AICPA News Update Vol. 14 No. 4 

    Published January 28, 2011

    AICPA

    AICPA News Update

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

    In This Update:

    January 28, 2011 - Volume 14 No. 4

    Tax Strategy Patent Bills Introduced in Senate
    IFRS Possibilities in U.S. Include Adoption, Convergence or So-Called “Condorsement”
    Uniform Accountancy Act Committee Releases Exposure Draft of Proposed Revisions
    Accounting Students: Find Helpful Information about Scholarships and Apply Online
    Attend this Free Webinar on Financial and Estate Planning and Invite Your Clients
    Watch this Highlight from the IFRS Quarterly Webcast Series
    New Accounting and Auditing Section
    Tax Strategy Patent Bills Introduced in Senate

    Two bills in the Senate address the issue of patents being granted for tax strategies. The Equal Access to Tax Planning Act of 2011 (S. 139) would define any tax strategy as “prior art” and therefore not patentable. The larger Patent Reform Act of 2011 (S. 23) contains similar language. Senator Grassley, sponsor of S. 139, said, "Our legislation reins in the cottage industry of those trying to own tax planning strategies that should be available to everyone or that would encourage inappropriate tax avoidance.” The AICPA expressed its strong support for the legislation in a letter to the chairs and ranking members of Senate Finance and Judiciary committees. Read the AICPA's press release and this JournalofAccountancy.com article for more information.

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    IFRS Possibilities in U.S. Include Adoption, Convergence or So-Called “Condorsement”

    The debate over International Financial Reporting Standards (IFRS) in the U.S. has been whether the Securities and Exchange Commission (SEC) should permit or require a switch to IFRS for U.S. public companies. At the AICPA's National Conference on Current SEC and PCAOB Developments in December, SEC Deputy Chief Accountant Paul Beswick offered a possible approach -- which he called "condorsement." Learn more about the condorsement idea and let us know what you think about it.

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    Uniform Accountancy Act Committee Releases Exposure Draft of Proposed Revisions

    The AICPA/National Association of State Boards of Accountancy Uniform Accountancy Act Committee has worked over the past year to consider guidelines as to what are and what are not misleading CPA firm names. The proposed changes to the Uniform Accountancy Act and Uniform Accountancy Act Model Rules in this exposure draft are the results of these efforts. Comments are due by March 4, 2011.

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    Accounting Students: Find Helpful Information about Scholarships and Apply Online

    The AICPA’s new Education section of ThisWaytoCPA.com is live and hosts all the resources college students need to find out about and apply for accounting scholarships. Students can find AICPA scholarship recipient profiles; articles and tips on applying for scholarships; plus search Colleges and Scholarships around the country. For more information about accounting scholarships, visit ThisWaytoCPA.com/education.

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    Attend this Free Webinar on Financial and Estate Planning and Invite Your Clients

    Join a panel of experts as they lead financial planning practitioners and their clients through the multitude of issues to consider given passing of The Tax Relief, Unemployment Insurance Reauthorization, and Job Creation Act of 2010 and the uncertainty we will be with faced with once again in 2013. Invite your clients to listen in with you at your office or send them the registration link so that they can join the session from their home or office. The webinar, Financial and Estate Planning in 2011, 2012 and Beyond: A Game Plan for Practitioners and Their Clients, will be held February 3, 1:00 p.m. to 2:30 p.m. Eastern. Register now. The webinar is available for free to all without CPE.

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    Watch this Highlight from the IFRS Quarterly Webcast Series

    The Q4 2010 International Financial Reporting Standards (IFRS) webcast covered the IFRS Work Plan Progress Report issued by the Securities and Exchange Commission on October 29. Learn more about the progress report and watch an excerpt from the webcast on IFRS.com.

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    New Accounting and Auditing Section

    The new AICPA.org has an entire section dedicated to Accounting and Auditing. The section provides you with the latest accounting and auditing developments as well as guidance on implementing the newest standards. This area includes specific information on accounting and financial reporting, audit and attest services and compilation and review engagements, as well as information from and about our standard setting bodies and expert panels. The Accounting and Auditing section is the place to go for the latest changes and updates within the profession.

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