CPA Letter articles from December 2003

CPA Letter archives from December 2003

Highlights of fall council meeting: credentials, ASB's role, audit quality centers, repositioning of SECPS all addressed.(news update)
December 1, 2003... Here are some of the more significant actions and events that took place at the governing Council meeting Oct. 20-21: * Following six months of exploring whether to keep the current specialty credentials inside the AICPA, the Council...

AICPA members vote overwhelmingly to adopt bylaw amendments to strengthen ethics enforcement process.
December 1, 2003... In the recent member referendum, AICPA members voted by a 7-to-1 margin to adopt proposals to amend the AICPA bylaws that will enhance the AICPA's ethics enforcement process. The first proposal will broaden the AICPA's ability to...

AICPA committee application process begins; open until May 1.
December 1, 2003... Applications are now being taken for the next committee year (Oct. 2004-Oct. 2005). If you are interested in contributing to the profession and networking with your peers, then consider applying. Go to http://volunteers.aicpa.org /apply to...

Help AICPA Benevolent Fund help your colleagues.(American Institute of Certified Public Accountants)(Brief Article)
December 1, 2003... The AICPA Benevolent Fund was started in the 1930s to assist members and their families as they struggled through various medical and financial hardships. It represents a way for CPAs to support those who have gone before them in the profession...

Department of Commerce looking for CPAs.(Brief Article)
December 1, 2003... The Import Administration of the U.S. Department of Commerce is searching for CPAs with two or more years of public accounting experience to perform cost-of-production investigations of foreign manufacturers. Knowledge of GAAP, GAAS and...

How to request copyright permission from AICPA.(Brief Article)
December 1, 2003... Members and others who wish to reproduce content from any AICPA publication (or Web site) must first obtain copyright permission from the Institute. The procedure for requesting permission is to first display our Web site homepage at...

Public meeting notices.(Calendar)
December 1, 2003... Accounting Standards Executive Committee: Dec. 16, Miami, Fla.; Jan. 27-28, New York Peer Review Board: Jan. 12-13, Santa Barbara, Calif. Professional Ethics Executive Committee: Jan. 22-23, location TBD Tax Executive Committee:...

SOPs being issued on reporting financial highlights by separate accounts of insurance enterprises, and by nonregistered investment partnerships.(accounting & auditing news)(Statement of Position)(Brief Article)
December 1, 2003... The AICPA's Accounting Standards Executive Committee this month will issue Statement of Position 03-5, Financial Highlights of Separate Accounts: An Amendment to the Audit and Accounting Guide Audits of Investment Companies (No. 014940CPA12)....

FASB action on consolidation of variable interest entities.(accounting & auditing news)(Financial Accounting Standards Board)(Brief Article)
December 1, 2003... The Financial Accounting Standards Board posted to its Web site a proposed interpretation to clarify some of the provisions of Interpretation No. 46, Consolidation of Variable Interest Entities, and to exempt certain entities from its...

IFAC releases revised exposure draft on mandatory continuing education.(accounting & auditing news)(International Federation of Accountants' Education Committee)(Brief Article)
December 1, 2003... A commitment to maintaining professional competence through lifelong learning is critical for accountants to meet the needs of a competitive worldwide economy and carry out their public-interest responsibilities. This is one of the fundamental...

FTC privacy safeguards rule could apply to CPAs.(Brief Article)
December 1, 2003... The Federal Trade Commission's Safeguards Rule, which implements the security provisions of the Gramm-Leach-Bliley Act, became effective on May 23. Financial institutions and other businesses that are subject to the rule--which could include...

Results of practice management survey for regional, local firms released.
December 1, 2003... CPA firms searching for comparable data on billing rates and salaries need look no further. The PCPS/TSCPA National MAP Survey has just been released, providing the most comprehensive body of benchmarking data available to regional and local...

Outstanding CPA in government named, as are business & industry Hall of Fame inductees.
December 1, 2003... Gerald A. Silva, City Auditor of the City of San Jose, Calif., is the 2003 recipient of the AICPA's Outstanding CPA in Government Award. The award recognizes CPAs in government who have made significant contributions to the increased efficiency...

The many benefits to tax season volunteers--be a hero.(tax info)
December 1, 2003... Following is an appeal for CPAs to volunteer their time and advice to help low-income individuals with their tax returns, which can be complicated and challenging. You work very long hours during busy season. So why would you want to...

IRS Tax Talk Today programs to cover 2004 tax filing season, EITC and other tax credits; other programs archived.(tax info)
December 1, 2003... To help tax practitioners gear up for tax season, the Internal Revenue Service's Tax Talk Today program will address the 2004 filing season (Dec. 9, 2:00 p.m.-3:00 p.m., ET) and the EITC and other key tax credits for individuals (Jan. 13, 2:00...

Profession's highest award in taxation goes to Michael Walker.(tax info)
December 1, 2003... Michael Walker is this year's recipient of the Arthur J. Dixon Memorial Award, the highest award bestowed by the accounting profession in the area of taxation. The award is given by the AICPA Tax Division in honor of Arthur J. Dixon, a CPA who...

Donate excess inventory for 2003 tax deduction.(tax info)
December 1, 2003... The National Association for the Exchange of Industrial Resources has been operating since 1977 and facilitates moving a company's excess inventory items (new, overstock or discontinued products) to schools and nonprofit organizations...

CPA Exam tutorial available, Webcast in January.(Brief Article)
December 1, 2003... An updated tutorial on the upcoming computer-based CPA Examination is now available on the exam Web site at www.cpaexam. org/lrc/exam_tutorial.html. The tutorial is intended to familiarize candidates with the functionality and types of...

2003 tax season self-study resources.(CPE news)
December 1, 2003... From CPE tax update courses to year-end tax planning and tax research, a variety of tools, software, publications, desk references and more will help ensure your tax season starts off right and continues through the end of tax season. To get...

Selling strategies.(CPE news)(Brief Article)
December 1, 2003... Successful Selling Strategies for CPA Firms (VHS--No. 181191CPA12; DVD--No. 181190CPA12). 15% Pre-publication discount (mention promotion code RX). In this videocourse, representatives from ConvergenceCoaching, LLC, consultants to CPA firms,...

Upcoming Webcasts.(CPE news)(Brief Article)
December 1, 2003... Webcasts are live, high quality, interactive, Web-based CPE programs that give CPAs access to the profession's top experts and provide information on today's hot topics--while offering 2 CPE credits. To register, log onto...

FBI, AICPA join forces to help CPAs ferret out fraud.(American Institute of Certified Public Accountants)(Brief Article)
December 1, 2003... The Federal Bureau of Investigation is working with the AICPA to help CPAs detect and prevent corporate financial fraud. "Arresting Financial Fraud: The Inside Story from the FBI," a Nov. 6 Webcast co-sponsored by both organizations, garnered...

Resources and CPE products on fraud prevention and detection.
December 1, 2003... An important tool for members is the AICPA Antifraud and Corporate Responsibility Resource Center, an online resource devoted to the prevention, detection and investigation of fraud (www.aicpa.org/antifraud). Here are other helpful products and...

Disciplinary actions.(Joint Ethics Enforcement Programs)(Brief Article)
December 1, 2003... As a result of investigations of alleged violations of the Codes of Professional Conduct of the AICPA and/or state CPA societies, the following ethics cases have been resolved by settlement agreement under the Joint Ethics Enforcement Programs:...