AICPA

Technology

New Tools for Non-Profits

Charitable giving increased by five percent to an all time high of $248 billion last year. E-charities did even better, growing by 63 percent, driven by Howard Dean’s presidential campaign and tsunami relief efforts. With success, however, comes increased attention and scrutiny. Recently, new tools have been announced helping non-profit organizations achieve accounting and auditing excellence.On Monday, June 13, Sage Software announced the general availability of Peachtree Premium Accounting for Nonprofits 2006.
Tax

Suit Alleges PWC Missed 'Key Warning Signs' at AIG

The decades-long relationship between PricewaterhouseCoopers (PWC) and American International Group (AIG) is being scrutinized as regulators allege the accounting firm overlooked problems and issued false audit reports.Advertisement

AICPA Praises Congress for Introducing Privacy Protection Act of 2005

On May 17, Rep Mark Kennedy (R-MN) and Collin Peterson introduced the Privacy Act of 2005, H. R. 2387. This legislation would amend the privacy provision applicable to CPAs in the Gramm-Leach-Bliley Act (GLB) passed in 1999.“The American Institute of Certified Public Accountants (AICPA) is pleased Congress has taken this important step to support legislation that would exempt CPAs from a redundant requirement,” said Barry Melancon, CPA, President and CEO of the AICPA.
A&A

AICPA & FASB Exploring Changes in GAAP for Private Companies

The accounting profession will work with the Financial Accounting Standards Board (FASB) to evaluate potential changes to generally accepted accounting principles (GAAP) for privately held, for-profit companies the governing council of the American Institute of Certified Public Accountant (AICPA) announced on Monday.The AICPA Council resolution directs AICPA management to work with the Financial Accounting Foundation (FAF) and the Financial Accounting Standards (FASB) in identifying and implementing a process for evaluating potential changes in recognition, measurement and disclosure from G
Tax

Senators Look to Abolish Alternative Minimum Tax

Four senators are hoping to eliminate the alternative minimum tax, which one lawmaker termed a “tax dragnet” that is ensnaring more middle-class taxpayers every year.The alternative minimum tax, or AMT, was created in 1969 to stop wealthy Americans from avoiding taxes, but over time it has been applied to taxpayers with many children or those who live in states with high income and property taxes, the Associated Press reported. The AMT requires figuring taxes both the traditional way and under the AMT system, with taxpayers paying the higher amount.
Community News

AICPA Names Outstanding Educator for 2005

Charles H. Smith, currently KPMG professor of Accounting at Penn State University, is the recipient of the American Institute of Certified Public Accountants’ (AICPA) Distinguished Achievement in Accounting Education for 2005.
Practice

AICPA Business Solutions Expands to Include 401(k)

Paychex 401(k) Recordkeeping services have been added to the Paychex Partner Program from the American Institute of Certified Public Accountants (AICPA) Business Solutions. “The addition of 401(k) to the CPAs’ tool chest offers another great way to professionally serve their clients,” said Tony Tortorella, vice president of Human Resource Services – Sales for Paychex.
A&A

Calendar: Succession Planning Webcast

Succession planning consistently ranks among the top issues facing businesses of all sizes and types. According to a survey conducted by the Private Companies Practice Section (PCPS) of the American Institute of Certified Public Accountants (AICPA) in 2004, 56 percent of CPA firms have at least one partner retiring in the next five years.

Lease Accounting Problems Dominate Restatements

Errors in lease accounting contributed to 22.5 percent of the weaknesses reported to the Securities and Exchange Commission (SEC) in April. During March, less than 10 percent of weaknesses reported were due to errors in lease accounting. According to Compliance Week magazine, many of the disclosures came after Donald Nicolaisen, chief accountant for the SEC, sent a letter clarifying lease accounting rules to Robert Keupers, chairman of the Center for Public Company Audit Firms, an arm of the American Institute of Certified Public Accountants (AICPA).
Education & Careers

