CPA Letter articles from July 2005

CPA Letter archives from July 2005

Council approves moving forward with exploring GAAP for private companies.(Generally Accepted Accounting Principles)
July 1, 2005... Here are some of the more significant actions and events that took place at the governing Council meeting May 23-24: * A resolution passed to proceed with working with the Financial Accounting Standards Board to evaluate potential changes...

Secretary Snow speaks to council--praises financial literacy, addresses Social Security.(Brief Article)
July 1, 2005... U.S. Secretary of the Treasury John W. Snow addressed the governing Council on a broad palette of issues, including the need for improved financial literacy among Americans and Social Security reform. "I want to commend AICPA for its 360...

Remember to renew your AICPA membership.(American Institute of Certified Public Accountants)(Brief Article)
July 1, 2005... It is time to renew your AICPA membership for 2005-2006 if you have not already done so. AICPA annual dues statements were mailed last month. For your convenience, you can pay your dues online at www.aicpa.org/about/dues.htm. This method is the...

Members warned about calls from "AICPA employee" looking for firm staff names.(American Institute of Certified Public Accountants)(Brief Article)
July 1, 2005... The AICPA has learned that during the past few months, someone posing as an AICPA employee has been contacting accounting firms claiming to need a list of the firm's employees under various pretenses (e.g., internal auditors on staff to send...

AICPA commends Congress for introducing Privacy Protection Act.(American Institute of Certified Public Accountants)(Brief Article)
July 1, 2005... Representatives Mark Kennedy (R-Minn.) and Collin Peterson (D-Minn.) recently introduced the Privacy Protection Act of 2005, H.R. 2387, which would amend the privacy provision of the Gramm-Leach-Bliley Act applicable to CPAs. In essence, it...

Paychex Partner Program from AICPA Business Solutions expands to include 401(k).(American Institute of Certified Public Accountants)(Brief Article)
July 1, 2005... The Paychex Partner Program from AICPA Business Solutions has expanded to include Paychex 401(k) Recordkeeping services. The partner program began in late 2003 when Paychex was selected as the preferred provider of payroll services by CPA2Biz....

AICPA Annual Members' Meeting to be held on October 25.(American Institute of Certified Public Accountants)
July 1, 2005... The AICPA's Annual Members' Meeting will be held on Tuesday, Oct. 25, at the Westin Mission Hills in Rancho Mirage, Calif. Members also are invited to observe Council's deliberations, which will take place Oct. 24-25. CPE will be provided, as...

Public meeting notices.(Calendar)
July 1, 2005... Accounting and Review Services Committee: July 19-20, Chicago; Sept. 20-21, New York Peer Review Board: Aug. 2, Chicago

Revisiting tax reform--AICPA updates study on tax alternatives.(tax info)
July 1, 2005... The AICPA is striving to provide policymakers and interested individuals with a clear understanding of the issues and alternatives involved in federal tax reform, and to foster informed discussion by providing unbiased information and analysis...

AICPA supports repeal of alternative minimum tax.(tax info)
July 1, 2005... By endorsing H.R. 1186, The Alternative Minimum Tax Repeal Act of 2005, sponsored by Rep. Phil English (R-Pa.), the AICPA is supporting repeal of the individual and corporate alternative minimum tax. The AMT was created to ensure that all...

360 degrees of Financial Literacy effort extends to target women.
July 1, 2005... Women's unique financial needs are now being addressed by the AICPA's 360 Degrees of Financial Literacy for Women campaign, an extension of the national financial literacy effort. Developed by the AICPA's Personal Financial Planning membership...

How to obtain permission to reprint CPA Letter articles.(Certified public accountants)
July 1, 2005... Be advised that our authorized permissions agent, Copyright Clearance Center, can provide you with quick permission for the reproduction of articles from The CPA Letter. The CCC will always advise you of the required permission fee before...

Chair's corner.(experience of a business leader)
July 1, 2005... Over the past 23 years as CEO of my firm, I have occasionally been called upon to play judge or referee in disagreements between my partners. This usually occurred when the disagreement had degenerated from a business issue into a personal one....

