CPA Success
CPA Success
http://www.macpa.org/blog/category/13/legislative--regulatory/files/conway_sb817_testimony2.doc?i=51&watch=rss
en-US
2016
blog@macpa.org (CPA Success)
Sun, 06 Mar 2016 05:08:04 GMT
Sun, 06 Mar 2016 05:08:04 GMT
BryceWebGroup.Blast
10
Doubts about IFRS? What doubts?
<div class="tweetmeme_button" style="FLOAT: left; MARGIN-RIGHT: 10px"> <script
type="text/javascript"> tweetmeme_url = &#39;http://www.cpasuccess.com/2010/07/doubts-aboutifrs-what-doubts.html&#39;; </script> <script src="http://tweetmeme.com/i/scripts/button.js"
type="text/javascript"></script></div> <p><a
href="http://cpasuccess.typepad.com/.a/6a00d834520c5769e20133f29f8d64970b-pi" style="FLOAT:
right"><img alt="Global" border="0" class="asset asset-image at-xid6a00d834520c5769e20133f29f8d64970b "
src="http://www.macpa.org/blog/resources/assets/66375701.jpg" style="MARGIN: 0px 0px 5px 5px"
title="Global" /></a> Earlier this year, some <a href="http://www.cpasuccess.com/2010/04/potholeson-the-road-to-convergence.html" target="_blank">pretty serious skepticism was surfacing</a>
worldwide about the United States&#39; desire and ability to adopt IFRS or, at the very least,
converge U.S. GAAP with IFRS.</p> <p>Some of that doubt seems to be evaporating.</p> <p>For
starters, there&#39;s <a href="http://www.macpa.org/Content/25667.aspx" target="_blank">a
proposal</a> from the Financial Accounting Standards Board and the International Accounting
Standards Board that would create a single revenue recognition standard for IFRS and GAAP that
would be enforced across industries and capital markets.</p> <p>From a convergence point of that,
that&#39;s a pretty big deal.</p> <p>&quot;The boards consider revenue recognition, financial
instruments and two projects closely related to financial instruments&#0160;— fair value
measurement and the presentation of other comprehensive income — to be urgent projects in the larger
IFRS-U.S. GAAP convergence effort, and they said they remain committed to completing them by
their self-imposed June 2011 deadline,&quot; write Matthew G. Lamoreaux and Kim Nilsen in <a
href="http://www.journalofaccountancy.com/Issues/2010/Aug/20103021.htm" target="_blank">this
Journal of Accountancy article</a>. &quot;Other priority projects include insurance contracts, leases,
consolidations and derecognition.&quot;</p> <p>Next, there&#39;s Barry Melancon.</p> <p>The
AICPA&#39;s president and CEO looks at the number of countries that are committed to moving to
IFRS — more than 120 to date — and says, <a
href="http://twitter.com/BillSheridan/status/19103588176" target="_blank">&quot;Moving U.S.
public companies to IFRS isn&#39;t a question of if, but when.&quot;</a></p> <p>Private companies
might be another matter.</p> <p>A blue ribbon committee tasked with determining the direction of
financial reporting for private companies has &quot;eliminat(ed) models that were based on IFRS and
a model that effectively would have maintained the status quo,&quot; Alexandra DeFelice writes in <a
href="http://www.journalofaccountancy.com/Web/20103123.htm" target="_blank">this JofA
article</a>. &quot;All of the remaining models under consideration would result in differences in
GAAP for privates companies, where warranted, compared with GAAP for public
companies.&quot;</p> <p>It all makes for a pretty interesting spectator sport. As we wait to see what
happens next, tell us: Where do <em>you</em> stand on IFRS?</p><!-- Imported Assets -->
http://www.macpa.org/blog/1982/doubts-about-ifrs-what-doubts
bill@macpa.org(Bill Sheridan)
Tue, 27 Jul 2010 12:00:00 GMT
http://www.macpa.org/blog/1982/doubts-about-ifrs-what-doubts
5 things that almost happened to CPAs in finance reform
<P>The subtitle&nbsp;should be,&nbsp;"How we spent our summer vacation." </P> <P>This summer
has set a record for the number of issues we have had to address on your behalf. I want to thank the <A
