AICPA News Update Vol. 14 No. 42 

    Published October 07, 2011

    AICPA

    AICPA News Update

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

    In This Update:

    October 07, 2011 - Volume 14 No. 42

    FAF Does Not Include Independent Standard Setting Board in Private Company Financial Reporting Proposal
    Sustainable Business Practices Benefit Small and Medium-Sized Companies
    AICPA Insights: Making Work Pay Credit Didn’t Provide Relief Expected
    Free Practice Tool for Estate Planning
    Free Webcast Explores the Future of Management Accounting and the New CGMA Credential
    FAF Does Not Include Independent Standard Setting Board in Private Company Financial Reporting Proposal

    On October 4, the Financial Accounting Foundation (FAF) released its proposal addressing the Blue Ribbon Panel on Standard Setting for Private Companies’ recommendations. The Blue Ribbon Panel’s major recommendations included the creation of an independent standard-setting board to modify GAAP for private company financial reporting. FAF instead recommended a council whose decisions are subject to ratification by the Financial Accounting Standards Board. AICPA President and CEO Barry Melancon, CPA, and AICPA Chairman of the Board of Directors Paul Stahlin, CPA, released a statement expressing disappointment with FAF’s proposal. Future issues of AICPA News Update will report on information and resources to help you understand FAF’s proposal and offer you the opportunity to easily and quickly send a comment letter to FAF using an online tool.

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    Sustainable Business Practices Benefit Small and Medium-Sized Companies

    The Chartered Institute of Management Accountants, the AICPA and the Canadian Institute of Chartered Accountants recently released a comprehensive international research report underlining the growing emphasis small and medium-sized enterprises are placing on sustainable business practices as they become increasingly crucial to business performance. The report, SMEs Set Their Sights on Sustainability: Case Studies from the U.K., U.S. and Canada, uses concrete examples to show how smaller companies can lead the market and become champions of sustainable practice. It also reveals how the finance function can play a central role in this process. Read the report for more information.

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    AICPA Insights: Making Work Pay Credit Didn’t Provide Relief Expected

    In this blog post, Melissa Labant, JD, CPA/PFS, Technical Manager at the AICPA, contends that the Making Work Pay credit didn’t affect everyone equally and that some taxpayers received too little or too much credit. The method of applying the credit for 2011 was fixed by changing the withholding to 4.2% in Social Security tax instead of the traditional 6.2%. However, the question remains if taxpayers were able to realize the credit spread out over the year. The question becomes important as Congress considers extending the credit at a lower rate (3.1%). Learn more about the Making Work Pay credit on AICPA Insights.

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    Free Practice Tool for Estate Planning

    Download a free white paper and practice tool for year-end estate planning, The “New Normal” of Estate Planning. With the Tax Relief Act of 2010, estate tax generosity has only a two-year shelf life, what will be next? What can taxpayers do now to protect themselves? Download this expert information now to help you advise your clients in these uncertain times.

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    Free Webcast Explores the Future of Management Accounting and the New CGMA Credential

    The AICPA and the Chartered Institute of Management Accountants will soon launch the new Chartered Global Management Accountant (CGMA) credential. The CGMA will elevate the field of management accounting on a global scale and showcase the specialized skillsets of those who are helping organizations achieve sustainable business success. On October 13, from 2:00 to 3:00 p.m. Eastern, Carol Scott, CPA, MBA, AICPA vice president of business, industry and government, will host a free webcast, The Future of Management Accounting: Understanding the New CGMA Credential, and discuss what this new global credential means for both members and the accounting profession. CPE will not be offered for this webcast.

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