International tax

TThe SEC changed—and proposed further modifications to—its mutual fund rules and forms ( www.sec.gov/news/press/2004-16.htm ). In one action, to improve funds’ disclosure of costs, investments and performance, the commission amended provisions pertaining to shareholder reports and quarterly portfolio disclosures. These new requirements will apply to reporting periods ending on or

The AICPA assurance services executive committee and the Canadian Institute of Chartered Accountants’ assurance services development board jointly issue a privacy framework ( www.aicpa.org/innovation/baas/ ). CPAs and chartered accountants—in both industry and public practice—can use it to help the organizations they serve implement privacy programs. The framework incorporates concepts from

The Federal Deposit Insurance Corp. (FDIC) in January changed its insurance rules for deposits held in connection with a living trust ( www.fdic.gov/deposit/deposits/deposit/index.html ). Under the new provisions, if a bank fails, the FDIC will insure up to $100,000 of deposits for each beneficiary entitled to a living trust’s assets

The Federal Accounting Standards Advisory Board (FASAB) issues Statement of Federal Financial Accounting and Auditing Technical Release 3 (revised), Auditing Estimates for Direct Loan and Loan Guarantee Subsidies under the Federal Credit Reform Act and Technical Release 6, Preparing Estimates for Direct Loan and Loan Guarantee Subsidies under the Federal

A January 2004 Financial Executives International (FEI) survey of more than 300 of its members who work in public companies of all sizes revealed those entities expected to spend more time and money to comply with the section 404 internal-control requirements of the Sarbanes-Oxley Act of 2002 than anticipated in

The AICPA releases the results of its annual survey to assess the supply of new accounting graduates and public firms’ demand for their services ( www.aicpa.org/members/div/career/edu/sagdpar.htm ). Conducted in 2003 the poll found the number of bachelor’s degrees awarded had dropped while the level of master’s degrees had increased, matching

  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.   In February the Office of the Comptroller of the Currency, the Federal Reserve Board, the Federal Deposit Insurance Corp.

The AICPA professional ethics executive committee (PEEC) defers until December 31, 2004, the effective date of its recently established requirement—originally effective September 30, 2003—that a member document in writing his or her understanding with a client regarding all nonattest services to satisfy general requirement no. 3 of Interpretation 101-3, “Nonattest

The AICPA and five other organizations joined forces to sponsor the Project for Financial Independence, which offers free financial planning advice to individuals in need ( www.consultaplanner.org ). Also participating are the Certified Financial Planner Board of Standards, the Financial Planning Association, the National Association of Personal Financial Advisors, the

The Institute, in cooperation with industry experts, has updated and revised illustrative financial statements for banks, savings institutions, credit unions and mortgage companies (in separate versions), which members can find online at www.aicpa.org/members/div/acctstd/illustrative_fs.asp . These illustrative statements also are available in the AICPA publication, Checklists and Illustrative Financial Statements for

The board of trustees of the Financial Accounting Foundation (FAF) appoints Robert H. Attmore chairman of the Governmental Accounting Standards Board (GASB). He succeeds Tom L. Allen, who served as GASB chairman since 1995. Attmore is president of Attmore & Associates, Albany, New York, a consulting firm serving government agencies

The International Accounting Standards Board (IASB) publishes an exposure draft, ED 6, Exploration for and Evaluation of Mineral Resources, which proposes guidance for extractive-industry entities required to comply with international financial reporting standards (IFRS) beginning in 2005 ( www.iasb.org/uploaded_files/ ). Because there is no related guidance in place and the