AICPA News Update Vol. 13 No. 17 


    A weekly e-mail newsletter to help AICPA members stay up to date with the issues and events surrounding the CPA profession.

    In This Update

    April 23, 2010 – Vol. 13 No. 17

       
    IRS Releases Draft Uncertain Tax Position Schedule
         
    Auditing Standard Board Issues SSAE No. 16, Reporting on Controls at a Service Organization
        
    Free Health Care Reform Article Available for Use with Clients
       
    New 360 Degrees of Financial Literacy Website Launches
        
    AICPA Survey: Few Tap Stimulus Programs, Many Delay Major Financial Decisions
        
    Latest Global Accounting Alliance Online Journal Gives International Insights
        

     

    IRS Releases Draft Uncertain Tax Position Schedule
    The Internal Revenue Service has released a draft schedule and instructions for business taxpayers with more than $10 million in assets to report their uncertain tax positions, beginning with 2010 tax years. Comments on the draft schedule and uncertain tax position reporting proposal are due June 1. For more information, read this JournalofAccountancy.com article.

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    Auditing Standard Board Issues SSAE No. 16, Reporting on Controls at a Service Organization
    The AICPA Auditing Standards Board has issued Statement on Standards for Attestation Engagements No. 16, Reporting on Controls at a Service Organization. Read a summary of the new standard, which provides the requirements and guidance for a service auditor reporting on a service organization's controls. SSAE No. 16 supersedes the guidance for service auditors in SAS No. 70, Service Organizations (AICPA, Professional Standards, vol. 1, AU sec. 324), and is effective for service auditors' reports for periods ending on or after June 15, 2011. Earlier implementation is permitted. Resources to assist members with the new standard, including a Webcast, are being developed.

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    Free Health Care Reform Article Available for Use with Clients
    Members can download for free Summary of New Health Care Reform Law, a client article from Forefield Advisor and the AICPA Personal Financial Planning Section. Distribute this article to clients to help answer their questions about some of the most important provisions of the health care reform legislation. Also, listen to an audio clip of Bob Keebler discussing the new 3.8% Medicare tax and related planning considerations.

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    New 360 Degrees of Financial Literacy Website Launches
    Coinciding with April Financial Literacy Month, the new 360 Degrees of Financial Literacy website launched Tuesday. New features on the site include RSS feeds for each of the 10 life stages and 13 financial topics; comments and ratings for articles; a customized dashboard; quick links to social media; and an enhanced Ask the Money Dr. section. Add the new widget to your website to share 360 resources with your colleagues and clients. Through the In My State section, consumers can connect to community events organized by their state CPA society and local CPA financial literacy volunteers. To add your financial literacy event to your state page, email details to financialliteracy@aicpa.org.

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    AICPA Survey: Few Tap Stimulus Programs, Many Delay Major Financial Decisions
    Nine out of 10 respondents in a recent survey conducted by Harris Interactive for the AICPA said they have not taken advantage of U.S. government programs to stimulate the economy, such as the Cash for Clunkers incentive program or the housing stimulus tax credit. Meanwhile, six in 10 people said they were delaying major decisions, such as a vehicle purchase, buying a home or getting a medical procedure, because of financial concerns. Read this JournalofAccountancy.com or the news release for details.


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    Latest Global Accounting Alliance Online Journal Gives International Insights
    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 April issue of GAA Accounting is now available online. Also read the AICPA's articles, AICPA Launches Wiki to Compare IFRS for SMEs and U.S. GAAP and Blue Ribbon Panel to Examine Accounting Standards for Private Companies in U.S.


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