Tax

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

The International Accounting Standards Board (IASB) in March issued international financial reporting standards (IFRS) 3, Business Combinations; 4, Insurance Contracts ; and 5, Non-current Assets Held for Sale and Discontinued Operations ( http://shop.iasb.org.uk/cmt/0001.asp ). In conjunction with its issuance of IFRS 3, the IASB also revised international accounting standards (IAS)

  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 SEC in March released Staff Accounting Bulletin (SAB) no. 105, Application of Accounting Principles to Loan Commitments (

The Federal Accounting Standards Advisory Board published an exposure draft (ED), Presentation of Significant Assumptions for the Statement of Social Insurance: Amending SFFAS 25, in March. The ED proposes requiring disclosure of significant assumptions underlying the “statement of social insurance,” which—for federal government entities administering a social insurance program—reports the