Robert L. Bunting, chairman and CEO of Moss Adams LLP in Seattle, assumed the AICPA chairmanship at the Institute’s annual meeting. His acceptance speech will appear verbatim in a future issue of the JofA . oss Adams is in the vanguard of midsize firms skilled at serving an international clientele.
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International tax
Technology
The Accounting Hall of Fame announced three inductees for 2004. The honorees are Dennis R. Beresford, E&Y Executive Professor at the University of Georgia, former chairman (1987–1997) of the Financial Accounting Standards Board and writer of professional articles; Gerald A. Feltham, a professor of accounting at the University of British
International
The International Auditing and Assurance Standards Board (IAASB) of the International Federation of Accountants (IFAC) issued a staff-prepared series of questions and answers relating to international financial reporting standards (IFRSs), First Time Adoption of IFRSs—Guidance for Auditors on Reporting Issues. The document is available online ( www.ifac.org/store ) at no
Employee Benefits
To stave off double-digit increases in the cost of employee health plans, small and midsize companies cut benefits in 2003, according to a survey and analysis by Mercer Human Resource Consulting and Marsh Inc. ( www.marsh.com ). This held costs to an average of $6,130 per worker, up 9.8% since
FYI
The General Accounting Office on July 7, 2004, changed its name to the Government Accountability Office in accordance with the GAO Human Capital Reform Act of 2004, which reorganized the watchdog agency’s personnel management and compensation systems ( www.gao.gov/about/namechange.html ). The Public Company Accounting Oversight Board (PCAOB) named Richard D.
International
The International Auditing and Assurance Standards Board (IAASB) of the International Federation of Accountants issued an exposure draft (ED)—mentioned briefly in the September JofA News Digest —that proposes improving the board’s due process and working procedures by encouraging broader constituent participation through public forums or requests for comments on proposed
Accounting
The AICPA staff issued two technical practice aids (TPAs) ( www.aicpa.org/members/div/acctstd/ ) on the applicability of FASB Interpretation no. 45, “Guarantor’s Accounting and Disclosure Requirements for Guarantees, Including Indirect Guarantees of Indebtedness of Others” ( www.fasb.org/st/summary ). TPA 6400.45 addresses physician loans, and TPA 6400.46 discusses mortgage guarantees. Practitioners are
Government Accounting
The Governmental Accounting Standards Board (GASB) issued Statement no. 45, Accounting and Financial Reporting by Employers for Postemployment Benefits Other Than Pensions, which generally requires state and local governments to account for and report costs and obligations related to postemployment health care and other nonpension benefits, commonly referred to as
Money Laundering
The federal financial institutions regulatory agencies—the Federal Reserve System, the Federal Deposit Insurance Corp., the National Credit Union Administration, the Office of the Comptroller of the Currency and the Office of Thrift Supervision—issued Bank Secrecy Act procedures that guide implementation of, and provide a consistent approach to examining, the customer
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 launched a Web-based survey to assess how well private company financial reports meet the needs of those who
Financial Reporting Goes Global
EXECUTIVE SUMMARY THERE IS A CLEAR TREND toward adopting IFRS as the single body of internationally accepted financial reporting standards. In the next few years, thousands of companies will move to IFRS as a primary basis of financial reporting. THE IFRS MANDATE WILL AFFECT U.S. COMPANIES. Some may be required
Fraud
The Association of Certified Fraud Examiners (ACFE) issued its 2004 Report to the Nation on Occupational Fraud and Abuse ( www.cfenet.com/report ). Based on a survey of certified fraud examiners from late 2003 through early 2004, the report analyzes more than 500 cases representing a loss of $761 million to
Government Accounting
The Governmental Accounting Standards Board (GASB) issued two exposure drafts (EDs). One, Net Assets Restricted by Enabling Legislation—an Amendment of GASB Statements no. 34 and 44, proposes standards intended to clarify for preparers of state and local government financial statements the requirements for reporting net assets contained in GASB Statement
Professional Issues
PCPS—the AICPA Alliance for CPA Firms—and the Texas Society of Certified Public Accountants launched the 2004 Management of an Accounting Practice Survey. The Association for Accounting Administration and firms from 43 states are participating in the online survey. Information is available at http://map.pcps.org . The survey, which provides local and
Auditing
Subject to approval by the Securities and Exchange Commission, the Public Company Accounting Oversight Board adopted PCAOB Auditing Standard no. 3, Audit Documentation; an amendment to a related interim auditing standard on documentation; and two rules ( www.pcaobus.org/pcaob_news_2004-06-09.asp ). One rule sets forth the terminology the PCAOB will use to
Smart Stops on the Web
Business And Industry Sites Plan for Change www.boozallen.com CPAs, CEOs and CFOs can visit this business strategy consulting company’s Web site and download the “Ten Guiding Principles of Change Management” for strategies and tips on managing change within an organization. Users also can read free articles such as “Reducing Overhead
A Former AICPA President Is Dead at 88
Ralph E. Kent of Durham, North Carolina, died on June 26, 2004. He served as president—the title then held by the Institute’s highest ranking volunteer—for the 1968–69 committee year and then as a life member of the AICPA council until the time of his death. A distinguished member of the
International
PCPS—the AICPA Alliance for CPA Firms—and the Texas Society of Certified Public Accountants launched the 2004 Management of an Accounting Practice Survey. The Association for Accounting Administration and firms from 43 states are participating in the online survey. Information is available at http://map.pcps.org . The survey, which provides local and
Public Service Rewarded
As part of its ongoing efforts to honor CPAs for their volunteer work, the AICPA has established the Public Service Award for Firms to acknowledge humanitarian contributions at the local, state and national levels. The award complements its longstanding counterpart for individual CPAs (see “ Robertson Cited for Volunteer Work,”
Securities
The SEC published for comment proposed regulation B, which would implement provisions of the Gramm-Leach-Bliley Act of 1999 (GLBA) that delineate the securities activities in which banks may engage without registering as brokers under the Securities Exchange Act of 1934 ( www.sec.gov/news/press/ ). GLBA introduced 11 functional exceptions to replace
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