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CCH Disaster Recovery Program Helps Rebuild Resources

As businesses as professionals affected by Hurricane Katrina begin putting the pieces back together, many will find the references and resources they use in conducting business activities have been damaged, destroyed or are otherwise unavailable.
Community News

AICPA's Financial Reporting Assailed from Within

The 118 year old American Institute of Certified Public Accountants (AICPA, the Institute), the profession’s trade organization and one of its standard setting boards, while adjusting to changes in its role and focus resulting from the accounting scandals, is facing charges from some of its own members that its financial reporting does not clearly describe the AICPA’s financial activities.
Tax

SBA, Labor Dept. Expect Flood of Applications

Experts expect the number of new applications for unemployment benefits and federal disaster loans to increase dramatically in coming days and weeks. The jobless rate in the states ravaged by Hurricane Katrina are expected to spike to 25 percent or higher the Associated Press reports.
Tax

Accounting and Tax Relief for Business Owners Hit by Katrina

The financial impact of Hurricane Katrina will not be known for many days, even weeks. But that is not stopping the Internal Revenue Service or the American Institute of Certified Public Accountants (AICPA) from doing what they can as fast as they can.The IRS is offering taxpayers immediate relief in those counties and parishes that have been declared disaster areas by President Bush. The deadlines for making employment and excise tax deposits has been extended to September 23 while those for tax returns and other tax payments have been extended until October 31.
Community News

AICPA’s 360 Degrees of Financial Literacy Wins Clarion Award

The American Institute of Certified Public Accountants (AICPA) is the recipient of the 2005 Clarion Award in the Public Affairs Campaign category from the Association for Women in Communications (AWC). The AICPA will accept the award at the annual AWC professional conference in Lubbock, Texas on October 22.“The recognition our program has received tells us that the CPA profession was right in identifying the need for financial literacy education in this country,” says Carl George, Chair of the AICPA National CPA Financial Literacy Commission and CEO of Clifton Gunderson, LLP.
Community News

Last Call for Nominations to AICPA Business & Industry Hall of Fame

Nominations to the American Institute of Certified Public Accountants (AICPA) Business and Industry Hall of Fame must be submitted by August 31.
Community News

AICPA Names Grant Ashley Outstanding CPA in Government 2005

Grant Ashley, FBI Executive Assistant Director and CPA, is the 2005 recipient of the Outstanding CPA in Government Award from the American Institute of Certified Public Accountants (AICPA). Mr. Ashley is the highest-ranking CPA in the FBI.The award, presented by William F.
Technology

Mark Your Calendar: 25th Annual Business & Technology Solutions Show

The Illinois Certified Public Accountants (CPA) Society’s (ICPAS) 2005 Business & Technology Show is being held Tuesday and Wednesday, August 23-24 at the Donald E. Stephens Convention Center in Rosemont, Illinois. The show, now in it’s 25th year, will tackle some of the most pressing issues facing the accounting profession as well as showcasing the latest business technologies and products.
A&A

Flagging Optimism on Economy Among Accountants

What a difference six months can make. In December, 71 percent of Certified Public Accountants (CPAs) serving as chief executive officers (CEOs), chief financial officers (CFOs) and other decision makers had a positive outlook on the state of the economy. According to the latest Business and Industry Economic Outlook Survey, only 57 percent still feel that way.Concerns about rising energy and employee costs, increased regulation and the cascade effect of provision of the Sarbanes-Oxley Act have hurt optimism.

AICPA Issues Fair Value Interpretations

Two Interpretations of Statements on Auditing Standards have been issued by the AICPA. These interpretations concern the auditing of fair values or more specifically Auditing Interests in Trusts Held by a Third-Party Trustee and Reported at Fair Value; and Auditing Investments in Securities Where a Readily Determinable Fair Value Does Not Exist. The interpretations illuminate situations where simply receiving a confirmation of fair value from a third party is not enough audit evidence for a complete valuation.
A&A

AICPA: CPAs Have What it Takes to be CFOs

What does it take to be a good CFO? Expertise in accounting, financial reporting and internal controls, says the AICPA, and CPAs possess the skills to excel in the role.That's the position the AICPA lays out in a new white paper, "CPAs as CFOs: Why You Should Have a CPA in Your C-Suite." The paper outlines the many new demands on the CFO and how CPAs are particularly attuned to handle the variety of operational, financial and compliance challenges."There is a dual role for today's CFO," said AICPA President and CEO Barry C. Melancon, CPA.
Community News

Accounting Across State Lines

Greater client and workforce mobility has presented accountants with a number of unusual challenges. It’s not just the challenge of figuring out who owes what to which taxing authority, complex as that can be. It’s also making sure that the accountant, firm and client are operating legitimately.An easily overlooked footnote in KPMG’s tax shelter problems, demonstrates the challenges facing firms as they grow.
Practice Management

AICPA Extends Comment Period for Business Valuation Standards

The American Institute of Certified Public Accountants (AICPA) announced on Friday, July 22, 2005, that the comment period on proposed Business Valuation Standards has been extended to September 30, 2005.
Practice Management

AICPA Ethics Ruling Addresses Tax Outsourcing

It was easy to overlook on the eve of a long holiday weekend, but new ethics rulings on outsourcing went into effect on July 1, 2005. The rulings adopted by the American Institute of Certified Public Accountants (AICPA) Professional Ethics Executive Committee address a member’s responsibilities when outsourcing services to third-party service providers.According to the Wall Street Journal, the ruling requires the clients be informed before their confidential financial information is shared that their tax returns are being outsourced. For accountants, however, it is that simple.
Tax

AICPA Warns of Possible Pretexting Calls

The American Institute of Certified Public Accountants (AICPA), recently alerted members that someone posing as an AICPA employee has been contacting accounting firms requesting employee lists for various purposes. Depending on the type of information being requested, this type of call may be pretexting and it is illegal.The Federal Trade Commission (FTC) defines “pretexting” as the practice of getting personal information under false pretenses. Pretexters will use a variety of excuses in an attempt to gain personal information.
A&A

AICPA Endorses Bill Extending Benefits to Small Business Employees

The American Institute of Certified Public Accountants (AICPA) has written Senator Olympia Snowe (R-ME) commending her introduction of S. 723, the SIMPLE Cafeteria Plan Act of 2005.
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

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