CPA Association News
Join live, free CAQ webcast Jan. 7 on PCAOB's proposed risk assessment standards
CPA Letter Daily | Jan 05, 2009
The Center for Audit Quality, an AICPA affiliate, will host a live, interactive webcast featuring the Public Company Accounting Oversight Board's chief auditor and other panelists discussing the PCAOB's proposed new auditing standards related to risk assessment. The PCAOB released the exposure draft in October, and comments are due Feb. 18. Get an overview of the proposed standards so you can provide informed comments. Wednesday, 1 to 2 p.m. EST. Free (without CPE). Register now.
AICPA supports SEC study recommending against suspending fair-value accounting
CPA Letter Daily | Jan 05, 2009
On Dec. 30, the Securities and Exchange Commission released its report to Congress recommending against the suspension of fair-value accounting standards. Instead, the report recommends improvements to existing practice, including reconsidering the accounting for impairments and the development of additional guidance for determining fair value of investments in inactive markets. Responding to the report, AICPA President and CEO Barry Melancon said, "The AICPA is pleased the SEC staff recommended against the suspension of fair-value accounting rules. The SEC's finding that fair-value accounting provides increased transparency and allows for better decision-making on the part of investors is consistent with the AICPA's position." Read the SEC news release for a summary of the report's findings.
Tips for using Excel offered in Technology Q&A
CPA Letter Daily | Jan 02, 2009
The January installment of the Journal of Accountancy's Technology Q&A includes tips for using Excel to create an assortment of financial scenarios and recommendations for locating hard-to-find application functions in Office 2007.
Do you think there is an advantage for early adoption of IFRS?
CPA Letter Daily | Jan 02, 2009
The Securities and Exchange Commission's proposed road map for adoption of International Financial Reporting Standards includes a proposal to allow certain eligible issuers to adopt IFRS as early as this year. The SEC estimates that about 110 companies would be eligible for early adoption. The information gathered through early adoption would help the SEC in its evaluation in 2011 of whether to require IFRS for others. But what are the benefits of early adoption that would encourage eligible companies to do it, especially in light of the multimillion-dollar cost of conversion? Tell us what you think.
Supply & Demand Report data sought from firms and educators
CPA Letter Daily | Dec 31, 2008
To help the AICPA collect the best data for its Supply & Demand Report, participation by firms and educators is essential. Various schools and firms have been invited to complete the 2009 edition of the AICPA's Trends in the Supply of Accounting Graduates and the Demand for Public Accounting Recruits survey. Data gathered is entirely confidential and will be used only in summary form. The survey is accessible online. To obtain a user ID, password and link to the survey, e-mail the AICPA's Academic & Career Development team at educat@aicpa.org. Help make the report as accurate and useful as possible, and please respond by early January.
Comments due Feb. 19 on SEC's IFRS road map proposal
CPA Letter Daily | Dec 30, 2008
Hear Arleen Thomas, CPA, AICPA senior vice president-member competency and development, give a two-minute report on the Securities and Exchange Commission's IFRS road map proposal. The road map lays out milestones and a timeline for continuing progress toward adoption of International Financial Reporting Standards for U.S. public companies starting in 2014. Comments are due Feb. 19.
New online search-marketing program available to CPA firms
CPA Letter Daily | Dec 29, 2008
A new program from the AICPA's CPA2Biz subsidiary now makes it easy and affordable for accounting firms to promote their core and specialty services on Google™. Attract and drive new clients to your Web site. Learn More.
New AICPA CPE online grading site improves navigation, simplifies login, provides feedback for follow-up study and more
CPA Letter Daily | Dec 26, 2008
Check out the new and improved AICPA CPE Online Grading Web site. Enhancements include easier navigation, a modern design, simplified login process, and the ability to stop and start an unfinished exam at any time with auto-save. In addition, now you can get feedback on incorrect answers for follow-up study upon successful completion of an exam. Go to cpegrading.aicpa.org to explore the new site.
