CPA Success
CPA Success
http://www.macpa.org/blog/category/13/legislative--regulatory/files/mobility_background.doc?i=67&watch=rss
en-US
2016
blog@macpa.org (CPA Success)
Mon, 07 Mar 2016 04:49:24 GMT
Mon, 07 Mar 2016 04:49:24 GMT
BryceWebGroup.Blast
10
Codification's official; here's all you need to know
<p style="TEXT-ALIGN: center"><a
href="http://cpasuccess.typepad.com/.a/6a00d834520c5769e2011570a56728970c-pi"
style="DISPLAY: inline"><img alt="Codification" border="0" class="at-xid6a00d834520c5769e2011570a56728970c "
src="http://www.macpa.org/blog/resources/assets/786585857.jpg" title="Codification" /></a></p>
<p>Welcome to a codified world.</p> <p>The Accounting Standards Codification -- the FASB&#39;s
effort to reorganize thousands of U.S. GAAP pronouncements under about 90 accounting headings -is now, in the words of the AICPA, &quot;the authoritative source of non-governmental accounting
literature.&quot;</p> <p>We all knew this was coming, of course, but just to bring the whole thing
full circle, a new <a href="http://www.macpa.org/Content/25067.aspx" target="_blank">AICPA
article</a> reviews some of the resources that explain the Codification in detail. They include:</p>
<ul> <li><a href="http://asc.fasb.org/" target="_blank">The official Codification Web site</a>,
including an online tutorial <li><a
href="http://www.fasb.org/cs/ContentServer?c=Page&amp;pagename=FASB%2FPage%2FSectionPag
e&amp;cid=1176156250679" target="_blank">FASB resources</a>, including FAQs, webcasts and
other alerts <li><a
href="http://www.aicpa.org/Professional+Resources/Accounting+and+Auditing/FASB+Accounting+S
tandards+Codification" target="_blank">An AICPA Codification resource center</a> <li><a
href="http://www.journalofaccountancy.com/Multimedia/GAAPCodification.htm" target="_blank">A
video interview</a> with the AICPA&#39;s Arleen Thomas <li><a
href="http://www.aicpa.org/Professional+Resources/Accounting+and+Auditing/FASB+Accounting+S
tandards+Codification/FASB+ASC+Overview+and+Recent+Developments.htm"
target="_blank">Codification overview and recent developments</a> <li><a
href="http://www.journalofaccountancy.com/Web/July1Codification" target="_blank">An overview
from the <em>Journal of Accountancy</em></a> <li><a
href="http://www.journalofaccountancy.com/Web/codification" target="_blank">GAAP Codification
resources</a> from the <em>JofA</em> <li><a
href="http://www.aicpa.org/download/fasb/AICPAs_FASB_ASC_Presentation.ppt"
target="_blank">An AICPA PowerPoint presentation</a>, which CPAs can use to share information
about the Codification </li> </li></li></li></li></li></li></li></ul> <li>Here are some other resources
we&#39;ve compiled over the past view weeks. </li> <li><ul> <li><a
href="http://www.cpasuccess.com/2009/06/codification-lots-of-optimism-a-few-gray-areas.html"
target="_blank">Codification: Lots of optimism, a few &#39;gray areas&#39;</a> <li><a
href="http://www.cpasuccess.com/2009/06/standards-codification-gets-official-fasb-nod.html"
target="_blank">Standards Codification gets official FASB nod</a> <li><a
href="http://www.cpasuccess.com/2009/05/codification-countdown-gaap-gets-one-source-injuly.html" target="_blank">Codification countdown: GAAP gets one source in July</a> <li><a
href="http://www.macpa.org/content/Public/Documents/PDF/FASBcode.pdf" target="_blank">A
PowerPoint tour of the Codification Web site</a> <li><a
href="http://www.macpa.org/Content/23945.aspx" target="_blank">A Codification Q&amp;A</a>
<li><a href="http://www.fasb.org/fasb_webcast_series/index.shtml" target="_blank">An archived
