International tax

The Governmental Accounting Standards Board (GASB) published Statement no. 43, Financial Reporting for Postemployment Benefit Plans Other Than Pension Plans ( www.gasb.org/news ), which addresses financial reporting by plan trustees or administrators regarding their stewardship of trusts or other funds established to provide postemployment health care and other nonpension benefits—commonly

The Institute invited CPAs with fewer than seven years’ experience or who are under 40 years of age to participate in an online poll ( http://websurveyor.net/wsb.dll/12391/memberneedspoll.htm ) designed to gather information useful in developing services, products and programs that best meet the needs of new and/or younger CPAs.

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 Federal Financial Institutions Examination Council (FFIEC) proposed guidance to help insured depository institutions improve their disclosure to customers with overdraft

The AICPA released Auditing Governmental Financial Statements: Programs and Other Practice Aids, which contains programs and tools to help practitioners conduct government audits in keeping with GASB Statement no. 34’s new financial reporting model. Copies (product no. 006602JA) are available from the Institute at 888-777-7077 or www.cpa2biz.com .

The National Association of Securities Dealers (NASD) proposed a rule ( www.nasdr.com/news/pr2004/ ) designed to address inappropriate practices discussed in Joint SEC/NASD Staff Report on Examination Findings Regarding Broker-Dealer Sales of Variable Insurance Products ( www.sec.gov/news/studies/secnasdvip.pdf ), which it released in conjunction with the SEC in June 2004. The report

The International Federation of Accountants (IFAC) revised its code of ethics ( www.ifac.org/Guidance/EXD-Details.php?EDID=0027 ) to ensure that an individual who has served as lead partner of an audit engagement at an exchange-listed entity for a predefined period not longer than seven years may not participate in the engagement for another

The Securities and Exchange Commission (SEC) published for comment two rules, one of which would grant thrift institutions a limited exception from Investment Advisers Act requirements governing the manner and extent to which such entities may hold themselves out to the public as providers of investment advisory services ( www.sec.gov/news/press/2004-58.htm

The Pension Benefit Guaranty Corp. (PBGC) proposed a statement of policy that would revise the structure of penalties assessed against pension plan administrators who fail to notify participants of underfunding and of the extent to which the PBGC would compensate for such deficiencies ( www.pbgc.gov/regs ). Under the suggested statement,

  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 of Internal Auditors’ (IIA) Research Foundation issued a pair of reports on recent changes in audit committee practices

The Treasury Department proposed a rule that would defer until December 31, 2005, the expiration of provisions of the Terrorism Risk Assurance Act of 2002 requiring property and casualty insurers to offer coverage for terrorism-related losses described in the act ( www.treas.gov/press/releases/reports/ ). Currently the law mandates that insurers make

The AICPA requests nominations for two awards recognizing the pro bono achievements of individual CPAs and firms. Beginning this year a Public Service Award for Firms joins its preexisting counterpart, the Public Service Award, which acknowledges individual contributions. Institute members, state societies and CPA firm associations can nominate candidates for

The International Accounting Standards Board (IASB) published three exposure drafts (EDs) in April ( www.iasb.org/current/ed.asp ). Amendments to IAS 39 Financial Instruments: Recognition and Measurement—The Fair Value Option proposes restricting that valuation to financial assets and liabilities in any of five specific categories and with a verifiable fair value; comments

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 AICPA in May released a practice aid, Valuation of Privately-Held-Company Equity Securities Issued as Compensation, that provides useful information

The Treasury Department’s Financial Crimes Enforcement Network (FinCEN) in April proposed changes to its current Form 105, Report of International Transportation of Currency and Monetary Instruments ( www.fincen.gov/cmirforms60-day.pdf ). The revision would facilitate law enforcement by obtaining additional information about the movement of currency and monetary instruments. FinCEN would achieve

The Federal Financial Institutions Examination Council (FFIEC) in March issued the Retail Payment Systems Booklet, which contains revised guidance for examiners, financial institutions and technology service providers on risks associated with retail payment systems ( www.ffiec.gov/ffiecinfobase/html_pages/it_01.html ). It is the latest in a series of updates to the 1996 FFIEC

The General Accounting Office (GAO) in March issued a clarification ( www.gao.gov/govaud/cpeamend.htm ) of its earlier issued requirement that auditors working under Generally Accepted Government Auditing Standards (GAGAS) (collectively known as the Yellow Book) complete every two years at least 80 hours of continuing professional education (CPE) that directly enhances

The Treasury Department and the IRS issued guidance on health savings accounts (HSAs) ( www.treas.gov/press/releases/js1278.htm ) to increase health-insurance-plan designers’ and consumers’ understanding of the IRS rules governing such plans. HSAs are tax-exempt trust or custodial accounts established exclusively to pay the qualified medical expenses of an eligible individual participating

The SEC issued a proposal to amend its requirements relating to rule changes requested by self-regulatory organizations (SROs), such as the securities and commodities exchanges ( www.sec.gov/rules/proposed/34-49505.htm ). The proposal aims to modernize and increase the efficiency of the rule-filing process by requiring SROs to submit recommended changes to the

The Public Company Accounting Oversight Board established the Office of Internal Oversight and Performance Assurance in March ( www.pcaobus.org/pcaob_news_2004-03-17.asp ). The office’s staff will conduct internal reviews of the board’s programs and operations to help ensure their integrity and effectiveness.

The PCAOB appointed Claudius B. Modesti director of investigations and enforcement in May. Previously he held positions in the U.S. Attorney’s office, the Justice Department and the SEC. Six practitioners begin two-year terms this month as professional accounting fellows in the SEC’s Office of the Chief Accountant. The appointees, all