CPA Letter articles from February 2007

CPA Letter archives from February 2007

AICPA gives special recognition award to XBRL founder.(news update)
February 1, 2007... Charles Hoffman is the recipient of the 2006 Special Recognition Award from the AICPA for his remarkable contributions to the development of eXtensible Business Reporting Language. The award recognizes a person who has made a significant mark...

Get the most from your AICPA membership--update your member profile.
February 1, 2007... Members now can control the information they receive by updating their Membership Profiles. It will take just 5 minutes, but it will help make sure you get the most from your membership. Having your current snapshot enables us to understand...

IRS officials review changes, helpful hints for 2007 filing season; AICPA produces tax season materials.
February 1, 2007... A panel of Internal Revenue Service officials and tax experts recently held a Web cast where they discussed preparation for the 2007 tax filing season, including a review of new provisions affecting individual federal tax returns for 2006, a...

Members offered airline, car rental, Amtrak discounts.
February 1, 2007... The AICPA has a special agreement with Maupin Travel, Inc. of North Carolina to assist you with travel arrangements (call 800/345-5540) when attending eligible AICPA conferences or meetings. If you prefer to make your own travel plans, mention...

Lifetime contribution award sponsored by AICPA bestowed upon William Ferrara.
February 1, 2007... William Ferrara, Professor of Accounting Emeritus at Stetson and Pennsylvania State Universities, has received the AICPA-sponsored Lifetime Contribution Award from the Management Accounting Section of the American Accounting Association for...

AICPA Library can help members locate information quickly, easily.
February 1, 2007... As part of its mission to provide access to its accounting collections, the AICPA Library Service has a digitizing program called the Digital Accounting Collection (DAC). More than 300 non-current AICPA exposure drafts from 1977 are now posted,...

AICPA hosts second small business administration web cast on tax.
February 1, 2007... AICPA Vice President--Taxation Tom Ochsenschlager hosted the Small Business Administration's Dec. 14, 2006, Web chat, Tax Planning & Preparation for Small Businesses. Ochsenschlager responded to 52 questions from Web cast participants. To...

CPA letter supplements available.
February 1, 2007... To obtain the public accounting, business and industry, government or education member-segment supplements produced this month with The CPA Letter, visit: [website] www.aicpa.org/pubs/cpaltr/feb2007/supps/index.htm

Public meeting notices.(Calendar)
February 1, 2007... Accounting Standards Executive Committee: Mar. 20-21, New York

AICPA comments on deductibility of health insurance premiums, controlled foreign corporation look-through provision.(tax info)
February 1, 2007... A proposed Revenue Ruling the AICPA developed was recently sent to the Internal Revenue Service for consideration. The proposed ruling would provide clarifying guidance regarding the deductibility of health insurance premiums covering S...

AICPA provides Department of Labor with comments on auditor independence rules.(regulatory matters)
February 1, 2007... The AICPA recently commented on the Department of Labor's request for information (RFI) concerning the advisability of amending Interpretive Bulletin 75-9 relating to guidelines on independence of accountants retained by employee benefit plans...

AICPA invites proposals for management accounting research grants.
February 1, 2007... The AICPA is inviting members to submit proposals for research grants as part of its continuing program to provide thought leadership in management accounting in collaboration with the American Accounting Association's Management Accounting...

Chair's corner.
February 1, 2007... I want to update you on three important issues our profession is dealing with and describe how the Institute is working to address them. These efforts clearly demonstrate our commitment to educating and informing members about new developments...

Disciplinary actions.
February 1, 2007... As a result of investigations of alleged violations of the Codes of Professional Conduct of the AICPA and state CPA societies, the following ethics cases have been resolved by settlement agreement under the Joint Ethics Enforcement Program: ...

AICPA initiatives for members: an update.
February 1, 2007... Are you aware of the many AICPA initiatives to help members succeed in their professional lives? From new resources and tools to advocacy efforts that benefit members and the public, here are some recent efforts on members' behalf. ...

Employee Benefit Plans: 2006/2007 Audit and Accounting Risk Update and Alert.(CPE news)
February 1, 2007... Employee Benefit Plans: 2006/2007 Audit and Accounting Risk Update and Alert (No. 733230CPA02). Based on the AICPA's popular publication Audit Risk Alert 2006/2007, this new CPE self-study course covers the latest accounting, auditing and...

Religious and Other Faith-Based Nonprofits: Management, Tax, and Accounting.(CPE news)
February 1, 2007... Religious and Other Faith-Based Nonprofits: Management, Tax, and Accounting (No. 733170CPA02). Understand the unique characteristics that set apart these organizations from other nonprofits and the impact on management, tax and accounting...

Help AICPA Benevolent fund help your colleagues.
February 1, 2007... 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...

GASB issues statement on financial impact of environmental cleanups, proposal on pension disclosures.
February 1, 2007... Reflecting its intention to ensure that costs and liabilities not specifically addressed by current governmental accounting standards are included in financial reports, the Governmental Accounting Standards Board recently issued a standard that...

FASB seeking comments on derivative, hedging activity.
February 1, 2007... The Financial Accounting Standards Board has issued a proposal that it believes would provide investors and others with better information about the effects of derivative and hedging activities on a company's financial statements. Comments are...

How CPAs should handle "comfort letter" requests from lenders, mortgage brokers.(accounting & auditing news)
February 1, 2007... AICPA members have contacted the AICPA to clarify their professional ethical obligations when asked for "comfort letters" by lenders and mortgage brokers. Depending on how practitioners respond to such requests, they may be at risk for failing...

SAS No. 114 issued on communications regarding Governance.(Statement on Auditing Standards)(Brief article)
February 1, 2007... Statement on Auditing Standards No. 114, The Auditor's Communication With Those Charged With Governance (No. 060709CPA02), has been issued by the Auditing Standards Board. This SAS replaces SAS No. 61, Communication With Audit Committees, as...

AICPA announces center focused on public company audit quality.
February 1, 2007... To better address the issues surrounding public company audits, the AICPA has established the Center for Audit Quality. Created by the AICPA and the leading public company auditing firms, the CAQ is an expansion and replacement of the AICPA's...

IFAC issues proposal to revise independence standards; CPAs encouraged to comment.
February 1, 2007... On Dec. 29, 2006, the International Ethics Standards Board for Accountants, an independent standard-setting board within the International Federation of Accountants, released an exposure draft containing significant revisions to the...

ARSC issues interpretation on special-purpose financial statements to comply with contractual agreements or regulatory provisions.
February 1, 2007... The Accounting and Review Services Committee has issued Interpretation No. 28 to AR section 100. That interpretation, "Special Purpose Financial Statements to Comply with Contractual Agreements or Regulatory Provisions," provides accountants...

Investment companies technical practice aids issued.
February 1, 2007... The AICPA staff issued accounting Technical Practice Aid Questions and Answers in response to frequently asked questions on the following topics: * Recognition of Premium/Discount on Short Positions in Fixed-Income Securities *...

FASB seeks comments on valuation guidance.
February 1, 2007... In step with its mission to improve and enhance the quality, consistency and comparability of financial statements, the Financial Accounting Standards Board is seeking public comments on the topic of valuation guidance in financial reporting....

Feed the pig campaign's success in full view.
February 1, 2007... Expectations for the profession's Feed the Pig [TM] campaign (The CPA Letter, Nov. 2006) targeting 25 to 34 year-olds were high, and results to date demonstrate growing success. While the public service announcements have been hitting the...