FASB webcast entitled &quot;The Move to Codification of U.S. GAAP&quot;</a> <li><a
href="http://www.fasb.org/codification_alerts/" target="_blank">“Countdown to Codification
Alerts,”</a> a series of weekly FASB e-mails featuring tips to help ease the transition to the new
research system <li><a
href="http://www.macpa.org/content/Public/Documents/PDF/CodificationPPT.pdf"
target="_blank">A Codification update from ACPEN</a></li>
</li></li></li></li></li></li></li></ul> <p>It&#39;s worth noting that not everyone is thrilled with
the Codification. Trinity University&#39;s Bob Jensen <a
href="http://www.trinity.edu/rjensen/theory01.htm#MethodsForSetting"
target="_blank">wonders</a>&#0160;what will happen to the project if or when international
financial reporting standards take effect. He is also&#0160;curious about the way XBRL is aligned
with pre-codified information -- and about the&#0160;effort&#0160;and expense in
bringing&#0160;XBRL in line&#0160;with the new codified world.</p> <p>Interesting questions. It
will be equally interesting to see how this all shakes out. For now, though Codification is king.</p>
<p>Are <em>you</em> ready?</p></li><!-- Imported Assets -->
http://www.macpa.org/blog/2255/codifications-official-heres-all-you-need-to-know
bill@macpa.org(Bill Sheridan)
Wed, 01 Jul 2009 19:18:51 GMT
http://www.macpa.org/blog/2255/codifications-official-heres-all-you-need-to-know
Are you keeping up with accounting?
<p><a href="http://cpasuccess.typepad.com/.a/6a00d834520c5769e2011570998fc1970c-popup"
onclick="window.open( this.href, &#39;_blank&#39;,
&#39;width=640,height=480,scrollbars=no,resizable=no,toolbar=no,directories=no,location=no,menu
bar=no,status=no,left=0,top=0&#39; ); return false" style="FLOAT: right"><img alt="DSC01166"
class="at-xid-6a00d834520c5769e2011570998fc1970c "
src="http://www.macpa.org/blog/resources/assets/-234700213.jpg" style="MARGIN: 0px 0px 5px
5px" /></a>This post is different. Instead of our usual one topic, I am taking you on a quick tour of
several topics that are breaking as I write this.</p> <p>Staying on top of a today&#39;s rapidly
changing environment is not an easy task, but it&#39;s a critical skill for every CPA. Here at the
MACPA, we have been trying hard to find ways to keep you up on the fast-moving world of the CPA
profession. </p> <p>&quot;Keeping Up With Accounting&quot; is the name of this year&#39;s PIUs
(professional issues updates / town hall meetings), and it has never been more important. </p>
<p>Here are some recent developments worth paying attention to:</p> <ol> <li><a
href="http://www.cfo.com/article.cfm/13692292/?f=rsspage" target="_blank">Green Counters, from
<em>CFO</em> magazine</a>: Are you ready to &quot;account&quot; for green? This article
focuses on the real need for companies to document and account for carbon emissions under the new
<a href="http://www.businessweek.com/magazine/content/09_11/b4123022554346.htm"
target="_blank">cap-and-trade legislation</a>. This magnifies our need to be ready to account for
&quot;green,&quot; sustainability. (See our <a href="http://www.cpasuccess.com/2009/05/its-easybeing-green-sustainability-is-the-hard-part.html" target="_blank">prior post on
sustainability</a>,&#0160;including a podcast with new AICPA instructor Gary Langenwalter.)
<li><a href="http://financialexecutives.blogspot.com/2009/06/madoff-sentenced-to-150-years.html"
target="_blank">Madoff sentenced to 150 years</a>:&#0160; Edith Orenstein at FEI covers this well.
