CPA Association News
AICPA releases business and industry guide to understanding internal control for smaller entities
CPA Letter Daily | Mar 19, 2010
A new AICPA white paper describes the concept of internal control and the internal control services that smaller entities may hire a CPA practitioner to perform. The guidance is targeted to both audit committee members and financial managers who must understand how such services and independence may affect the CPAs they hire to perform compilations, reviews or audits. Download the white paper now.
Register today: Learn the ABCs of risk oversight at March 23 Webcast
CPA Letter Daily | Mar 19, 2010
Take away an understanding of what you need to start a risk management program. Learn how to develop a risk management process, and the right risk culture. At this live CFO Roundtable event, leading experts share their insights, tips and expertise. Live video Webcast. Tuesday, March 23, 2 to 4 p.m., ET. Register today.
10 questions CPAs should ask about cloud computing
CPA Letter Daily | Mar 18, 2010
Tens of thousands of companies are saving money and improving productivity by adopting cloud computing. If you want to see if it can do so for yours, the experts at Diversity Analysis can help. Download the paper, Ten Questions to Ask Your Cloud Vendor, and learn how cloud computing can transform your finance organization and discover the key questions to ask. You'll also find out why many finance departments -- including OpSource, Platinum Hospitality, Bulk TV & Internet and Faith Promise Church -- are flocking to cloud computing. Download the white paper today.
SEC to hold public seminar on XBRL on March 23; available as Webcast
CPA Letter Daily | Mar 18, 2010
The Securities and Exchange Commission will conduct a public seminar on March 23 at 1 p.m., ET, to help answer frequently asked questions about the rules and technology requirements on interactive data (XBRL). It will be held at the SEC's headquarters and available by Webcast on the SEC Web site. For more information, visit the AICPA Web site.
Register today: Live Web seminar on fair value measurements
CPA Letter Daily | Mar 17, 2010
On Thursday, March 18, the AICPA's FVS Section brings you Update on FASB ASC 820 (SFAS 157) - Fair Value Measurements, a live audio infocast. Hear the ongoing challenges and practical solutions for FAS 157, now codified as ASC 820 – Fair Value Measurements. The panel will discuss: the types and sources of information that can be provided by the valuation analyst and referenced by the auditor to test valuation assumptions and judgments applied in the current environment; illustrative examples of FAS 157 valuations that are getting the SEC's attention in registrant reviews; and recent amendments made to FAS 157. Thursday, March 18, 3 to 5 p.m., ET. CPE: 2 credits. Register now.
Now accepting applications for 2010 AICPA Leadership Academy
CPA Letter Daily | Mar 17, 2010
The 2010 AICPA Leadership Academy offers up-and-coming CPA leaders a unique opportunity to develop the critical communication and leadership skills they need to build consensus, mobilize consent and inspire others to action. A select group of 25 applicants will be exposed to cutting-edge training in an intimate workshop setting and will work alongside the profession's top leaders and similarly driven young CPAs. Apply online or nominate a promising colleague before May 1, 2010, and help shape the future of the CPA profession.
AICPA campaign promotes CPAs during tax season; hear AICPA spots today
CPA Letter Daily | Mar 16, 2010
As part of the AICPA's tax season outreach, the Institute is sponsoring the tax tip segments on WCBS 880 news radio, which reaches more than 2 million listeners in the eastern United States every week. From March 11 through March 19, the AICPA is mentioned five times each day when the tax tips are featured. You can hear the spots today (Eastern Time) at 9:13 a.m., 11:13 a.m., 1:13 p.m., 3:13 p.m. and 9:13 p.m. In addition, the AICPA's Web site banner runs periodically on WCBS' Web site, as does the Institute's year-round ad showcasing a CPA's value as an adviser throughout the year.
Register today: Live Webcast updates you on relevant SEC regulations and projects
CPA Letter Daily | Mar 16, 2010
Get a better understanding of Securities and Exchange Commission recent announcements and regulations from leading experts. This live interactive Web event keeps you up to date on important SEC matters. Wednesday, March 17, 2 to 4 p.m., ET. Register today.
