CPA Letter back issues from February 2007:
AICPA gives special recognition award to XBRL founder.(news update)
Feb 01, 2007 ... Charles Hoffman is the recipient of the 2006 Special Recognition Award from the AICPA for his remarkable contributions to the development of eXtensible Business Reporting Language. The award recognizes a person who has made a significant mark on the accounting profession. "Many ...
Get the most from your AICPA membership--update your member profile.
Feb 01, 2007 ... Members now can control the information they receive by updating their Membership Profiles. It will take just 5 minutes, but it will help make sure you get the most from your membership. Having your current snapshot enables us to understand who you are and what you need, and it ...
IRS officials review changes, helpful hints for 2007 filing season; AICPA produces tax season materials.
Feb 01, 2007 ... A panel of Internal Revenue Service officials and tax experts recently held a Web cast where they discussed preparation for the 2007 tax filing season, including a review of new provisions affecting individual federal tax returns for 2006, a new refund option and recommendations for ...
Members offered airline, car rental, Amtrak discounts.
Feb 01, 2007 ... The AICPA has a special agreement with Maupin Travel, Inc. of North Carolina to assist you with travel arrangements (call 800/345-5540) when attending eligible AICPA conferences or meetings. If you prefer to make your own travel plans, mention the participating airline's reference number ...
Lifetime contribution award sponsored by AICPA bestowed upon William Ferrara.
Feb 01, 2007 ... William Ferrara, Professor of Accounting Emeritus at Stetson and Pennsylvania State Universities, has received the AICPA-sponsored Lifetime Contribution Award from the Management Accounting Section of the American Accounting Association for 2007. The Lifetime Contribution Award recognizes ...
AICPA Library can help members locate information quickly, easily.
Feb 01, 2007 ... As part of its mission to provide access to its accounting collections, the AICPA Library Service has a digitizing program called the Digital Accounting Collection (DAC). More than 300 non-current AICPA exposure drafts from 1977 are now posted, with more to come. The full text of the ...
AICPA hosts second small business administration web cast on tax.
Feb 01, 2007 ... AICPA Vice President--Taxation Tom Ochsenschlager hosted the Small Business Administration's Dec. 14, 2006, Web chat, Tax Planning & Preparation for Small Businesses. Ochsenschlager responded to 52 questions from ...
CPA letter supplements available.
Feb 01, 2007 ... To obtain the public accounting, business and industry, government or education member-segment supplements ...
Public meeting notices.(Calendar)
Feb 01, 2007 ... Accounting Standards Executive ...
AICPA comments on deductibility of health insurance premiums, controlled foreign corporation look-through provision.(tax info)
Feb 01, 2007 ... A proposed Revenue Ruling the AICPA developed was recently sent to the Internal Revenue Service for consideration. The proposed ruling would provide clarifying guidance regarding the deductibility of health insurance premiums covering S corporation shareholders. In May 2006, the ...
AICPA provides Department of Labor with comments on auditor independence rules.(regulatory matters)
Feb 01, 2007 ... The AICPA recently commented on the Department of Labor's request for information (RFI) concerning the advisability of amending Interpretive Bulletin 75-9 relating to guidelines on independence of accountants retained by employee benefit plans subject to the Employee Retirement Income ...
AICPA invites proposals for management accounting research grants.
Feb 01, 2007 ... The AICPA is inviting members to submit proposals for research grants as part of its continuing program to provide thought leadership in management accounting in collaboration with the American Accounting Association's Management Accounting Section. Proposals must be submitted by Mar. 31. ...
Chair's corner.
Feb 01, 2007; ... I want to update you on three important issues our profession is dealing with and describe how the Institute is working to address them. These efforts clearly demonstrate our commitment to educating and informing members about new developments and to advocating on behalf of the profession ...
Disciplinary actions.
Feb 01, 2007 ... As a result of investigations of alleged violations of the Codes of Professional Conduct of the AICPA and state CPA societies, the following ethics cases have been resolved by settlement agreement under the Joint Ethics Enforcement Program: * Philip T. Rueth of Munster, Ind., ...
AICPA initiatives for members: an update.
Feb 01, 2007 ... Are you aware of the many AICPA initiatives to help members succeed in their professional lives? From new resources and tools to advocacy efforts that benefit members and the public, here are some recent efforts on members' behalf. Addressing Small Firm Issues ...
Employee Benefit Plans: 2006/2007 Audit and Accounting Risk Update and Alert.(CPE news)
Feb 01, 2007 ... Employee Benefit Plans: 2006/2007 Audit and Accounting Risk Update and Alert (No. 733230CPA02). Based on the AICPA's popular publication Audit Risk Alert 2006/2007, this new CPE self-study course covers the latest accounting, auditing and regulatory ...
