AICPA News Update - August 10, 2012 

    SOC Reports Marketing and Communications Made Easy 
    Published August 10, 2012

    AICPA
           
      AICPA
    AICPA News Update
    A Weekly Email Newsletter on Issues & Events Surrounding the CPA Profession
     
     
     
     
      In This Update: August 10, 2012 - Volume 15 No. 32  
     
    AICPA Comments on GASB's Government Combinations and Disposals ED
    SOC Reports Marketing and Communications Made Easy
    AICPA Urges IRS to Delay Matching for Basis Reporting
    AICPA Wants IRS to Modify Accounting Method Rules for Foreign Corporations
    Case Studies Highlight CPA, CGMAs' Positive Impact on Their Organizations
    Catch Up on Blog Posts from AICPA Insights®
           
     
    AICPA Comments on GASB’s Government Combinations and Disposals ED
     

    The AICPA’s State and Local Government Expert Panel issued a comment letter that was generally supportive of the Governmental Accounting Standards Board exposure draft titled, Government Combinations and Disposals of Government Operations, which addresses government mergers, government acquisitions, and transfers of operations. Among the specific feedback provided, the panel requested that GASB clarify the principle of “service continuation” and questioned several of GASB’s conclusions regarding “consideration,” both of which are important concepts in determining the type of government combination. The panel’s full comments and recommendations are available on the AICPA’s FinREC website.

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    SOC Reports Marketing and Communications Made Easy
     

    Many CPA firms are developing niche practices performing Service Organization Control engagements in response to marketplace demands surrounding assurance of controls at service organizations. To help firms navigate this emerging service area, establish a niche practice and help clients, prospects and service organizations understand the benefits of SOC engagements, the AICPA has created a number of free resources and marketing materials in a helpful SOC Toolkit for Firms. AICPA members can use marketing flyers, an article, presentation, illustrative infographic and much more to explain SOC engagements to clients and prospects. In addition, the AICPA has created a separate toolkit to help service organizations better understand and capitalize upon SOC 1 SM, SOC 2 SM and SOC 3 SM Reports. Access the SOC Toolkit for Service Organizations or share this toolkit with your service organization clients and prospects.

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    AICPA Urges IRS to Delay Matching for Basis Reporting
     

    The AICPA sent a comment letter to the Internal Revenue Service on July 31 recommending the IRS delay matching the basis information the law requires brokerage firms to report about taxpayers’ capital gains and losses with what taxpayers report on their income tax return. The IRS is phasing in new basis reporting requirements that became mandatory on Jan. 1, 2011 and that were enacted as part of the Energy Improvement and Extension Act of 2008. Read the press release for more information.

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    AICPA Wants IRS to Modify Accounting Method Rules for Foreign Corporations
     

    The AICPA wrote the Internal Revenue Service urging it to make changes to its rules governing how foreign corporations with U.S. income tax filing responsibilities can voluntarily comply with proper U.S. tax accounting principles. The AICPA said that the definition of “issue under consideration” is “inappropriate” and forces many multinational corporations to either remain on impermissible accounting methods or make unauthorized method changes. Read the press release for more information.

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    Case Studies Highlight CPA, CGMAs’ Positive Impact on Their Organizations
     

    CPA, CGMAs are guiding critical business decisions and driving strong business performance all over the world using management accounting research, tools and techniques. Seven new case studies from companies such as Dell, Unilever, P&G and KPMG are now available on CGMA.org. These case studies highlight real-world examples of how CPA, CGMAs are positively impacting their organizations. Download the case studies today from CGMA.org.

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    Catch Up on Blog Posts from AICPA Insights®
     

    The AICPA’s official blog, AICPA Insights, offers timely posts on the CPA profession and trends that are impacting it. Catch up on these posts you might have missed. Be sure to see every post by signing up for AICPA Insights’ RSS feed or email
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    "I've always said that CPAs are the grease for the modern global gears of commerce; without them, the machinery stops."

    Matthew Costigan, CPA/PFS

     



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