AICPA News Update Vol. 13 No. 47 

    Published November 05, 2010

    AICPA

    AICPA News Update

    A Weekly Email Newsletter on Issues & Events Surrounding the CPA Profession

    In This Update:

    November 5, 2010 - Volume 13 No. 47

    CPA Caucus in House Grows to Seven
    AICPA Responds to SEC Request for Comment on IFRS Work Plan
    Competition Helps High School Students Think Creatively About a Future in Accounting
    AICPA Submits Letter to IRS on Form 1041-A
    Read the Latest Issue of Global Accounting Alliance’s Online Journal
    Exhibit Issued for AICPA Audit Guide Compilation and Review Engagements
    CPA Caucus in House Grows to Seven

    Seven CPAs were elected to the House of Representatives on November 2, including five incumbents and two challengers. CPAs John Campbell, a California Republican; Michael Conaway, a Texas Republican; Lynn Jenkins, a Kansas Republican; Collin Peterson, a Minnesota Democrat; and Brad Sherman, a California Democrat, will each return for new terms.  Additionally, Steven Palazzo, a Mississippi Republican, and Jim Renacci, an Ohio Republican, defeated incumbents in their races. For more information, read this JournalofAccountancy.com article.

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    AICPA Responds to SEC Request for Comment on IFRS Work Plan

    In a letter to the Securities and Exchange Commission (SEC), the AICPA said it heard from CPAs in business and industry that an “adequate transition period will be the most important consideration in mitigating concerns” outlined in the SEC’s request for comment. The AICPA comment letter responds to topics in the SEC’s International Financial Reporting Standards work plan affecting issuers, such as the potential impact on contractual agreements. Read the AICPA’s comment letter for more information and this JournalofAccountancy.com article. Additionally, on October 29, the SEC released a progress report on its work plan covered in this JournalofAccountancy.com article.

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    Competition Helps High School Students Think Creatively About a Future in Accounting

    “CPA does not stand for Cherry Preserves Archivist. It stands for something more fun and less sticky: Certified Public Accountant.” The AICPA’s StartHereGoPlaces website asks high school students to create humorous antidefinitions for the acronym C-P-A as well as descriptions for what the CPA designation means. The student with the most creative entry will receive a laptop and grant money for their school and will see their entry in an ad in a career magazine. School students between the ages of 15-19 may participate at StartHereGoPlaces.com until November. 17.

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    AICPA Submits Letter to IRS on Form 1041-A

    The AICPA recently sent a letter to the Internal Revenue Service requesting that certain trusts not be required to file Form 1041-A, U.S. Information Return Trust Accumulation of Charitable Amounts. The trusts to be covered by this exception are complex trusts that claim charitable deductions under section 642(c) of the Internal Revenue Code of 1986 solely for contributions flowed through to them from partnerships and S corporations. The AICPA suggested that a Notice be issued allowing an administrative exception to the Form 1041-A filing requirement and that the instructions be revised to add a fourth exception, namely, that the trustee of a trust whose deduction under section 642(c) is solely attributable to its share of charitable contributions made by partnerships and/or S corporations is not required to file Form 1041-A.

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    Read the Latest Issue of Global Accounting Alliance’s Online Journal

    The Global Accounting Alliance (GAA), 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 October issue of GAA Accounting is now available online.

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    Exhibit Issued for AICPA Audit Guide Compilation and Review Engagements
    In December 2009, the Accounting and Review Services Committee issued Statement on Standards for Accounting and Review Services (SSARS) No. 19, Compilation and Review Engagements, representing the most significant changes to the compilation and review literature since the issuance of SSARS No. 1, Compilation and Review of Financial Statements, in December 1978SSARS No. 19 is effective for compilations and reviews of financial statements for periods ending on or after December 15, 2010, with early implementation of a new compilation reporting option permitted. AR section 80, Compilation of Financial Statements, and AR section 90, Review of Financial Statements (AICPA, Professional Standards, vol. 2), are applicable to compilations and reviews of personal financial statements in the same manner as to compilations and reviews of financial statements of commercial entities. The purpose of the exhibit is to provide specific guidance regarding how those AR sections are applied in compilations and reviews of personal financial statements.
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