell & Linder LLP * Roy &...

Fast tax facts 2008.
November 1, 2008... The online version of Fast Tax Facts will be updated for tax law changes. Check it out at www.calcpa.org/fasttaxfacts. Welcome to our annual at-a-glance compilation of federal and state tax information. User-friendly tax rate schedules,...

Seeing red over Yellow Book: revisions make it toughest collection of audit standards.(gov'taccounting)
November 1, 2008... The 2007 revision of the Yellow Book (also known as generally accepted government auditing standards) is full of significant requirements that make it the toughest collection of audit standards out there. Along with adding to the AICPA...

Tax talk highlights: sales tax audits and an independent contractor case.(CATax)
November 1, 2008... Since the taxes on Schedule A of an individual income tax return aren't a deduction in computing AMT income on IRS Form 6151, the rule-of-thumb has been, for clients who are in the AMT, that it doesn't pay to pre-pay those taxes. An...

California $ crisis: "conformity, or the Lack thereof, has to be the single biggest issue for practioners (and their clients).".(finalentry)
November 1, 2008... Kathleen "Kitty" Wright has more than a few credentials JD, CPA, MBA (Taxation) and LLM (Taxation)--so, California CPA asked this top California CPA Education Foundation instructor for her thoughts about California's fiscal crisis. To go more...