<li>Financial<span id="fck_dom_range_temp_1246359506976_111"></span> system regulation
reform: A major topic of our PIUs. Here is <a
href="http://www.financialexecutives.org/eweb/dynamicpage.aspx?site=_fei&amp;webcode=fnr_detai
l&amp;key=56eb443c-17bd-454b-8b07-253c1ff63e8d" target="_blank">a recap of two panels</a>
from our <a href="http://www.mdbizexpo.com" target="_blank">MDBizExpo</a>&#0160;that covers
these breaking topics (again from our friend at FEI, Edith Orenstein). <li>XBRL crosses technology
and regulations with the SEC mandate only a few weeks old: Here is <a
href="http://www.financialexecutives.org/eweb/dynamicpage.aspx?site=_fei&amp;webcode=fnr_detai
l&amp;key=d63f21ce-0b27-44fb-aaea-ba4c43a0e9a0" target="_blank">a recap from the MDBizExpo
session</a>&#0160;with the SEC,&#0160;XBRL&#39;s founder, and two early filers
(McCormick&#0160;and Microsoft). <li>Social media&#0160;and CPAs: Francine McKenna at Re:
The Auditors covered our <a href="http://retheauditors.com/2009/06/accountants-and-social-mediadream-panel-mdbizexpo/" target="_blank">social media dream panel in
this&#0160;post</a>.&#0160;Also see <a
href="http://www.journalofaccountancy.com/Multimedia/TomHood.htm" target="_blank">this
<em>Journal of Accountancy</em> interview</a> with yours truly on social media and CPAs. You
can also see the slideshow from <a href="http://www.slideshare.net/rtelberg/105-telberg-social-mediasurvey-mdbizexpo-macp-as-bsg-llc-telberg-1596743" target="_blank">Rick Telberg on &quot;Social
Media: New Marketing Technologies for Accounting Firms.&quot;</a> </li> </li></li></li></li></ol>
<p>Or you can watch a stream of the breaking topics from our MDBizExpo on our <a
href="http://mdbizexpo.r2ismash.com/" target="_blank">social mash-up</a>.</p> <p>Our
&quot;Keeping Up&#0160;With Accounting&quot; PIUs start with the mega-trends and forces
creating much of the changes we are seeing.</p> <p>First, there is the recession, economy and major
scandals (Madoff&#0160;and Satyam). Then there are&#0160;the four mega-trends of (1) regulations
and standards, (2) globalization, (3) changing workforce demographics / generations, and (4)
technology. You can see my <a href="http://www.slideshare.net/thoodcpa/macpa-piu-spring-2009"
target="_blank">latest slide deck</a>&#0160;on SlideShare.</p> <p>I hope this helps you stay on top
of our fast changing profession!</p><!-- Imported Assets -->
http://www.macpa.org/blog/2257/are-you-keeping-up-with-accounting
tom@macpa.org(Tom Hood)
Tue, 30 Jun 2009 11:20:40 GMT
http://www.macpa.org/blog/2257/are-you-keeping-up-with-accounting
Codification: Lots of optimism, a few 'gray areas'
<p><a href="http://cpasuccess.typepad.com/.a/6a00d834520c5769e2011570544cda970c-pi"
style="FLOAT: right"><img alt="Files" border="0" class="at-xid6a00d834520c5769e2011570544cda970c "
src="http://www.macpa.org/blog/resources/assets/1030512885.jpg" style="MARGIN: 0px 0px 5px
5px" title="Files" /></a> The countdown to Codification continues.</p> <p>The <a
href="http://asc.fasb.org/home" target="_blank">Accounting Standards Codification</a> -- the
FASB&#39;s effort to reorganize thousands of U.S. GAAP pronouncements under about 90
accounting headings -- will be launched on July 1, and everyone is tingling with anticipation.</p>
<p>OK, not <em>everyone</em>. According to Rick Telberg, a recent Grant Thornton study found
that <a
href="http://www.grantthornton.com/portal/site/gtcom/menuitem.550794734a67d883a5f2ba40633841
ca/?vgnextoid=7cd203515eee0210VgnVCM1000003a8314acRCRD&amp;vgnextchannel=f51ecbbdad
9c4010VgnVCM100000368314acRCRD" target="_blank">only 46 percent of CFOs and senior
comptrollers even know about the project</a>. </p> <p>Considering it&#39;s &quot;probably the