Religious and Other Faith-Based Nonprofits: Management, Tax, and Accounting.(CPE news)
Feb 01, 2007 ... Religious and Other Faith-Based Nonprofits: Management, Tax, and Accounting (No. 733170CPA02). Understand the unique characteristics that set apart these organizations from other ...
Help AICPA Benevolent fund help your colleagues.
Feb 01, 2007 ... The AICPA Benevolent Fund was started in the 1930s to assist members and their families as they struggled through various medical and financial hardships. It represents a way for CPAs to support those who have gone before them in the profession and to reach out to "take care of their own." ...
GASB issues statement on financial impact of environmental cleanups, proposal on pension disclosures.
Feb 01, 2007 ... Reflecting its intention to ensure that costs and liabilities not specifically addressed by current governmental accounting standards are included in financial reports, the Governmental Accounting Standards Board recently issued a standard that will require state and local governments to ...
FASB seeking comments on derivative, hedging activity.
Feb 01, 2007 ... The Financial Accounting Standards Board has issued a proposal that it believes would provide investors and others with better information about the effects of derivative and hedging activities on a company's financial statements. Comments are due Mar. 2. The proposed statement ...
How CPAs should handle "comfort letter" requests from lenders, mortgage brokers.(accounting & auditing news)
Feb 01, 2007 ... AICPA members have contacted the AICPA to clarify their professional ethical obligations when asked for "comfort letters" by lenders and mortgage brokers. Depending on how practitioners respond to such requests, they may be at risk for failing to comply with AICPA professional standards ....
SAS No. 114 issued on communications regarding Governance.(Statement on Auditing Standards)(Brief article)
Feb 01, 2007 ... Statement on Auditing Standards No. 114, The Auditor's Communication With Those Charged With Governance (No. 060709CPA02), has been issued by the Auditing Standards Board. This SAS replaces SAS No. 61, Communication With Audit Committees, as amended. The new SAS establishes standards and ...
AICPA announces center focused on public company audit quality.
Feb 01, 2007 ... To better address the issues surrounding public company audits, the AICPA has established the Center for Audit Quality. Created by the AICPA and the leading public company auditing firms, the CAQ is an expansion and replacement of the AICPA's previous Center for Public Company Audit Firms ....
IFAC issues proposal to revise independence standards; CPAs encouraged to comment.
Feb 01, 2007 ... On Dec. 29, 2006, the International Ethics Standards Board for Accountants, an independent standard-setting board within the International Federation of Accountants, released an exposure draft containing significant revisions to the independence standards of the IFAC Code of Ethics for ...
ARSC issues interpretation on special-purpose financial statements to comply with contractual agreements or regulatory provisions.
Feb 01, 2007 ... The Accounting and Review Services Committee has issued Interpretation No. 28 to AR section 100. That interpretation, "Special Purpose Financial Statements to Comply with Contractual Agreements or Regulatory Provisions," provides accountants with guidance as to how they should modify the ...
Investment companies technical practice aids issued.
Feb 01, 2007 ... The AICPA staff issued accounting Technical Practice Aid Questions and Answers in response to frequently asked questions on the following topics: * Recognition of Premium/Discount on Short Positions in Fixed-Income Securities * Presentation of Reverse Repurchase ...
FASB seeks comments on valuation guidance.
Feb 01, 2007 ... In step with its mission to improve and enhance the quality, consistency and comparability of financial statements, the Financial Accounting Standards Board is seeking public comments on the topic of valuation guidance in financial reporting. Through an Invitation to Comment ...
Feed the pig campaign's success in full view.
Feb 01, 2007 ... Expectations for the profession's Feed the Pig [TM] campaign (The CPA Letter, Nov. 2006) targeting 25 to 34 year-olds were high, and results to date demonstrate growing success. While the public service announcements have been hitting the numerous media outlets and venues since late Oct ....
AICPA Gives Special Recognition Award to XBRL Founder
Feb 01, 2007; ... news update Charles Hoffman is the recipient of the 2006 Special Recognition Award from the AICPA for his remarkable contributions to the development of extensible Business Reporting Language. The award recognizes a person who has made a significant mark on the accounting ...
Get the Most from Your AICPA Membership - Update Your Member Profile
Feb 01, 2007; ... Members now can control the information they receive by updating their Membership Profiles. It will take just 5 minutes, but it will help make sure you get the most from your membership. Having your current snapshot enables us to understand who you are and what you need, and it helps us ...
