CPA Letter articles from October 2001

CPA Letter archives from October 2001

Members' views on proposed global credential initiative summarized.(American Institute of Certified Public Accountants)(Brief Article)
October 1, 2001... At its spring meeting, Council authorized a membership vote on a bylaw change to allow the AICPA to establish a separate entity that would issue a new global business credential in the United States. Council's resolution also required that a...

France joins Global Credential initiative.(Brief Article)
October 1, 2001... France has become the latest member of the Global Credential Steering Committee, the international consortium of accountancy organizations that is exploring the creation of the new credential. France's leading accountancy body, the Conseil...

World Congress of Accountants to be held next year in Hong Kong.
October 1, 2001... The 16th World Congress of Accountants will be held in Hong Kong, Nov. 18-21, 2002. The congress, a worldwide event, is being organized by the Hong Kong Society of Accountants along with the International Federation of Accountants. ...

Practice Alert 2001-2 issued.(Brief Article)
October 1, 2001... Practice Alert 2001-2, Audit Considerations in Times of Economic Uncertainty, has been issued. The alert is to be used as a tool to remind auditors of issues to consider during a slowing economy. A copy of the alert is included in copies of...

FASB issues Statement on Asset Retirement Obligations.(Financial Accounting Standards Board)(Brief Article)
October 1, 2001... The Financial Accounting Standards Board has issued Statement No. 143, Accounting for Asset Retirement Obligations. Initiated in 1994, the project focused on accounting for the costs of nuclear decommissioning. However, the board later expanded...

New AICPA national leadership summit offered.(Brief Article)
October 1, 2001... Participate in a unique new two-day summit, May 2-3, 2002, in Las Vegas to discover the secrets behind successful leadership. Management expert Tom Peters; AICPA President and CEO Barry Melancon; and Michael Saylor, Co-Founder, Chairman and CEO...

Public meeting notices.
October 1, 2001... 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: Nov. 29-30, Washington, D.C. Accounting Standards Executive Committee:...

IRS answers requests for tax relief for victims of terrorist attacks. (tax info).(Brief Article)
October 1, 2001... In response to requests from the AICPA and other organizations, the Internal Revenue Service has announced administrative tax relief for individual and business taxpayers who are unable to meet their federal tax obligations because they were...

AICPA expresses sympathy, establishes new fund for victims of national disaster; Benevolent Fund can help CPAs.(Brief Article)
October 1, 2001... In a statement expressing sympathy and support to those affected by the terrorist attacks last month, and commending rescuers and volunteers working in the aftermath, the AICPA announced it is establishing the CPAs in Support of America Fund,...

Profession mobilizes to help each other, victims of terrorist attacks.(Brief Article)
October 1, 2001... In response to the destruction and devastation resulting from the Sept. 11 terrorist attacks on our soil, the AICPA in concert with CPA2Biz is orchestrating a major relief effort. A Disaster Recovery Resource Center was launched on Sept. 21 on...

House of Representatives moves ahead with relief to victims. (just in ...).(Brief Article)
October 1, 2001... The U.S. House of Representatives unanimously passed a tax relief bill (H.R. 2884) for the victims of the terrorist attacks. Among its provisions, the bill extends to the victims the treatment regarding both estate and income taxes that...

Department of Labor extends deadline for employee benefit plan filings, provides other ERISA compliance guidance. (just in ...).(Brief Article)
October 1, 2001... The U.S. Department of Labor's Pension and Welfare Benefits Administration has announced an extension of the deadline for filing Form 5500s and Form 5500-EZs, and issued general guidance on ERISA compliance regarding employee benefit plans...

ERISA compliance guidance. (just in ...).(Employee Retirement Income Security Act)(Brief Article)
October 1, 2001... The PWBA recognizes plan fiduciaries may encounter an array of problems regarding investment of employee benefit plan assets upon the reopening of the securities markets. Under these circumstances, plan fiduciaries may in good faith find it...

Department of Labor reviewing timely remittance of participant contributions by Employee Benefit Plans. (regulatory matters).(Brief Article)
October 1, 2001... The AICPA's Employee Benefit Plans Expert Panel has learned that the Department of Labor's focus on reviewing the timeliness of employee remittances has recently involved a review of the benefit plan administrator's ability to remit funds on a...

Employment liability program recently introduced. (member news).(Brief Article)
October 1, 2001... CPA EmployerGard, an insurance product relating to employment liability, was recently launched by the AICPA Professional and Personal Liability Committee. According to Ken Hughes, the committee's new chairman, "In the rapidly changing areas of...

Enhancements to CPA Life Insurance Plan announced. (member news).(Brief Article)(Statistical Data Included)
October 1, 2001... The AICPA Life Insurance/Disability Plans Committee recently announced new enhancements to the CPA Life Insurance Plan -- the individual life insurance program for members and spouses. An additional five years of life insurance is now...

Disciplinary actions.
October 1, 2001... 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.(Brief Article)
October 1, 2001... I had written my column many weeks before the horrific tragedy that struck our nation and the world on Sept. 11, and so it is not devoted to that event. However, it is important for me to start the column by conveying my personal and heartfelt...

Graders for CPA exam sought.(Brief Article)(Statistical Data Included)
October 1, 2001... The AICPA is seeking CPAs to assist in grading the Nov. 2001 Uniform CPA Examination. The grading period begins approximately 2-3 weeks after the examination is administered and continues for about six weeks. Graders must provide a minimum of...

Now available.(Brief Article)(Statistical Data Included)
October 1, 2001... Risk Management: A CPA's Toolkit for a Changing Environment (No. 056503CPA10), by Anthony E. Davis, Esq.; Marcia Gordon, CPA; and Robert H. Spencer, Ph.D. As CPA firms of all sizes add more services to their offerings, the threat of exposure or...

Privacy act notification rules apply to accountants involved in litigation/family law engagements.(Brief Article)
October 1, 2001... On or before July 1, 2001, CPAs providing financial or tax preparation services to individual clients were required to notify all such clients of their privacy policy. The Gramm-Leach-Bliley Act and related Federal Trade Commission regulations...