CPA Letter articles from September 2005

CPA Letter archives from September 2005

AICPA/NASBA release exposure draft on uniform accountancy act--most significant revisions since 1997.
September 1, 2005... On Aug. 1, the Joint Uniform Accountancy Act Committee of the AICPA and the National Association of State Boards of Accountancy issued an exposure draft on revisions to the UAA Statute. The UAA Statute is the joint state model licensing law of...

Two web-based specialized centers launch: financial management, tax.
September 1, 2005... As part of its effort to improve services for members in special interest areas, the Institute recently launched the Financial Management Center and the Tax Center. CPAs working in business and industry now have better access to the...

New materials added to CPA marketing tool kit.
September 1, 2005... Two new brochures and accompanying speeches have been added to the award-winning CPA Marketing Tool Kit at www.aicpa.org/cpamarketing. Both the brochure and speech, "College Planning: Easing the Financial Burden," offer financial guidance to...

Financial literacy consumer web site gets over 4.3 million hits; new book by CPA available online.
September 1, 2005... Americans are thirsty for financial guidance and information. As of the end of August, the AICPA's financial literacy Web site for consumers, www.360financialliteracy.org, registered more than 4.3 million hits. More than 2 million of those...

Comment period extended for proposed business valuation standards.
September 1, 2005... The comment period on proposed Business Valuation Standards has been extended to Sept. 30. The proposed standards consist of guidelines for the development of valuation conclusions and reporting on the results. The standards would apply to...

CPA Letter supplements available.
September 1, 2005... To obtain the public accounting, business and industry, government or education member-segment supplements produced this month with The CPA Letter, visit: www.aicpa.org/pubs/cpaltr/ sep2005/supps/index.htm

AICPA pleased with new PCAOB independence and tax services rules, and remediation standard.(regulatory matters)
September 1, 2005... Saying the Public Company Accounting Oversight Board was "very receptive to our members' comments and accepted most of our recommendations," the AICPA stated it was generally pleased with the PCAOB's adoption of recent new rules and a standard...

OMB issues Circular A-133 2005 Compliance Supplement.(Office of Management and Budget)
September 1, 2005... On July 15, the Office of Management and Budget issued the Circular A-133 2005 Compliance Supplement. The Supplement, which is updated each year, identifies important compliance requirements that the federal government expects to be considered...

Interpretations on auditing fair values released.(accounting & auditing news)
September 1, 2005... The AICPA recently issued two Interpretations of Statements on Auditing Standards pertaining to auditing fair values: Auditing Derivative Instruments, Hedging Activities, and Investments in Securities; and Auditing Interests in Trusts Held by a...

Proposed SAS on communication of internal control released for comment.(Statement on Auditing Standards)(Brief Article)
September 1, 2005... The Auditing Standards Board has issued an exposure draft of a proposed Statement on Auditing Standards that would supersede SAS No. 60, Communication of Internal Control Related Matters Noted in an Audit. Comments on the exposure draft are due...

Accounting and Review Services Committee issues new standards.
September 1, 2005... The AICPA's Accounting and Review Services Committee has issued Statement on Standards for Accounting and Review Services No. 12, Omnibus Statement on Standards for Accounting and Review Services--2005 (No. 060650CPA09). Statement on Standards...

FASB releases proposal on uncertain tax positions.
September 1, 2005... In step with its effort to improve the quality of financial reporting, the Financial Accounting Standards Board has published an exposure draft of a proposed Interpretation, Accounting for Uncertain Tax Positions. The exposure draft seeks to...

GASB develops implementation guide for Statements 43 and 45 on OPEB.
September 1, 2005... As a part of its mission to guide and educate the public about its standards, the Governmental Accounting Standard Board has published a Guide to Implementation of GASB Statements 43 and 45 on Other Postemployment Benefits. The guide was...

Toolkit produced for Audit Committees of government entities.
September 1, 2005... A new toolkit has been developed for use by audit committees at all levels of government to help them discharge their responsibilities appropriately and effectively. The Audit Committee Toolkit. Government Organizations is available for free...

Chair's corner.
September 1, 2005... This is my last Chair's Corner. The temptation is to try tot something profound, but experience tells me that profundity, at least in my case, occurs more often by accident than by design. Instead, I'd like to use this final opportunity to...

CPA optimism on economy falls from six months ago.
September 1, 2005... CPAs serving as chief executive officers, chief financial officers and in other financial positions are less optimistic about the U.S. economy than they were six months ago, according to the results of the AICPA's Business and Industry Economic...

Beyond Vision and Mission--Reaching Operational and Financial Goals in Governments and NPOs.
September 1, 2005... Beyond Vision and Mission--Reaching Operational and Financial Goals" in Governments and NPOs, How to Actually Implement Organizational Strategy, by Lynda M. Dennis, CPA. Moving from the strategic planning phase to the implementation phase is...

The Adviser's Guide to Understanding Health Savings Accounts.(now available)
September 1, 2005... The Adviser's Guide to Understanding Health Savings Accounts' (No. 091020CPA09), by Gary S. Lesser. Esq., Christine Keller, Esq., Susan D. Diehl. Created by the Medicare Prescription Drug, Improvement, and Modernization Act of 2003, the Health...

AICPA Professional Standards.(now available)
September 1, 2005... AICPA Professional Standards (No. 005105CPA09) offers a seamless source of professional standards applicable to non-public companies and contains pronouncements issued by the AICPA. Pronouncements--in this edition--are arranged by subject with...

Technical Practice Aids.(now available)
September 1, 2005... Technical Practice Aids (No. 005145CPA09) contains all outstanding AICPA Statements of Position, Practice Bulletins and Practice Alerts issued through June 1, 2005, and includes--in a separate section--Public Company Accounting Oversight Board...

Disciplinary actions.(AICPA)
September 1, 2005... 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:...

SAS No. 70 auditing guidance.(CPE news)
September 1, 2005... SAS No. 70 Auditing Guidance (DVD/Manual, No. 180301CPA09; VHS/Manual, No. 180300CPA09). Based on the AICPA Audit Guide, this course is designed for CPAs who audit entities that outsource financial processing and prepare SAS No. 70 audit...

AICPA's annual accounting and auditing update workshop, 2005 edition.(CPE news)
September 1, 2005... AICPA's Annual Accounting and Auditing Update Workshop, 2005 Edition (Text, No. 736181CPA09; DVD/Manual, No. 187189CPA09; VHS/Manual, No. 187089CPA09). Whether you are in industry or public practice, this course keeps you current, informed and...

Understanding the mechanics of health savings accounts.(CPE news)
September 1, 2005... Understanding the Mechanics of Health Savings Accounts (DVD/Manual. No. 180311CPA09: VHS/Manual, No. 180310CPA09). Understand the basics and complexities surrounding HSAs with the comprehensive guidance provided on this evolving area. Video...

Purchase and sale of closely held businesses: advanced real world tax strategies.
September 1, 2005... Purchase and Sale of Closely Held Businesses: Advanced Real World Tax Strategies (No. 732860CPA09). Follow real-life situations so you can be your client's trusted strategic adviser. Coverage includes accounting, taxes, negotiations, business...

Highlights from Board of Directors' July meeting.
September 1, 2005... Following are some of the more significant actions that took place at the AICPA Board of Directors' meeting July 14-15: * Board members approved resolutions recognizing the 100th anniversaries of the Florida Institute of CPAs and the...

Information sought on firms that may provide services in Virgin Islands.(Brief Article)
September 1, 2005... In connection with providing grants to the Virgin Islands Department of Education, the U.S. Department of Education is considering requiring VIDE to contract with a third-party services to provide financial management services in the...