AICPA News Update Vol. 13 No. 24 

    Published June 11, 2010

    AICPA

    AICPA News Update

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

    In This Update:

    June 11, 2010 - Volume 13 No. 24

     
    FASB, IASB Announce Six-Month Delay in Standards Convergence Project
    AICPA Comments on Uncertain Tax Position Reporting, Expresses Concerns about Scope and Details
    Discover the Benefits of Audit Committees and Audit Committee Charters for Not-for-Profit Organizations
    AICPA’s Top Tech Survey Shows Data Security Is No. 1 Concern Among CPAs
    Exposure Draft of Proposed Auditing and Attestation Standard on Compilations Released
    Auditing Exposure Draft Issued on Filings with SEC under Securities Act of 1933
    Sen. Burr Meets with AICPA Staff in North Carolina
           
     
    FASB, IASB Announce Six-Month Delay in Standards Convergence Project
      Financial Accounting Standards Board Chairman Robert Herz and International Accounting Standards Board Chairman Sir David Tweedie last week sent a letter to the Group of 20 regarding the timeline for convergence of the major standards outlined in the boards’ 2008 Memorandum of Understanding, updated from 2006. The boards initially had set June 30, 2011, as the deadline but now say some of the projects will take until the second half of 2011 to complete. The move is designed to allow sufficient time to pursue the highest-quality standards and to stagger the public comment periods on the proposals.
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    AICPA Comments on Uncertain Tax Position Reporting, Expresses Concerns about Scope and Details
      On June 1, the AICPA sent a comment letter to the Internal Revenue Service, urging the IRS to withdraw its recent proposal to require some business taxpayers to report uncertain tax positions on their tax returns. While the AICPA supports the IRS objective of increasing the certainty, consistency and efficiency of the tax compliance process, it has numerous concerns about the scope and details of the proposal. Read the AICPA’s comment letter.
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    Discover the Benefits of Audit Committees and Audit Committee Charters for Not-for-Profit Organizations
      An effective audit committee function can help a not-for-profit organization enhance financial transparency and improve controls to establish fiscal accountability. This AICPA Audit Committee Brief shows how a not-for-profit audit committee can improve financial reporting, influence antifraud measures, boost the internal audit function and more.
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    AICPA’s Top Tech Survey Shows Data Security Is No. 1 Concern Among CPAs
      CPAs see data security as the top technology concern for the eighth consecutive year and say their clients are starting to ask them more IT-related questions during audits, according to the AICPA’s 21st annual Top Technology Initiatives Survey. Read this JournalofAccountancy.com article on the survey’s results.
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    Exposure Draft of Proposed Auditing and Attestation Standard on Compilations Released
      The Accounting and Review Services Committee has issued a proposed statement on standards for attestation engagements, Reporting on Compiled Prospective Financial Statements When the Practitioner’s Independence Is Impaired, to amend paragraph .23 of AT section 301, Financial Forecasts and Projections, in AICPA Professional Standards to permit, but not require, the accountant to disclose the reason(s) for an independence impairment in a report on compiled prospective financial information. Comments are due September 10.
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    Auditing Exposure Draft Issued on Filings with SEC under Securities Act of 1933
      The Auditing Standards Board has issued a proposed statement on auditing standards, Filings With the U.S. Securities and Exchange Commission Under the Securities Act of 1933, resulting from its Clarity Project. This proposed SAS would supersede AU section 711, Filings Under Federal Securities Statutes, in AICPA Professional Standards, but does not change or expand SAS No. 37 (AU section 711) in any significant respect. Comments are due August 2.
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    Sen. Burr Meets with AICPA Staff in North Carolina
      Sen. Richard Burr, R-N.C., visited the AICPA’s Durham, N.C., office where he spoke about issues facing the country. At the heart of his remarks were the challenging financial times we are living in and, in particular, the nation’s rapidly growing debt. More than 100 of the Institute’s 400 employees attended the meeting in which the state’s senior U.S. Senator responded to employee questions on a range of topics, including financial aid to developing countries, the military, North Carolina’s most pressing issues and the BP oil spill in the Gulf of Mexico.
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