AICPA News Update - November 9, 2012 

    New Opportunities Related to SOC Engagements 
    Published November 09, 2012

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    AICPA

    AICPA News Update
    A Weekly Email Newsletter on Issues & Events Surrounding the CPA Profession
     
           
     
      In This Update: November 9, 2012 - Volume 15 No. 47  
     
    New Opportunities Related to SOC Engagements
    AICPA Issues Comment Letter on FATCA Valuation Issues
    Hurricane Sandy Web Page – Available Resources for the Profession
    Free Webinar with CPE Credit Offered on Proposed Financial Reporting Framework for Smaller Enterprises
    New Report Discusses Need for Unified Approach to Talent Management
    Catch Up on AICPA Insights®
            
     
    New Opportunities Related to SOC Engagements
     

    The AICPA Peer Review Board recently approved SOC 1 and 2 engagements as must-select engagements. This means that if a firm performs SOC 1 or 2 engagements, at least one such engagement should be selected during its peer review. See Peer Review Alert 12-04 for more information. If you are interested in participating in reviewing SOC engagements or approving peer reviews of firms with SOC engagements, visit  How to Become a Peer Reviewer (CPA required) or Peer Review SOC Specialist (Non-CPA) or contact prptechnical@aicpa.org.

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    AICPA Issues Comment Letter on FATCA Valuation Issues
     

    On Oct. 25 the AICPA submitted comments to the Internal Revenue Service and the Department of the Treasury as they continue to develop Form 8938, Statement of Specified Foreign Financial Assets, and related instructions as well as guidance on section 6038D. Many concerns among taxpayers and tax practitioners are highlighted in the letter.

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    Hurricane Sandy Web Page – Available Resources for the Profession
     

    We are concerned for everyone who has been touched by the devastation of Hurricane Sandy. To help members in the Mid-Atlantic and Northeast regions recover, the AICPA has put together a comprehensive web page with information and resources, including how to apply for assistance through the AICPA Benevolent Fund, disaster and financial planning guides and materials, tax extension relief information and more. The site will be updated regularly, and AICPA Member Service specialists can be reached at 888.777.7077 or service@aicpa.org. In addition, AICPA Chairman Richard Caturano, CPA, CGMA, shares important information about how the AICPA can help members in his AICPA Insights® blog. You will also find a wealth of helpful resources in the AICPA Insights blog, Small Business Relief in the Wake of Hurricane Sandy.

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    Free Webinar with CPE Credit Offered on Proposed Financial Reporting Framework for Smaller Enterprises
     

    Last week, the AICPA released for public comment the Proposed Financial Reporting Framework for Small- and Medium-Sized Entities. The self-contained special purpose framework would enable privately owned smaller enterprises to produce more relevant and less complex financial statements when U.S. GAAP is not required. Comments are due Jan. 30. To help members learn about the proposal, the AICPA is hosting a free, one-hour webinar (offering 1 CPE credit) from 11 a.m. to 12 p.m. ET on Nov. 16. For details and resources on the proposal, visit aicpa.org/FRF-SMEs.

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    New Report Discusses Need for Unified Approach to Talent Management
     

    In a new report for CGMAs, One Finance. Building Tomorrow’s Talent Strategy., the need for a unified approach to talent management in light of increasing skills requirements as finance operating models and finance structures change is discussed. Organizations need to consider the full finance function and whole finance talent population when planning their talent development strategy. By having a ‘one finance’ approach, organizations can ensure they have a larger and more effective talent pipeline of professionals. In this way, they can optimize the ROI on human capital development.

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    Catch Up on 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 subscription. You may also be interested in GAA Accounting October 2012 issue which is now available.

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