CPAs are beginning to see some familiar faces in corporate boardrooms—including their own. Until recently, most boards were made up largely of CEOs of other organizations. In the past few years though, board members’ backgrounds have become more diverse, and more CPAs are serving as directors, in part because of
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TOPICS / TAX
International tax
Playing a Leadership Role in International Convergence
Convergence of international financial reporting standards has received enormous attention over the last decade and particularly over the last few years. Earlier this year, the leaders of the International Accounting Standards Board and the Financial Accounting Standards Board and key regulators from the European Commission and the SEC agreed on
A Tour of Tomorrows Technology
Imagine you’re a CPA from 100 years ago who’s just been zapped into 2005. Would you understand even half of the technology the profession now uses to conduct business? Probably not. But that’s just a fantasy, you might say. Well, think again. Today’s lightning-quick rate of technological innovation could turn
Exploring the Global Marketplace
Walking through the spice markets of Tashkent or down the Champs-Elyses in search of something unique that I can’t find at home, I am struck by two things: Nothing has changed in hundreds of years. Marco Polo, Christopher Columbus and other explorers couldn’t resist the urge to trade in goods
Accounting
The International Accounting Standards Board (IASB) and the Financial Accounting Standards Board (FASB) each published an exposure draft (ED) containing joint proposals to improve and align the accounting for business combinations ( www.iasb.org/current/ed.asp ; www.fasb.org/draft ). The proposals retain the current requirement in both International Financial Reporting Standard 3 and
Management
The Institute released AICPA Audit Committee Toolkit: Not-for-Profit Organizations and AICPA Audit Committee Toolkit: Government Organizations, which are comprehensive sets of best practices for, among other things, understanding internal controls, conducting meetings with company executives and making the audit committee charter a tool for managing committee responsibilities and documenting performance.
Government Accounting
The Federal Accounting Standards Advisory Board (FASAB) published Statement of Federal Financial Accounting Standards (SFFAS) no. 29, Heritage Assets and Stewardship Land ( www.fasab.gov/pdffiles/sffas_29.pdf ). The standard reclassifies information on these assets and land as basic information, with the exception of condition information, which it classifies as required supplementary information.
Money Laundering
The Federal Financial Institutions Examinations Council (FFIEC) released the Bank Secrecy Act (BSA)/Anti-Money Laundering Examination Manual to ensure consistent application of the act to commercial banks, savings associations and credit unions ( www.fdic.gov/news ). In it the FFIEC prescribes uniform principles, standards and report forms for federal banking regulators. The
Employee Benefits
The Institute endorsed the SIMPLE Cafeteria Plan Act of 2005 (S. 723), a bill that would allow small businesses to provide nontaxable benefits, such as flexible spending accounts, to their employees ( http://thomas.loc.gov ) as large companies and government agencies now do. In addition, the proposed legislation would allow cafeteria
FYI
President George W. Bush designated Cynthia A. Glassman as acting SEC chairman until the Senate confirms a successor to William H. Donaldson, who stepped down in June. The president has nominated Rep. Christopher Cox (R-Calif.) to replace Donaldson. The Financial Accounting Foundation named Keith L. Johnson, CPA, chairman of the
International
The International Accounting Standards Board issued an amendment to the fair value option in International Accounting Standard (IAS) 39, Financial Instruments: Recognition and Measurement. In response to regulators’ concerns that the option provision in the 2003 revisions of IAS 39 might be misused, the IASB limited its application to financial
Government Accounting
The Governmental Accounting Standards Board (GASB) added a volume to its User Guide series for nonaccountants. What Else You Should Know about a Government’s Finances: A Guide to Notes to the Financial Statements and Supporting Information explains how to assess a state or local government’s financial health and is available
Professional Issues
The profession’s image remains bright among business decision makers, executives and investors who gave CPAs favorable ratings of 97%, 95% and 89%, respectively, in a recent survey. Significantly, among business decision makers and executives, CPAs ranked several points higher than physicians, insurance agents, bankers, chief management consultants and stock research
Institute Appoints Liaison for International Activities
New director to manage Institutes international relationsAICPA personal finance Web site twice honoredInstitutes CPA Marketing Tool Kit cited for excellence. The AICPA in June named Gary M. Scopes, CPA, to be its director, international relations. He brings to the position experience in auditing, standards implementation and ethics enforcement. In addition
Employee Benefits
The Treasury Department and IRS issued Notice 2005-42, which allows employers to modify flexible spending arrangements (FSAs) to extend the deadline for reimbursement of health and dependent care expenses up to 2.5 months after the end of the plan year ( www.treas.gov/press/releases/reports/n0542.pdf ). Previously, employees forfeited any FSA funds they
AICPAs Financial Literacy Site Wins Laurels
The Institutes online personal finance community won honors in two competitions. The primary site ( www.360financialliteracy.org ), which promotes CPA pro bono efforts to educate the public in personal finance, earned a Communicator Crystal Award for excellence in communication to its target audience. In addition, the sites latest addition (
Auditing
The Public Company Accounting Oversight Board (PCAOB) issued guidance in the form of questions and answers (Qs & As) for auditors ( www.pcaobus.org/standards/staff_questions_and_answers/index.asp ). They concern attest engagements relating to information that companies furnish under the SEC’s XBRL Voluntary Financial Reporting Program on the EDGAR system ( www.sec.gov/spotlight/xbrl.htm ). The
FYI
SEC Chairman William H. Donaldson resigned on June 30, 2005, more than two years after President George W. Bush appointed him to the post. At press time, the president had nominated Rep. Christopher Cox (R-Calif.) as Donaldson’s successor, subject to confirmation by the Senate. The AICPA governing council approved a
International
The International Accounting Standards Board (IASB) issued a single-volume edition of its official pronouncements made through January 1, 2005 ( www.iasb.org/uploaded_files/documents/ ). International Financial Reporting Standards (IFRSs) Bound Volume 2005 provides the complete consolidated text of the latest version of IFRSs (including international accounting standards and interpretations) and the supporting
Institutes Marketing Resource Gains Prize
The AICPAs CPA Marketing Tool Kit won a Big Apple Award from the Public Relations Society of America for exceptional support of marketing communications. Meanwhile, the Institute augmented the kit with a new brochure and speech designed to help members market their business consulting services to clients ( www.aicpa.org/cpamarketing ).
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