International tax

The Institute released Understanding Social Security Reform: The Issues and Alternatives, a comprehensive analysis by AICPA tax, accounting and economic specialists of the benefits and drawbacks of many current reform proposals. The report assesses the program’s financial condition; its importance to the elderly living in poverty; how reform could affect

The SEC issued an order extending until September 30, 2005, the date by which banks must comply with certain broker registration requirements of the Gramm-Leach-Bliley Act, which repealed a provision of the Securities Exchange Act of 1934 that had allowed such institutions to engage in securities activities without registering as

The SEC again extended the dates by which nonaccelerated filers and foreign private issuers must comply with amendments—adopted in keeping with the internal control and financial reporting provisions of section 404 of the Sarbanes-Oxley Act—to its rules under the Securities Act of 1934 ( www.sec.gov/rules/final/33-8545.htm ). Such entities must begin

The AICPA Auditing Standards Board issued an exposure draft of proposed Statement on Auditing Standards (SAS), Defining Professional Requirements in Statements on Auditing Standards, and proposed Statement on Standards for Attestation Engagements (SSAE), Defining Professional Requirements in Statements on Standards for Attestation Engagements (www.aicpa.org/members/div/auditstd/2005_02_28_prof_req.asp). The suggested guidance defines terminology describing

The AICPA unveiled a Web site for CPAs interested in information technology ( www.aicpa.org/infotech ). It offers resources on system security and reliability; tools and checklists to help CPAs assess organizational practices pertaining to information privacy, e-commerce and similar subjects; and guidance on standards and regulations. In addition to the

Want to give something back to the profession? The AICPA examinations team needs CPA volunteers in the Minneapolis, Detroit and San Diego areas to help develop and review CPA exam auditing and attest simulations (that is, case studies) and in the Providence, Rhode Island, Milwaukee and Phoenix areas to construct

The International Accounting Standards Board (IASB) exposed a draft memorandum of understanding on the role of accounting standard setters and their relationships with the board ( www.iasb.org/uploaded_files/ ). The agreement identifies the responsibilities of the IASB and other standard setters to foster the adoption of, or convergence with, international financial

The SEC released guidance to help registered companies improve the presentation of consolidated statements of cash flows in financial statements they file with the commission ( www.sec.gov/divisions/corpfin/guidance/ ). In a letter to CFOs, Chief Accountant Carol A. Stacey of the commission’s Division of Corporation Finance emphasized the importance of accurately

A joint task force of the Institute of Chartered Financial Analysts and the National Investor Relations Institute released as final voluntary best practice guidelines governing relations between securities analysts and companies they cover ( www.cfainstitute.org ). They address analysts’ independence from corporate issuers’ influence, analysts’ access to issuer executives, disputes

The Federal Accounting Standards Advisory Board (FASAB) issued immediately effective implementation guidance for Statement of Federal Financial Accounting Standards (SFFAS) 23, Eliminating the Category National Defense Property, Plant, and Equipment ( www.fasab.gov/pdffiles/sig_23_1.pdf ).

The AICPA released the 2004 edition of its annual report, The Supply of Accounting Graduates and the Demand for Public Accounting Recruits ( www.aicpa.org/members/div/career/edu/sagdpar.htm ), which found the number of bachelor’s degrees awarded rose by 6% and master’s degrees by 30% over the prior year while enrollment in accounting programs

Financial Executives International CEO and President Colleen Cunningham identified the following topics ( www.fei.org/fei_ceo_top10.cfm ) as 2005’s top 10 financial reporting challenges: accounting for stock options, internal controls reporting, revenue recognition, uncertain tax positions in financial statements, repatriation of foreign earnings, accounting for business combinations, accounting for inventory costs, disclosure

The AICPA enhanced the Web site ( www.aicpa.org/EBPAQC ) of its Employee Benefit Plan Audit Quality Center, a firm-based voluntary membership community promoting high-quality audits of pension, health and welfare and 401(k) plans. The center offers practical tools, guidance on audit performance, best practices and information on emerging issues to

The AICPA and the Department of Labor (DOL) are partnering to educate American women of all ages about personal financial management. Using CPA/PFS (Personal Financial Specialist) volunteers from the Institute’s 360 Degrees of Financial Literacy program ( www.aicpa.org/financialliteracy/index.asp ) and the resources of the DOL Women’s Bureau ( www.dol.gov/wb ),

The AICPA named Ben Neuhausen of BDO Seidman LLP the chair of its Accounting Standards Executive Committee (AcSEC), succeeding Mark Bielstein of KPMG LLP. As an AcSEC member, Neuhausen earlier chaired the AICPA Task Force on Real-Estate Time-Share Transactions. AcSEC member Carl Kampel of Ellin & Tucker, Chartered, will become

The International Federation of Accountants (IFAC) released an exposure draft (ED) and several publications. The ED, Proposed International Public Sector Accounting Standard: Financial Reporting Under the Cash Basis of Accounting—Disclosure Requirements for Recipients of External Assistance, is intended to enhance transparency and relevance of disclosures about financial assistance to governments

The Financial Accounting Standards Board (FASB) in December issued Statement no. 153, Exchanges of Nonmonetary Assets, an amendment of APB Opinion no. 29. The revised guidance is based on the principle that exchanges of nonmonetary assets should be measured according to the fair value of such assets. The statement replaces