CPA Letter articles from November 2004

CPA Letter archives from November 2004

Learn more about increasing transparency of peer review process--visit new Web site.(member news)(Brief Article)
November 1, 2004... At its spring meeting, the AICPA governing Council approved a resolution that supports the need for increased transparency of peer review results. To provide members with resources so they can better understand and discuss the move toward...

New chair takes reins at Oct. council meeting.(Brief Article)
November 1, 2004... Robert Bunting of Seattle is the new chair of the AICPA Board of Directors. His term, which became effective at the fall governing Council meeting, will expire in Oct. 2005. On June 30, 2004, Bunting stepped down as chairman and chief executive...

AICPA annual report for 2003-2004 posted to Web site.(Brief Article)
November 1, 2004... The AICPA's annual report for the fiscal year Aug. 1, 2003, through July 31, 2004, has been posted to our Web site in PDF format. "The AICPA: Where CPAs Come Together" focuses on the initiatives, programs and services that unify CPAs and help...

Business and promotional merchandise in accessories collection proudly sport "CPA" logo.
November 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...

Dedicated Web site supporting business valuation, forensic & litigation services launched.(Brief Article)
November 1, 2004... A new dedicated Web site (www.aicpa.org /BVFLS) has launched to support members who specialize in business valuation or appraisal, forensic services, fraud investigation, economic damages analysis, family law services, litigation services and...

How to request copyright permission from AICPA.(Brief Article)
November 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. Visit www.aicpa.org/cpyright.htm and then click on the resulting copyright menu link to...

Public meeting notices.(Brief Article)(Calendar)
November 1, 2004... Accounting Standards Executive Committee: Dec. 14-15, Anaheim, Calif. Auditing Standards Board: Dec. 14-16, Orlando, Fla.

Practice alert issued on illegal acts.(accounting & auditing news)(Professional Issues Task Force)(Brief Article)
November 1, 2004... The Professional Issues Task Force has issued Practice Alert 2004-1, Illegal Acts, to provide auditors of non-issuers and their firms guidance regarding the extent of the consideration an independent auditor should give to the possibility of...

Technical questions and answers released on financial accounting, reporting issues.(accounting & auditing news)(Brief Article)
November 1, 2004... The AICPA staff, working with industry experts, released a set of technical questions and answers on financial accounting and reporting issues related to Statement of Position 03-1, Accounting and Reporting by Insurance Enterprises for Certain...

Auditing standards available on AICPA and PCAOB Web sites.(accounting & auditing news)
November 1, 2004... In Apr. the Securities and Exchange Commission approved the Public Company Accounting Oversight Board's decision to adopt the AICPA's auditing standards as the PCAOB's interim auditing standards. Cooperative discussions since that time have...

Healthcare-related technical practice aid on reporting on Medicaid/Medicare cost reports issued.(accounting & auditing news)(American Institute of Certified Public Accountants)(www.aicpa.org/download/members/div/au ditstd/reporting_on_medicaid.pdf)
November 1, 2004... The AICPA has issued a technical practice aid regarding reporting on Medicaid/ Medicare cost reports (TIS 9110.15). Members are encouraged to incorporate the guidance as soon as practicable. The practice aid is available online through...

GAO issues exposure draft of updated guidance on revised CPE requirements.(Government Accountability Office)(continuing professional education)(www.gao.gov/govaud/cpe_ed0410.pdf.)(Brief Article)
November 1, 2004... In 2003, the Government Accountability Office issued a comprehensive revision to Government Auditing Standards (also referred to as the Yellow Book). As part of that revision, continuing professional education requirements were modified so that...

SEC Staff Accounting Bulletin No. 106 issued.(Securities and Exchange Commission)
November 1, 2004... The staff of the Securities and Exchange Commission has issued Staff Accounting Bulletin No. 106 to express the staff's views regarding the application of FASB Statement No. 143, Accounting for Asset Retirement Obligations, by oil and gas...

New resource for AICPA members: marketing tool kit.(American Institute of Certified Public Accountants)(www.aicpa.org/cpamarketing/)
November 1, 2004... The AICPA and the New Jersey Society of CPAs have teamed together to provide small firms and sole practitioners with a comprehensive new marketing resource. The CPA Marketing Tool Kit is now available free to all AICPA members through...

Enterprise Risk Management Framework released to assist companies of all sizes identify, manage risks.(Committee of Sponsoring Organizations of the Treadway Commission)(Book Review)
November 1, 2004... In late Sept., the Committee of Sponsoring Organizations of the Treadway Commission, of which the AICPA is a member, released Enterprise Risk Management--Integrated Framework. The framework describes the essential components, principles and...