biggest change in the structure and organization of GAAP &#39;in over 50 years,&#39;&quot;
they&#39;d better start paying attention soon, Schneider Downs Audit Manager Mara Bruce <a
href="http://www.cpa2biz.com/Content/media/PRODUCER_CONTENT/Newsletters/Articles_2009/C
PA/June/ReadyFor.jsp" target="_blank">told Telberg</a>. “It’s time to start to learn to navigate
through the codification, so you aren’t left in the dark.”</p> <p><a href="http://www.cfo.com"
target="_blank"><em>CFO&#39;s</em></a> Alix Stuart says there are some &quot;gray areas&quot;
of uncertainty with the Codification. CFOs, for instance, will have to &quot;change financial
statements to eliminate the old rule references and either replace them with topic and subtopic
numbers,&quot; <a href="http://www.cfo.com/article.cfm/13854787" target="_blank">Stuart
writes</a>. They&#39;ll also have to adjust their internal controls to take the Codification into
account.</p> <p>Still, Stuart reports that most executives who do know about the project are generally
positive in their assessments. &quot;It&#39;s a great step, and will absolutely decrease the amount of
time my staff spends on accounting research,&quot; Steffan Tomlinson, CFO of Aruba Networks, <a
href="http://www.cfo.com/article.cfm/13854787" target="_blank">told Stuart</a>.</p> <p>According
to the <a href="http://www.fasb.org" target="_blank">FASB</a>, the Codification will be available in
<a
href="http://www.fasb.org/cs/ContentServer?c=FASBContent_C&amp;pagename=FASB%2FFASBC
ontent_C%2FNewsPage&amp;cid=1176156248170" target="_blank">two views</a>: <ul>
<li><strong>A basic view</strong>, free to all, that provides access to all authoritative nongovernmental U.S. GAAP, including relevant SEC content, organized by topic; a utility to identify the
location of original standards; and basic print functionality.<br /> <li>A more robust
<strong>professional view</strong> designed for accounting and reporting professionals, analysts and
investors that includes cross-referencing, search functionality, archiving features, the ability to send
comments to colleagues via e-mail, and more. A single annual subscription to the professional view is
$850; discounts are available for multiple-use agreements.<br /> <li><strong>Academic
access.</strong> According to the FASB, &quot;the Financial Accounting Foundation, through a
special program with the American Accounting Association, will provide free access to the
professional view for faculty and students of accounting programs at post-secondary educational
institutions.&quot; <a href="http://aaahq.org/FASB/Access.cfm" target="_blank">Get details
here.</a> </li> </li></li></ul> <p>Registration for the Codification will begin on July 1 at <a
href="http://asc.fasb.org/home" target="_blank">the official Codification Web site</a>.</p>
<p>There are plenty of resources available to guide you through the Codification maze. Among
them:</p> <ul> <li>An online tutorial and a &quot;Notice to Constituents&quot; that includes a bunch
of background information, both of which are available on <a href="http://asc.fasb.org"
target="_blank">the Codification Web site</a> <li><a
href="http://www.macpa.org/content/Public/Documents/PDF/FASBcode.pdf" target="_blank">A
PowerPoint tour of the Codification Web site</a> <li><a
href="http://www.macpa.org/Content/23945.aspx" target="_blank">A Codification Q&amp;A</a>
<li><a href="http://www.fasb.org/fasb_webcast_series/index.shtml" target="_blank">An archived
FASB webcast entitled &quot;The Move to Codification of U.S. GAAP&quot;</a> <li><a
href="http://www.fasb.org/codification_alerts/" target="_blank">“Countdown to Codification
