Kathleen L. Casey was sworn in as the 88th SEC commissioner by Chairman Christopher Cox in July. She is a 13-year veteran of Capitol Hill, having served as legislative director and chief of staff for Senator Richard Shelby (R-AL) and staff director of the Senate Banking Committee’s Subcommittee on Financial
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TOPICS / TAX
International tax
International
As the direct result of December 2005 talks between SEC Chairman Christopher Cox and Committee of European Securities Regulators (CESR) Chairman Arthur Docters van Leeuwen, the two groups in August published and implemented a joint work plan on the application by international companies of international financial reporting standards (IFRSs) in
FYI
The SEC selected Mark W. Olson to be chairman of the Public Company Accounting Oversight Board until 2010. At the time of his appointment, he was a governor of the Federal Reserve Board. Although not a CPA, Olson also was a partner of Ernst & Young and its predecessor, Arthur
International
The International Accounting Education Standards Board of the International Federation of Accountants (IFAC) released International Education Standard (IES) 8, Competence Requirements for Audit Professionals, which outlines the professional knowledge, skills, values and attitudes that auditors need to conduct financial statement audits. As of July 1, 2008, IFAC member bodies will
Accounting
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. FASB and the International Accounting Standards Board (IASB) published a draft version of the first two chapters of an enhanced conceptual
Practice Management
The AICPA Work/Life and Women’s Initiatives Executive Committee released “Staff Retention: The New Face of the CPA Profession,” a DVD in which professional staffing experts, leading CPAs and young members of the profession discuss recruitment and retention strategies. The committee also issued a report, “What Women in the Profession Are
Corporate Reporting
The European Federation of Accountants (FEE) published a discussion paper, Key Issues in Sustainability Assurance—An Overview, encouraging the International Federation of Accountants to develop an international standard for sustainability assurance ( www.fee.be ). FEE said such a standard would improve auditors’ ability to assess corporations’ reports on the effectiveness of
Government Accounting
The Governmental Accounting Standards Board issued Technical Bulletin no. 2006-1 to clarify how state and local government entities should report payments received from the federal government under the retiree drug subsidy provisions of Medicare Part D. The bulletin (product no. GTB0601) can be ordered at http://gasbpubs.stores.yahoo.net/gtb0601.html . With certain exceptions,
Compliance
The SEC Office of the Inspector General (OIG) recommended that the commission’s Division of Corporation Finance continue improving its preliminary reviews of corporate securities filings ( www.sec.gov/about/oig/ ). The recommendations were part of the OIG’s report on its audit, from January through October 2005, of the division’s preliminary review process.
Financial Reporting
The Committee of Sponsoring Organizations of the Treadway Commission (COSO) released Internal Control over Financial Reporting—Guidance for Smaller Public Companies to supplement Internal Control—Integrated Framework, t he committee’s landmark 1992 publication that outlined a comprehensive framework for internal control systems. The new guidance was developed primarily to help smaller public
Personal Financial Planning
The AICPA Tax and Personal Financial Planning membership sections, together with a number of prominent legal and financial services organizations, have established the Synergy Summit, a think tank that will advise national policymakers and others on financial planning and wealth preservation issues. The group’s other members are the National Academy
Accounting
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. The Institute submitted comments on IRS technical advice memo (TAM) 200603027, which holds that a taxpayer’s LIFO election must be extended
Practice Management
Strategic planning and developing a marketing plan are critical topics to be covered in live, online forums the AICPA’s Private Company Practice Section (PCPS) is offering free to its members. The series, which began in June, includes events in August and September, with others to follow, and features presentations by
Government Accounting
The Federal Accounting Standards Advisory Board issued a concepts statement exposure draft titled Definition and Recognition of Elements of Accrual-Basis Financial Statements ( www.fasab.gov/pdffiles/ ). It seeks respondents’ views on proposed definitions of certain elements— assets, liabilities, net position, revenue and expense —in such financial statements and on the essential
XBRL
Strategic planning and developing a marketing plan are critical topics to be covered in live, online forums the AICPA’s Private Company Practice Section (PCPS) is offering free to its members. The series, which began in June, includes events in August and September, with others to follow, and features presentations by
Government Auditing
The U.S. Office of Management and Budget (OMB) issued the Circular A-133 2006 Compliance Supplement ( www.whitehouse.gov/OMB/circulars/a133_compliance/06/06toc.html ), which identifies important federal requirements to be considered as part of an audit in accordance with the Single Audit Act and OMB Circular A-133, Audits of States, Local Government, and Not-for-Profit Organizations.
Pensions
The Pension Benefit Guaranty Corporation published a final rule requiring sponsors of insured defined benefit pension plans to submit their premium filings electronically. As of July 1, sponsors of plans with 500 or more participants must do so for plan years beginning on or after January 1, 2006; for all
Financial Reporting
As part of a broader initiative to improve financial reporting for insurance accounting, FASB issued an invitation to comment on whether bifurcating insurance and reinsurance contracts into insurance and financing components would improve the transparency of financial reporting for insurance accounting ( www.fasb.org/draft/ ). Current standards give insurers and reinsurers
Auditing
The AICPA Center for Public Company Audit Firms (CPCAF) issued a report on the Public Company Accounting Oversight Board’s findings from its inspections of eight PCAOB-registered firms that audit more than 100 public companies ( www.aicpa.org/cpcaf/download/PCAOB_inspection_deficiency_analysis_january2006.pdf ). An earlier analysis focused on PCAOB deficiency reports for firms with 100 or
FYI
The Financial Accounting Foundation, which funds and oversees the Financial Accounting Standards Board (FASB) and the Governmental Accounting Standards Board (GASB), appointed Thomas J. Linsmeier, CPA, to FASB for a five-year term that began July 1. A nationally respected accounting educator and researcher, he is chairman of the department of
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