AICPA News Update Vol. 13 No. 40 

    Published September 24, 2010

    AICPA

    AICPA News Update

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

    In This Update:

    September 24, 2010 - Volume 13 No. 40

    IRS Releases Final Schedule UTP
    New Toolkit for SSARS No. 19, Compilation and Review Engagements, Helps with Implementation
    Last Chance: CFF Exam Beta Testers Needed - Registration Deadline October 1
    CPA Letter Daily Widget and RSS Headline Feed Keep Your Website Fresh
    Dodaro Nominated for U.S. Comptroller General
    IRS Releases Final Schedule UTP

     In two announcements on Sept. 24, the Internal Revenue Service (IRS) unveiled a number of significant changes to its plan to require certain business taxpayers to report uncertain tax positions (UTP) on their tax returns. Along with the announcements (2010-75 and 2010-76), the IRS released a final Schedule UTP and instructions. The AICPA issued a comment letter in June, and the IRS has incorporated several AICPA suggestions into its announcements today. The AICPA will continue to advocate for further changes and refinements to the UTP initiative to protect the integrity of the financial statement process and to further reduce the administrative burden placed on taxpayers. For more information, read this JournalofAccountancy.com article.

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    New Toolkit for SSARS No. 19, Compilation and Review Engagements, Helps with Implementation

    To support you in the implementation and communication of Statement on Standards for Accounting and Review Services No. 19, Compilation and Review Engagements, within your firm and with clients, the Private Companies Practice Section has developed a comprehensive SSARS No. 19 Toolkit. A new video featuring Mike Glynn, AICPA Technical Manager – Audit & Attest Standards, discusses the issuance of SSARS No. 19, which is effective for compilations and reviews of financial statements for fiscal periods ending on or after December 15, 2010. Learn more by watching the video and downloading the toolkit today.

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    Last Chance: CFF Exam Beta Testers Needed - Registration Deadline October 1

    The AICPA is soliciting current CFF credential holders with 0-10 years of forensic accounting experience interested in taking the CFF exam at no charge. Beta testers will take the exam without risk of failure and will be unable to find out their results. For those that are interested, please contact Megan Johnson and express your interest to become a part of this initiative today.

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    CPA Letter Daily Widget and RSS Headline Feed Keep Your Website Fresh

    Looking to add the day’s news to your homepage or desktop? Add the CPA Letter Daily widget. The CPA Letter Daily widget now comes in three convenient sizes, enabling almost any website to accommodate it. Or, grab the CPA Letter Daily RSS headline feed and integrate the day’s news into your website using your design. To get each day’s important business, finance, tax and accounting news emailed to you, sign up to receive CPA Letter Daily. It’s free and you can opt out at any time.

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    Dodaro Nominated for U.S. Comptroller General

    The White House on Sept. 21 announced Gene L. Dodaro as President Barack Obama’s nominee for U.S. comptroller general and head of the Government Accountability Office (GAO), which investigates federal government spending. Dodaro has been acting U.S. comptroller general since March 2008, when David Walker, CPA resigned from the post. The GAO position is one of several leadership roles touching the accounting profession that is in flux because of resignations or retirements. Read the AICPA’s statement on Dodaro’s nomination and this JournalofAccountancy.com article.

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