Statement on Quality Control Standards No. 7 becomes effective Jan. 1
CPA Letter Daily | Dec 24, 2008
Statement on Quality Control Standards No. 7, A Firm's System of Quality Control, becomes applicable to a CPA firm's system of quality control for its accounting and auditing practice on Jan. 1. Issued in October 2007, this statement supersedes all previously issued and currently effective SQCSs, and establishes standards and provides guidance for a CPA firm's responsibilities for its system of quality control for its accounting and auditing practice.
AICPA publishes overhauled audit and accounting guide, Airlines
CPA Letter Daily | Dec 24, 2008
The final Audit and Accounting Guide, Airlines, provides the latest information on accounting and auditing issues affecting the airline industry. It contains information on the history of the airline industry and a description of its most important operational aspects, and addresses several new transactions and issues that have emerged over the years, including frequent-flier programs, electronic ticketing, revenue breakage, power-by-the-hour maintenance arrangements, amendable labor contracts and airline intangible assets, among others. It also includes separate chapters dedicated specifically to air cargo and regional carriers, and reflects the new risk assessment standards. Purchase the guide ($69 for AICPA members).
2008 National Management of an Accounting Practice survey commentary now available for free download
CPA Letter Daily | Dec 23, 2008
Want to know where your firm stands against the competition? Put the results of the 2008 PCPS/Texas Society of CPAs National MAP Survey to work and improve how you run your firm. The 2008 National MAP Survey Commentary from the highly regarded survey shows practitioners, especially in smaller firms, how to use the survey results to benchmark aspects of their practice. The 2008 National MAP Survey Commentary is free for downloading here.
Join live, free Jan. 7 CAQ webcast on PCAOB's proposed risk assessment standards
CPA Letter Daily | Dec 23, 2008
The Center for Audit Quality, an AICPA affiliate, will host a live, interactive webcast featuring the Public Company Accounting Oversight Board's chief auditor and other panelists discussing the PCAOB's proposed new auditing standards related to risk assessment. The PCAOB released the exposure draft in October and comments are due Feb. 18. Get an overview of the proposed standards so you can provide informed comments. Jan. 7, 1 to 2 p.m. EST. Free (without CPE). Register now.
Center for Audit Quality issues practice aid on testing journal entries; free download
CPA Letter Daily | Dec 22, 2008
The Center for Audit Quality, an AICPA affiliate, has issued Practice Aid for Testing Journal Entries and Other Adjustments Pursuant to AU Section 316. Representatives from CAQ member firms prepared this publication for use by auditors of public companies when applying certain sections of AU Section 316, Consideration of Fraud in a Financial Statement Audit, of the Public Company Accounting Oversight Board's Interim Auditing Standards. Private company auditors may follow the guidelines in the practice aid as well.
Experts answer questions about IFRS early-adoption and private-company use
CPA Letter Daily | Dec 22, 2008
In this four-minute video, experienced practitioners share their views on early-adopter advantages, the potential demand for early adoption and IFRS for private entities.
Audit committee brief published on off-balance-sheet arrangements and other disclosures
CPA Letter Daily | Dec 22, 2008
Audit committees need to understand the nature and the reason for off-balance-sheet arrangements and ensure that such relationships are adequately disclosed. A new "Audit Committee Brief" from the AICPA's Audit Committee Effectiveness Center has been published to help audit committee members gain an understanding of management's use of off-balance-sheet arrangements so they may weigh in on the appropriateness of the treatment and whether it will meet regulatory requirements. Read the brief.
Holiday message from AICPA President and CEO Barry Melancon
CPA Letter Daily | Dec 19, 2008
As 2008 draws to a close, the AICPA shares its thanks for your unwavering commitment to the profession and its hallmark values, and wishes CPA Letter Daily readers a happy and healthy new year. Looking ahead to 2009, CPAs will continue to play a critical role in rebuilding the nation's economy. Your objectivity, expertise and dedication will ensure that CPAs remain a powerful and guiding force. Watch this two-minute video in which AICPA President and CEO Barry Melancon talks about how AICPA members can continue to make a difference to employers and clients and extends his warm wishes for a hopeful and rewarding new year.