href="http://www.aicpa.org" target=_blank>AICPA</A> and its"Capitol Hill" team for itsefforts and
coordination with the state CPA associations. Together, we make a formidable team. </P> <P>You
won't want to miss CPA Day in Annapolis on Jan. 19, 2011, where we will need to be very visible and
make our voices heard. Registration is FREE and includes&nbsp;two hours of CPE. It's most important
thing you can do to help us protect the profession! Register <A
href="http://www.macpa.org/Public/Catalog/CourseDetails.aspx?courseID=11181000"
target=_blank>here</A>.</P> <P>Check out my update on the video as I cover the following
issues:</P><span><span><span><STRONG>Federal issues</STRONG> <ul> <li>Wall Street
reform, the&nbsp;Consumer Financial Protection Act (Dodd-Frank Act) and the five major areas that
effect CPAs. <li>FTC Red Flags Rule. <li>The latest from the IRS on tax preparer registration, 1099s,
Sub S, PTIN, and uncertain tax positions (Fin 48) </li> </ul> </span></span></span>
<P><STRONG>State issues: 2100 agenda</STRONG></P> <ul> <li>Pass 120/150 CPA exam
requirements legislation (carryover from last year). <li>Stop sales taxes on tax, accounting and
consulting services. <li>Stop CPAs from registering with proposed "Debt Counseling Board."
<li>Stop increased liability from tort reform proposals. <li>Respond to tax policy issues during the
session as requested. </li> </ul> <P><STRONG>Financial accounting standards</STRONG></P>
<ul> <li>IFRS for public companies <li><A href="http://www.fasb.org/intl/convergence_iasb.shtml"
target=_blank>FASB - IASB convergence project update</A> <li><A
href="http://www.fasb.org/jsp/FASB/Page/SectionPage&cid=1176156685143&pid=1176156684820"
target=_blank>FAF Blue Ribbon Committee on Private Company Standards</A> </li> </ul> <P>
<OBJECT width=450 height=273><PARAM NAME="movie"
VALUE="http://www.youtube.com/v/cuC1xNGAdCY&hl=en_US&fs=1?rel=0"><PARAM
NAME="allowFullScreen" VALUE="true"><PARAM NAME="allowscriptaccess"
VALUE="always"> <embed allowfullscreen="true" allowscriptaccess="always" height="273"
src="http://www.youtube.com/v/cuC1xNGAdCY&hl=en_US&fs=1?rel=0" type="application/xshockwave-flash" width="450" /></OBJECT></P> <P>Resources:</P> <ul> <li><A
href="http://www.macpa.org/Public/Catalog/CourseDetails.aspx?courseID=11181000"
target=_blank>CPA Day in Annapolis</A></li> <li><A
href="http://www.aicpa.org/InterestAreas/InformationTechnology/Resources/Privacy/FederalStateand
OtherProfessionalRegulations/FairandAccurateCreditTransactionsActof2003/Pages/Red%20Flags%20
Rule%20Guidance.aspx" target=_blank>FTC Red Flags guidance for CPAs</A></li> </ul> <P>Here
are some of our recent letters to Congress:</P> <ul> <li><span class="asset asset-generic at-xid6a00d834520c5769e20134858f4435970c"><A href="http://cpasuccess.typepad.com/files/irs-taxpreparer-regs---cardin.doc">Download IRS Tax Preparer Regs - Cardin</A></span><span
class="asset asset-generic at-xid-6a00d834520c5769e20134858f4435970c"><span class="asset assetgeneric at-xid-6a00d834520c5769e20133f26a05b7970b"></span></span></li> <li><span class="asset
asset-generic at-xid-6a00d834520c5769e20134858f4435970c"><span class="asset asset-generic atxid-6a00d834520c5769e20133f26a05b7970b"><A href="http://cpasuccess.typepad.com/files/opposeaiding-abetting-amndmnt---sen-cardin.doc">Download Oppose Aiding Abetting amndmnt - Sen
cardin</A></span></span><span class="asset asset-generic at-xid6a00d834520c5769e20134858f4435970c"><span class="asset asset-generic at-xid6a00d834520c5769e20133f26a0629970b"></span></span></li> <li><span class="asset asset-generic
at-xid-6a00d834520c5769e20134858f4435970c"><span class="asset asset-generic at-xid6a00d834520c5769e20133f26a0629970b"><A href="http://cpasuccess.typepad.com/files/opposeattempts-to-amend-sox-section-404--sen-cardin.doc">Download Oppose attempts to amend SOX
