CPA Letter articles from July 2003

CPA Letter archives from July 2003

Member vote on bylaw amendments to enhance disciplinary processes coming up--more information on proposals available.(Professional Ethics Executive Committee)
July 1, 2003... As reported last month, the AICPA Council in Apr. approved proposals submitted by the Professional Ethics Executive Committee to improve the timeliness and transparency of the AICPA's disciplinary process. Two of those proposals require...

AICPA applauds SEC action on internal controls.(American Institute of Certified Public Accountants)(Securities and Exchange Commission)(Brief Article)
July 1, 2003... Immediately following the Securities and Exchange Commission's release of a new rule regarding public companies' internal controls, the AICPA released a statement showing its support. "The SEC took a giant step toward restoring confidence in...

AICPA Annual Members' Meeting to be held Oct. 21.(American Institute of Certified Public Accountants)(Brief Article)
July 1, 2003... The AICPA's Annual Members' Meeting will be held on Tuesday, Oct. 21, at the Sheraton New Orleans in La. Members also are invited to observe Council's deliberations, which will take place Oct. 20-21. CPE will be provided, as appropriate,...

Know someone to nominate for AICPA's Public Service Award?(American Institute of Certified Public Accountants)(Brief Article)
July 1, 2003... To help recognize CPAs who have distinguished themselves in public service, the profession confers the Public Service Award. Eligible candidates for the annual Public Service Award are submitted by either individual members of the AICPA or...

Peer review board issues exposure draft proposing revisions to peer review standards.(Brief Article)
July 1, 2003... The AICPA Peer Review Board has issued an exposure draft proposing revisions to the Standards for Performing and Reporting on Peer Reviews. Comments are due Aug. 8. Members can download the ED from www.aicpa.org/members/div/practmon/...

93% of CPA2Biz customers rate their experience as excellent or satisfactory.(Brief Article)
July 1, 2003... CPA2Biz earns high marks among its customers--members of the AICPA. In a recent online customer satisfaction survey, 93% of respondents rated their overall online experience as either excellent or satisfactory. In addition, 93% said they would...

Public meeting notices.(Calendar)
July 1, 2003... Accounting & Review Services Committee: July 28-29, New York Accounting Standards Executive Committee: July 22-23, San Francisco; Sept. 9-10, New York Auditing Standards Board: July 29-31, New York; Sept. 23-25, New York ...

AICPA launches audit committee matching system.(American Institute of Certified Public Accountants)
July 1, 2003... In an effort to support and promote effective audit committees for organizations across the spectrum of the American economy, the AICPA has created the Audit Committee Matching System, part of our Center for Audit Committee Effectiveness which...

Exposure draft issued on allowance for credit losses.(Accounting Standards Executive Committee )(Brief Article)
July 1, 2003... The AICPA's Accounting Standards Executive Committee has issued an exposure draft of a proposed statement of position, Allowance for Credit Losses. Comments are due Sept. 19, 2003 (download the file from www.aicpa.org/members/div/acctstd/edo/20...

Interpretation issued on applying SSARS in business valuations.(Statements on Standards for Accounting and Review Services)(Accounting and Review Services Committee)(Brief Article)
July 1, 2003... An interpretation was recently issued by the Accounting and Review Services Committee. Applicability of Statements on Standards for Accounting and Review Services When an Accountant Engaged to Perform a Business Valuation Derives Information...

SOP issued on accounting and reporting by insurance enterprises for certain nontraditional long-duration contracts, separate accounts.(accounting & auditing news)(Statement of Position)(Brief Article)
July 1, 2003... Statement of Position No. 03-1, Accounting and Reporting by Insurance Enterprises for Certain Nontraditional Long-Duration Contracts and for Separate Accounts (No. 014936CPA07), will be issued this month. The SOP provides guidance on accounting...

Other-than-temporary impairment losses now addressed in Technical Practice Aid.(accounting & auditing news)(Brief Article)
July 1, 2003... Other-than-temporary impairment losses on investments by not-for-profit health care organizations have been addressed in a recent release in the AICPA's Technical Practice Aid. In the publication's typical question-and-answer format, an answer...

FASB issues statement on accounting for certain financial instruments, exposure draft on special-purpose entities.(accounting & auditing news)(Financial Accounting Standards Board )
July 1, 2003... The Financial Accounting Standards Board has issued Statement No. 150, Accounting for Certain Financial Instruments with Characteristics of both Liabilities and Equity. The statement improves the accounting for certain financial instruments...