AICPA co-sponsors Caribbean conference on accounting profession's future
CPA Letter Daily | Mar 15, 2010
As an active member of the Institute of Chartered Accountants of the Caribbean (ICAC), the AICPA is a sponsor of the 28th Annual Caribbean Conference. This year's conference, entitled "Responding to Change, Reshaping the Accounting Profession in the Caribbean," will be held June 24 to 26, 2010, in Nassau, Providence, Bahamas. It will cover a number of important topics, including "Responding to Change through Risk Management" and "Responding to Change through Corporate Governance." To learn more about this year's event and to register (early bird registration ends April 5), visit www.bica.bs.
Last day to help AICPA build houses in Haiti through CPAs in Support of America Fund
CPA Letter Daily | Mar 15, 2010
As part of the AICPA's ongoing relationship with Habitat for Humanity, the Institute has been collecting donations to pay for at least 10 core houses for families in Haiti. If you are interested in contributing to the cause on behalf of the profession, please consider the AICPA's CPAs in Support of America Fund, Inc., a 501(c)(3) entity. Today is the last day to make a donation. For more information, visit the AICPA Web site or call 877.CPA.4ALL during business hours. The AICPA thanks you for your support.
Get linked into latest practice management and technology advancements for CPAs
CPA Letter Daily | Mar 12, 2010
Stay abreast of the latest developments in practice management, cloud-based technologies and business strategies that are transforming the way CPAs work and collaborate with clients. Join the AICPA Trusted Business Advisor Solutions group on LinkedIn and become part of a growing community of accounting and financial professionals sharing ideas and best practices on how they're improving their client accounting practice and delivering on their trusted business advisor status.
Live Web seminar: Comparing Morningstar/Ibbotson and Duff & Phelps' Data and Cost of Capital for Distressed Companies
CPA Letter Daily | Mar 11, 2010
On Wednesday, March 17, the AICPA's FVS Section brings you Roger Grabowski, ASA and James Andersen, CPA/ABV/CFF, ASA as they discuss the controversial issue of cost of capital as a critical element in business valuation. This live audio infocast will cover how to utilize data in order to determine cost of capital as well as cost of capital measures for distressed companies. Join our thought leaders as they share tips and proven strategies that will help participants increase their understanding of this complex subject. Wednesday, March 17, 3 to 5 p.m., ET. CPE: 2 credits. Register now.
AICPA releases guidance on impact of DOL relief on IRC Sec. 403(b) retirement plan audits
CPA Letter Daily | Mar 11, 2010
Guidance for IRC section 403(b) retirement plans addressing the impact of U. S. Department of Labor enforcement relief on annual financial reporting rules has been released. 403(b) Retirement Plan Audits-Frequently Asked Questions, prepared by the AICPA's 403(b) Plan Audit Task Force, helps plan administrators and auditors understand the impact of DOL Field Assistance Bulletins (FABs) on requirements for large ERISA-covered 403(b) plans to submit audited financial statements to the DOL beginning with 2009 plan year filings. DOL FAB 2009-02, Annual Reporting Requirements for 403(b) Plans, and FAB 2010-01, Annual Reporting and ERISA Coverage for 403(b) Plans, provide enforcement relief for plan administrators that make good faith efforts to transition to the new annual financial reporting requirements. Download the document now.
Register today for free Web seminar on Roth IRA conversions
CPA Letter Daily | Mar 10, 2010
Whether you are a tax professional, estate planner or financial advisor, you need to be well-equipped to effectively advise clients regarding Roth IRA conversions. Join industry expert CPAs Sid Kess, Chris Hoyt, Mike Jones, Bob Keebler and Barry Picker at a Web seminar to learn valuable insights regarding the strategic factors and tactical considerations that drive Roth IRA conversion planning. Topics covered include: who should convert to a Roth IRA and who should not, recharacterizations, asset protection concerns, beneficiary designation forms, post-death and tax-free Roth distributions. Wednesday, March 17, 2 to 3:30 p.m., ET. Free for AICPA members (CPE not available). Click here to register now.
Help AICPA build houses in Haiti through CPAs in Support of America Fund
CPA Letter Daily | Mar 10, 2010
As part of the AICPA's ongoing relationship with Habitat for Humanity, the Institute is collecting donations to pay for at least 10 core houses for families in Haiti. If you are interested in contributing to the cause on behalf of the profession, please donate to the AICPA's CPAs in Support of America Fund, Inc., a 501(c)(3) entity. Contributions will be collected until March 15. For more information, visit the AICPA Web site or call 877.CPA.4ALL during business hours. The AICPA thanks you for your support.
