AICPA News Update - Sept. 21, 2012 

    New Private Company Council Priorities to Include FIN 48 
    Published September 21, 2012

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    AICPA News Update
    A Weekly Email Newsletter on Issues & Events Surrounding the CPA Profession
     
     
      In This Update: September 21, 2012 - Volume 15 No. 38  
     
    New Private Company Council Priorities to Include FIN 48
    ED Released for Comment on Partner Equivalent and Related Revisions
    COSO Releases Another ED on Internal Control Revisions
    Audit Data Standard Comment Period Extended
    Learn How to Analyze Profitability
            
     
    New Private Company Council Priorities to Include FIN 48
     

    The standard on accounting for uncertainty in income taxes known as FIN 48 is among the first issues newly named Private Company Council Chair Billy Atkinson wants to review. Atkinson on Wednesday discussed FIN 48 and other priorities for the new 10-member council, which will propose modifications and exceptions to U.S. GAAP for private companies. Read this article from the Journal of Accountancy for more information.

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    ED Released for Comment on Partner Equivalent and Related Revisions
     

    The AICPA Professional Ethics Division issued an omnibus exposure draft dated Sept. 19 that contains a proposed definition of partner equivalent and related revisions as well as the proposed deletion of the holding out requirement and proposed related revisions to the definitions of professional services and public practice. Comments are due Nov. 19.

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    COSO Releases Another ED on Internal Control Revisions
     

    The Committee of Sponsoring Organizations of the Treadway Commission, of which the AICPA is a member, has released for public comment an exposure draft of its Internal Control Over External Financial Reporting: Compendium of Approaches and Examples. This Compendium, part of COSO’s overall project to update its Internal Control–Integrated Framework, has been developed to assist users when applying the Framework to external financial reporting objectives. The Compendium illustrates how the principles set forth in the proposed updated Framework can be applied in designing, implementing and conducting internal control over external financial reporting. Read this CGMA Magazine article for more information.

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    Audit Data Standard Comment Period Extended
     

    The comment period for the Audit Data Standard has been extended to Sept. 28, 2012. The Emerging Assurance Technologies Task Force of the AICPA Assurance Services Executive Committee issued the exposure draft July 18. The full exposure draft includes standards that address both the general ledger and accounts receivable subledger.

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    Learn How to Analyze Profitability
     

    Using this tool, CPAs can learn more about the DuPont® system and how return on equity is simultaneously affected by cost control, sales and leverage. In addition, the tool explores elements of earnings quality. The quality of a company’s earnings depends upon two things: a company’s perceived ability to continue earning profits at current levels or better and the relation of earnings to cash flow. Download How to Analyse Profitability on cgma.org.

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