Former GAO Comptroller General: It's Time to Recognize Economic Reality
CPA Letter Daily | Dec 18, 2008
Since stepping down from his post as U.S. comptroller general at the Government Accountability Office in March, David Walker, CPA, has devoted himself to campaigning for fiscal responsibility and sounding the alarm about the ballooning federal debt. In a new video interview with the Journal of Accountancy, hear Walker discuss the national debt, the financial crisis, the challenges facing President-elect Barack Obama and the role CPAs can play in increasing financial literacy.
Important interim guidance, final tax preparer penalty regulations issued
CPA Letter Daily | Dec 18, 2008
On Dec. 15, Treasury and the IRS released interim guidance (Notice 2009-5) to address certain October 2008 legislative changes to the preparer penalty provisions in Code section 6694. Specifically, Notice 2009-5 provides a reasonable approach regarding a position that might be considered a tax shelter. It also clarifies the effective dates related to the 2007 and 2008 revisions to section 6694 and expands on the definition of "substantial authority." Dec. 15 also saw the release of final preparer penalty regulations and Revenue Procedure 2009-11. The regulations implement changes to section 6694 (and section 6695) originally enacted in May 2007 and changed in October 2008. The October changes generally lowered the standard for undisclosed tax return positions from "more likely than not" to "substantial authority." The AICPA provided input to Treasury and the IRS regarding the potential impact the section 6694 revisions could have on practitioners, particularly the "more likely than not standard," and is pleased many of its recommendations are reflected in the final regulations and interim guidance.
Proposed revised statements on standards for tax services address CPAs' requests for clarification, new federal and state laws
CPA Letter Daily | Dec 17, 2008
Proposed revised Statements on Standards for Tax Services have been exposed for comment. The current SSTSs remain in effect during the exposure period, which ends May 15, and until replaced by action of the AICPA Tax Executive Committee. Since the issuance of the current SSTSs, members have asked for clarification on various matters. In addition, certain changes in federal and state tax laws have necessitated revising SSTS No. 1, Tax Return Positions, and No. 8, Form and Content of Advice to Taxpayers. As a result, revisions to the original SSTSs have been drafted, as reflected in the exposure draft. The proposed SSTSs, as well as a copy of the current SSTSs that has been marked to indicate the proposed revisions, can be found here.
Prince Charles hosts today's Accounting for Sustainability Forum; AICPA participating in worldwide project
CPA Letter Daily | Dec 17, 2008
Accounting and business leaders from around the world are meeting today in London at a forum on accounting for sustainability hosted by Prince Charles. The forum will include remarks from Prince Charles, who founded the Accounting for Sustainability (A4S) project in 2004. AICPA President & CEO Barry Melancon, CPA, and AICPA Board of Directors' member Bob Laux, CPA, are among those representing the Institute. A4S works to research and develop systems to help public- and private-sector organizations account more accurately for the wider social and environmental costs of their activities. Watch Laux, senior director of financial accounting and reporting for Microsoft Corp., discuss how sustainability intersects with strategy and financial reporting and read this Journal of Accountancy article on the forum.
Valuable marketing tips to be found at Firm Marketing Forum Jan. 15 and 16
CPA Letter Daily | Dec 16, 2008
The economic climate presents many challenges for CPAs, but opportunities as well. Accounting professionals will be looked to for guidance in this difficult economy. Take the time to expand your client base and provide that guidance to current -- and new -- clients. Limited to just 50 participants, the AICPA Accounting Firm Marketing Forum offers interactive sessions and hands-on training. Receive timely advice and tools to help you implement successful marketing tactics to capture those new clients. Register now for this New York event and receive a discounted rate. Up to 14 CPE credits.