AICPA Launches New Education Resource

The Accounting Education Center at www.aicpa.org, provides users with education and curriculum development programs, student recruiting resources, scholarship and award information and a variety of publications, reports and other studies.Information on the site is divided into five categories:Education and Curriculum DevelopmentCareer AwarenessScholarships and AwardsPublications, Reports and StudiesMinority InitiativesWithin the Education and Curriculum Development section, users will fi
A&A

FASB May Re-Open Talks on Derivatives and Hedging Activities

The Financial Accounting Standards Board (FASB) may re-start discussions on one of its most controversial standards–accounting for derivatives.Financial Accounting Standard 133–Accounting for Derivative Instruments and Hedging Activities–took effect in 2000 and angered many business owners.
A&A

AICPA Cites Complexity as Barrier to Tax Compliance

“By and large, small businesses obey the law, but it’s only human to inadvertently disobey a law if you do not or cannot understand the rules,” Ronald B. Hegt, CPA and a member of the American Institute of Certified Public Accountants (AICPA) Tax Executive Committee told the House Small Business Committee on April 27, 2005.Complexity is one of the reasons cited by AICPA for eroding small business’ voluntary compliance with tax laws.
Community News

2005 Business & Industry Hall of Fame Calls for Nominations

Ajilon Financial and the American Institute of Certified Public Accountants launched the search for nominees to the Business & Industry Hall of Fame on Monday. Winners will be announced at the AICPA’s Fall Business & Industry Financial Executive Forum. The AICPA Business & Industry Hall of Fame, now in its 7th consecutive year, honors CPAs who demonstrate strong business ethics, lead by example and commitment, provide insight and vision using knowledge of broad business issues and inspire and motivate others to excellence.

Lease Accounting: Minor Blip or Major Issue?

Retailers, restaurants, and cellular service providers are changing the way they account for leases, according to accounting analyst Jack Ciesielski, publisher of The Analyst’s Accounting Observer. The majority of restatements are coming from the retail industry and most of those have to do with rent holiday issues.The SEC’s February 7 Letter to the AICPA identifies three types of issues that may arise in lease accounting.
A&A

AICPA Issues Exposure Draft on Business Valuation Standards

The American Institute of Certified Public Accountants (AICPA) last week issued an exposure draft of proposed Business Valuation Standards for comment.
Technology

AICPA Launches Online Resource for IT Community

The American Institute of Certified Public Accountants (AICPA) unveiled a new Information Technology (IT) community Web site that contains resources, tools and guidance for CPAs interested or practicing in IT.The site is designed to assist CPAs in the AICPA IT community who want to leverage information technology to increase efficiency and boost profits.
Tax

AICPA Calls for Delay in IRS Mandated Electronic Tax Filing

The American Institute of Certified Public Accountants (AICPA) will urge the IRS to delay, by at least a year, implementation of mandatory electronic filing (e-file) procedures for large corporations and exempt organizations at a hearing before the IRS this week. Deborah J. Pflieger, former chair of the AICPA’s Practice and Procedure Committee and a Managing Director in PricewaterhouseCoopers, LLP’s Washington, D.C.
A&A

AICPA Issues Report on Social Security Reform

The American Institute of Certified Public Accountants (AICPA) released this week a comprehensive analysis of the factors that should be considered for Social Security reform. The intent of this publication is to provide a tool that will aid in this important debate. The goal of the report is to provide unbiased facts on the degree of the Social Security program’s financial problem and the impacts on the economy and society.

AICPA Task Force Recommends Changes to GAAP for Private Companies

A task force comprised of key constituents of private company financial reporting has unanimously recommended that a process be established to evaluate potential changes to Generally Accepted Accounting Principles (GAAP) in order to improve the usefulness of private company financial reporting.

AICPA Seeks Comments on Proposed Practice Aid for Mortgage Bankers

The American Institute of Certified Public Accountants (AICPA) has issued a proposed practice aid for entities engaged in mortgage banking activities and is seeking comments on the draft document. The practice aid is entitled Derivative Loan Commitments Task Force Illustrative Disclosures on Derivative Loan Commitments and is intended to be used by both U.S. Securities and Exchange Commission (SEC) registrants and non-registrants. The practice aid includes examples of illustrative disclosures for each of the requirements cited in SEC Staff Accounting Bulletin (SAB) No.

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