With FASB affirming its implementation date for FIN 48, several organizations, including the AICPA and FASB itself, are producing educational materials or additional guidance to help issuers comply with its new requirements for recognizing and measuring tax assets and liabilities. FASB Interpretation no. 48, Accounting for Uncertainty in Income Taxes, is effective for tax years beginning after Dec. 15, 2006.

On Jan. 17, FASB denied requests by the Tax Executives Institute and others to delay implementation of FIN 48 by a year but directed FASB staff to better define FIN 48’s provisions relating to “ultimate settlement” of tax positions. The additional guidance will address whether the ability of taxing authorities to reopen an audit affects entities’ ability to change their recognition and measurement of uncertain tax positions.

CPA2Biz.com has produced a self-study CPE course on CD-ROM titled Implementing FIN 48: Issues for Accountants, Auditors and Tax Practitioners that can be ordered at www.cpa2biz.com/CS2000/Products . Also, members of the AICPA’s Tax, Accounting Standards and Audit and Attest teams have produced a FIN 48 practice guide available at http://tax.aicpa.org/Resources/ .

The AICPA and NASBA drafted proposed revisions to the Uniform Accountancy Act designed to improve the model state legislation’s provisions for mobility of CPA practice across state lines and corresponding issues of enforcement. The proposed changes would delete the substantial equivalency requirement that CPAs provide notice of intent to practice in a state other than in their principal place of business. Instead, the CPA and CPA firm would consent to the automatic jurisdiction of the state where practice privileges are being sought. An exposure draft is available at www.aicpa.org . Comments are invited through May 15, by e-mail to sbango@aicpa.org and lhaberman@nasba.org .

Fostering confidence in the audit process and aiding investors and the capital markets is the mission of the new Center for Audit Quality (CAQ), a restructuring and expansion of the AICPA’s former Center for Public Company Audit Firms (CPCAF). The Center for Audit Quality, an autonomous, nonpartisan, nonprofit organization affiliated with the AICPA, will continue to pursue its objective of serving as the voice of the profession on matters relating to public company audits. The center recognizes that “reliable financial information is the bedrock of investor confidence in capital markets,” according to its Web site.

CAQ Executive Director Cynthia Fornelli said the center’s “single-minded focus” on public company audits will increase public confidence in and enhance the quality of auditing practices through improved research, communication and education.

The CAQ’s 12-member board will include the CEO from the AICPA, chief executives of the six largest CPA firms and two rotating firms, and leaders from the investor and issuer communities. Firms registered with the PCAOB are eligible for membership. Associate membership is available for U.S. CPA firms not registered with the PCAOB.

Firms that were members of CPCAF automatically become members or associate members (depending on their PCAOB registration status) of the Center for Audit Quality as a CPCAF successor and will continue to receive the benefits of membership. While the CPCAF Web site will be for members only, the Center for Audit Quality Web site, www.thecaq.org , is for public, non-CPA audiences.

The PCAOB will continue to hold forums on auditing in the small business environment throughout 2007. These forums are designed to help share important information on the PCAOB inspections process and the effect of new auditing standards. Feedback assists the PCAOB in understanding the unique needs and challenges of the small business community. Although the program will be similar to last year’s forums, the PCAOB plans to significantly change it to address emerging issues. In three cities, directors and financial executives of small public companies are invited to participate in a separate event to be held the following day. Upcoming forums will be held in:

• Houston—April 23
• Fort Lauderdale, Fla.—June 1
• San Francisco—June 27, 28*
• Atlanta—Sept. 10, 11*
• New York City—Oct. 22, 23*
• Chicago—Nov. 9
• Washington—December date pending
* Includes second-day event for directors and financial executives of smaller public companies.

Admission is free; however, preregistration is required. For more information, visit www.pcaobus.org/ . For registration questions call 202-207-9061 or e-mail info@pcaobus.org .

