CPA Letter articles from September 2006

CPA Letter archives from September 2006

AICPA launches Young CPA Network to provide tools, resources for new professionals.(news update)
September 1, 2006... The AICPA has launched the Young CPA Network in an effort to address the needs of and support for young professionals. This initiative was spearheaded by AICPA Chair Leslie Murphy to connect to and inspire the profession's future leaders. ...

Accounting profession supports new law prohibiting states from taxing nonresident partners' retirement income.
September 1, 2006... A bill supported by the AICPA and others within the accounting profession was signed into law last month by President Bush. The new law prohibits states from taxing the retirement income of partners who are not residents of that state. ...

AICPA's Melancon, SEC's Cox to speak at XBRL conference in December.
September 1, 2006... Securities and Exchange Commission Chairman Christopher Cox and AICPA President and CEO Barry Melancon will serve as keynote speakers at the 14th International XBRL Conference & Exhibition. The conference will take place Dec. 4-6 in...

AICPA Special Recognition Award goes to diversity advocate.
September 1, 2006... Bernard J. Milano, a retired partner of KPMG LLP and current president of the KPMG Foundation and KPMG Disaster Relief Fund, has received the AICPA's Special Recognition Award for his work with the KPMG Foundation's PhD Project, which seeks to...

AICPA Library offers new services for members.
September 1, 2006... A new Web-based service is available from the AICPA Library Service at the University of Mississippi. As part of its mission to provide access to its accounting collections, the AICPA Library Service has begun a digitizing program called the...

CPA Letter supplements available.
September 1, 2006... 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/sep2006/supps/index.htm

Public meeting notices.(Calendar)
September 1, 2006... Accounting & Review Services Committee: Sept. 18-19, Chicago Accounting Standards Executive Committee: Sept. 12-13, Norwalk, Conn.; Nov. 28-29, New York Auditing Standards Board: Oct. 17-19, New York

Three exposure drafts issued; comments due this month.(accounting & auditing news)
September 1, 2006... The AICPA's Auditing Standards Board recently issued three exposure drafts. All of them have comment deadlines during Sept. A proposed statement on quality control standards, A Firm's System of Quality Control, would supersede all existing...

Alternative Investments Task Force formed to explore audit evidence.(accounting & auditing news)
September 1, 2006... Over the past several years, certain not-for-profit organizations, healthcare entities, pension plans and investment companies--including funds of funds have dramatically increased their investment in financial instruments that do not have a...

FASB adds Accounting Standards for leases to its agenda.(accounting & auditing news)
September 1, 2006... The Financial Accounting Standards Board has added to its agenda a project to reconsider the current accounting standards for leases. The goal of that project is to ensure that investors and other users of financial statements are provided...

GASB issues Concepts Statement on Elements of Financial Statements.(accounting & auditing news)
September 1, 2006... The Governmental Accounting Standards Board last month proposed its fourth Concepts Statement, Elements of Financial Statements', defining the seven elements of governmental financial statements. When considered collectively, Concepts...

Targeting the bottom line: taking the guesswork out of financial management (No. 733020CPA09).(CPE news)
September 1, 2006... Find proven financial tools and techniques to assess the impact of day-to-day decisions on growing business operations and profitability. Recommended CPE credit: 10. Level: Intermediate. Prerequisite: Experience in finance, operations or...

Innovative tax planning for individuals and sole proprietors (No. 745530CPA09).(CPE news)
September 1, 2006... Author Bill Bischoff, CPA, presents the latest techniques for building and conserving wealth. Recommended CPE credit: 15. Level: Intermediate. Prerequisite: Basic knowledge of individual income taxation. Format: Text. $145 member/$181.25...

AICPA's Annual Accounting and Auditing Update Workshop, 2006 Edition.(CPE news)
September 1, 2006... AICPA's Annual Accounting and Auditing Update Workshop, 2006 Edition (Text, No. 736182CPA09; DVD/Manual, No. 187190CPA09). Whether you are in industry or public practice, this course keeps you current, informed and shows you how to apply the...

AICPA's annual business law update (No. 732830CPA09).(CPE news)
September 1, 2006... Stay on top of current business law developments through case studies based on actual legal situations. Recommended CPE credit: 13. Level: Update. Prerequisite: None. Format: Text. $145 member/$181.25 non-member.