Summary and On-demand Webcast available on XBRL -- Phase 2
CPA Letter Daily | Mar 09, 2010
Phase 2 of the Securities and Exchange Commission's mandate for XBRL use is about to begin. Large corporations are required to have detailed tagging of their footnote disclosures and next tier firms will need to start filing their financial statements in XBRL format starting in June. View an archived AICPA Webcast, XBRL -- Preparing for Phase II and Detail Tagging, by clicking here. Read an alert summarizing the information provided during the Webcast, including some SEC rule provisions.
AICPA paper explains CFO compensation plans and offers practical guidance
CPA Letter Daily | Mar 09, 2010
The economic crisis has had an effect both on the choice of performance measures in CFO annual bonus plans and on the difficulty of bonus targets. The results of the 2009 CFO Compensation and Incentives Survey, conducted by Michal Matëjka of the Ross School of Business at the University of Michigan, demonstrate how the design of executive compensation plans in difficult times requires careful scrutiny. This AICPA Business Brief explains the survey results and provides practical guidance for executive compensation strategies.
RSS feeds available for CPA Letter Daily, monthly AICPA e-newsletters
CPA Letter Daily | Mar 08, 2010
Put more news on your Web sites. RSS headline feeds for the AICPA's family of e-brief products are available. Work with your Information Technology team to allocate space and design the area so it has the look and feel of your homepage. The headlines of the e-newsletter automatically will feed onto your site with each issue. Use these links to get the RSS headline feeds: CPA Letter Daily, IFRS Report, InfoTech Update, Financial Planning Digest and Forensic & Valuation Reporter. Other than the Daily, the publications are monthlies. The Daily also has a widget you can place on your site. Go to www.aicpa.org, locate the CPA Letter Daily box in the upper right corner and use its Grab this! function. The widget will replicate on the Web page you designate.
Discount available on Roth IRA conversion expert software
CPA Letter Daily | Mar 08, 2010
CCH is offering a 10% discount on the Roth IRA Conversion Expert software for AICPA Personal Financial Planning Section members who purchase the hard-copy version of The Rebirth of Roth (PFP members have access to a free electronic version of this book). With this software tool, you can quickly calculate and evaluate a variety of IRA conversion scenarios. Join the PFP Section today to benefit from this discount and save $50 on your first year of membership when you enter promocode CPALDPFP at checkout. For details regarding how to qualify for the software discount, visit aicpa.org/PFP/roth.
Register today: Web seminar on estate administration
CPA Letter Daily | Mar 05, 2010
A Web seminar, 2010 Estate Administration: What to Do If Your Client Died During the Gap Period?, will be held March 18, 1 p.m. to 2 p.m., ET. This Web event will be offered free to AICPA Tax Section and Personal Financial Planning Section members (without optional CPE). Topics to be covered include new step-up in basis rules, GST planning during the gap period, hedging security positions while awaiting a move by Congress, new step-up in basis filings through April 15, 2011, and more. Click here to register.
IASC Foundation publishes second batch of training material for IFRS for SMEs
CPA Letter Daily | Mar 04, 2010
The International Accounting Standards Committee (IASC) Foundation has published the second batch of training material for the International Financial Reporting Standard for Small and Medium-sized Entities. The training material is designed to assist companies and accounting practitioners in applying IFRS. It also will assist educators in teaching how to apply the IFRS for SMEs. Download the free modules now.
Save 20% on select AICPA CPE self-study courses; sale ends April 15
CPA Letter Daily | Mar 04, 2010
The AICPA is offering a 20% discount on a dozen self-study courses when purchased during tax season (through and including April 15). These specially priced CPE courses are available while supplies last. Use Coupon Code SPJ at checkout. For more information and to access the course information, visit the AICPA Store.
Free Roth IRA conversion client article, decision chart
CPA Letter Daily | Mar 03, 2010
CPA Letter Daily readers can download Roth IRA Conversions -- New Opportunities for 2010, a client article from Forefield Advisor and the AICPA Personal Financial Planning Section. Distribute this article to your clients as they determine whether a Roth conversion in 2010 is the right decision for them. Also, Bob Keebler is sharing a desk-top version of a Roth Conversion Decision Chart he created to help you advise clients. If you're not an AICPA PFP Section member and you want to learn more about additional Roth resources available for members (including a downloadable version of Bob Keebler's Roth IRA Conversion Decision Chart, archived webcasts, free electronic version of The Rebirth of Roth: A CPA's Guide to Ultimate Client Care and more), visit aicpa.org/PFP/roth. Join the PFP Section today and save $50 on your first year of membership when you enter promocode CPALDPFP at checkout.