Section 404- Sen Cardin</A></span></span><span class="asset asset-generic at-xid6a00d834520c5769e20134858f4435970c"><span class="asset asset-generic at-xid6a00d834520c5769e20133f26a06df970b"></span></span></li> <li><span class="asset asset-generic
at-xid-6a00d834520c5769e20134858f4435970c"><span class="asset asset-generic at-xid6a00d834520c5769e20133f26a06df970b"><A href="http://cpasuccess.typepad.com/files/support-
amendment-snowe-enzi-amendment---sen-cardin.doc">Download Support Amendment Snowe Enzi
amendment - Sen cardin</A></span></span></li> </ul> <P><span class="asset asset-generic at-xid6a00d834520c5769e20134858f4435970c"><span class="asset asset-generic at-xid6a00d834520c5769e20133f26a06df970b">Let me know if you have comments or suggestions, and
thanks for your leadership&nbsp;and support!</span></span></P>
http://www.macpa.org/blog/1443/top-5-things-that-almost-happened-to-cpas-in-the-wall-street-reformconsumer-financial-protection-ac
tom@macpa.org(Tom Hood)
Tue, 20 Jul 2010 10:08:28 GMT
http://www.macpa.org/blog/1443/top-5-things-that-almost-happened-to-cpas-in-the-wall-street-reformconsumer-financial-protection-ac
Finance reform marches on, but more work remains
<DIV style="FLOAT: left; MARGIN-RIGHT: 10px" class=tweetmeme_button> <script
type="text/javascript"> tweetmeme_url = 'http://www.cpasuccess.com/2010/07/finance-reformmarches-on-but-more-work-remains.html'; </script> <script type="text/javascript"
src="http://tweetmeme.com/i/scripts/button.js"></script></DIV> <P><A style="FLOAT: right"
href="http://cpasuccess.typepad.com/.a/6a00d834520c5769e2013485873392970c-pi"><img
style="MARGIN: 0px 0px 5px 5px" class="asset asset-image at-xid6a00d834520c5769e2013485873392970c " title=Reform border=0 alt=Reform
src="http://www.macpa.org/blog/resources/assets/-1194556441.jpg" /></A> First, <A
href="http://www.cpasuccess.com/2010/06/financial-reform-what-does-it-mean.html"
target=_blank>the House</A>. Now, the Senate.</P> <P>Looks like Congress is serious about this
financial reform stuff, huh?</P> <P>The Senate has followed the House's lead in <A
href="http://www.washingtonpost.com/wpdyn/content/article/2010/07/15/AR2010071500464.html?hpid=topnews" target=_blank>passing the
Dodd-Frank Wall Street Reform and Consumer Protection Act</A>, a 2,300-page (!!) package of
sweeping reforms that includes the emergence of the Consumer Financial Protection Bureau and a lot
of safeguards to make sure too-big-to-fail institutions don't get that way.</P> <P>"The bill also
provides for regulation of auditors of broker-dealers by the Public Company Accounting Oversight
Board, and exempts smaller public companies with a market cap of under $75 million from SarbanesOxley Section 404(b) audits of management's assessment of internal controls," <A
href="http://www.webcpa.com/news/Senate-Passes-Financial-Reform-Bill-54958-1.html"
target=_blank>writes WebCPA</A>. "CPAs and tax preparers are exempted from regulation by the
Bureau of Consumer Financial Protection, and CPAs may be called upon to assist in audits of the
bureau by the Comptroller General."</P> <P>Despite those <A
href="http://www.cpasuccess.com/2010/05/score-one-for-cpas-as-senate-oks-financial-reform.html"
target=_blank>victories for the profession</A>, though, the <A href="http://www.aicpa.org"
target=_blank>AICPA</A> says more work awaits the nation's CPAs.</P> <P>"The Dodd-Frank bill
authorizes regulators to issue 533 new regulations (and) agencies to conduct 60 studies and issue 94
reports," Cynthia Lund, the AICPA's vice president of state CPA society affairs, told CPA association
leaders in a recent e-mail. "There are going to be more opportunities for the profession to provide
thought leadership and help to legislators and regulators, and there’s going to be even more need for
state society outreach to be sure the voice of the profession is front and center."</P> <P>The <A
