The AICPA augmented its CPA Marketing Tool Kit with a free brochure, How to Afford a Long, Happy Retirement, that practitioners can share with clients. Members can go to www.aicpa.org/cpamarketing/ and print color or black-and-white versions that leave space for a CPA firm’s name and contact information. The tool kit
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Valuation Services
Government Accounting
The Governmental Accounting Standards Board (GASB) issued Concepts Statement no. 3, Communication Methods in General Purpose External Financial Reports That Contain Basic Financial Statements, which defines various means of conveying information and provides criteria for effectively using them. The statement (# GC03) is available from GASB at http://store.yahoo.com/gasbpubs/gc03.html or at
Professional Issues
The AICPA augmented its CPA Marketing Tool Kit with a free brochure, How to Afford a Long, Happy Retirement, that practitioners can share with clients. Members can go to www.aicpa.org/cpamarketing/ and print color or black-and-white versions that leave space for a CPA firm’s name and contact information. The tool kit
Forensic And Litigation Services
The Institute’s Forensic & Litigation Services Committee released Practice Aid 05-1, A CPA’s Guide to Family Law Services (# 055299JA), which provides practical guidance for practitioners providing services involving domestic relations, divorce relations and litigation and matrimonial disputes. This product is available from the AICPA online at www.cpa2biz.com or by
Ethics
PEEC issued an exposure draft of a new ethics interpretation under Rule 101, Independence (AICPA, Professional Standards, volume 2, ET section 101.01) ( www.aicpa.org/members/div/ethics/ethics ). The proposed interpretation defines the terms financial interest , direct financial interest and indirect financial interest and provides guidance on their practical application. Comments are
“Would You, Could You, Should You Blog?”
EXECUTIVE SUMMARY BLOGS (SHORT FOR WEB LOGS) are an information-sharing tool with many business possibilities. They offer commentary on a variety of topics with links to Web sites or other online resources. Low operating costs make blogging a great marketing and knowledge management option for small firms. A BLOG TYPICALLY
Personal Financial Planning
The Institute, the AICPA Foundation, the National Endowment for Financial Education and the American Red Cross jointly published Disasters and Financial Planning: A Guide for Disaster Preparedness, which CPAs can use to help consumers obtain insurance and take other loss-mitigation steps before a catastrophe occurs. “Protecting the public interest is
FYI
Cheryl Linthicum, Mark Taylor and Teri Yohn will begin one-year terms in August as academic accounting fellows in the SEC’s Office of the Chief Accountant. Linthicum is associate professor at the University of Texas at San Antonio; Taylor holds the John P. Begley Chair in Accounting at Creighton University in
International
The International Auditing and Assurance Standards Board (IAASB) of the International Federation of Accountants (IFAC) proposed four international auditing standards (ISAs) ( www.ifac.org/guidance/exd-outstanding.php ): ISA 600 (revised), The Audit of Group Financial Statements; ISA 260 (revised), The Auditor’s Communication with Those Charged with Governance; ISA 705, Modifications to the Opinion
Is Your Retirement Plan Really Safe?
EXECUTIVE SUMMARY BENEFITS IN TAX-QUALIFIED RETIREMENT PLANS generally are protected from the creditors of plan participants and insulated from claims in bankruptcy. PLANS NOT PROTECTED FROM CREDITORS are those that cover only the business owner and/or the owner’s spouse and section 403(b) tax-sheltered annuity plans whose assets are held in
Buy-Sell Agreements
There are numerous legitimate business reasons to establish a buy-sell agreement for a closely-held family business. Many of these agreements set the value for estate tax purposes when one of the shareholders dies. If the IRS rejects the price set to represent the value of the stock, a significant estate
Does Bankruptcy Terminate S Corp Status?
A business that elects to be an S corporation continues to be taxed as such until the election is terminated. It can be terminated in any of three ways: (1) The shareholders revoke the election, (2) the corporation no longer satisfies the eligibility requirements or (3) the corporation has too
Peer Review Is Stronger and Better Now
EXECUTIVE SUMMARY THE AICPA REVISED ITS STANDARDS for performing and reporting on peer reviews for firms that do not audit SEC registrants. The revised standards, effective for reviews commencing on or after January 1, 2005, will enhance the quality of peer reviews and increase the usefulness of peer review reports
AICPA Launches Community Web Site for Business Valuation and Forensic & Litigation Services
he AICPA is committed to supporting its members who specialize in business valuation and forensic & litigation services (BV/FLS). Through member research and feedback, the AICPA learned that CPAs in BV/FLS believed that a sense of community was a top priority. “Our goal is to provide an online home for
Price Equals Value Plus Terms
EXECUTIVE SUMMARY BUSINESS VALUATION (BV), SUCCESSION PLANNING and buy-sell agreements help CPAs prepare a foundation for selling a practice, but the final price of a firm will be affected dramatically by the transaction terms. TO SET A FINAL PRICE, CPAs SHOULD review the interrelationship of five key variables: the down
Damages Aren’t Always Patently Obvious.
EXECUTIVE SUMMARY IN PATENT DISPUTES, CPA LITIGATION CONSULTANTS help patent holders demonstrate that “but for” an infringement they could have sold more of their product. Quantifying damages in patent infringement cases can be the focus of a forensic and litigation services practice. THE PANDUIT CASE PROVIDED FOUR QUESTIONS CPA litigation
20 Steps for Pricing a Patent
nventors help solve vexing problems, both sophisticated and simple, and as a result sometimes enjoy considerable celebrity and rewards. Our society’s economic success, too, is based on innovation. To encourage public disclosure of inventions, the U.S. Patent and Trademark Office (USPTO) issues an inventor a patent, which excludes others from
Smart Stops on the Web
THE INTERNET BUSINESS VALUATION SITES Add a New Credential bvfls.aicpa.org Institute members looking for a new challenge can register at this section of the AICPA Web site to take the November 15 or 30 Accredited in Business Valuation (ABV) exam. Other resources include the BV Competence Assessment Tool, Exam Candidate’s
So You Want to Be an Expert Witness
EXECUTIVE SUMMARY THE RANGE OF ACCOUNTING ISSUES involved in court disputes today covers so many aspects of finance that CPAs of all types may be qualified to offer expert witness services in one or more areas. CPA LITIGATION SERVICES ENCOMPASS several roles: expert witness (who renders an opinion before a
An Update on Review Engagements
EXECUTIVE SUMMARY SSARS NO. 10, PERFORMANCE OF REVIEW ENGAGEMENTS, effective for reviews of financial statements for periods ending on or after December 15, 2004, amends SSARS no. 1, Compilation and Review of Financial Statements, by introducing new requirements for performing such services. CPAs MUST APPLY THEIR KNOWLEDGE OF FINANCIAL
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SPONSORED REPORT
Preparing clients for new provisions next tax season
As the 2025 filing season approaches, H.R. 1 introduces significant tax reforms that CPAs must be prepared to navigate. These legislative changes represent some of the most comprehensive tax updates in recent years, affecting both individual and corporate taxpayers. This report provides in-depth analysis and guidance on H.R. 1.
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