AICPA looking for IFRS experts to help develop certificate of accomplishment program
CPA Letter Daily | Mar 03, 2010
The AICPA Learning team is developing an IFRS Certificate of Accomplishment program for CPAs and chartered accountants that will equip participants with the knowledge and experience to apply IFRS in the U.S. The AICPA is seeking subject matter experts with extensive IFRS knowledge and experience in IFRS application and/or training to help develop the program. SMEs should have active CPA or CA credentials; broad knowledge of both IFRS and U.S. GAAP; experience applying IFRS at the transaction and financial reporting levels; experience converting an entity from a national GAAP to IFRS; and experience training others in IFRS. For more information, click here.
Visit JournalofAccountancy.com to get the information you need fast
CPA Letter Daily | Mar 02, 2010
It's busy season, but make sure to continue getting the professional news you need to know -- visit JournalofAccountancy.com and its new online news archive, featuring the latest JofA news on the profession's hottest topics, all in one location. The Journal of Accountancy Web site also offers practical articles and the magazine's popular columns, an extensive library of videos and full-text search of 13 years of archives. And you can find accounting news and engage with JofA editors and fellow CPAs on the Journal of Accountancy's Facebook and Twitter pages.
Stay up to date -- Follow CPA Letter Daily on Twitter
CPA Letter Daily | Mar 01, 2010
CPA Letter Daily's Twitter enables CPAs and accounting professionals to get the latest headlines, AICPA news and retweets of major stories in real-time each day. Twitter users also can have CPA Letter Daily tweets sent to an RSS reader or mobile device. Join more than 4,400 of your colleagues and follow CPA Letter Daily on Twitter at CPALetter_Daily.
AICPA Auditing Standards Board issues additional exposure draft resulting from Clarity Project
CPA Letter Daily | Mar 01, 2010
The Auditing Standards Board has issued proposed Statement on Auditing Standards, Consistency of Financial Statements, resulting from its Clarity Project. This proposed SAS would supersede AU section 420, Consistency of Application of Generally Accepted Accounting Principles, in AICPA Professional Standards. Comments are due May 19, 2010. Read how the proposed SAS differs from SAS No. 1, section 420.
AICPA illustrative accountants' report on SIPC exclusion is still pending approval
CPA Letter Daily | Feb 26, 2010
Recently, the AICPA Stockbrokerage and Investment Banking Expert Panel developed an example of an illustrative independent accountants' report on applying agreed-upon procedures related to the entity's claim for exclusion from membership in SIPC (Form SIPC-3). This draft report is being reviewed by the specified parties. Once all parties have agreed, an illustrative example of such report will be posted here. The AICPA will keep members informed of any developments.
Help AICPA build houses in Haiti: Call in a donation by credit card today for deduction on 2009 tax return
CPA Letter Daily | Feb 26, 2010
As part of the AICPA's ongoing relationship with Habitat for Humanity, the Institute is collecting donations that would pay for at least 10 core houses for families in Haiti. The AICPA's CPAs in Support of America Fund, a 501(c)(3) entity, has reached about two-thirds of its target amount. Contributions made before March 1 are deductible on 2009 tax returns. For more information, visit the AICPA Web site or call 877.CPA.4ALL during regular weekday business hours. (You must call today for credit card payments to be eligible for the 2009 tax deduction.) The AICPA thanks you for your support.
Global Accounting Alliance releases report on simplifying financial reporting
CPA Letter Daily | Feb 25, 2010
The Global Accounting Alliance has published "Making Financial Reporting Simpler and More Useful: The Way Forward," a report on the roundtables convened in London, Beijing and New York by the GAA in 2009. The AICPA co-hosted the New York panel. The report provides emerging thoughts and ideas and proposed solutions for more efficient financial reporting. Download the report.
