AICPA News Update - Nov 2, 2012 

    AICPA Makes Navigating Fiscal Cliff a Little Easier 
    Published November 02, 2012

    AICPA
       
           
     

    AICPA

     

    AICPA News Update
    A Weekly Email Newsletter on Issues & Events Surrounding the CPA Profession
     
     
      In This Update: November 2, 2012 - Volume 15 No. 45  
     
    AICPA Makes Navigating Fiscal Cliff a Little Easier
    AICPA Health Care Expert Panel Develops TPAs on Application of ASU No. 2010-24
    AICPA Technical Hotline Develops TPA on Supplementary Information That Accompanies Interim Financial Information
    Perspectives on the Changing Role of Finance
    Time Sensitive Resources to Assist with Year-End Planning
            
     
    AICPA Makes Navigating Fiscal Cliff a Little Easier
      Visit the AICPA’s new web page dedicated to the federal government’s possible end-of-year tax increases and spending cuts, aicpa.org/fiscalcliff. Whether you need client communications tools, a primer on the health care reform law, news and analysis, or tax planning insights from national experts – it’s all here at your fingertips. Many of the client communication materials are housed with the Tax Practitioner’s Toolkit, which offers a host of free resources. And coming soon - client letters (on individual and small business impacts) and a presentation for members to use to talk about the current tax law uncertainty.
      Back to Top
    AICPA Health Care Expert Panel Develops TPAs on Application of ASU No. 2010-24
     

    Developed by the AICPA Health Care Expert Panel, Technical Questions and Answers 6400.49–.52 have been issued to provide nonauthoritative guidance about potential issues raised in connection with the implementation of Accounting Standards Update No. 2010-24, Presentation of Insurance Claims and Related Insurance Recoveries (a consensus of the FASB Emerging Issues Task Force). The TPAs discuss what is meant by similar contingent liabilities within the scope of the ASU, the accrual of legal costs associated with contingencies other than medical malpractice liabilities, the presentation of insurance recoveries when the insurer pays claims directly, and insurance recoveries from certain retrospectively-rated insurance policies.

      Back to Top
    AICPA Technical Hotline Develops TPA on Supplementary Information That Accompanies Interim Financial Information
     

    Developed by the AICPA Accounting and Auditing Technical Hotline, Technical Question and Answer 9170.02 has been issued to provide nonauthoritative guidance regarding whether  the auditor, when performing an interim review in accordance with AU section 722, Interim Financial Information (AICPA, Professional Standards), is required to report on supplementary information when a client presents supplementary information along with interim financial statements. The TPA also includes an example of a report based on the limited procedures applied in the review.

      Back to Top
    Perspectives on the Changing Role of Finance
     

    In a new video posted to CGMA.org, Chris Ling, financial controller from British Gas, discusses some of the key trends from the recent CGMA report, New Skills, Existing Talents: The New Mandate for Finance Professionals in Supporting Long-Term Business Success. Ling provides perspectives on the increasing responsibilities of the finance team within the organization and some of the barriers that may exist in fulfilling this broadening mandate. He also shares his views and experience on how this impacts the skills and behaviors that financial professionals must have to effectively perform in their ever expanding roles.

      Back to Top
    Time Sensitive Resources to Assist with Year-End Planning
     

    With so many unknowns in 2013 compounded by an election year, 2012 presents an unprecedented opportunity for you to differentiate your firm and services. The AICPA Personal Financial Planning Division is sharing two of its most popular tools at no charge until Dec. 31 – ensuring that you are ready to act when appropriate so that no opportunities are missed. These tools will help you educate and plan for your clients now. If you are a PFP Section member or CPA/PFS credential holder, you already have access to these resources as part of your membership.

      Back to Top
       
     
         



    A A A


     
    Copyright © 2006-2014 American Institute of CPAs.