Special Report
CPA2Biz, the AICPA’s marketing and technology provider, experiences steady online growth, releases new site features and develops a set of core business solutions programs to meet the needs of small and midsize public practitioners and CPAs working in business and industry.
Sarbanes-Oxley
Companies and their CPAs are putting the finishing touches on their internal audit departments in advance of an October 31 deadline that requires NYSE-listed companies to have such a function. Businesses are seeking to develop departments that not only comply with the new requirements but also help the company improve its bottom line.
Employee Benefits
Companies have several options available to provide tax-free assistance to encourage employees to take advantage of formal education opportunities. CPAs can recommend employers use IRC section 117, 127 or 132—or some combination—to cover these expenses.
International
The International Accounting Standards Board and FASB are working to converge their respective positions. It is important that CPAs understand how this will affect GAAP and how their employers and clients might be required to report according to both international and U.S. financial reporting standards.
In My Opinion
With years of experience dealing with regulatory agencies, an observer speculates on how the PCAOB and the SEC will manage enforcement. CPAs can gain insights into how the PCAOB might approach registration, rule making, inspections, investigations and enforcement by comparing it with self-regulatory organizations entrusted with essentially the same responsibilities. The experience of those entities could have a precedent-setting effect on the PCAOB’s activities.
Tax
With divorce commonplace, CPAs must understand the details and unique vocabulary of alimony, qualified domestic relations orders and dependency exemptions so they can interpret the language in divorce documents, take defensible tax-return positions and suggest wording that will best protect their clients’ interests.
Investments / Personal Financial Planning
They’re both safe, conservative investments worth considering. But which meet your client’s unique needs? Here’s an explanation of the differences to help CPAs give the right investment advice.
Technology Workshop
Excel’s Scenario Manager is a powerful tool for assessing and reporting the impact of multiple “what-if” analyses. With a little tinkering, it can be even more productive.
Professional Issues
Sandra K. Johnigan, CPA, chairperson of the AICPA forensic and litigation services committee, offers a view from the trenches about the daily challenges CPAs face in the fraud arena. She talks about why corporate fraud has become such a critical concern for accountants and what steps the profession can take to rebuild its image.