For news from the AICPA and state societies, visit www.cpa2biz.com, which also offers online CPE, AICPA professional literature, practice management aids and links to state society Web sites.

In a joint statement bank and thrift regulators say they do not expect to apply Sarbanes-Oxley Act corporate governance requirements to nonpublic banking organizations not otherwise subject to similar stipulations (www.federalreserve.gov/boarddocs/srletters/2003/sr0308a1.pdf). The Federal Reserve Board, the Office of the Comptroller of the Currency and the Office of Thrift Supervision nevertheless encourage such entities to periodically review their corporate governance and auditing policies and procedures for consistency with applicable law, regulations and supervisory guidance and for their appropriateness to each organization’s size, operations and resources. According to the regulators, such banking organizations include national banks, state banks that are Federal Reserve members, savings associations and bank and savings-and-loan holding companies.

GASB approves Statement no. 41, Budgetary Comparison Schedule—Perspective Differences, to clarify existing guidance on budgetary comparisons in Statement no. 34, Basic Financial Statements—and Management’s Discussion and Analysis—for State and Local Governments (www.gasb.org/news/nr052003.html). Affected entities should implement the required change in accounting when they adopt Statement no. 34. For those that already have implemented the older rule, the new statement is effective for reporting periods beginning after June 15, 2002. Statement no. 41 is available from the GASB order department at 800-748-0659 or on the Web at http://store.yahoo.com/gasbpubs/gs41.html.

The Federal Accounting Standards Advisory Board (FASAB) issues Technical Bulletin 2003-1, Certain Questions and Answers Related to The Homeland Security Act of 2002. The guidance is based largely on FASB Statement no. 144, Accounting for the Impairment or Disposal of Long-Lived Assets, modified for federal entities. It provides accounting and reporting guidance for government entities whose operations have changed or been transferred with the passage of the act and the creation of the Department of Homeland Security. The bulletin’s provisions are effective for reporting periods beginning after September 30, 2002, and it is available from FASAB by phone (202-512-7350) or on the Web at www.fasab.gov/pdf/tb20031.pdf.

The international auditing and assurance standards board (IAASB) of the International Federation of Accountants (IFAC) issues an exposure draft (ED) containing a proposed international standard, Quality Control for Audit, Assurance and Related Services Practices, and a proposed revised international standard on auditing, Quality Control for Audit Engagements. The proposals clarify quality control responsibilities and associated activities for firms’ internal operations and audit engagements. The ED is available at the IFAC Web site (www.ifac.org/eds). Comments are due August 31.

The private companies practice section (PCPS)—the AICPA alliance for CPA firms—and the Texas Society of CPAs launch their 2003 national management of an accounting practice (MAP) survey, which will ask firms to provide information on their performance, profitability, size and areas of specialization. The firms then will be able to search the results and compare themselves to their peers. This year insurer Aon Corp. joins the Institute and the Texas society as a sponsor. Forty-five state societies will participate. Firms have until August 22 to complete the survey, which is accessible online at http://map.pcps.org/run/map3land.

The AICPA peer review board seeks members’ comments on an exposure draft (ED) proposing revisions to the standards for performing and reporting on peer reviews. The proposal includes, for example, revisions to the objectives of system reviews, transparency of reporting and type of peer review required. If adopted, the revised standards will be effective for reviews beginning on or after January 1, 2005; early implementation will not be permitted. Comments on the ED, which is available online at www.aicpa.org/members/div/practmon/2003_05_ed.asp, are due August 8.

The SEC publishes a collection of 33 frequently asked questions and answers, prepared by its staff, on the use of non-GAAP financial measures (www.sec.gov/divisions/corpfin/faqs/nongaapfaq.htm). Topics discussed include transition issues, business combination transactions, item 10(e) of regulation S-K, EBIT and EBITDA, segment information, item 12 of Form 8-K, foreign private securities issuers and “voluntary filers.”

The Public Company Accounting Oversight Board (PCAOB) launches an upgraded Web site (www.pcaobus.org) that is easier to navigate and contains news, archived webcasts and details on rule making, standards, registration and enforcement, as well as information on how to contact the board or learn more about its employment opportunities.

A new segment of the AICPA Web site enables members to track Sarbanes-Oxley-related proposals from federal regulators other than the SEC or the PCAOB (http://cpcaf.aicpa.org/Resources/Sarbanes+Oxley/The+Changing+Regulatory+Landscape.htm). Members visiting the site also can review the status of legislative, regulatory or executive branch proposals in any state where a firm or company does business (www.aicpa.org/download/statelegis/state_acctg_reform_legislation.pdf).

To help CPAs prepare “career day” or other classroom presentations, the AICPA releases the CPA Information Package (CPA iPack), which includes a 15-minute videotape, an education handbook, career guides and bookmarks. The iPack is available on the Web at www.cpa2biz.com/cs2000/products/cpa2biz/cpa+ipack.htm?cs_catalog=cpa2biz.

Highlights of the Institute’s spring council meeting are available on the Web at www.aicpa.org/stream/spring_council_03/hghlts.htm. Topics discussed include the computerized CPA exam, the AICPA student recruitment campaign, a report from the special committee on state regulation and remarks by William F. Ezzell, chairman of the board of directors, and Barry C. Melancon, president and CEO.