GASB issues statement 41, Budgetary Comparison Schedule.(accounting & auditing news)(Governmental Accounting Standards Board)(Brief Article)
July 1, 2003... The Governmental Accounting Standards Board has issued Statement No. 41, Budgetary Comparison Schedule--Perspective Differences, that clarifies existing guidance on budgetary comparisons in GASB Statement No. 34, Basic Financial Statements--and...

A year of renewal and reforms.(Special feature: the year in review)
July 1, 2003... The past year was a dynamic one for the accounting profession, full of challenges and opportunities. Last summer, President Bush signed into law the Sarbanes-Oxley Act of 2002--a sweeping reform measure with a direct impact on the profession...

Privacy standards to help companies better manage personal information released for comment.
July 1, 2003... Last month the AICPA issued an exposure draft of the new AICPA/CICA Privacy Framework. The proposed framework includes an enterprise-wide privacy principle along with 10 privacy components and related criteria essential for proper protection...

Disciplinary actions.
July 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 Program:...

Computerized CPA exam tutorial covering new format and functions available.(Certified public accountants)(Brief Article)
July 1, 2003... A tutorial for the computerized Uniform CPA Examination is now available at www.cpa-exam.org/lrc/exam_tutorial.html. The tutorial was created to help familiarize accounting students and CPA Examination candidates with the revised Uniform CPA...

AICPA develops CPE courses with complete coverage of 2003 tax act.
July 1, 2003... Practical guidance and insight from some of the nation's leading experts is available through new AICPA 2003 Jobs and Growth Tax Act CPE self-study courses. There are three formats from which to choose, each designed to meet your specific...

AICPA's Annual Accounting and Auditing Workshop, Spring 2003 Edition.(CPE news)
July 1, 2003... * AICPA's Annual Accounting and Auditing Workshop, Spring 2003 Edition. (Text, No. 737184CPA07; Videocourse, No. 187084CPA07). This popular AICPA self-study course keeps CPAs current and provides guidance on applying recent standards....

SEC reporting.(CPE news)(Securities & Exchange Commission )(Brief Article)
July 1, 2003... * SEC Reporting (No. 736748CPA07). Turn to the revised 2003 edition for guidance in applying SEC reporting requirements, including Sarbanes-Oxley. Prerequisite: Ability to prepare standard financial statements and evaluate financial statement...

AICPA's Standards Update and Implementation Guide, Spring 2003 Edition.(CPE news)(American Institute of Certified Public Accountants)(Brief Article)
July 1, 2003... * AICPA's Standards Update and Implementation Guide, Spring 2003 Edition (formerly The Practitioner's Update) (No. 738455hsCPA07). This highly rated, interactive computer-based auditing and accounting update course will keep you on top of the...

Seminars.(CPE news)(Brief Article)
July 1, 2003... The AICPA offers a wide variety of quality seminars for all CPAs. Visit our course listing at www.aicpa.org/promotions/courses/ courseslist.asp for dates and locations of hundreds of seminars. Remember to request your $30 AICPA member discount...

Federal banking agencies issue policy on corporate governance for non-public banks.(regulatory matters)(Brief Article)
July 1, 2003... The Federal Reserve Board, the Office of the Comptroller of the Currency and the Office of Thrift Supervision recently issued a "Statement on Applications of Recent Corporate Governance Initiatives to Non-Public Banking Organizations" to...

Track state, federal activity on Sarbanes-Oxley.(regulatory matters)(Brief Article)
July 1, 2003... Members can track the status of any legislative, regulatory or executive branch proposals occurring in states in which their firms or companies operate by downloading a document created and updated by the AICPA Special Committee on State...

Call for professor/practitioner cases.
July 1, 2003... The AICPA is now accepting proposals for cases under the 2004 Professor/Practitioner Case Development Program. This program is designed to promote collaboration of accounting educators and practitioners (not exclusive to public accounting) in...

Technical experts sought for AICPA industry panels.(Brief Article)
July 1, 2003... The Institute is reconstituting and enhancing its industry expert panels, which focus on accounting and attest matters for CPAs in certain industries. The overarching goal of the panels is to bring together members with in-depth knowledge of...

Chair's corner.
July 1, 2003... After your busy season ends, your state CPA society kicks into high gear to offer the very best continuing education programs available anywhere. The AICPA also begins its conference season in earnest. From my perspective, this also initiates a...

Summer Webcasts cover gamut of topics.(Calendar)
July 1, 2003... Several live Webcasts will take place this summer covering a range of subjects. Here are brief descriptions of them: * The CFO Roundtable Series. Explores issues most critical to corporate finance executives. From cash management and...