CPA Success
CPA Success
http://www.macpa.org/blog/category/13/legislative--regulatory/files/davis_committee_support_hb1296.doc?i=84&watch=rss
en-US
2016
blog@macpa.org (CPA Success)
Mon, 07 Mar 2016 07:14:03 GMT
Mon, 07 Mar 2016 07:14:03 GMT
BryceWebGroup.Blast
10
IFRS update: Is the SEC roadmap coming?
<p><a
href="http://cpasuccess.typepad.com/.shared/image.html?/photos/uncategorized/2008/07/28/convergen
ce.jpg"></a></p> <p><a
href="http://cpasuccess.typepad.com/.shared/image.html?/photos/uncategorized/2008/07/28/convergen
ce_2.jpg"><img title="Convergence_2" height="100" alt="Convergence_2"
src="http://www.macpa.org/blog/resources/assets/1505878948.jpg" width="300" border="0"
style="FLOAT: right; MARGIN: 0px 5px 5px 0px" /></a>Looks like the long-awaited roadmap is due
closer to the end of September, according to <a
href="http://www.webcpa.com/article.cfm?articleid=28514&amp;searchTerm=Liz%20Gold&amp;pag
e=1">an interview with SEC Chief Accountant Conrad Hewitt</a> by Liz Gold in <a
href="http://www.webcpa.com/">WebCPA</a>, the online edition of <em>Accounting
Today</em>.</p> <p>In the interview, Hewitt talks about releasing the roadmap &quot;sometime
before Sept. 21.&quot; He also lays out a set of dates that are between 2011 and 2014 for the
mandatory conversion and makes the point that by 2011, he expects about 150 countries to be using
IFRS. (<a href="http://www.cpasuccess.com/2008/02/canada-hops-on.html">Canada</a> and several
others are already in the conversion process.) He also laid out the &quot;issues&quot; that the SEC
was watching before setting the date, including the following: </p> <ol><li>Are the universities in the
U.S. <a href="http://www.cpasuccess.com/2008/06/ifrs-lets-get-i.html">teaching</a> IFRS? </li>
<li>Is it on the <a href="http://www.cpa-exam.org/">CPA exam</a>? (The AICPA issues an <a
href="http://www.cpa-exam.org/cpa/exposure_draft.html">exposure draft for comments by July 31,
2008</a> proposing IFRS be added to the exam.) </li> <li>Is the <a
href="http://www.iasb.org/Home.htm">IASB</a> independently and adequately funded? </li>
<li>Does the IASB have sufficient oversight as we do in the U.S.? (The U.S. has the <a
href="http://www.sec.gov/">SEC</a> and the <a
href="http://www.pcaobus.org/">PCAOB</a>.)</li></ol> <p>The SEC just announced a <a
href="http://www.sec.gov/news/openmeetings/2008/ssamtg080408.htm">roundtable on Monday, Aug.
4 beginning at 1 p.m.</a></p> <p>I can tell you that we are hearing a lot of interest from our members
in both the corporate sector and our public accounting firms, and we are beginning to gather resources
for our members to be ready to embrace this coming change. We have been covering this in our
professional issues updates (four hours of free CPE) extensively and our members want to be prepared.