href="http://www.macpa.org" target=_blank>MACPA</A> will do its part. In the meantime, here are
some related resources that provide further details about the reforms:</P> <ul> <li><A
href="http://www.msnbc.msn.com/id/38311247/ns/business-careers/" target=_blank>SEC may add
800 positions to carry out reform</A> (from Reuters) <li><A
href="http://business.cch.com/specialreport/FinancialReformBill.pdf" target=_blank>CCH briefing:
Exhaustive details about the financial reforms</A> <li><A
href="http://www.cch.com/press/news/2010/20100714sb.asp" target=_blank>Milestones in the road to
financial reform</A> (from CCH) <li><A
href="http://www.msnbc.msn.com/id/38298864/ns/business-eye_on_the_economy/"
target=_blank>Now the real work on financial reform begins</A> (from the Associated Press) <li><A
href="http://money.cnn.com/2010/07/18/news/economy/finreg_law_incentives_bill-
black.fortune/index.htm" target=_blank>Why the financial reform bill won't prevent another
crisis</A> (from CNNMoney) </li> </ul><!-- Imported Assets -->
http://www.macpa.org/blog/1986/finance-reform-marches-on-but-more-work-remains
bill@macpa.org(Bill Sheridan)
Mon, 19 Jul 2010 12:00:00 GMT
http://www.macpa.org/blog/1986/finance-reform-marches-on-but-more-work-remains
Homebuyers get more time to nab tax credit
<DIV style="FLOAT: left; MARGIN-RIGHT: 10px" class=tweetmeme_button> <script
type="text/javascript"> tweetmeme_url = 'http://www.cpasuccess.com/2010/07/homebuyers-get-moretime-to-nab-tax-credit.html'; </script> <script type="text/javascript"
src="http://tweetmeme.com/i/scripts/button.js"></script></DIV> <P><A style="FLOAT: right"
href="http://cpasuccess.typepad.com/.a/6a00d834520c5769e20133f21502bd970b-pi"><img
style="MARGIN: 0px 0px 5px 5px" class="asset asset-image at-xid6a00d834520c5769e20133f21502bd970b " title=Sold border=0 alt=Sold
src="http://www.macpa.org/blog/resources/assets/858912668.jpg" /></A> The <A
href="http://www.irs.gov/newsroom/article/0,,id=204671,00.html" target=_blank>First-Time
Homebuyer Credit</A> just won't go away, will it?</P> <P><A
href="http://latimesblogs.latimes.com/money_co/2010/07/congress-extends-deadline-for-homebuyertax-credit.html" target=_blank>Congress has extended the deadline</A> for the credit to Sept. 30.
That means eligible taxpayers who have entered into a contract to buy a home can still take advantage
of the tax credit if they close on their contracts by Sept. 30.</P> <P>The previous deadline was June
30.</P> <P>"The legislation gives buyers until Sept. 30 to complete their purchases and qualify for tax
credits of up to $8,000 for first-time buyers and $6,500 for existing owners who move," <A
href="http://www.boston.com/business/taxes/articles/2010/07/02/home_buyers_get_tax_relief/"
target=_blank>the Associated Press reports</A>. Importantly, the AP adds, "The bill only allows
people who already have signed contracts to finish at the later date."</P> <P>There's a ton of great
information floating around about the extension. Here's just a handful:</P> <ul> <li><A
href="http://tax.cchgroup.com/legislation/Homebuyer-Assistance.pdf" target=_blank>CCH has
published a briefing</A> that takes an exhaustive look at the extension, including expenditures,
revenue raisers and what it all means for you. <li>The IRS takes a closer look at the <A
href="http://www.macpa.org/Content/25680.aspx" target=_blank>"special filing and documentation
requirements"</A> that apply to everyone who applies for the credit. <li>WebCPA also takes <A
href="http://www.webcpa.com/news/Homebuyer-Tax-Credit-Closing-Deadline-Extended-548571.html" target=_blank>a closer look at the extension</A>. </li> </ul><!-- Imported Assets -->
http://www.macpa.org/blog/1989/homebuyers-get-more-time-to-nab-tax-credit
bill@macpa.org(Bill Sheridan)
Wed, 07 Jul 2010 12:00:00 GMT
http://www.macpa.org/blog/1989/homebuyers-get-more-time-to-nab-tax-credit
Does high-speed fiber matter?
