CPA Letter articles from July 2001

CPA Letter archives from July 2001

Information Programs on Proposed Global Credential Kick Off; Members Invited to Express Views on Initiative.
July 1, 2001... As part of the resolution it passed at its May meeting, Council approved mailing to members for their approval a bylaw amendment that would permit the AICPA to offer the proposed global business professional credential (referred to by the...

AICPA Tells Congress Uniform Accounting Standards Will Encourage Capital Flow, Financial Reporting System Needs to Be Modernized.(American Institute of Certified Public Accountants)(Brief Article)
July 1, 2001... In testimony before a House of Representatives committee, the AICPA said that uniform international accounting standards will encourage the global flow of capital, but that standard setters, regulators and the accounting profession should...

AICPA Annual Members' Meeting to Be Held Tuesday, Oct. 23.
July 1, 2001... The AICPA's Annual Members' Meeting will be held on Tuesday, Oct. 23, at the Loews Miami Beach Hotel in Miami Beach, Fla. Members also are invited to observe Council's deliberations, which will take place Oct. 22-23. CPE will be provided, as...

Correction on CPA2Biz Ownership.(Correction Notice)(Brief Article)
July 1, 2001... The June 2001 issue of The CPA Letter indicated Shared Services LLC (the joint venture of the AICPA and nearly all of the state, district and territory CPA societies) was a significant shareholder in CPA2Biz. In fact, Shared Services LLC has no...

AICPA Proposals Included in New Tax Law.
July 1, 2001... The AICPA succeeded in having two of its proposals included in the major tax cut bill signed into law by President Bush in early June. First, our package of generation-skipping transfer tax (GST) provisions will provide statutory authority...

OCC Seeks Accounting Professionals for Fellowship Program.(Brief Article)
July 1, 2001... The Office of the Comptroller of the Currency is currently accepting applications for its Professional Accounting Fellowship program. The Accounting Fellow position is an excellent opportunity for an accountant who is currently a manager and...

Copyright Permission Request Form for AICPA Publications Available from Web Site, Fax Service, Permissions Hotline.
July 1, 2001... Members who wish to reproduce an article from any AICPA publication (or Web site) must first obtain copyright permission from the Institute. You can easily obtain a copyright permission form by visiting AICPA Online, using our 24/7 Fax-Back...

FASB Completes Decisions on Business Combinations Project; Prepares for Drafting of Two Final Statements.(Brief Article)
July 1, 2001... Concluding months of redeliberations on all the substantive issues raised by constituents in connection with its 1999 proposal on Business Combinations and Intangible Assets, the Financial Accounting Standards Board unanimously supported the...

SOP 01-3 Issued on Agreed-Upon Procedures Engagements for Insurance Companies.(Brief Article)
July 1, 2001... Statement of Position 01-3, Performing Agreed-Upon Procedures Engagements That Address Internal Control Over Derivative Transactions as Required by the New York State Insurance Law (No. 014930CPA07), has been issued by the Auditing Standards...

disciplinary actions.(Brief Article)
July 1, 2001... As a result of investigations of alleged violations of the Code 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:...

ElderCare Express Training Available to Help CPAs Better Serve Mature Clients.(Brief Article)(Polling Data)(Statistical Data Included)
July 1, 2001... A recent survey commissioned by the AICPA found that 11% of small firm revenues was derived from services to individuals over age 65--not surprising since this is the fastest-growing demographic group in the nation. CPAs who wish to increase...

A Message from the President.(Brief Article)
July 1, 2001... "Earnings Quality" has been a subject of Securities and Exchange Commission investigations, articles in most, if not all, business publications, and significant debate in recent years. It is a matter of importance in the financial reporting and...

Financial Reporting Challenges.(Brief Article)
July 1, 2001... Isaac Hunt Jr. was nominated to the Securities and Exchange Commission by President Bill Clinton in August 1995 and confirmed by the Senate and sworn in as a Commissioner in 1996. Prior to being nominated to the Commission, Mr. Hunt was Dean...

The Proposed Global Credential: Answers to What, Why and How.
July 1, 2001... Later this fall, members will be asked to vote on the establishment of a new global business credential being developed by an international consortium of accounting organizations that includes the AICPA. New and distinct from any current...

Identical Companies, Different Financial Statements.(Brief Article)
July 1, 2001... One purpose of financial accounting standards is to create comparability between companies to allow financial statement users to make evaluations and decisions based on the consistent presentation of useful information about a company. However,...

Quality of Earnings Case Studies Available on the Web.
July 1, 2001... As part of our initiatives highlighting the importance of Quality of Earnings, the AICPA created a collection of case studies in Harvard Business Review style where the case content is presented as a dialogue between senior executives in the...

AICPA Quality of Earnings InfoBytes Modules.(Brief Article)
July 1, 2001... Following is a list of AICPA InfoBytes modules in the Quality of Earnings theme. You may wish to review some or all of these modules when facing Quality of Earnings issues in your companies or with your clients Course Title * Recently...

chair's corner.
July 1, 2001... This column's topic is something we all care deeply about--the image of the profession. Whether it is the range of services we provide to clients and employers, being referred to as an industry instead of a profession, or students' level of...

Federal Officials Review Circular A-133 Audit Information.
July 1, 2001... As part of their ongoing efforts to evaluate the quality of U.S. Office of Management and Budget Circular A-133 audits (also known as single audits), federal officials are reviewing data collection form information that has been submitted to...

PWBA Issues Troubleshooter's Guide for Form 5500.
July 1, 2001... The Department of Labor's Pension and Welfare Benefits Administration has released the publication Troubleshooter's Guide to Filing the ERISA Annual Report (Form 5500) to help administrators of employee benefit plans submit their 2000 Form 5500...