AICPA News Update Vol. 14 No. 47 

    Published November 04, 2011

    AICPA

    AICPA News Update

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

    In This Update:

    November 04, 2011 - Volume 14 No. 47

    AICPA Asks For Review of PTIN Information Disclosure
    FinREC Releases for Feedback Working Draft of Accounting and Valuation Guide on Goodwill Impairment
    Technical Q&A Issued on Small Business Lending Fund Auditor Certification
    AICPA and NASBA Release Video Highlighting CPAMobility.org
    Free Webinar: Use Your Current Client Base to Generate More Revenues, Attract New Clients and Create Clients for Life
    New Posts on AICPA Insights
    AICPA Asks For Review of PTIN Information Disclosure

    The Internal Revenue Service was making available, under Freedom of Information Act requirements, information about tax return preparers who hold a personal tax identification number, including name, address, e-mail address and phone number. However, the IRS has indicated to the AICPA that it has temporarily suspended this practice. The AICPA is discussing with the IRS the appropriateness of the release of this information and has strongly suggested that PTIN holders be given an opportunity to opt out of the release of their information. For more information, visit AICPA.org.

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    FinREC Releases for Feedback Working Draft of Accounting and Valuation Guide on Goodwill Impairment

    The AICPA’s Financial Reporting Executive Committee (FinREC) has issued a working draft of the AICPA Accounting and Valuation Guide, Testing Goodwill for Impairment. The guide provides nonauthoritative guidance and illustrations for valuation specialists, preparers of financial statements, and independent auditors regarding goodwill impairment testing. Informal feedback on the guide as well as input regarding the need for additional implementation guidance on FASB ASU 2011-08 is welcome. The deadline for submitting comments is March 15, 2012. Download the working draft for more information.

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    Technical Q&A Issued on Small Business Lending Fund Auditor Certification

    As a result of the Small Business Lending Fund enacted into law as part of the Small Business Jobs Act of 2010, the Audit and Attest Standards staff has issued Technical Practice Aid (TPA) 9110.18, “Small Business Lending Fund Auditor Certification Guidance.” The TPA provides guidance on how the independent auditor may certify that the processes and controls used to generate the supplemental reports that contain the amount of a community bank’s qualified small business lending are satisfactory. It also provides an illustration of a report an auditor may use when, as a result of the auditor’s audit procedures, nothing has come to the auditor’s attention to indicate that the bank failed to comply with the terms of the small business lending fund.

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    AICPA and NASBA Release Video Highlighting CPAMobility.org

    The AICPA and the National Association of State Boards of Accountancy have released a video encouraging CPAs to use CPAMobility.org. A joint project, CPAMobility.org provides helpful information, updated regularly, on state practice privilege requirements for CPAs, commonly referred to as “mobility” laws, for all 50 states and 5 U.S jurisdictions. The video demonstrates that in four simple clicks online, CPAs can learn whether their existing home state registration is mobile and allows them to work in other jurisdictions without additional notice, or whether further registration is required. Watch the video for more information or visit CPAMobility.org.

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    Free Webinar: Use Your Current Client Base to Generate More Revenues, Attract New Clients and Create Clients for Life

    Discover how to differentiate yourself so your clients will remain clients for life, increase your revenues from your existing client base, and attract new clients to your practice through the referrals from your satisfied clients. All attendees will receive a script on how to generate client interest in discussing the possibility of providing additional types of advice to them outside of tax season. Choose to attend on November 8 or 9 from 12:30 to 1 p.m. Eastern. Attendance is free; CPE is not offered. Register today.

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    New Posts on AICPA Insights

    Discover the new posts on the AICPA’s official blog, AICPA Insights, including the first Chair’s Letter from new AICPA Chairman of the Board of Directors Greg Anton, CPA.

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