Free Dec. 18 Web seminar on Surviving the Economic Crisis focuses on operational finance aspect
CPA Letter Daily | Dec 16, 2008
This live, interactive audio Web presentation will focus on operational finance considerations related to the current economic crisis, including: credit and financing impacts, specific operating concerns and potential long-term implications. Actual case examples will be used to illustrate some of the more pressing operational finance issues that companies are facing today and offer potential solutions for mitigating any possible adverse effects. Members in business and industry and public accounting will benefit from this free Web event. Thursday, noon to 1:15 p.m. EST. Register now.
Hear all you need to know about the new IRS Form 990 at Dec. 17 webcast
CPA Letter Daily | Dec 15, 2008
Participate in an AICPA webcast on Dec. 17 to learn about all the important changes in the new Form 990, Return of Organization Exempt from Income Tax, and Schedules. Form 990 is the annual informational disclosure form required for most tax-exempt organizations. Organizations will begin using the revised form for tax years beginning on or after Jan. 1, 2008 (filed in 2009). Wednesday, Dec. 17, 2 to 4 p.m. EST. For more information or to register, click here.
Give us input on CPA Letter Daily
CPA Letter Daily | Dec 15, 2008
As CPA Letter Daily celebrates its three-month anniversary, we would appreciate it if you could respond to a very short survey to help us make the newsletter as informative and valuable as possible. You can stop and resume the questionnaire, but please submit it only once. Thank you for your time and input.
AICPA puts out a call for book proposals and manuscripts
CPA Letter Daily | Dec 15, 2008
The AICPA Specialized Publications Group is continually seeking to expand its portfolio of books and e-books on the issues that matter to AICPA members. If you have a completed manuscript or a proposal for a book and would like the AICPA to consider publishing your work, send an e-mail to acquisitions@aicpa.org. Include a brief description of the book and, if possible, a table of contents and sample chapter, together with the actual or anticipated date on which the completed manuscript could be delivered. Selection of any work for publication by the AICPA is at the AICPA's sole discretion, subject to terms and conditions to be negotiated with the author.
Hear SEC Chairman Christopher Cox discuss fair value, IFRS
CPA Letter Daily | Dec 12, 2008
In his speech earlier this week at an AICPA conference, Securities and Exchange Commission Chairman Christopher Cox addressed fair-value accounting and the move toward International Financial Reporting Standards. Hear what Cox has to say about fair-value measurement and it providing the kind of transparency in financial reporting investors want. Speaking about the promise of IFRS to "be a uniter of the world's capital markets and a powerful tool for investors everywhere," Chairman Cox outlined principles that will be critical to its success.
Free Dec. 18 Web Seminar on Surviving the Economic Crisis Focuses on Operational Finance Aspect
CPA Letter Daily | Dec 12, 2008
This live, interactive audio Web presentation will focus on operational finance considerations related to the current economic crisis, including: credit and financing impacts, specific operating concerns and potential long-term implications. Actual case examples will be used to illustrate some of the more pressing operational finance issues that companies are facing today and offer potential solutions for mitigating any possible adverse effects. Members in business and industry and public accounting will benefit from this free web event. Thursday, noon to 1:15 p.m. EST. Register now.
An important message for AICPA members regarding the financial services industry and the new Congress
CPA Letter Daily | Dec 11, 2008
The ongoing economic crisis has fostered a great deal of speculation on what action, if any, Congress will take on the current regulatory structure of the financial services industry. Congress is expected to begin consideration on overall reform of the financial services industry early in 2009. One topic being discussed by other financial planning organizations and industry associations is that because broker dealers and registered investment advisers are regulated differently, Congress may move to restructure the regulatory landscape. At this time, this is purely speculative, however. No one knows whether new regulation will occur, and if so, what the details would be. As part of its ongoing member advocacy efforts, the AICPA Congressional Affairs Team, in concert with the Personal Financial Planning Team, is closely monitoring the regulatory structure issue. The teams have a reach that extends to Capitol Hill, other financial planning organizations and related industry associations. The AICPA is committed to making our profession's voice heard to ensure that any proposed legislation serves the needs of our members and the public interest. We will keep you apprised of all developments.
