AICPA News Update - July 20, 2012 

    Provide Input for AICPA's Development of New Financial Reporting Framework for SMEs 
    Published July 20, 2012

    AICPA
           
      AICPA
    AICPA News Update
    A Weekly Email Newsletter on Issues & Events Surrounding the CPA Profession
     
     
     
     
      In This Update: July 20, 2012 - Volume 15 No. 29  
     
    Members Encouraged to Protect Themselves from Email Scams
    SEC Releases Staff Paper on IFRS; No Recommendation or Timeline for Decision Included
    Provide Input for AICPA’s Development of New Financial Reporting Framework for SMEs
    ASEC Issues Audit Data Standard Exposure Draft
    AICPA Sends Tangible Property Regulation Comments to IRS
    New Tool Available to Help CPA, CGMAs Build Strong Teams
    Free Webinar: Understand Insurance Products for Employee Benefit Plans
           
     
    Members Encouraged to Protect Themselves from Email Scams
     

    Various kinds of cyber-attacks continue to be reported around the nation. All members and businesses should be aware of risks with technology and best practices to protect their systems and personal data. Fraudulent email schemes (“phishing”) are particularly difficult to guard against so learn how to check if an email is valid before clicking on a link and downloading a virus. Read the AICPA’s information on avoiding modern day IT threats, a recent fraudulent email received by members and the public, and how to identify a valid email from the AICPA. Furthermore, members are advised that the AICPA never initiates an ethics investigation via email.

      Back to Top
    SEC Releases Staff Paper on IFRS; No Recommendation or Timeline for Decision Included
     

    A Securities and Exchange Commission staff report released July 13 offers 127 pages of detail on how International Financial Reporting Standards are developed, maintained and performing globally, and the potential challenges and benefits of their use by U.S. public companies. The report did not contain a recommendation on whether U.S. public companies should be allowed or required to adopt IFRS for their financial reporting. The AICPA applauded the SEC's efforts and urged commissioners to allow U.S. public companies the option to adopt IFRS. Read this JournalofAccountancy.com article for more information.

      Back to Top
    Provide Input for AICPA’s Development of New Financial Reporting Framework for SMEs
     

    Millions of private companies do not need to use or are not required to provide stakeholders financial statements prepared in accordance with U.S. GAAP but want an accounting system that has undergone public comment and professional scrutiny, and is consistently applied. To address this marketplace need, the AICPA is developing a new self-contained financial reporting framework for small- and medium-sized entities. This non-GAAP accounting option will be less complex and less costly and will be a blend of accrual income tax methods and traditional accounting methods. Members who are involved in the private company environment are asked to respond to an online survey to assist the AICPA as we gather information about this financial reporting framework. Read more about this important initiative in this month’s blog post by AICPA Chairman of the Board of Directors, Gregory J. Anton, CPA, CGMA.

      Back to Top
    ASEC Issues Audit Data Standard Exposure Draft
     

    The Emerging Assurance Technologies Task Force of the AICPA Assurance Services Executive Committee has issued an exposure draft titled Audit Data Standard. The full exposure draft, dated July 18, is a voluntary, uniform audit data standard that provides a common framework covering data, meta data and validation routines to assess the completeness and integrity of data. The standard provides key information needed for audits and includes standards that address both the general ledger and accounts receivable sub-ledger. The comment period ends on Sept. 17.

      Back to Top
    AICPA Sends Tangible Property Regulation Comments to IRS
     

    The AICPA has submitted comments to the Internal Revenue Service, recommending changes to recently issued temporary regulations governing the deduction and capitalization of tangible property expenditures. The comment letter focuses on a number of areas, including administrative burden and complexity, inadequate illustrative examples, and the treatment of materials and supplies. Read this article from JournalofAccountancy.com and the press release for more information.

      Back to Top
    New Tool Available to Help CPA, CGMAs Build Strong Teams
     

    Accounting is a team concept and not an independent function. To be successful, CPA, CGMAs must enhance their skills in developing a strong and interdependent team. A new tool, offered jointly by the AICPA and CIMA, provides information on how financial leaders can shape their teams’ behaviors, make team decisions by consensus and facilitate the team in creating their own tools, value systems and standards to help them foster a team culture. How to Develop a Strong and Interdependent Team is available for download on CGMA.org.

      Back to Top
    Free Webinar: Understand Insurance Products for Employee Benefit Plans
      This free (without CPE) webinar, Understanding Insurance Products Offered to Employee Benefit Plans Live Forum, to be held 1 to 3 p.m. ET on July 25, will provide an overview of various insurance company products offered to employee benefit plans to help participants gain a better understanding of these investments. The objectives of this webinar are too describe the most common insurance company products held by plans, provide an understanding of the nature of these insurance company products, address valuation issues related to these products and provide an opportunity to "ask the experts."
      Back to Top
     

    “As a newer member of the profession, 125 years means I am part of a professional legacy, with values and traditions that are time-tested.”
    David K. Golbahar, CPA

     
       



    A A A


     
    Copyright © 2006-2014 American Institute of CPAs.