CPA Letter articles from December 2002

CPA Letter archives from December 2002

New business reporting model beginning to emerge--timeliness, reliability, transparency to be improved.
December 1, 2002... For nearly a decade, the AICPA has advocated a modernized financial reporting process that provides more and better information from which investors, creditors and management can make decisions. The highest quality auditing will be of declining...

Volunteers needed for 2003 USA Today tax hotline and tax chats.
December 1, 2002... CPA tax practitioners are needed to staff USA Today's 2003 tax hotline and its weekly online tax chats that are conducted throughout the tax filing season. Each year the national newspaper and the AICPA team up to offer readers and Internet...

Student recruitment campaign second year initiatives.
December 1, 2002... The second year of the profession's five-year direct marketing effort reaching 16-22 year olds ("Generation Y") was renewed recently with the MP3/Be A Music Mogul Game and the Summer Dream Internship Contest. "Be A Music Mogul" is a...

2002 National Management of Accounting Practice Survey results released.
December 1, 2002... PCPS--the AICPA Alliance for CPA Firms and the Texas Society of CPAs partnered for the first time this year to offer the 2002 PCPS/TSCPA National Management of Accounting Practice Survey. A record-breaking 2,500 accounting firms from across the...

GAO issues report on Financial Statement Restatements. (regulatory matters).
December 1, 2002... In response to a request from Senator Sarbanes, the General Accounting Office has issued a report entitled, Financial Statement Restatements: Trends, Market Impact, Regulatory Responses and Remaining Challenges. Specifically, the report...

Keep current on implementation of Sarbanes-Oxley Act, PCAOB actions. (regulatory matters).
December 1, 2002... With numerous implementing proposals contemplated by the Securities and Exchange Commission, often with comment periods of just 30 days, and the creation of the Public Company Accounting Oversight Board, the AICPA has created a "Sarbanes-Oxley...

Disciplinary actions.
December 1, 2002... As a result of an investigation of alleged violations of the Code of Professional Conduct of the AICPA and/or state CPA societies, the following ethics case has been resolved by settlement agreement under the Joint Ethics Enforcement Program:...

Highlights of fall Council meeting.
December 1, 2002... Here are some of the more significant actions and events that took place at the governing Council meeting Oct. 20-22: * William F. Ezzell of Washington, D.C., was elected as chairman of the AICPA Board of Directors for 2002-2003 and S....

Chair's corner.
December 1, 2002... In last month's column, I talked about the agenda for my term being about reality. After a difficult year, we have some very serious work to do. Reforms such as the Sarbanes-Oxley Act and the rules and regulations that will be forthcoming from...

Auditing Standards Board issues exposure draft on risk assessment process. (accounting & auditing news).
December 1, 2002... As part of its ongoing efforts to enhance the quality of audits, the Auditing Standards Board has exposed a suite of seven proposed statements on auditing standards relating to the auditor's risk assessment process. The ASB believes that...

AICPA increases emphasis on industry-specific accounting guidance. (accounting & auditing news).
December 1, 2002... Last month's public statement by the Financial Accounting Standards Board announcing plans to streamline the accounting rulemaking process is consistent with previous discussions between the FASB and the AICPA regarding accounting standards. In...

FASB Statement no. 144 supersedes SOP 92-3 on Foreclosed Assets. (accounting & auditing news).
December 1, 2002... The Accounting Standards Executive Committee announced that AICPA Statement of Position 92-3, Accounting for Foreclosed Assets, is rescinded because it is effectively superseded by FASB Statement 144, Accounting for the Impairment or Disposal...

Measure your competencies and develop learning plan to fill gaps. (CPE news).
December 1, 2002... In today's fast-paced and ever-changing marketplace, it is important that CPAs' core competencies meet client and employer demands. To help CPAs assess their knowledge and skills, and to develop a personalized learning plan to meet their...

Upcoming live, interactive Webcasts. (CPE news).
December 1, 2002... Ask questions online and get answers from panelists during these live, interactive Webcasts--and earn 2 CPE credits per Webcast. See the descriptions below for the two current ones. For more information and to register, visit...

SEC quarterly update Webcast--4th quarter. (CPE news).
December 1, 2002... Dec. 19, 1:00 p.m.-2:55 p.m., ET Top experts brought to you by the AICPA and CFO.com lead these hard-hitting sessions on corporate accounting reform legislation, accounting and reporting issues and more. The Webcast is designed to help...

Business and Industry Hall of Fame winners announced.
December 1, 2002... Four members in business and industry were inducted into the profession's Business and Industry Hall of Fame this year. The award, sponsored by the AICPA and Ajilon Finance (formerly AOC), was given to: Don L. Blankenship, chairman, president...

CFO quarterly roundtable--1st quarter. (CPE news).
December 1, 2002... Jan. 16, 1:00 p.m.-2:55 p.m., ET The AICPA and CFO.com teamed up to offer this Webcast designed to cover a broad array of "hot topics" that successful organizations employ and subjects that are important to the CFO's personal success. From...

AICPA offers three new "update" CPE subscription programs based on current developments--two online. (CPE news).
December 1, 2002... The AICPA is offering two new online "update" CPE subscription programs--AICPA Practice PRO and AICPA Financial PRO. A third new "update" CPE program is AICPA Practice Report, delivered in a monthly VHS-video format. AICPA Practice PRO is...

Tax division issues exposure draft of interpretation on tax planning. (tax info).
December 1, 2002... The AICPA Tax Executive Committee recently voted to expose for comment Interpretation No. 1-2, "Tax Planning," of Statement on Standards for Tax Services No. 1, Tax Return Positions. Statements on standards for tax services are enforceable...

Volunteer application process begins for committees, expert panels, resource panels. (member news).
December 1, 2002... The AICPA has more than 200 volunteer committees, expert panels, tax resource panels, and task forces in which nearly 1,700 volunteers contribute their time and effort. These volunteers are instrumental in shaping the policies and practices...

Professional Liability Insurance Program is sound. (member news).
December 1, 2002... Recent news reports concerning the accounting profession have generated inquiries as to the stability of the AICPA Professional Liability Insurance Program. Policyholders are assured that the insurance program, the largest accountants'...