CPA Letter articles from June 2002

CPA Letter archives from June 2002

House passes bill to change regulation of accounting profession.(Corporate and Auditing Accountability, Responsibility, and Transparency Act of 2002)(Brief Article)
June 1, 2002... The House of Representatives passed H.R. 3763, the Corporate and Auditing Accountability, Responsibility, and Transparency Act of 2002, by a vote of 334-90 with broad bipartisan support. The bill would impose unprecedented and rigorous reforms...

AICPA takes enforcement seriously.
June 1, 2002... As the various investigations into the collapse of Enron move forward, many members are asking what steps the Institute is taking to discipline those who may have violated its Code of Professional Conduct. After all, every member, regardless of...

Client privacy notification required.(Brief Article)
June 1, 2002... The Federal Trade Commission has declined grant an exemption for CPAs and other professionals from the Gramm-Leach-Bliley Act privacy policy disclosure mies; therefore, CPAs must continue to comply with its requirements. Practically...

Expatriation tax proposals analyzed.(Expatriation Tax Task Force)(Brief Article)
June 1, 2002... The Expatriation Tax Task Force submitted to Congress and the Treasury Department in Mar. a detailed technical analysis of expatriation tax proposals. The paper discusses proposals related to tax provisions intended to deal with individual...

Important tax deadline of June 30 approaching.("Report of Foreign Bank and Financial Accounts" )(Brief Article)
June 1, 2002... Tax practitioners should consider notifying clients of their responsibility to file the "Report of Foreign Bank and Financial Accounts" (Form TDF 90-22.1) on or before June 30, 2002. This form is required to be filed by U.S. citizens and...

Member dues bills being mailed this month.(Brief Article)
June 1, 2002... Members' dues statements covering Aug. 1, 2002, to July 31, 2003, will be mailed later this month. For your convenience, online payment is available via www.cpa2biz.com. Through the dues bill, members can take advantage of some of the...

Public meeting notices.(Brief Article)
June 1, 2002... For detailed agendas, dial 201/938-3787 from a fax machine and key in document no. 1206 two weeks prior to these meetings. Accounting & Review Services Committee: July 13, Chicago Accounting Standards Executive Committee: June 25-26,...

Guidance issued for firms adding new public company clients, professional staff. (news update).(SEC Practice Section issued guidance for U.S. audit firms)(Brief Article)
June 1, 2002... In a move to ensure even greater attention is paid to audit firm quality control systems, the SEC Practice Section issued guidance for U.S. audit firms. The special guidance is directed toward audit firms taking on increased numbers of new...

Nominations sought for Fourth Annual Business and Industry Hall of Fame Awards. (awards).(AICPA Business and Industry Hall of Fame)(Brief Article)
June 1, 2002... AICPA Business and Industry Hall of Fame inductees are professionals who stand above the rest because of their charisma, character and the incalculable value they bring to their organizations. Members are invited to participate in the...

Highlights of board of directors' April meeting. (member news).(AICPA Board of Directors)(Brief Article)
June 1, 2002... Among other actions at its meeting Apr. 18-19, the AICPA Board of Directors: * Heard about stepped up efforts to communicate with the media regarding our positions and views on Enron-related developments. Emphasis also was placed on the...

The year in review: the value of your AICPA membership.(American Institute of Certified Public Accountants)
June 1, 2002... Welcome to The CPA Letter's annual "Year in Review." This special feature describes how the AICPA has worked to enhance members' professional opportunities and advance the profession. In the following section we describe some of the more...

$30 CPE discount for AICPA members. (CPE news).(Brief Article)
June 1, 2002... AICPA members receive a $30 discount when registering for any AICPA seminar offered by participating state CPA societies. Choose from more than 2,500 AICPA training programs scheduled across the country and ask for your AICPA member discount....

AICPA advanced estate planning conference offered. (conferences).(American Institute of Certified Public Accountants)(Brief Article)
June 1, 2002... July 31-Aug. 3, Portland, Ore. Recommended CPE: Up to 34 credits. Celebrating its 25th successful year, this comprehensive program offers the most advanced technical training on all current aspects of estate, gift and inheritance planning....

Disciplinary actions.
June 1, 2002... 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:...

Chair's corner.(American Institute of Certified Public Accountants)(Brief Article)
June 1, 2002... In our congressional testimony, we said the AICPA will support meaningful and appropriate reforms, and will continue to be both an advocate and a catalyst for necessary change. As I reported in my column last month, a significant change we...

Now available.(Brief Article)
June 1, 2002... New 2002 editions--AICPA Audit and Accounting Guides with conforming changes as of May 1, 2002. Dual AICPA/state society member, $42.40; AICPA member: $45.05; state society member: $47.70; non-member: $53. Available by June 26. * Audits of...

CPA2Biz unveils redesigned web site. (technology).(Brief Article)
June 1, 2002... CPA2Biz, Inc. last month announced it has completely redesigned its Web site to enhance the user experience (www.cpa2biz.com). Significant enhancements include improved site performance, navigation, creation of a user-friendly `My Account' area...

Rivio Business Services Referral Program launched. (technology).(Brief Article)
June 1, 2002... The AICPA and CPA2Biz have selected high-quality business solutions to help CPAs run their practices more efficiently and deliver value-added services to clients. Last month, the Rivio Business Services Referral Program was launched through...

AICPA webcast schedule. (technology).(American Institute of Certified Public Accountants)(Brief Article)
June 1, 2002... AICPA Webcasts are live two-hour presentations on specific topics or practice areas. Expert presenters offer advice, information and explanations to help unravel the mysteries or help CPAs through the decision-making process. To register or for...

FASB names new chairman. (accounting & auditing news).(Financial Accounting Standards Board)(Brief Article)
June 1, 2002... Robert H. Herz has been named chairman of the Financial Accounting Standards Board. Herz will succeed Edmund L. Jenkins, who will retire June 30 upon completion of his five-year term. A 28-year veteran of the accounting profession, Herz has...

FASB moves to simple majority vote; releases ED on derivatives; issues Statement 145. (accounting & auditing news).(Financial Accounting Standards Board)(Brief Article)
June 1, 2002... Following proposals to streamline its process, the Financial Accounting Foundation has decided to change the FASB's voting process from a supermajority to a simple majority vote. The decision received unanimous support by the FAF Trustees and...