Tax

The AICPA accounting and review services committee releases an interpretation of AR section 100, “Compilation and Review of Financial Statements” (see Official Releases, JofA , Aug.03, page 104), of the AICPA Professional Standards. The interpretation, “Applicability of Statements on Standards for Accounting and Review Services When an Accountant Engaged to

The GAO publishes its fourth revision of Government Auditing Standards (also known as the Yellow Book). First issued in 1972, the volume contains generally accepted government auditing standards (GAGAS) for audits of government organizations, programs, activities and functions as well as for audits of government assistance to contractors, nonprofit organizations

The AICPA elects former four-term Iowa Governor Terry Branstad one of the three public, or non-CPA, members of its board of directors. Recently, as chairman of President George W. Bush’s Commission on Excellence in Special Education, Branstad developed a plan to improve disabled students’ scholastic performance ( www.aicpa.org/download/news/2003_0527.pdf ). He

The international auditing and assurance standards board of the International Federation of Accountants issues an exposure draft (ED) containing a proposed international auditing standard (ISA), Review of Interim Financial Information Performed by the Auditor of the Entity. The proposal provides guidance on the scope of such reviews, which differs from

The private companies practice section (PCPS)—the AICPA alliance for CPA firms—and the Texas Society of CPAs launch their 2003 national management of an accounting practice (MAP) survey, which will ask firms to provide information on their performance, profitability, size and areas of specialization. The firms then will be able to

GASB approves Statement no. 41, Budgetary Comparison Schedule—Perspective Differences, to clarify existing guidance on budgetary comparisons in Statement no. 34, Basic Financial Statements—and Management’s Discussion and Analysis—for State and Local Governments ( www.gasb.org/news/nr052003.html ). Affected entities should implement the required change in accounting when they adopt Statement no. 34. For

The AICPA peer review board seeks members’ comments on an exposure draft (ED) proposing revisions to the standards for performing and reporting on peer reviews. The proposal includes, for example, revisions to the objectives of system reviews, transparency of reporting and type of peer review required. If adopted, the revised

  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 a joint statement bank and thrift regulators say they do not expect to apply Sarbanes-Oxley Act corporate governance

The SEC publishes a collection of 33 frequently asked questions and answers, prepared by its staff, on the use of non-GAAP financial measures ( www.sec.gov/divisions/corpfin/faqs/nongaapfaq.htm ). Topics discussed include transition issues, business combination transactions, item 10(e) of regulation S-K, EBIT and EBITDA, segment information, item 12 of Form 8-K, foreign

The international auditing and assurance standards board (IAASB) of the International Federation of Accountants (IFAC) issues an exposure draft (ED) containing a proposed international standard, Quality Control for Audit, Assurance and Related Services Practices, and a proposed revised international standard on auditing, Quality Control for Audit Engagements. The proposals clarify