CPA Letter articles from December 2006

CPA Letter archives from December 2006

Happenings at October governing Council meeting.(news update)
December 1, 2006... Here are some of the more significant actions and events that took place at the governing Council meeting Oct. 23-24: * Jimmy L. Williamson of Alabama was elected chairman of the AICPA Board of Directors for 2006-2007 and Randy G. Fletchall...

AICPA annual report for 2005-2006 posted to Web site.
December 1, 2006... The AICPA's annual report for the fiscal year Aug. 1, 2005, through July 31, 2006, has been posted to our Web site in PDF format (www.aicpa.org/About+the+AICPA/Understanding+the+Organization/ AICPA+Annual+Report.htm). "Strengthening Our Core"...

AICPA volunteers needed--applications accepted until May 1.
December 1, 2006... If you are interested in contributing to the profession and networking with your peers, then consider applying for one of the AICPA's nearly 90 volunteer groups (committees, boards, panels and centers) seeking new volunteers. The particular...

Start here. Go places. Wins gold and silver at 2006 Ozzie Awards.(Brief article)
December 1, 2006... Start Here magazine, a part of the Start Here. Go Places. student recruitment campaign, won a gold and silver award at the 2006 Ozzie Awards. The Ozzie Awards recognize excellence in editorial content and magazine design throughout the...

Members warned about calls from "AICPA vice president" looking for CPAs' names, credit card information.
December 1, 2006... The AICPA has learned that during the past few months, someone posing as an AICPA vice president has been contacting CPAs and offering them free attendance to any conference if they provide their names, addresses, telephone numbers and credit...

Profession's top tax award goes to Michael E. Mares.
December 1, 2006... Michael E. Mares is this year's recipient of the Arthur J. Dixon Memorial Award, the accounting profession's highest award in the area of taxation. Mares, a CPA, Accredited in Business Valuation credential holder and an attorney, is a partner...

Public meeting notices.(Calendar)
December 1, 2006... Accounting Standards Executive Committee: Jan. 9-10, New York Auditing Standards Board: Jan. 9-11, Houston, Tex. Peer Review Board: Jan. 15-16, Las Vegas Tax Executive Committee: Jan. 17-18, Hollywood, Fla.

"Women to Watch" Awards given to female CPAs in Illinois, New Mexico.
December 1, 2006... Four female CPAs from Illinois and two female CPAs from New Mexico are recipients of the "Women to Watch" Award, presented by the AICPA's Work/Life and Women's Initiatives Executive Committee, the Illinois CPA Society, and the New Mexico...

AICPA members can now access business continuity planning resources at discounted rates.
December 1, 2006... The AICPA has entered into an agreement with Prism eSolutions, the leading provider of Business Continuity Planning (BCP) resources. AICPA members now have available, at special rates, state-of-the-art tools to help them evaluate and implement...

Disciplinary actions.
December 1, 2006... 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 Program:...

AICPA addresses taxpayer burden estimates with IRS for upcoming tax season.(tax info)
December 1, 2006... In an Aug. 3 notice in the Federal Register, the Internal Revenue Service indicated its intent to provide taxpayer burden (time and cost) estimates with the 2006 Form 1040 instructions. The AICPA had raised concerns in Nov. 2005 regarding the...

FIN 48 becomes effective December 15; AICPA offers helpful guidance.(tax info)
December 1, 2006... CPAs need to know about FIN 48, Accounting Jor Uncertainy, in Income Taxes. This interpretation applies to all GAAP clients--including closely held businesses--and requires a higher standard for accruing a tax benefit in financial statements...

Tax Talk Today[R] October web cast provides insight into year-end employment tax preparation.(tax info)(Brief article)
December 1, 2006... On the Oct. 17 Web cast of Tax Talk Today, a panel of Internal Revenue Service officials and tax experts discussed the new Form 944 and provided reminders and tips for tax practitioners dealing with Form 1099 as well as employment taxes in...

GASB seeks comments on fund balance reporting, governmental fund type definitions.(accounting & auditing news)
December 1, 2006... An Invitation to Comment was issued recently by the Governmental Accounting Standards Board to seek constituent comments and perspectives on issues currently being addressed in the board's project on fund balance reporting and governmental fund...

GASB publishes comprehensive implementation guide for 2006-2007.(accounting & auditing news)
December 1, 2006... As a part of its mission to develop literature that guides and educates the public about its standards, the Governmental Accounting Standards Board has published the 2006-2007 edition of its Comprehensive Implementation Guide. The...

Accounting for Income Taxes--Applying SFAS No. 109/FIN 48: a whole new ballgame!(CPE news)(Brief article)
December 1, 2006... Accounting for Income Taxes--Applying SFAS No. 109/FIN 48: a whole new ballgame! (Text, No. 732792CPA12; DVD/Manual, No. 182791CPA12). FASB's issuance of FIN 48 in June 2006 makes it essential that tax professionals now become active...

Forensics and Financial Fraud: Real World Issues and Answers.(CPE news)
December 1, 2006... Forensics and Financial Fraud: Real World Issues and Answers (No. 733200CPA 12). Specific steps to help auditors and accountants fully meet fraud-handling expectations are found in this course. The "how-to" approach helps participants identify...

Risk Assessment Standards--Understanding the Entity and Assessing Risk.(CPE news)
December 1, 2006... Risk Assessment Standards--Understanding the Entity and Assessing Risk (No. 738800hsCPA12). This new CD-ROM course provides guidance in preparing for the significant changes brought about by the new standards. Moderator Michael J. Ramos, CPA,...

Applying COSO Guidance for Smaller Public Companies Reporting on Internal Control Over Financial Reporting.(CPE news)(Brief article)(Video recording review)
December 1, 2006... Applying COSO Guidance for Smaller Public Companies Reporting on Internal Control Over Financial Reporting (No. 187210CPA12). Complete your understanding of the new COSO document and earn CPE credit. Find real-life examples of how smaller...

IRS issues guidance on appraisal requirements for non-cash charitable contributions of property.
December 1, 2006... In Notice 2006-96, the Internal Revenue Service issued transitional guidance on the new definitions of "qualified appraisal" and "qualified appraiser" in [section] 170(f)(11) of the Internal Revenue Code, and new [section] 6695A of the Code...