Publishing Director
Geoffrey L. Pickard

Joanne E. Fiore

Managing Editor
Rocky S. Rosen

Senior Editors
Paul Bonner
Michael Hayes
Matthew Lamoreaux
Loanna Overcash

Senior Assistant Editor
Amelia Rasmus

Copy Editors
Todd Conard
Jeffrey Gilman

Contributing Editors
Anita Dennis
Lesli S. Laffie
Barbara J. Shildneck
Joseph T. Wells
Stanley Zarowin

Production Director
Peter M. Tuohy

Art Director
Michael Schad Johnstone

Production Manager
Gene Cioffi

Production Editor
D. Hillel Lofaso

Senior Production Associates
Valrie Mason
Ingrid Medina

Associate Publisher
Thomas R. Greve

Advertising Team Manager
Karin DeMarco

Advertising Representatives
Collene Ellenberger
Joseph Torres

Advertising Production Manager
John Weinberg

Editorial Offices
e-mail: joaed@aicpa.org

Advertising Office

Classified Ads
Russell Johns Associates, Inc.
e-mail: joa@rja-ads.com

Catherine Allen, Kenneth D. Askelson, James Bean, John C. Boma, Steven J. Brown, Jolene C. Brucks, Thomas F. Burrage, Linda Burt, J. Gregory Bushong, R. Patrick Cargill, Benson J. Chapman, Rosemarie T. Dunn, Thomas Emmerling, Robert J. Freeman, Kim Gibson, Alan Glazer, Randi K. Grant, Patrick T. Hanratty, DeAnn Hill, James E. Hunton, Susan S. Jones, G. William Kennedy, Frank J. Kopczynski, Jeffrey B. Kraut, Dennis B. Kremer, Alan Levin, John Lewison, Joseph P. Liotta, Mano Mahadeva, Jane M. Mancino, Benjamin F. Mathews, David McIntee, Anita Meola, Debra Mitchell, Roger H. Molvar, Brenda Morris, Craig Murray, Glenn Newman, Lyne P. Noella, Edward T. Odmark, Mary P. Ricciardello, Mark L. Richardson, Marshall B. Romney, Steven E. Sacks, Peggy Scott, Carolyn Sechler, Gary Shamis, Ivan J. Sotomayor, Alan Steiger, Paul C. Sullivan, Barry S. Sziklay, Gary R. Trugman, Joseph T. Wells, Robert Willens, Mark A. Yahoudy, Alan S. Zipp
Accounting: John Althoff, J. Gregory Bushong, Alan Glazer, Russell Golden, Debra Mitchell, Daniel Noll, Edward T. Odmark, Alan Steiger; Auditing: Catherine Allen, Susan S. Jones, Charles E. Landes, Joseph P. Liotta, Douglas Prawitt, Thomas Ratcliffe, Edward T. Odmark, Ivan J. Sotomayor; Business & Industry: Kenneth D. Askelson, Stuart R. Benton, Benson J. Chapman, Jeffrey B. Kraut, Alan Steiger; Business Valuation/Litigation Services: Thomas F. Burrage, Robert Gray, Edward Mendlowitz, Robert F. Reilly, Linda Trugman; Personal Financial Planning: John C. Boma, R. Patrick Cargill, Thomas Emmerling, Patrick T. Hanratty, Peggy Scott, Mark A. Yahoudy; Practice Management: Richard V. Kretz, Bea L. Nahon, William Pirolli, Carolyn Sechler, Gary Shamis; Tax: Steven J. Brown, Benson J. Chapman, DeAnn Hill, Sidney Kess, William Stromsem, Steven Thompson


Year-end tax planning and what’s new for 2016

Practitioners need to consider several tax planning opportunities to review with their clients before the end of the year. This report offers strategies for individuals and businesses, as well as recent federal tax law changes affecting this year’s tax returns.


News quiz: Retirement planning, tax practice, and fraud risk

Recent reports focused on a survey that gauges the worries about retirement among CPA financial planners’ clients, a suit that affects tax practitioners, and a guide that offers advice on fraud risk. See how much you know with this short quiz.


Bolster your data defenses

As you weather the dog days of summer, it’s a good time to make sure your cybersecurity structure can stand up to the heat of external and internal threats. Here are six steps to help shore up your systems.