CPA Definition poster available from CPA Marketing Toolkit online
CPA Letter Daily | Dec 11, 2008
Because of the high demand, the limited supply of printed "CPA Definition" posters made available Wednesday to CPA Letter Daily readers unfortunately has been depleted. To accommodate member requests, a high-resolution downloadable image of the 20-by-24-inch poster has been added to our CPA Marketing Toolkit. You'll also find there an 8-by-10-inch poster and a small image that can be used for Word documents, PowerPoint presentations, business cards, stationery and other purposes. The CPA Marketing Toolkit contains numerous resources to help you promote your practice and services. To see the full range of contents, click here. Thank you for your interest.
"CPA definition" poster available free for limited time to CPA Letter Daily readers
CPA Letter Daily | Dec 10, 2008
In response to inquiries, the AICPA has created a limited supply of "CPA definition" posters available free to the first 350 CPA Letter Daily readers upon request. The 20-by-24-inch poster prominently features the definition of a CPA's hallmarks (Commitment. Performance. Accountability.) as it appeared on the cover of the AICPA's current annual report. To receive the poster, sent in a mailing tube, e-mail service@aicpa.org with the subject line "Free Poster Request." Include in the e-mail your name and street address (no P.O. boxes accepted; United States only) and AICPA member number, if applicable. Please allow three weeks for delivery via UPS ground service. One poster per person. No charge for the poster or mailing through this special, limited-time offer for CPA Letter Daily readers while supplies last. To view the poster, obtain a downloadable high-resolution file for an 8-by-10 poster, or get thumbnail artwork for Word documents, PowerPoint presentations, stationery or business cards, access the CPA Marketing Toolkit.
Webinar on investment advisory performance metrics to be offered Dec. 10
CPA Letter Daily | Dec 09, 2008
The Investment Advisory: Essential Performance Metrics Web seminar is designed to provide a foundation for advanced application strategies and additional investment vehicles for use with clients. Among the topics to be covered are return calculations, risk measurement techniques and performance measurement and evaluation. Wednesday, Dec. 10, 1 to 2:30 p.m. EST. Click here to register.
Free inaugural IFRS webcast to be held Dec. 12
CPA Letter Daily | Dec 09, 2008
A first in a new series, the IFRS Quarterly Webcast Series -- IFRS 101: The Essentials, will review the background and history on IFRS convergence efforts, the proposed SEC roadmap published on Nov. 14 and what it means to you, a summary of critical differences between IFRS and U.S. GAAP, and how all of these changes will affect your firm or company. Friday, Dec. 12, 2 to 4:30 p.m. EST. FREE (when not attaining CPE). Register now.
What to do with the client you'd like to fire
CPA Letter Daily | Dec 09, 2008
They come in all flavors: The Bargainer, The Whiner, The Bad Risk. In this environment, CPAs cannot afford to expend their resources on maintaining the wrong kind of client. This article in AICPA Insider shows you how to spot them early and what to do.
Free partnership tax developments infocast offered Friday
CPA Letter Daily | Dec 08, 2008
Gain a more practical understanding of this year's partnership tax changes in a Dec. 12 live, interactive infocast. The AICPA will cover the many recent legislative and regulatory developments in the complex area of taxation so you can stay up to date and serve your partnership and LLC clients. Friday, 1 to 3 p.m. EST. Free (without CPE). Click here for information and to register.
Is there still fraud? In a word, yes
CPA Letter Daily | Dec 08, 2008
A typical U.S. organization loses 7% of its annual revenue to fraud. Christopher McKittrick, CPA, AICPA Director of Members in Business, Industry and Government, discussed this fact and many others uncovered in a recent biannual study by the Association of Certified Fraud Examiners. For example, the finding reveals that fraud occurs in all types of organizations (e.g., approximately 40% occurred in private companies, 28% in public companies, 18% in government and 14% in not-for-profit). To read the study's highlights, visit the AICPA's Financial Management Center. For information about the AICPA's Certified in Financial Forensics Credential, visit www.aicpa.org/cff or email cff@aicpa.org.
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