CPA Letter articles from May 2004

CPA Letter archives from May 2004

AICPA poll shows health care, taxes top list of small business concerns.(news update)
May 1, 2004... Health care and taxes are the top concerns of small businesses, according to the results of the first online poll of the AICPA Virtual Grassroots Panel. The poll, conducted in Feb., provides a snapshot of the small business environment in which...

Business and promotional merchandise in accessories collection proudly sport "CPA" logo.
May 1, 2004... Tens of thousands of members visibly display the "CPA" logo on their business cards, letterhead, promotional literature, signage, and even on lapel pins. In addition, many members use business gifts and giveaway merchandise which also...

AICPA to confer public service awards to individual and to firm.(Public Service Award)(Brief Article)
May 1, 2004... To help recognize individual CPAs and firms who have distinguished themselves for community service, the AICPA will this year confer two Public Service Awards: an individual Public Service Award and a Public Service Award for Firms. This is the...

Top three scorers of November 2003 CPA exam announced.(Brief Article)
May 1, 2004... Winners of the Elijah Watt Sells Awards for attaining the three highest combined scores on the Nov. 2003 CPA Examination have been announced. Alison Rae Mathis of Tampa, Fla., received the highest score among the 59,500 candidates who took the...

How to request copyright permission from AICPA.(copyright permission)(Brief Article)
May 1, 2004... Members and others who wish to reproduce content from any AICPA publication (or Web site) must first obtain copyright permission from the Institute. The procedure for requesting permission is to first display our Web site homepage on the...

Public meeting notices.
May 1, 2004... Accounting Standards Executive Committee: June 8-9, New York Auditing Standards Board: May 4-6, Washington, D.C. Council: May 23-25, Scottsdale, Ariz. Professional Ethics Executive Committee: May 6-7, San Antonio, Tex.

GAO clarifies CPE requirements under "Yellow Book".(regulatory matters)(Yellow Book CPE requirements)(Brief Article)
May 1, 2004... In June 2003, the U.S. General Accounting Office issued a revision to Government Auditing Standards (also known as the "Yellow Book"). Among the many changes to the standards were modifications to the continuing professional education...

House votes not to increase administrative liability of accountants when client is an insured financial institution.(legislation)(Brief Article)
May 1, 2004... With strong support from the AICPA, the House of Representatives voted to delete a section in H.R. 1375 which was passed by the House Financial Services Committee that would have authorized the federal banking agencies to take administrative...

Two new programs join Elite Values Program.(disciplinary actions)(Netspoke)(Elite Values Program)(Brief Article)
May 1, 2004... Staples and Netspoke (a Web and audio conferencing company) recently have joined the roster of member affinity partnerships, our Elite Values Program. Staples provides AICPA members with special pricing on many of the office products most...

Computerized CPA Exam launched Apr. 5; online professional literature offered to candidates.(disciplinary actions)(Membership Terminated)(Joint Ethics Enforcement Program)
May 1, 2004... The computerized Uniform CPA Examination launched successfully on Apr. 5, thanks to joint efforts by the AICPA, the National Association of State Boards of Accountancy and Thomson Prometric. The computer-based exam is more closely aligned with...

Firm terminated from peer review program.(disciplinary actions)(Cain & Firley)(AICPA Peer Review Program)(Brief Article)
May 1, 2004... Effective Dec. 12, 2003, the firm of Cain & Firley of Stuart, Fla., was terminated from the AICPA Peer Review Program. A hearing panel deemed the firm did not acknowledge its agreement to take corrective or monitoring actions on its most recent...

Annual report of AICPA disciplinary activity.(Joint Ethics Enforcement Program)(Professional Ethics Division)(Joint Trial Board Division)(American Institute of Certified Public Accountants)
May 1, 2004... January 1-December 31, 2003 and 2002 The following is a statistical report of the disciplinary activity of the AICPA, including cases investigated by the Professional Ethics Division, cases handled by the Joint Trial Board Division and...

AICPA flags compliance with new dividend tax rate as biggest challenge for taxpayers and practitioners this tax season.(tax info)
May 1, 2004... Complying with the new 15% dividend tax rate was the biggest challenge for taxpayers and practitioners this tax filing season, the AICPA said in testimony before Congress in late Mar. The Institute said brokerage firms and mutual funds were...

IRS small business/self employed operating division tells board it continues to sharpen focus, resources on enforcement.(tax info)
May 1, 2004... At its Mar. meeting, the Internal Revenue Service Oversight Board discussed the status of the IRS Small Business/Self Employed Operating Division. SB/SE Commissioner Dale Hart told the board that the division continues to align its resources...

Seminars.(CPE news)
May 1, 2004... Start your 2004 CPE season with the AICPA's wide variety of high-quality seminars. Visit our course listing at www.aicpa.org/promotions/ courses/courseslist.asp for dates and locations of the following popular seminars as well as hundreds of...

Audit committee responsibilities after Sarbanes-Oxley.(Self Study)(AICPA CPE videocourse)(Brief Article)
May 1, 2004... Audit Committee Responsibilities After Sarbanes-Oxley (VHS, No. 181180CPA05; DVD, No. 181181CPA05). Audit committee best practices are shared by a panel of leading CPAs based on their own experiences in this new AICPA CPE videocourse....

Foundations in governmental accounting: in GASB we trust.(Self Study)
May 1, 2004... Foundations in Governmental Accounting: In GASB We Trust (No. 731641CPA05). Whether you need a refresher--or are just starting out in this area--you will find guidance in the post-GASB 34 environment. Prerequisite: None. Recommended CPE credit...

Cash- and tax-basis financial statements--preparation and reporting.(Self Study)
May 1, 2004... Cash- and Tax-Basis Financial Statements--Preparation and Reporting (No. 733085CPA05). How OCBOA affects audit, compilation and review procedures and reports is covered in this AICPA self-study course. Prerequisite: None. Recommended CPE credit...

Family limited partnerships: saving taxes and protecting clients.(Self Study)(Brief Article)
May 1, 2004... Family Limited Partnerships: Saving Taxes and Protecting Clients (No. 734450CPA05). Take full advantage of the unique opportunities offered by the FLP and other new and sophisticated asset protection devices. Prerequisite: Basic knowledge of...

Practice aid on valuing privately held company equity securities to be released.(accounting & auditing news)(Valuation of Privately-Held-Company Equity Securities Issued as Compensation)(Brief Article)
May 1, 2004... This month the AICPA will release a new practice aid titled Valuation of Privately-Held-Company Equity Securities Issued as Compensation (No. 006617CPA05). It identifies best practices related to the valuation of and disclosures related to the...

Technical Practice Aid updated with question on real estate investments.(accounting & auditing news)(Brief Article)
May 1, 2004... In a new query in the Technical Practice Aid (TPS 6930.05), AICPA staff has addressed the issue of the sale of real estate investments held by employee benefit plans and discontinued operations. For detailed information, visit:...

FASB Publishes proposal on stock options to improve accounting, provide greater transparency.(accounting & auditing news)(Financial Accounting Standards Board )(Brief Article)
May 1, 2004... In response to requests from investors and many other parties to improve the current accounting standards relating to employee stock compensation in financial statements, the Financial Accounting Standards Board has published an exposure draft,...