IRS Officials Review Changes, Helpful Hints for 2007 Filing Season; AICPA Produces Tax Season Materials
Feb 01, 2007; ... A panel of Internal Revenue Service officials and tax experts recently held a Web cast where they discussed preparation for the 2007 tax filing season, including a review of new provisions affecting individual federal tax returns for 2006, a new refund option and recommendations for avoiding ...
Members Offered Airline, Car Rental, Amtrak Discounts
Feb 01, 2007; ... The AICPA has a special agreement with Maupin Travel, Inc. of North Carolina to assist you with travel arrangements (call 800/345-5540) when attending eligible AICPA conferences or meetings. If you prefer to make your own travel plans, mention the participating airline's reference number to take ...
Lifetime Contribution Award Sponsored by AICPA Bestowed Upon William Ferrara
Feb 01, 2007; ... William Ferrara, Professor of Accounting Emeritus at Stetson and Pennsylvania State Universities, has received the AICPA-sponsored Lifetime Contribution Award from the Management Accounting Section of the American Accounting Association for 2007. The Lifetime Contribution Award recognizes ...
AICPA Library Can Help Members Locate Information Quickly, Easily
Feb 01, 2007; ... As part of its mission to provide access to its accounting collections, the AICPA Library Service has a digitizing program called the Digital Accounting Collection (DAC). More than 300 non-current AICPA exposure drafts from 1977 are now posted, with more to come. The full text of the Accounting ...
AICPA Hosts Second Small Business Administration Web Cast on Tax
Feb 01, 2007; ... AICPA Vice President - Taxation Tom Ochsenschlager hosted the Small Business Administration's Dec. 14, 2006, Web chat, TCIM Planning & Preparation for Small Businesses. Ochsenschlager responded to 52 questions ...
CPA Letter Supplements Available
Feb 01, 2007; ... To obtain the public accounting, business and industry, government or education member-segment ...
AICPA Comments on Deductibility of Health Insurance Premiums, Controlled Foreign Corporation Look-Through Provision
Feb 01, 2007; ... tax info A proposed Revenue Ruling the AICPA developed was recently sent to the Internal Revenue Service for consideration. The proposed ruling would provide clarifying guidance regarding the deductibility of health insurance premiums covering S corporation shareholders. In May ...
AICPA Provides Department of Labor with Comments on Auditor Independence Rules
Feb 01, 2007; ... regulatory matters The AICPA recently commented on the Department of Labor's request for information (RFI) concerning the advisability of amending Interpretive Bulletin 75-9 relating to guidelines on independence of accountants retained by employee benefit plans subject to the Employee ...
AICPA Invites Proposals for Management Accounting Research Grants
Feb 01, 2007; ... The AICPA is inviting members to submit proposals for research grants as part of its continuing program to provide thought leadership in management accounting in collaboration with the American Accounting Association's Management Accounting section. Proposals must be submitted by Mar ....
chair's corner
Feb 01, 2007; ... I want to update you on three important issues our profession is dealing with and describe how the Institute is working to address them. These efforts clearly demonstrate our commitment to educating and informing members about new developments and to advocating on behalf of the profession and ...
disciplinary actions
Feb 01, 2007; ... As a result of investigations of alleged violations of the Codes of Professional Conduct of the AICPA and state CPA societies, the following ethics cases have been resolved by settlement agreement under the Joint Ethics Enforcement Program: * Philip T. Rueth of Munster, Ind., suspended ...
Members in Large Public Accounting Firms
Feb 01, 2007; ... IRS Update: What's New This Season news update According to the Internal Revenue Service, key changes in the 2007 filing season will be telephone excise tax refunds, a new refund deposit feature and recently enacted tax breaks that may require extra attention from ...
Members in Medium Public Accounting Firms
Feb 01, 2007; ... CPA Firms Grow Despite Decrease in Mergers, According to MAP Survey news update CPA firms are experiencing strong growth, with 76% reporting an increase in firm size in the last year, according to benchmark data in the 2006 National Management of an Accounting Practice Survey ...
Members in Small*Local Accounting Firms
Feb 01, 2007; ... CPA Firms Grow Despite Decrease in Mergers, According to MAP Survey news update CPA firms are experiencing strong growth, with 76% reporting an increase in firm size in the last year, according to benchmark data in the 2006 National Management of an Accounting Practice Survey ...
Members in Business and Industry
Feb 01, 2007; ... Guerilla Business Continuity Planning news & notes By Paul Clancy, CPA Last year, one of our board members raised concerns about our business given the possibility that the Avian flu might become a pandemic. Having lived through a business interruption loss occasioned ...