Interestingly, at a meeting of our Accounting Education Committee, our educators have scheduled a
keynote on IFRS at their <a
href="http://www.macpa.org/Public/Conference/Description.aspx?CourseID=09121001">upcoming
conference</a> in January 2009. </p> <p><u><strong>MACPA IFRS resources</strong></u></p>
<p><a href="http://www.macpa.org/Content/23860.aspx">Visit our IFRS resource center.</a></p>
<p>Listen to some of our latest podcasts:</p> <ul><li><a
href="http://www.macpa.org/content/Public/Media/Audio/convergenceB.mp3">IFRS: Implications for
CPAs</a></li> <li><a
href="http://www.macpa.org/content/Public/Media/Audio/convergenceA.mp3">The move toward
convergence</a></li></ul> <p>We have two upcoming public seminars:</p> <ul><li><a
href="http://www.macpa.org/Public/Catalog/CourseDetails.aspx?courseID=08211003">Are You
Ready for IFRS? Nov. 11, 2008</a></li> <li><a
href="http://www.macpa.org/Public/Catalog/CourseDetails.aspx?courseID=08111131A">International
vs. U.S. Accounting: What in the World is the Difference? Dec. 15, 2008</a></li></ul> <p>We have
just added several new instructors, including an internationally acclaimed IFRS expert, all of whom are
available for consulting and company/firm specific training. <a
href="http://www.bizlearning.net/learningcenter/customizedtraining/search_results_inHouse.cfm?curri
culum=&amp;topic=&amp;keyword=IFRS&amp;title=&amp;type=&amp;code=&amp;acronym=">Se
e our courses here</a> and contact our Customized Training manager, Pam Devine, for more
information at <a href="mailto:pam@macpa.org">pam@macpa.org.</a></p><!-- Imported Assets -->
http://www.macpa.org/blog/2566/ifrs-update---i
tom@macpa.org(Tom Hood)
Tue, 29 Jul 2008 01:26:29 GMT
http://www.macpa.org/blog/2566/ifrs-update---i
Virtual workshop examines reality of XBRL
<p><img title="Slxbrl_2" alt="Slxbrl_2" src="http://www.macpa.org/blog/resources/assets/1737103333.jpg" border="0" style="FLOAT: right; MARGIN: 0px 0px 5px 5px" />Second Life is
quickly becoming a first-rate training tool. Just ask the <a
href="http://www.cpasuccess.com/2008/03/the-abcs-of-xbr.html">XBRL</a> community.</p> <p>On
June 18, the <a href="http://www.macpa.org/">MACPA</a> held the first-ever continuing
professional education (CPE) program offered for CPAs in <a href="http://secondlife.com/">Second
Life</a>, a two-hour <a href="http://www.intuit.com/">Intuit</a> workshop titled <a
href="http://www.macpa.org/content/Public/Documents/PDF/Expo/2008/Harrell%20Woodard%20sess
ion%20207.pdf">“The Future of Small Business and What CPAs Need to Know.”</a></p> <p>Then,
as proof that the first event was no fluke, on July 15 the MACPA hosted yet another CPE event in
Second Life, a seminar titled <a
href="http://tomhoodcpa.typepad.com/cpa_island/files/feng_xbrl_sl_71508.pdf">&quot;XBRL and
the International Future of Financial Reporting&quot;</a> that was presented during a meeting of the
San Francisco chapter of the <a href="http://www.thefeng.org/">Financial Executives Networking
Group</a>, or FENG.</p> <p>The seminar was the MACPA's latest example of what are known as
“mixed-reality” events – sessions that take place in real life and a virtual world simultaneously. While
FENG members attended the real-life session in San Francisco, CPAs from across the country listened
to the same speaker, viewed the same slides and asked questions from a virtual conference center on <a
href="http://www.cpaisland.com/">CPA Island</a> in Second Life. Those with microphones could
use Second Life’s voice functionality to chat with the presenter; those without microphones used
Second Life’s chat application to ask questions and offer comments.</p> <ul><li><a
href="http://www.macpamedia.org/media/video/SL/2008/XBRL_and_the_International_Future_of_Fi
nancial_Reporting.wmv">Watch a video of the Second Life session.</a></li></ul> <p>The Second
Life audience provided a glimpse of the potential of such presentations. The XBRL meeting was
attended by CPAs in Connecticut, Indiana, New York City, Seattle, San Francisco, Texas and Virginia,
as well as Frostburg, Baltimore and Kent Narrows in Maryland, all drawn by the ability to attend an
out-of-town CPE session without leaving their offices.</p> <p>It was much more than an experiment
in virtual CPE, though. Presenter Greg Zegarowski of the <a
href="http://www.financialleadership.com/">Financial Leadership Corporation</a> (and his
counterpart in Second Life, Eric Cohen of <a
href="http://www.pwc.com/">PricewaterhouseCoopers</a>; that's Eric's avatar in the photo above)
offered a comprehensive look at XBRL and what the data-tagging technology means for businesses.
