CPA Letter articles from September 2000

CPA Letter archives from September 2000

SEC Proposes Sweeping Rules; Ripple Effect Could Impact Firms that Audit Private Companies.(United States Securities and Exchange Commission)
September 1, 2000... Putting the very future of the CPA profession on the line, the Securities and Exchange Commission in late June proposed sweeping rules that, if enacted in their current form, would force a restructuring of the accounting profession. The most...

Proposed Global Professional Business Designation Initiative Continues to Move Ahead.(Cognitor)(Brief Article)
September 1, 2000... Steady, swift progress over the past several months on the proposed global professional business designation has brought the initiative to a critical point. Later this month the volunteer leadership of each of the eight accountancy institutes...

Personal Financial Specialist Exam to Be Given November 17.(Brief Article)
September 1, 2000... Join the more than 2,700 CPAs already using the Personal Financial Specialist designation, awarded to members who have demonstrated their competency and experience in providing personal financial planning services. The PFS designation will...

Have Instant Access to AICPA InfoBytes.(Brief Article)
September 1, 2000... This past summer the Institute launched AICPA InfoBytes, a new online learning library designed to help members enhance and update their professional knowledge and fulfill CPE requirements. If you purchased an annual subscription to AICPA...

$100 Billion Mark Surpassed by AICPA Insurance Trust.(www.cpai.com)(Brief Article)
September 1, 2000... Life insurance in force under the AICPA Insurance Trust has increased by more than $1 billion since Jan. 1, 2000, bringing total coverage in force to more than $100 billion. Only some 3% of the life insurance companies in the United States have...

CPA Letter Supplements and Practice Alert 00-3 Available.(American Institute of Certified Public Accountants)(www.aicpa.org/pubs/cpaltr/index.htm)(Brief Article)
September 1, 2000... To obtain any of the member-segment supplements or Practice Alert 00-3 produced this month with The CPA Letter: Dial 201/938-3787 from a fax machine and key in document nos.: large firms, 1550; medium firms, 1551; small firms, 1552;...

Practice Alert 00-3 issued on Auditing Construction Contracts.(Brief Article)
September 1, 2000... Practice Alert 00-3, Auditing Construction Contracts, has been issued. This Alert documents "best practices" for auditing construction contractors and companies using the percentage-of-completion method of accounting. The alert is included...

Congress Includes AICPA GST Tax Proposal in Estate Tax Bill; Other Institute-Backed Changes Poised for Action.(Brief Article)
September 1, 2000... Congress included the proposal the AICPA helped develop to modify the generation skipping transfer tax in its bill to repeal estate taxes. Unfortunately, that does not mean problems related to the GST tax are about to be solved. President...

Two New Conferences Offered on Eldercare and Technology Assurance.(Brief Article)
September 1, 2000... AICPA/CICA ElderCare Conference. Every year more and more people are living longer. To find out how to grow your practice by providing needed services to this growing market, come to the AICPA/CICA ElderCare Conference being held on Oct. 26-27...

Exposure Draft of Proposed Statement of Position Released on Investment Partnerships.(Brief Article)
September 1, 2000... The AICPA's Accounting Standards Executive Committee has issued an exposure draft of a proposed statement of position, Amendment to Scope of Statement of Position 95-2, Financial Reporting by Nonpublic Investment Partnerships, to Include...

AICPA Amendment Added to House Bill to Set Up Privacy Commission.(American Institute of Chartered Public Accountants)(Brief Article)
September 1, 2000... The House is set to consider a bill to establish a "Commission for the Comprehensive Study of Privacy Protection" that includes an AICPA amendment requiring the Commission to report on third-party verification as an enforcement mechanism....

First XML Specification Released for Financial Statements.(XBRL)(Brief Article)
September 1, 2000... The first eXtensible Markup Language specification for Business Reporting for U.S. commercial and industrial companies was released on July 31. With the release of XBRL for Financial Statements, both public and private companies can begin to...

Firms Terminated from Peer Review Program.(Brief Article)
September 1, 2000... Effective May 2, 2000, the following firms were terminated from the AICPA peer review program for failure to cooperate with the AICPA Peer Review Board. Hearing panels deemed that these firms did not complete the corrective or monitoring...

chair's corner.(Robert K. Elliott on accountancy profession)(Brief Article)
September 1, 2000... The New Economy can be dated from the invention and subsequent miniaturization of the semi-conductor, resulting in cheap and abundant information. This information dramatically improves coordination in virtually every facet of our lives: *...

Online Corporate Governance Seminar to Be Offered in November.
September 1, 2000... With "Implementing Good Corporate Governance" as its theme, an online seminar series is being offered by law.com through the AICPA. Starting on Nov. 6 and running through Nov. 17, the Web-based program will offer presentations on the following...

now available.(Training materials)
September 1, 2000... AICPA Technical Practice Aids (Including Statements of Position) (No. 005130CPA09) contains all outstanding statements of position and practice bulletins issued through June 1, 2000, including SOP 00-1, Auditing Health Care Third-Party Revenues...

Highlights of Board of Directors' July Meeting.
September 1, 2000... Among other actions at its meeting on July 13-14, the AICPA Board of Directors: * Discussed the draft Report and Recommendations of the Public Oversight Board's Panel on Audit Effectiveness and expressed concern for many of the panel's...

Volunteers Needed to Grade CPA Exams.
September 1, 2000... The AICPA is seeking CPAs to assist in grading future Uniform CPA Examinations. The grading period for the exam, which is given in Nov. and May, begins two to three weeks after the exam is administered and continues for about six weeks. Graders...