Members in Government
Feb 01, 2007; ... February 2007 New IRS Reporting Requirement for Tax-Exempt Interest news update In general, Section 6049 of the Internal Revenue Code requires anyone (including a government entity) to furnish Form 1099-INT each year to anyone it paid $10 or more in interest. In general, ...
Members in Education
Feb 01, 2007; ... Americans Are Taking Note: CPA/PFSs Are the Preferred Providers of Personal Financial Planning Services news update Personal Financial Planning is one of the most rapidly growing professions because many consumers are uncertain of how to manage their finances in an increasingly ...
AICPA Initiatives for Members: An Update
Feb 01, 2007; ... Are you aware of the many AICPA initiatives to help members succeed in their professional lives? From new resources and tools to advocacy efforts that benefit members and the public, here are some recent efforts on members' behalf. Addressing Small Firm Issues Information, tools ...
CPE news
Feb 01, 2007; ... Employee Benefit Plans: 2006/2007 Audit and Accounting Risk Update and Alert (No. 733230CPA02). Based on the AICPA's popular publication Audit Risk Alert 2006/2007, this new CPE self-study course covers the latest accounting, auditing and regulatory developments, as well as emerging practice ...
Help AICPA Benevolent Fund Help Your Colleagues
Feb 01, 2007; ... The AICPA Benevolent Fund was started in the 1930s to assist members and their families as they struggled through various medical and financial hardships. It represents a way for CPAs to support those who have gone before them in the profession and to reach out to "take care of their own." ...
GASB Issues Statement on Financial Impact of Environmental Cleanups, Proposal on Pension Disclosures
Feb 01, 2007; ... Reflecting its intention to ensure that costs and liabilities not specifically addressed by current governmental accounting standards are included in financial reports, the Governmental Accounting Standards Board recently issued a standard that will require state and local governments to provide ...
How CPAs Should Handle "Comfort Letter" Requests from Lenders, Mortgage Brokers
Feb 01, 2007; ... accounting & auditing news AICPA members have contacted the AICPA to clarify their professional ethical obligations when asked for "comfort letters" by lenders and mortgage brokers. Depending on how practitioners respond to such requests, they may be at risk for failing to comply ...
SAS No. 114 Issued on Communications Regarding Governance
Feb 01, 2007; ... Statement on Auditing Standards No. 114, The Auditor's Communication With Those Charged With Governance (No. 060709CPA02), has been issued by the Auditing Standards Board. This SAS replaces SAS No. 61, Communication With Audit Committees, as amended. The new SAS establishes standards and ...
AICPA Announces Center Focused on Public Company Audit Quality
Feb 01, 2007; ... To better address the issues surrounding public company audits, the AICPA has established the Center for Audit Quality. Created by the AICPA and the leading public company auditing firms, the CAQ is an expansion and replacement of the AICPA's previous Center for Public Company Audit Firms. The ...
IFAC Issues Proposal to Revise Independence Standards; CPAs Encouraged to Comment
Feb 01, 2007; ... On Dec. 29, 2006, the International Ethics Standards Board for Accountants, an independent standard-setting board within the International Federation of Accountants, released an exposure draft containing significant revisions to the independence standards of the IFAC Code of Ethics for ...
ARSC Issues Interpretation on Special-Purpose Financial Statements to Comply with Contractual Agreements or Regulatory Provisions
Feb 01, 2007; ... The Accounting and Review Services Committee has issued Interpretation No. 28 to AR section 100. That interpretation, "Special Purpose Financial Statements to Comply with Contractual Agreements or Regulatory Provisions," provides accountants with guidance as to how they should modify the ...
Investment Companies Technical Practice Aids Issued
Feb 01, 2007; ... The AICPA staff issued accounting Technical Practice Aid Questions and Answers in response to frequently asked questions on the following topics: * Recognition of Premium/Discount on Short Positions in Fixed-Income Securities * Presentation of Reverse Repurchase ...
FASB Seeks Comments on Valuation Guidance
Feb 01, 2007; ... In step with its mission to improve and enhance the quality, consistency and comparability of financial statements, the Financial Accounting Standards Board is seeking public comments on the topic of valuation guidance in financial reporting. Through an Invitation to Comment issued last ...
Feed the Pig Campaign's Success in Full View
Feb 01, 2007; ... Expectations for the profession's Feed the Pig(TM) campaign (The CPA Letter, Nov. 2006) targeting 25 to 34 year-olds were high, and results to date demonstrate growing success. While the public service announcements have been hitting the numerous media outlets and venues since late Oct. 2006, ...