<DIV style="FLOAT: left; MARGIN-RIGHT: 10px" class=tweetmeme_button> <script
type="text/javascript"> tweetmeme_url = 'http://www.cpasuccess.com/2010/07/does-highspeed-fibermatter.html'; </script> <script type="text/javascript"
src="http://tweetmeme.com/i/scripts/button.js"></script></DIV> <P><A style="FLOAT: right"
href="http://cpasuccess.typepad.com/.a/6a00d834520c5769e20133f200db30970b-pi"><img
style="MARGIN: 0px 0px 5px 5px" class="asset asset-image at-xid6a00d834520c5769e20133f200db30970b " title=Fiber border=0 alt=Fiber
src="http://www.macpa.org/blog/resources/assets/235019409.jpg" /></A> Is it important for a city to
have ubiquitous high-speed fiber for its residents?</P> <P>The <A href="http://www.gbc.org/"
target=_blank>Greater Baltimore Committee</A> thinks high-speed Internet service is critical for
Baltimore and recently held a symposium at the <A
href="http://www.ubalt.edu/template.cfm?page=1440" target=_blank>University of Baltimore Merrick
School of Business</A>, hosted by <A href="http://www.ubalt.edu/template.cfm?page=1442"
target=_blank>Dean Darlene Smith</A>, on how to go about getting it.</P> <P>Baltimore is one of
1,150 cities and communities vying for Google’s much-anticipated <A
href="http://googleblog.blogspot.com/2010/02/think-big-with-gig-our-experimental.html"
target=_blank>“Fiber for Communities”</A> project. The winner(s) will have their city or community
wired with high-speed fiber-optic cable, giving residents Internet speeds of one gigabit per
second.</P> <P><A href="http://www.mindovermachines.com/" target=_blank>Tom Loveland</A>,
Baltimore’s “Google Czar,” says it’s not just about Google but about adding high-speed fiber and
making Baltimore a global innovation leader.</P> <P>What exactly are the benefits of high-speed
fiber and why is it necessary? They’re a little fuzzy but center around:</P> <ul> <li>An anticipated
explosion in home-based and entrepreneurial businesses. <li>A desire on the part of world-class
companies to have it. <li>Huge opportunities for education. <li>Benefits we can’t even imagine yet.
</li> </ul> <P><A href="http://www.lafayettela.gov" target=_blank>Lafayette, Louisiana City</A>
Parish President <A href="http://www.lafayettela.gov/Presidents/dpt120bio.asp" target=_blank>Joey
Durel</A> and former <A href="http://www.cityoffortwayne.org/" target=_blank>Fort Wayne,
Ind.,</A> Mayor Graham Richard, who appeared at the symposium via a live video feed, spoke about
their cities’ approaches to achieving a high-speed fiber rollout. Lafayette’s approach was to get in the
wholesale business of wiring their city financed with a municipal bond offering. Fort Wayne’s
approach was to partner with Verizon to get it done.</P> <P>The options for building it in Baltimore
include:</P> <ul> <li>Win the Google prize. <li>Wait for Verizon or another commercial enterprise
to build it. <li>A government-funded initiative. <li>Some type of public/private partnership. </li>
</ul> <P>Durel equated the discussions about whether Lafayette should build a fiber network with
similar arguments 100 years ago with the advent and rollout of electricity. We all know how that
turned out.</P> <P>Is a high-speed fiber network a critical function of government, a utility of sorts?
Or should it be left solely to the private sector to finance and implement? If it is built, what’s the best
way to get it done? What do you think?</P><!-- Imported Assets -->
http://www.macpa.org/blog/1994/does-highspeed-fiber-matter
skip@macpa.org(Skip Falatko)
Thu, 01 Jul 2010 12:52:54 GMT
http://www.macpa.org/blog/1994/does-highspeed-fiber-matter