AICPA asks House members to support bill requiring GAO Comptroller General be a CPA
CPA Letter Daily | Feb 25, 2010
On Monday, Feb. 22, AICPA President and CEO Barry C. Melancon, CPA, and AICPA Chairman of the Board Robert R. Harris, CPA/CFF, sent a letter to members of the House of Representatives urging them to support H.R. 4410, which would require that the Government Accountability Office's Comptroller General be a licensed CPA. The AICPA believes that the training, discipline, commitment to objectivity and integrity that define a CPA, and the public confidence that the credential instills, will further solidify the GAO's reputation for impartial, thoughtful analysis and help guarantee that the agency will fulfill its mission to ensure the accountability of the federal government. The bill was introduced on Dec. 18, 2009.
Auditing standard exposure draft on omitted procedures released
CPA Letter Daily | Feb 24, 2010
The Auditing Standards Board has issued Proposed Statement on Auditing Standards (SAS), Consideration of Omitted Procedures After the Report Release Date, resulting from its Clarity Project. The proposed SAS supersedes AU section 390, Consideration of Omitted Procedures After the Report Date, in AICPA Professional Standards. Comments are due May 31, 2010. The proposed SAS does not change or expand SAS No. 46 (AU section 390) in any significant respect.
Help AICPA build houses in Haiti; donations by March 1 are deductible on 2009 tax returns
CPA Letter Daily | Feb 23, 2010
As part of the AICPA's ongoing relationship with Habitat for Humanity, the Institute is collecting donations that would pay for at least 10 core houses for families in Haiti. The AICPA's CPAs in Support of America Fund, Inc., a 501(c)(3) entity, has reached about two-thirds of the target amount. Contributions made before March 1 are deductible on 2009 tax returns. Donations will be collected until March 15. For more information, visit the AICPA Web site or call 877.CPA.4ALL during regular weekday business hours. The AICPA thanks you for your support.
CPAs' input sought on IRS proposal to disclose uncertain tax positions in tax returns
CPA Letter Daily | Feb 23, 2010
The AICPA is developing a response to the Internal Revenue Service's Announcement 2010-9 proposing that companies disclose uncertain tax positions on their annual income tax return filings. Members who would like to share their thoughts and concerns on this matter should e-mail comments to MemberinputonAnnouncement2010-9@aicpa.org. Submissions to this mailbox will be reviewed and considered as the AICPA works on its response. Note that the AICPA will not be able to address each submission directly. For additional information on Announcement 2010-9, visit the AICPA Tax Center.
Follow the AICPA Online
CPA Letter Daily | Feb 22, 2010
Find the AICPA on Facebook, LinkedIn and Twitter (CPA Letter Daily, AICPA News, Journal of Accountancy, The Tax Adviser, IFRS.com, AICPA Green, and 360CPAVolunteer), where members can engage with the Institute as well as with other professional colleagues. Keep up with news, pending regulation and stories of interest -- all related to the profession.
Statements on Auditing Standards No. 118–120 related to supplementary information issued
CPA Letter Daily | Feb 22, 2010
The AICPA Auditing Standards Board has issued the following three statements on auditing standards related to supplementary information: SAS No. 118, Other Information in Documents Containing Audited Financial Statements; SAS No. 119, Supplementary Information in Relation to the Financial Statements as a Whole; and SAS No. 120, Required Supplementary Information. SAS Nos. 118-120 are effective for audits of financial statements for periods beginning on or after December 15, 2010. Early application is permitted. Obtain copies of the standards from the AICPA Store (product numbers 060713, 060714 and 060715, respectively).
Put AICPA's CPA Job Finder to work
CPA Letter Daily | Feb 19, 2010
In this challenging economic environment, turn to CPA Job Finder, the AICPA's official job board. Employers can search for qualified CPAs and senior financial professionals. CPAs and other financial professionals looking for new career opportunities can post their resumes and search job listings for free. Put CPA Job Finder to work for you now.
Get a global perspective of accounting profession -- read latest issue of Global Accounting Alliance online journal
CPA Letter Daily | Feb 18, 2010
The Global Accounting Alliance, formed in November 2005, is an organization of the world's leading professional accountancy institutes. It was created to promote quality services, share information and collaborate on important international issues. As part of this effort, the GAA publishes a bimonthly online journal to which its member organizations, including the AICPA, contribute in-depth articles. The February issue of GAA Accounting is now available online. Also read the AICPA cover article, Getting to IFRS.
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