And since <a href="http://www.cpasuccess.com/2008/05/tag-that-data-s.html">the SEC is mandating
that companies begin using XBRL</a> to file their financial statements, it's time for everyone to sit up
and take note.</p> <p>&quot;This is something every company in the country will need to
know,&quot; Zegarowski said, &quot;and they'll need to know it fairly rapidly.&quot;</p> <p>So
why should you consider using XBRL? Zegarowski offered nine reasons:</p> <ol><li>It's becoming
the <em>lingua franca</em> of business reporting.</li> <li>It's a universal standard, not just a
fad.</li> <li>It's a launch pad for the democratization of information.</li> <li>It encourages
transparency.</li> <li>It improves data quality.</li> <li>It's a time saver for data gathering and
analysis.</li> <li>It allows business information to be reused and repurposed.</li> <li>It creates new
opportunities for business intelligence.</li> <li>It allows you to help invent the future of business
reporting.</li></ol> <p>&quot;Plus,&quot; he added with a laugh, &quot;it's a great cocktail party
opening line.&quot;</p> <p>If you're looking for more information about XBRL, these resources are
great starting points:</p> <ul><li><a
href="http://tomhoodcpa.typepad.com/cpa_island/files/feng_xbrl_sl_71508.pdf">Download slides
from Zegarowski's presentation.</a> </li> <li><a href="http://www.xbrl.org/">XBRL
International</a></li> <li><a href="http://www.xbrl.us/">XBRL U.S.</a></li> <li><a
href="http://www.sec.gov/spotlight/xbrl.shtml">SEC resources</a></li> <li><a
href="http://www.iasb.org/xbrl/index.html">IASB resources</a></li> <li><a
href="http://www.cpasuccess.com/2008/03/the-abcs-of-xbr.html">The ABCs of XBRL: Here's what it
can do</a></li> <li><a href="http://www.xbrl.org/CaseStudies/">XBRL case studies</a></li> <li><a
href="http://www.xbrl.org/Demos/">Demonstrations of XBRL in action</a></li> <li>More demos: <a
href="http://www.microsoft.com/msft/IC/default.aspx">Microsoft</a> | <a href="http://www.edgaronline.com/products/imetrix.aspx">Edgar Online</a> | <a
href="http://www.rivetsoftware.com/content/index.cfm?fuseaction=showContent&amp;contentID=195
&amp;navID=166">Rivet Software Crossfire</a> | <a
href="http://www.iphix.net/resources/nunavut.htm">Google OneBox</a></li> <li><a
href="http://www.xbrl.org/Taxonomies/">XBRL taxonomies</a></li> <li><a
href="http://www.aicpa.org/pubs/jofa/feb2008/six_steps.htm">Six Steps to XBRL</a> (from the
<em>Journal of Accountancy</em>)</li> <li><a
href="http://www.aicpa.org/PUBS/JOFA/jun2007/stantial.htm">ROI on XBRL</a> (from the
<em>Journal of Accountancy</em>)</li> <li><a
href="http://www.xbrl.org/us/us/FFIEC%20White%20Paper%2002Feb2006.pdf">Improved Business
Process through XBRL</a></li> <li><a href="http://www.xbrl.org/XBRLandBusiness/">Benefits and
uses for business</a></li></ul> <p>Are you ready to make the leap to XBRL? </p><!-- Imported
Assets -->
http://www.macpa.org/blog/2576/virtual-worksho
bill@macpa.org(Bill Sheridan)
Wed, 16 Jul 2008 20:48:13 GMT
http://www.macpa.org/blog/2576/virtual-worksho
Everywhere you turn, it's IFRS
<p><img title="Ifrs" alt="Ifrs" src="http://www.macpa.org/blog/resources/assets/353746120.jpg"
border="0" style="FLOAT: right; MARGIN: 0px 0px 5px 5px" />You can't escape IFRS. It's
everywhere these days. Here's the latest:</p> <ul><li>The International Accounting Standards
Committee <a href="http://www.macpa.org/Content/24294.aspx">has released the &quot;IFRS
Taxonomy 2008,&quot;</a> a translation of international financial accounting standards into XBRL.
