Below please find daily updates pertaining to the latest in accounting news:
FICPA: Top StoriesSouth Africa: Move to Simplify New Accounting Rules Welcomed
MOVES by the International Accounting Standards Board to simplify the accounting standard for financial instruments have been welcomed by SA's own accounting board and the accountancy profession.
Fair Value Rule Triggers $800 Million Loss
The new accounting rule on fair value measurement has caused a private equity firm to plunge into the red. American Capital Strategies reported a loss of $813 million for the first quarter of this year — compared with earnings of $134 million last year — as a result of implementing FAS 157, Fair Value Measurements, it reported in a regulatory filing.
Exposure Draft: Proposed Content and Skill Specifications for the Uniform CPA Examination
The AICPA Board of Examiners (BOE) is pleased to present the attached Exposure Draft, Proposed Content and Skill Specifications for the Uniform CPA Examination, for your consideration and comment. These newly revised content and skill specifications are a product of the 2008 Practice Analysis, a project directed by the BOE’s Practice Analysis Oversight Group (PAOG) and carried out by the AICPA Examinations Team. This Exposure Draft is an opportunity for you to express your views about the new specifications for consideration by the BOE.
CPA mobility legislation gains national momentum
Twenty-three states have approved laws to make it less burdensome for certified public accountants to represent clients across state lines.
Canadian companies not ready for conversion to IFRS
The vast majority of Canadian companies that will be required to convert from Canada's generally accepted accounting principles (GAAP) to international financial reporting standards (IFRS) in January 2011 are not prepared to make the change, according to a study sponsored by Canadian Financial Executives Institute (FEI Canada) and Ernst & Young LLP and released at a conference sponsored by the Canadian Institute of Chartered Accountants and the International Accounting Standards Board in Toronto on April 23 – 25. Executives who participated in the study said, however, that they did not want the 2011 deadline to be extended.
Accounting Degrees Up 19 Percent: AICPA Report
At the same time, over 203,000 students enrolled in accounting programs at both the undergraduate and graduate levels. This also represents a 19 percent increase since 2004, according to the AICPA study, 2008 Trends in the Supply of Accounting Graduates and the Demand for Public Accounting Recruits. The gender ratio of graduates is fairly close at 52 percent female and 48 percent male.
AICPA Issues Revised Peer Review Standards
Scammers posing as the IRS exploit tax rebate concerns
Fake e-mails and letters - supposedly from the IRS - are flooding mail and in-boxes telling you that you're not getting your check or that if you want it faster you'll have to supply them with a bank account number or credit card.
Florida legislative session ends with little to show
TALLAHASSEE — House Speaker Marco Rubio wanted a huge property tax cut but the Senate said no. Senate President Ken Pruitt wanted a higher education overhaul, and the House said no.
The subprime crisis has exposed two major deficiencies in how fair-value accounting has been implemented, senior insurance executives say: the "myth" that all securities have a market and a tendency to overlook downside risk.
FICPA: IRS Tax News
IRS Seeks New Members of Advisory Council
WASHINGTON –– The Internal Revenue Service today announced it seeks applications for its broad-based private-sector advisory panel, the Internal Revenue Service Advisory Council (IRSAC), which provides important feedback and recommendations regarding tax administration.
Relief for Stimulus Payments Withdrawn from IRAs and Tax-Favored Accounts
Economic stimulus payments directly deposited into IRAs and other tax-favored accounts may be withdrawn tax-free and penalty-free, the Internal Revenue Service announced today.
May’s Tax Talk Today Features “The Electronic IRS...more than just e-file”
The Internal Revenue Service’s next Web cast aimed at educating tax and payroll professionals will provide the latest news and information on e-file, e-services and other electronic tools important to the practitioner community.
Retirees, Disabled Vets Still Can File for 2008 Stimulus Payments
WASHINGTON — Even though April 15 has passed, the Internal Revenue Service today reminded retirees, disabled veterans and others who normally do not file a tax return that there is still time to submit a 2007 form to receive an economic stimulus payment.
Taxpayers Can Check Their Refund Status with “Where’s My Refund?”
WASHINGTON — Taxpayers who have filed their federal income tax returns and are expecting their refunds can use the Internal Revenue Service’s online tool, “Where’s My Refund?,” to check on the status of their refunds.
Retirees, Disabled Vets Still Can File for 2008 Stimulus Payments
WASHINGTON — Even though April 15 has passed, the Internal Revenue Service today reminded retirees, disabled veterans and others who normally do not file a tax return that there is still time to submit a 2007 form to receive an economic stimulus payment.
