IRS practice & procedure

FASB issued Staff Position (FSP) FAS 123(R)-1, Classification and Measurement of Freestanding Financial Instruments Originally Issued in Exchange for Employee Services under FASB Statement No. 123(R) ( www.fasb.org/fasb_staff_positions/fsp_fas123r-1.pdf ). The board, which continues to believe freestanding financial instruments should be accounted for consistently, plans to consider broadly the distinction between

The Governmental Accounting Standards Board’s (GASB) new Guide to Implementation of GASB Statements 43 and 45 on Other Postemployment Benefits can help preparers and auditors implement recent GASB standards on accounting and reporting for health care and other nonpension benefits provided to retirees. To order the guide (# GQA43/45), go

The Treasury Department’s Financial Crimes Enforcement Network released two sets of questions and answers on completing Form 104, Currency Transaction Report ( www.fincen.gov/faq08122005.pdf ), and on the applicability of Bank Secrecy Act requirements to new accounts opened by people displaced by Hurricane Katrina ( www.fincen.gov/faqkatrinalead.pdf ).

The Office of Management and Budget (OMB) issued the Circular A-133 2005 Compliance Supplement ( www.whitehouse.gov/omb/financial/2005_compliance_supp.html ), which is not a complete reissuance of the 2004 edition. The circular governs audits of entities that receive federal funds. The 2005 supplement addresses only new or significantly changed information on agency program

A white paper prepared by the AICPA’s Business and Industry Executive Committee reported that CPAs’ skills and values are well-suited to meet new demands facing chief financial officers. CPAs as CFOs: Why You Should Have a CPA in Your C-Suite says CPAs are particularly qualified to manage the unprecedented operational,

The Institute’s Accounting and Review Services Committee (ARSC) released three statements on standards for accounting and review services (SSARSs) and an interpretation (see Official Releases, page 109). SSARS no. 12, Omnibus Statement on Standards for Accounting and Review Services—2005 (# 060650JA); SSARS no. 13, Compilation of Specified Elements, Accounts, or

The Institute and the Department of Labor’s Employee Benefit Security Administration (EBSA) are conducting seminars with state CPA societies for small business clients on how to establish and administer pension, health and other employee benefit plans. Ian MacKay, director of the AICPA Employee Benefit Plan Audit Quality Center ( http://ebpaqc.aicpa.org

The SEC invited mutual funds to join other registrants already voluntarily submitting their filings electronically in extensible business reporting language (XBRL) format ( www.sec.gov/spotlight/xbrl.htm ). The commission will assess registrants’ ability to properly tag their data in XBRL and will weigh the benefits of tagged data. Information on XBRL is

The AICPA Audit Committee Effectiveness Center issued “SOX Section 404: Responding to an Adverse Report—A Checklist for the Audit Committee,” which can be downloaded free at www.aicpa.org/audcommctr . The checklist provides an overview of the Sarbanes-Oxley Act’s internal control evaluation requirements and specifies actions audit committees should take in response

The Institute launched the AICPA Tax Center ( www.aicpa.org/tax ), offering news related to taxation, information on tax professional standards and the Institute’s tax advocacy activities, and access to premium resources, including The Tax Adviser magazine, tax practice guides and checklists, and discussion forums focused on specific aspects of taxation.

The International Accounting Standards Board (IASB) issued one standard and amended three others ( www.iasb.org ). International Financial Reporting Standard (IFRS) 7, Financial Instruments: Disclosures, introduces requirements to improve information on financial instruments in entities’ financial statements, replacing International Accounting Standard (IAS) 30, Disclosures in the Financial Statements of Banks