CPA Marketing Tool Kit wins award; new brochure, speech offered on business consulting.(Certified public accountants)(Brief Article)
July 1, 2005... The AICPA Communications Team proudly announced that the CPA Marketing Tool Kit (www.aicpa.org/cpamarketing) has received a Big Apple Award from the Public Relations Society of America, New York Chapter, in the category of Marketing...

Special feature: the year in review.(Private companies's guidance)
July 1, 2005... As a professional organization, the AICPA has two critical goals: to help CPAs live up to their time-honored commitment to the public interest, and to provide timely, effective solutions to the challenges CPAs face in maintaining their...

AICPA ... where to turn.(American Institute of Certified Public Accountants)(Directory)
July 1, 2005... Address and employment information can be changed online through www.aicpa.org/about/dues.htm. Or, members can e-mail, mail or fax the information to the Member Service Center in New Jersey (see Member Service Center for additional services...

Now available.(Audit and Accounting Guide of Employee Benefit Plans)(Auditing Derivative Instruments, Hedging Activities, and Investments in Securities)(Employee Benefit Plans Industry Developments: Audit Risk Alert)(Government Auditing Standards and Circular: 133 Audits)(State and Local Governments)(Tax, Health Care and Legal Issues )(Book Review)
July 1, 2005... New Edition--Employee Benefit Plans-Audit and Accounting Guide (No. 012595CPA07). Acquire definitive guidance for successful solutions to the unique problems of auditing and reporting on financial statements for all types of employee benefit...

Updated for 2005--audits of banks and other financial institutions.(Brief Article)
July 1, 2005... Updated for 2005--Audits of Banks and Other Financial Institutions (No. 732441CPA07). Step-by-step guidance through the key balance sheet and income statement accounts helps you make the difficult transition from a commercial audit to a...

New edition--FASB review for industry, 2005-2006.(Financial Accounting Standards Board)(Brief Article)
July 1, 2005... New Edition--FASB Review for Industry, 2005-2006 (No. 730562CPA07). This popular self-study course is tailored to the specific needs of CPAs in corporate management and provides comprehensive coverage of recent FASB, AcSEC, IASB and E1TF...

Updated for 2005--accounting for stock options and other stock-based compensation.(Brief Article)
July 1, 2005... Updated for 2005--Accounting for Stock Options and Other Stock-Based Compensation (No. 732087CPA07). A must for CPAs whose business clients or employers have, or are considering, option plans, including the revised SFAS No. 123. Recommended CPE...

Fraud has been found: now what?
July 1, 2005... Fraud Has Been Found: Now What? (No. 732890CPA07). From the AICPA and the Association of Certified Fraud Examiners, you will find the methods and techniques to obtain information that conforms to the rigors of the roles of evidence in this new...

Accounting for income taxes: applying SFAS No. 109.(Brief Article)
July 1, 2005... Accounting for Income Taxes: Applying SFAS No. 109 (No. 732790CPA07). This new self-study course addresses the application of this complex standard to many common differences between financial accounting and tax compliance. Recommended CPE...

Help AICPA benevolent fund help your colleagues.(American Institute of Certified Public Accountants)(Brief Article)
July 1, 2005... 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...

FASB issues statement on accounting changes and error corrections.(accounting & auditing news)
July 1, 2005... The Financial Accounting Standards Board has issued Statement No. 154, Accounting Changes and Error Corrections, a replacement of APB Opinion No. 20 and FASB Statement No. 3. The statement (available from www.fasb.org) applies to all voluntary...

GASB publishes user guide on government finances.(Governmental Accounting Standards Board)(Brief Article)
July 1, 2005... The Governmental Accounting Standards Board has published a new volume in its User Guide Series. Written for nonaccountants, What Else You Should Know about a Government's Finances: A Guide to Notes to the Financial Statements and Supporting...

Disciplinary actions.(investigations of certified public accoutants)(Brief Article)
July 1, 2005... 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:...

Succession planning for small firms tackled in new resources.
July 1, 2005... Succession planning routinely comes up as an urgent issue for CPA firms. To help members work through this challenge, the AICPA and its firm membership section, the Private Companies Practice Section (PCPS), have launched an extensive...