Alerts,”</a> a series of weekly FASB e-mails featuring tips to help ease the transition to the new
research system <li><a
href="http://www.aicpa.org/Professional+Resources/Accounting+and+Auditing/FASB+Accounting+S
tandards+Codification/" target="_blank">Further details and resources from the AICPA</a> <li><a
href="http://www.macpa.org/content/Public/Documents/PDF/CodificationPPT.pdf"
target="_blank">A Codification update from ACPEN</a> </li> </li></li></li></li></li></li></ul>
<p></p> <p></p></p><!-- Imported Assets -->
http://www.macpa.org/blog/2263/codification-lots-of-optimism-a-few-gray-areas
bill@macpa.org(Bill Sheridan)
Tue, 23 Jun 2009 18:07:14 GMT
http://www.macpa.org/blog/2263/codification-lots-of-optimism-a-few-gray-areas
PCAOB's Olson: Crisis puts CPAs in spotlight
<p><a href="http://cpasuccess.typepad.com/.a/6a00d834520c5769e20115704bd1a0970c-pi"
style="FLOAT: right"><img alt="Olson" border="0" class="at-xid6a00d834520c5769e20115704bd1a0970c "
src="http://www.macpa.org/blog/resources/assets/147750214.jpg" style="MARGIN: 0px 0px 5px
5px" title="Olson" /></a> Global business is a glass-half-empty or glass-half-full proposition. Those
who play in the global arena are either worried about the challenges it presents or drooling over its
opportunities.</p> <p>As chair of the <a href="http://www.pcaobus.org/" target="_blank">Public
Company Accounting Oversight Board</a>, Mark Olson gets paid to focus on the challenges. As its
name suggests, the PCAOB oversees the accountants and auditors who keep watch over the
nation&#39;s public companies. Olson&#39;s job is to find the broken stuff in that system and fix
it.</p> <p>At the <a href="http://www.cpasuccess.com/2009/06/missed-the-expo-heres-a-taste.html"
target="_blank">Maryland Business and Accounting Expo</a>, though, he was all about the
opportunities.</p> <p>In a speech before Maryland&#39;s newest CPAs, Olson said the globalization
of business and efforts to converge accounting standards via IFRS &quot;have turned the CPA
credential into a global asset.&quot;</p> <p>&quot;The complexity of accounting in a global
economy highlights the importance of applying professional skepticism by the CPA,&quot; said Olson,
<a href="http://www.macpa.org/Content/25036.aspx" target="_blank">who will step down as PCAOB
chair on July 31</a>. &quot;The same factors that create complex ethical challenges are also creating
an environment where new opportunities abound. An increasing global economy, rapidly changing
technology and the depth of our capital markets are driving new opportunities for CPAs and changing
existing jobs at a remarkable rate.&quot;</p> <p>In other words, he told the new CPAs, <a
href="http://www.cpasuccess.com/2009/06/protect-the-public-you-have-their-word.html"
target="_blank">it&#39;s a great time to be joining the profession</a>.</p> <p>But it&#39;s not just
about career development. The recession&#39;s global reach has brought unprecedented complexity to
the investment, credit and regulatory functions and placed renewed importance on the role CPAs play
in the global economy.</p> <p>&quot;The public looks to the technical skills of the CPA to untangle
the complexities inherent in the financial crisis. Companies and investors look to CPAs to provide
critical insight and strategic thinking when faced with the challenges of operating in today&#39;s
environment,&quot; Olson said. &quot;The current global economic crisis demonstrates the vital role
CPAs play in the effective operation of financial markets and the financial regulatory
regime.&quot;</p> <p>Olson had lots more to say, not only about the global business environment but
about ethics and CPAs&#39; responsibility to protect the public interest as well. <a