Enterprise Risk Management--Integrated Framework.(Brief Article)
November 1, 2004... Enterprise Risk Management--Integrated Framework (No. 990015CPA11) details the essential components of ERM and the context in which they are effectively implemented. In addition, it sets out key concepts that relate to the effective application...

Chair's corner.
November 1, 2004... I recently spoke with a past chair of the AICPA Board of Directors who expressed amazement at the amount of time the chair is now required to spend on AICPA activities. As we compared his experience with those of more recent AICPA chairs, one...

Joint task force report on estate and gift tax reform available.(tax info)
November 1, 2004... A joint task force report examining the changes to federal wealth transfer taxes, which were brought about by the Economic Growth and Tax Relief Reconciliation Act of 2001, is now available (www.cpa2biz.com/tax). Entitled Report on Reform of...

AICPA welcomes SEC proposed rule on use of XBRL in commission filings, encourages public companies to adopt XBRL.(technology)(American Institute of Certified Public Accountants; Securities Exchange Commission; Extensible Business Reporting Language)(Brief Article)
November 1, 2004... In response to recent actions by the Securities and Exchange Commission on XBRL-tagged data in commission filings (The CPA Letter, Sept.), the AICPA believes this is an ideal time for companies to embrace the XBRL (Extensible Business Reporting...

XBRL taxonomy released for public comment.(extensible business reporting language)(US Financial Reporting Taxonomy Framework)(www.xbrl.org/us/usfrtf/2004-08-15/TaxonomyFrameworkOverview.htm)
November 1, 2004... XBRL-US recently released the US Financial Reporting Taxonomy Framework (USFRTF) as a public working draft. The goals of this extensive framework, which includes industry taxonomies for the commercial & industrial, banking and savings, and...

Guide to help members control spam released.
November 1, 2004... Spam technology ranked number two on the AICPA's list of Top Technologies for 2004. The list identifies the technology issues that are expected to have the greatest future impact on CPAs, businesses and consumers. It is developed and updated...

Working Families Tax Relief Act of 2004 extends many expiring individual, business-related provisions.
November 1, 2004... Several expiring tax provisions affecting individuals and businesses were extended when the Working Families Tax Relief Act of 2004 was signed into law by President Bush in Oct. In addition, the legislation includes a "uniform definition of...

2004 corporate tax returns videocourse.(CPE news)
November 1, 2004... 2004 Corporate Tax Returns Videocourse (DVD--No. 112610CPA11; VHS--No. 112611CPA11). Presenter Sidney Kess leads a team of tax authorities in reviewing major tax developments affecting 1120 and 1120S return preparation for 2004 and provides...

2004 individual tax returns videocourse.(CPE news)
November 1, 2004... 2004 Individual Tax Returns Videocourse (DVD--No. 113600CPA11; VHS--No. 113601CPA11). Presenter Sid Kess and team review major tax developments affecting 1040 return preparation for 2004 and provide planning strategies. Ideal for on-site staff...

AICPA's complete tax update for corporations and pass-through entities (2004-2005 edition).(CPE news)
November 1, 2004... AICPA's Complete Tax Update for Corporations and Pass-Through Entities (2004-2005 Edition), by Biebl and Ranweiler (No. 731571CPA11). Identify ways to integrate the latest tax law changes into your planning and compliance engagements and...

AICPA's complete tax update for individuals and sole proprietors (2004-2005 edition).(CPE news)(American Institute of Certified Public Accountants)
November 1, 2004... AICPA's Complete Tax Update for Individuals and Sole Proprietors (2004-2005 Edition), by Biebl and Ranweiler (No. 731581CPA11). Practical insights and valuable tax-savings strategies on new laws, rules and court decisions. Prerequisite:...

Accounting Trends & Techniques, 58th edition.(now available)
November 1, 2004... Accounting Trends & Techniques, 58th Edition (No. 009896CPA11) provides CPAs with a wealth of information not found anywhere else. With highlights of financial reports from 600 different companies, every aspect of today's economic environment,...

Disciplinary actions.
November 1, 2004... As a result of an investigation of alleged violations of the Codes of Professional Conduct of the AICPA and/or state CPA societies, the following ethics case has been resolved by settlement agreement under the Joint Ethics Enforcement Program:...

Happenings at Board of Directors' September meeting.(Brief Article)
November 1, 2004... Following are some of the more significant actions and events that took place at the AICPA Board of Directors' meeting Sept. 21-22: * A report was given by the National Accreditation Commission regarding the three specialty credentials'...