Governmental & nonprofit annual update, 2006-2007 Edition.(CPE news)
September 1, 2006... Governmental & Nonprofit Annual Update, 2006-2007 Edition (Text, No. 731933CPA09; DVD/Manual, No. 181935 CPA09). Apply the latest accounting and auditing requirements affecting governments and not-for-profits. Coverage includes the latest in...

Disciplinary actions.
September 1, 2006... 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:...

Help protect the public interest.
September 1, 2006... Members who notice, suspect or are aware of significant deficiencies in the work of another member should seriously consider referring the matter to the Professional Ethics Division. Call the Ethics Hotline at 888/777-7077.

AICPA, AAA, IAASB launch research project to better understand users' perceptions of auditor's report on financial statements.
September 1, 2006... The AICPA, the American Accounting Association and the International Auditing and Assurance Standards Board have joined forces to launch a research initiative that will provide a better understanding of users' perceptions of the financial...

More free PCPS Practice Management Forums coming this fall.(member news)
September 1, 2006... The online PCPS Practice Management Forums series has been a huge success since its June launch. Free to PCPS members, the series will continue this fall with more live, interactive PowerPoint presentations from nationally recognized practice...

AICPA offers free infocast series on risk management; starts this month.(member news)
September 1, 2006... Effective risk management is essential for all organizations in today's environment. Leaders must be able to identify and evaluate an increasingly wide array of risks, incorporate their analysis into relevant business decisions, take...

New video on corporate fraud addresses importance of tone at the top.(just in ...)
September 1, 2006... A new 20-minute video entitled "Fraud and the Tone at the Top" features Joe Wells, CEO of the Association for Certified Fraud Examiners; AICPA President and CEO Barry Melancon; and Walt Pavlo, a former MC1/WorldCom employee arrested and...

AICPA in the media--recent highlights.(just in ...)
September 1, 2006... The AICPA's ongoing media relations efforts keep the press informed about the Institute's wide-ranging initiatives and the outstanding work of CPAs. From mid-June through the month of July, the AICPA shared the profession's perspective with the...

Happenings at the Board of Directors' July meeting.(Calendar)
September 1, 2006... Following are some of the more significant actions and events that took place at the AICPA Board of Directors' meeting July 13-14: * AICPA Chair of the Board of Directors Leslie Murphy updated the board on her outreach activities. Since its...

Where to turn for Member Services.
September 1, 2006... The AICPA Member Service Center offers assistance with updating mail and e-mail addresses, revising membership information, paying dues, registering for conferences, Web support (including www.cpa2biz.com), placing/inquiring about purchases or...

New guidance released to aid smaller public companies in implementing Internal Control systems.
September 1, 2006... New internal control guidance for smaller public companies has been issued by the Committee of Sponsoring Organizations of the Treadway Commission (COSO). The AICPA is a member of COSO, a voluntary private-sector organization dedicated to...

Chair's corner.(Editorial)
September 1, 2006... This will be my last column as chair, which gives me a chance to look back at some of the important events of my term. I believe the profession has made tremendous progress on many fronts in the past year and, as I am fond of saying everywhere...

Pension reforms enacted by congress; AICPA helps CPAs understand new rules.
September 1, 2006... The Pension Protection Act of 2006, the most comprehensive pension reform legislation since 1974, was signed into law on Aug. 17. The Act aims at strengthening pension funds, encourages greater participation in 401 (k) and other retirement...

Tax Talk Today[R] Web cast covers Bankruptcy Abuse Prevention, Consumer Protection.
September 1, 2006... On the July 11 Web cast of Tax Talk Today, an expert panel of Internal Revenue Service officials and tax experts discussed the impact of the Bankruptcy Abuse Prevention and Consumer Protection Act of 2005 on the tax administration, particularly...

AICPA Annual Members' Meeting to be held on October 24.
September 1, 2006... The AICPA's Annual Members' Meeting will be held on Tuesday, Oct. 24, at the Wynn Las Vegas Hotel in Las Vegas. Members also are invited to observe Council's deliberations, which will take place Oct. 23-24. CPE will be provided, as appropriate,...