AICPA News Update Vol. 14 No. 43 

    Published October 14, 2011

    AICPA

    AICPA News Update

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

    In This Update:

    October 14, 2011 - Volume 14 No. 43

    IRS Panel Hears Concerns About Fingerprinting Proposal
    CAQ Releases Results from 5th Annual Main Street Investor Survey
    ARSC Issues Interpretations to SSARS 19
    AICPA Technical Hotline Issues Technical Questions and Answers
    Free Resources Available for National Estate Planning Awareness Week
    PCPS Members: Register for the 2011 PCPS Top Issues Survey Results Webinar
    IRS Panel Hears Concerns About Fingerprinting Proposal

    Witnesses at an Internal Revenue Service (IRS) hearing on October 7 raised many concerns about the IRS’s plan to require fingerprinting as part of its return preparer regulation initiative. Patricia Thompson, CPA, , and chair of the AICPA’s Tax Executive Committee, testifying on behalf of the AICPA, asked the IRS to consider alternatives that would reduce the burden and expense, and she reiterated the AICPA’s position that CPAs should remain exempt from the fingerprinting requirement. Read this JournalofAccountancy.com article for more information.

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    CAQ Releases Results from 5th Annual Main Street Investor Survey

    The Center for Audit Quality (CAQ), which is affiliated with the AICPA, released the results of its Fifth Annual Main Street Investor Survey October 13. Since 2007, the CAQ has annually measured individual investors’ confidence in U.S. capital markets, global capital markets, and audited financial information, as well as confidence in investing in U.S. publicly-traded companies. This year, 70% of investors indicated that they have at least some confidence in investing in U.S. public companies. While this represents a decline of five percentage points from 2010, a solid majority of American investors continue to express confidence in these companies. The investing public’s confidence in U.S. capital markets dropped as well, but stands at a solid 61% (down from 68% in 2010). Other survey findings include confidence in audited financial information remains steady, declining one percentage point from 2010 (70% to 69%); and confidence in capital markets outside the United States remains low at only 43% (down four percentage points from last year). Find out more about the Main Street Investor Survey and the results.

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    ARSC Issues Interpretations to SSARS 19

    The Accounting and Review Services Committee (ARSC) issued two interpretations to Statement on Standards for Accounting and Review Services (SSARS) No. 19, Compilation and Review Engagements, Interpretation No. 17, Required Supplementary Information That Accompanies Compiled Financial Statements, to AR section 80, Compilation of Financial Statements; and Interpretation No. 11, Required Supplementary Information That Accompanies Reviewed Financial Statements, to AR section 90, Review of Financial Statements. For more information, visit the Compilation and Review Standards section of AICPA.org.

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    AICPA Technical Hotline Issues Technical Questions and Answers

    The AICPA’s Accounting and Auditing Technical Hotline has issued Technical Questions and Answers 9150.28, Compilation Engagement When the Accountant is Performing Management Functions, to provide guidance regarding the permissibility of an accountant to compile financial statements for an entity with respect to which the accountant also performs management functions, and 9170.01, Consolidating Information Presented on the Face of the Financial Statements, to provide guidance regarding the auditor’s reporting responsibilities depending on whether consolidating information is presented on the face of the financial statements in separate columns or whether it is shown outside the basic consolidated financial statements. For more information, visit the Financial Reporting Center on AICPA.org.

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    Free Resources Available for National Estate Planning Awareness Week

    Congress designated the third full week in October as National Estate Planning Awareness Week. According to the National Association of Estate Planners & Councils, more than 120 million Americans do not have up-to-date estate plans to protect themselves or their families in the event of sickness, accidents or untimely death. Use the below resources to help your clients plan for the future.

     

     

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    PCPS Members: Register for the 2011 PCPS Top Issues Survey Results Webinar

    The 2011 PCPS CPA Firm Top Issues Survey is a unique study of the challenges facing firms of different sizes. The next PCPS webinar, PCPS 2011 CPA Firm Top Issues Survey Results, to be held October 28, 2:00 p.m. to 3:30 p.m. Eastern, will provide a comprehensive overview of the survey findings and what they mean to CPAs. Register now.

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