CPA Letter articles from September 2003

CPA Letter archives from September 2003

Ballots on Bylaw amendments due October 18--members express views on proposals.(Professional Ethics Executive Committee)(Members)
September 1, 2003... Last month, members were sent a mail ballot that contained proposals to amend the AICPA bylaws in order to implement enhancements to the Institute's ethics enforcement process. Members who have not yet received a ballot packet should either...

AICPA Foundation funds two television shows to increase youth's awareness of accounting, personal finance.(Brief Article)
September 1, 2003... In an effort to increase the financial literacy of America's youth, the AICPA Foundation created two new children's television shows to be broadcast on PBS YOU, a satellite affiliate of PBS. Working with Cerebellum, the nation's leading...

VP representing small firms joins staff--a new position.(Brief Article)
September 1, 2003... As part of its ongoing efforts to enhance support of small CPA firms, the AICPA created a new vice-president level position. James Metzler, previously a partner of a local firm in Buffalo, N.Y., and a nationally known consultant to small firms,...

Help strengthen AICPA's voice on Capitol Hill.(Brief Article)
September 1, 2003... The accounting profession has always been able to rely on having a strong voice in Washington, D.C., via the AICPA's Effective Legislation Committee, the Institute's political action committee. Personal contributions from AICPA members (versus...

AICPA live webcasts--the Uniform CPA Examination series.(Brief Article)
September 1, 2003... The AICPA is hosting a series of free Webcasts about the computerized Uniform CPA Examination beginning fall 2003. These live, moderated events will feature expert panelists and provide exam information and updates for educators, students,...

Public meeting notices.
September 1, 2003... Accounting & Review Services Committee: Nov. 3-4, Ft. Lauderdale, Fla. Accounting Standards Executive Committee: Oct. 28-29, New York Auditing Standards Board: Oct. 28-30, New York Other Meetings Annual Members'...

PCAOB registration deadline fast approaching; auditors of non-public broker-dealers get extension to 2005.(accounting & auditing news)(Brief Article)
September 1, 2003... Public accounting firms that audit the financial statements of "issuers" are reminded of the Oct. 22 deadline to register with the Public Company Accounting Oversight Board. Since the board can take up to 45 days to review and approve an...

Federal banking agencies adopt rules concerning discipline of auditors.(accounting & auditing news)(Federal Banking Agencies)(Brief Article)
September 1, 2003... Final rules spelling out the disciplinary actions the four federal banking agencies may impose on independent public accountants and accounting firms that perform audit and attestation services on insured financial institutions with assets...

Two exposure drafts of proposed SOPs issued.(accounting & auditing news)(Statement of Position)(Audit and Accounting Guide)
September 1, 2003... In 2002, the Accounting Standards Executive Committee added to its agenda a project that would specifically address the application of certain provisions of AICPA Audit and Accounting Guide, Audits of Investment Companies, to non-registered...

SEC Issues Qs&As on auditor independence.(Securities and Exchange Commission)(Brief Article)
September 1, 2003... The Securities and Exchange Commission has released 35 frequently asked questions about how to apply the auditor independence rules it released in Jan. Access the Qs&As from www.sec.gov/info/accountants/ocafaqaudind080703.htm.

Chair's corner.
September 1, 2003... The profession and the Institute have been at the center of tremendous change during the past year. We've been under intense scrutiny and sometimes attack. As chairman, I have focused a great deal of energy on listening to the membership and...

Disciplinary actions.(Joint Ethic Enforcement Programme)(Joint Trial Board)(Calendar)
September 1, 2003... As a result of investigations of alleged violations of the Codes 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:...

Federal banking regulators award $39 million XBRL implementation contract to modernize bank reporting system, improve efficiencies.
September 1, 2003... The Federal Deposit Insurance Corp., Office of the Comptroller of the Currency and Federal Reserve Board have jointly announced a $39 million contract they awarded to Unisys Corp. and a number of XBRL-U.S. members (PricewaterhouseCoopers,...

New report presents International Perspective on strengthening financial reporting process.(Brief Article)
September 1, 2003... "Rebuilding Public Confidence in Financial Reporting: An International Perspective," a report from an independent task force commissioned by the International Federation of Accountants, includes recommendations for strengthening corporate...

AICPA Career Center working with Catalyst to focus on women professionals in business.
September 1, 2003... The AICPA Career Center has recently partnered with Catalyst, the leading research and advisory organization working to advance women in business, in order to bring a strong focus to the career development needs of professional women. Catalyst...

Revenue recognition: guidance, implementation, and fraud concerns.(CPE news)(Revenue Recognition)(Brief Article)
September 1, 2003... Revenue Recognition: Guidance, Implementation, and Fraud Concerns (No. 181200CPA09) provides guidance in identifying the differences between aggressive accounting and financial fraud and the point at which aggressive accounting practices become...

International versus U.S. accounting: what in the world is the difference?(CPE news)(Brief Article)
September 1, 2003... International Versus U.S. Accounting: What in the World Is the Difference? (No. 731660CPA09). Major differences and similarities between IAS and U.S. GAAP are explored along with the impact on the financial and reporting process. Prerequisite:...

Governmental accounting and auditing update, 2003-2004 edition.(CPE news)(Brief Article)
September 1, 2003... Governmental Accounting and Auditing Update, 2003-2004 Edition (Text No. 736472CPA09; Videocourse No. 186476CPA09). Update your skills and provide better services with this cutting-edge course. Prerequisite: Knowledge of government auditing and...

Nonprofit auditing and accounting update, 2003-2004 edition.(CPE news)(Brief Article)
September 1, 2003... Nonprofit Auditing and Accounting Update, 2003-2004 Edition (Text No. 732068CPA09; Videocourse No. 182067CPA09). Gain a complete understanding of changes in the nonprofit environment with this new edition. Prerequisite: Knowledge of nonprofit...

Nuts and bolts of LLC and partnership taxation.(CPE news)(Brief Article)
September 1, 2003... Nuts and Bolts of LLC and Partnership Taxation (No. 731670CPA9). Recognize the provisions necessary in an LLC or partnership agreement to sustain special allocations of income or loss. Prerequisite: Completion of Taxation of LLCs, LLPs, LPs and...

Advanced planning for LLC and partnership transactions.(CPE news)(Limited Liability Company)(Brief Article)
September 1, 2003... Advanced Planning for LLC and Partnership Transactions (No. 731530CPA09). Plan now to protect your LLC and partnership clients from potential tax traps. Prerequisite: Completion of Nuts and Bolts of LLC and Partnership Taxation or equivalent...

CPE seminars.(Continuing Professional Education)(Other comprehensive Basis Of Accounting)(case studies)(Brief Article)
September 1, 2003... Stay current with the latest information on critical topics facing today's professional. In addition to the fall favorites listed below, visit www.aicpa.org/promotions/ courses/courseslist.asp for a complete listing of many other popular...

Sidney Kess receives AICPA special recognition award.(Brief Article)
September 1, 2003... Sidney Kess, an accounting lecturer and former partner at KPMG, has received the AICPA's 2003 Special Recognition Award for his work in continuing professional education. The award is given to a member of the Institute who has performed or...

Happenings at July Board of Directors' meeting.
September 1, 2003... Here are some of the more significant actions and events that took place at the AICPA Board of Directors' meeting July 10-11: * The Task Force on the Role and Responsibilities of Council briefed the board on its recommendations, and...