IRS Launches Campaign to Help New Small Businesses
The Internal Revenue Service today launched a campaign to help educate new self-employed small business owners about federal tax responsibilities.
Treasury, IRS Solicit Recommendation for 2008-2009 Guidance Priority List
WASHINGTON — The Department of Treasury and Internal Revenue Service invite public comment on recommendations for items that should be included on the 2008-2009 Guidance Priority List.
To Issue Guidance on Special 50-Percent Depreciation Allowance
WASHINGTON — The IRS announced today that it will issue guidance for businesses on how the special 50 percent depreciation allowance that was included in the Economic Stimulus Act of 2008 can be used to make capital investments this year. Until the guidance is issued, businesses may rely on the regulations previously issued regarding bonus depreciation.
IRS Offers Last Minute Reminders
WASHINTON — Now that the April 15 tax return filing and tax payment deadline is nearing, the Internal Revenue Service offers the following last-minute tips for those taxpayers who haven’t yet filed, paid what they owe or taken the necessary steps to ensure they receive the economic stimulus payment they qualify for.
FICPA: AICPA News
Exposure Draft: Proposed Content and Skill Specifications for the Uniform CPA Examination
The AICPA Board of Examiners (BOE) is pleased to present the attached Exposure Draft, Proposed Content and Skill Specifications for the Uniform CPA Examination, for your consideration and comment. These newly revised content and skill specifications are a product of the 2008 Practice Analysis, a project directed by the BOE’s Practice Analysis Oversight Group (PAOG) and carried out by the AICPA Examinations Team. This Exposure Draft is an opportunity for you to express your views about the new specifications for consideration by the BOE.
FINANCIAL PLANNING A BOON TO CPA PRACTICES
NEW YORK (April 28, 2008) – CPA financial planning and investment advisory practices are enjoying significant revenue growth and are expanding at a faster rate than their non-CPA competitors, according to a study released today by the American Institute of Certified Public Accountants and Moss Adams LLP.
AMERICANS DIVIDED ON THEIR PLANS FOR ECONOMIC STIMULUS TAX REBATE
NEW YORK (April 29, 2008) – Americans are divided about how they plan to use their economic stimulus tax rebates, with almost equal numbers saying they will save it, spend it or pay down debt with it, according to a survey by the American Institute of Certified Public Accountants.
BENJAMIN BANKES AND SAVINGSMAN™ OFFER TIPS ON USE OF YOUR TAX REFUND
New York (April 16, 2008) Are you getting money back from Uncle Sam? If so, don't take it as an excuse to run out to the store.
AS DEADLINE LOOMS, CPA FINANCIAL PLANNERS OFFER THEIR FAVORITE LAST-MINUTE TAX TIPS
To help them as they race toward the April 15 deadline, CPAs holding the Personal Financial Specialist (CPA/PFS) credential of the American Institute of Certified Public Accountants offer their favorite last-minute tax tips:
House Ways and Means Committee Approves Bill That Would Enhance Role of CPAs as Taxpayer Advocates
The American Institute of Certified Public Accountants applauded the House Ways and Means Committee’s approval today of a bill that would enhance the role of CPAs as advocates for taxpayers by equalizing the IRS disclosure standards between tax preparers and taxpayers.
MORE AMERICAN ADULTS DELAYING MAJOR LIFE DECISIONS
Choosing Standard Deduction Might Cut Tax Bill, AICPA Says
Washington, DC (March 25, 2008) – It is conventional wisdom to itemize deductions on your tax return to save money, but sometimes that strategy is wrong, according to the American Institute of Certified Public Accountants. “Counterintuitive thinking can cut tax bills for many taxpayers,” said Tom Ochsenschlager, vice president – taxation for the AICPA.
AICPA Foundation to award $400,000 to diverse accounting students
The American Institute of Certified Public Accountants (AICPA) is the national, professional organization for all Certified Public Accountants. As a leader in fostering diversity in the workforce, the AICPA provides the Scholarship for Minority Accounting Students to outstanding accounting students with ethnic minority backgrounds and with significant potential to become CPAs. For the 2007 – 2008 academic year, 137 accounting scholars of ethnically diverse backgrounds were selected as recipients of this prestigious award. Funding is provided by the AICPA Foundation, with contributions from the New Jersey Society of CPAs and Robert Half International.
AICPA WINS AWARDS FOR COMMUNITY OUTREACH AND JOB GROWTH IN RESEARCH TRIANGLE
DURHAM, NC (March 13, 2008) – The American Institute of Certified Public Accountants has received two awards for its contributions to the Research Triangle community.