href="http://macpamedia.org/media/audio/CPASpotlight/Olson.mp3">Listen to his speech in its
entirety in this CPA Spotlight podcast.</a></p> <ul> <li><a
href="http://feeds2.feedburner.com/CpaSpotlight" target="_blank">Subscribe to our podcast here</a>,
or search for &quot;CPA Spotlight&quot; in iTunes. </li> </ul> <p>What opportunities are
<em>you</em> seeing on the global stage these days?</p><!-- Imported Assets -->
http://www.macpa.org/blog/2264/pcaobs-olson-crisis-puts-cpas-in-spotlight
bill@macpa.org(Bill Sheridan)
Mon, 22 Jun 2009 20:04:43 GMT
http://www.macpa.org/blog/2264/pcaobs-olson-crisis-puts-cpas-in-spotlight
Amnesty: A break for tax delinquents, $ for Maryland
<p><a href="http://cpasuccess.typepad.com/.a/6a00d834520c5769e2011570d3c9c7970b-pi"
style="FLOAT: right"><img alt="Hourglass" border="0" class="at-xid6a00d834520c5769e2011570d3c9c7970b " src="http://www.macpa.org/blog/resources/assets/1359071594.jpg" style="MARGIN: 0px 0px 5px 5px" title="Hourglass" /></a> Maryland&#39;s tax
delinquents will catch a break this fall. So will the state itself.</p> <p>State lawmakers have approved
a tax amnesty plan that should generate some much-needed revenue by helping delinquent taxpayers
&quot;satisfy their tax debts with all the civil penalties and half of the interest waived,&quot;
according to the state comptroller&#39;s office.</p> <p>The amnesty period will run from Sept. 1
through Oct. 30, 2009 and will apply to:</p> <ul> <li>state and local individual income tax,
<li>corporate income tax, <li>withholding tax, <li>sales and use tax, and <li>admissions and
amusement tax. </li> </li></li></li></li></ul> <p>Here&#39;s <a
href="http://www.macpa.org/Content/25027.aspx" target="_blank">the lowdown from Beverly
Richard</a>, a state and local tax specialist with <a href="http://www.scandh.com/"
target="_blank">SC&amp;H Group</a> and chair of the MACPA’s State Taxation Committee:</p>
<blockquote dir="ltr"> <p><em>&quot;State Comptroller Peter Franchot will waive all civil penalties
except for previously assessed fraud penalties, as well as one-half of the interest imposed against a
taxpayer who failed to file a return or pay the tax imposed on or before Dec. 31, 2008. This waiver
applies to non-reporting and under-reporting of taxes, as well as non-payment of taxes.</em></p>
<p><em>&quot;The taxpayer must file any delinquent returns, pay all tax due and one-half of the
interest in order to participate in the program. At the comptroller&#39;s discretion, the taxpayer may
enter into a payment plan under the amnesty terms. The plan would require the taxpayer to pay all the
delinquent tax and one-half of the interest in full by no later than Dec. 31, 2010.&#0160; If the
taxpayer fails to pay in strict accordance with the terms of the payment plan, the waiver of penalties
and interest will be void.</em></p> <p><em>&quot;The waiver of one-half of the interest does not
apply to interest accruing after Oct. 30, 2009 on any remaining unpaid
amounts.&quot;</em></p></blockquote> <p>Richard has written an article that takes a closer look at
the tax amnesty program, including details about who is <em>not</em> eligible to participate. <a
href="http://www.macpa.org/Content/25027.aspx" target="_blank">Read the article here.</a></p>
<p>You can read <a href="http://mlis.state.md.us/2009rs/bills/sb/sb0552e.pdf" target="_blank">the
amnesty bill in its entirety</a> on the General Assembly&#39;s Web site.</p><!-- Imported Assets -->
http://www.macpa.org/blog/2273/amnesty-a-second-chance-for-maryland-tax-delinquents
bill@macpa.org(Bill Sheridan)
Wed, 10 Jun 2009 11:00:00 GMT
http://www.macpa.org/blog/2273/amnesty-a-second-chance-for-maryland-tax-delinquents