Of course, &quot;XBRL&quot; are four other letters we've been hearing a lot about lately, but that's
another story.</li><br /><li>CFO.com's Tim Reason says the Financial Accounting Standards Board
might suggest implementing <a href="http://www.cfo.com/article.cfm/11653728">a moratorium on
new accounting rules</a> if IFRS is adopted in the United States. &quot;Companies need a
break,&quot; FASB member George Batavick told Reason.</li><br /><li>Reason's article makes it
sound as though U.S. companies are suffering from compliance fatigue, but a Deloitte study implies
that <a
href="http://www.deloitte.com/dtt/press_release/0,1014,sid%253D2281%2526cid%253D213156,00.ht
ml">an increasing number of companies are up for the challenge of adopting IFRS</a>. According to
the study, 30 percent of companies would consider adopting IFRS if given the option by the SEC, up
from 20 percent from six months ago. “The movement toward IFRS is being driven largely by the
markets and we’ve seen the successful adoption in Europe and Asia,&quot; said D.J. Gannon, a partner
with the Deloitte &amp; Touche LLP IFRS Solutions Center. &quot;As more companies outside the
U.S. report using IFRS, there will likely be increasing pressure on U.S. companies to do the same in
order to stay competitive in increasingly global capital markets.”</li></ul> <p>What's
<em>your</em> take on IFRS? Are we moving too fast, or is it time to bite the bullet and <a
href="http://www.cpasuccess.com/2008/06/ifrs-lets-get-i.html">just get it done</a>?</p><!-Imported Assets -->
http://www.macpa.org/blog/2590/everywhere-you
bill@macpa.org(Bill Sheridan)
Thu, 03 Jul 2008 02:41:05 GMT
http://www.macpa.org/blog/2590/everywhere-you
McCain vs. Obama on taxes
<p><img title="Flag" alt="Flag" src="http://www.macpa.org/blog/resources/assets/1853782039.jpg"
border="0" style="FLOAT: right; MARGIN: 0px 0px 5px 5px" />So the presidential election is down
to two candidates. The question is, where do <a href="http://www.barackobama.com/">Sen. Barack
Obama</a> and <a href="http://www.johnmccain.com/">Sen. John McCain</a> stand on issues of
importance to CPAs and their clients?</p> <p>Let's start with taxes. In <a
href="http://online.wsj.com/article/SB121374794468982701.html?mod=djem_jiewr_AC">&quot;You
r Tax Bill: How McCain and Obama Differ,&quot;</a> <em>The Wall Street Journal's</em> Tom
Herman outlines the candidates' stances on issues like income taxes, investment income and estate
taxes.</p> <p>No matter who wins, Herman says capital gains taxes are almost guaranteed to
rise.</p> <p>&quot;So should you be rushing to sell your investment winners now to take advantage
of today's historically low tax rates?&quot; Herman asks. &quot;While some investors say they are
considering it, very few say they are doing anything different right now. Election Day still is more than
four months away, an eternity in American politics -- and even if lawmakers do enact higher taxes next
year, nobody knows how much higher they will be or what the effective dates will be.&quot;</p>
<p>Who's <a href="http://www.wqad.com/Global/link.asp?L=259460">your choice</a> for
president? Why?</p> <p>And by the way, thanks to Trinity University's Robert Jensen for passing
along the link to Herman's article via the <a href="http://pacioli.loyola.edu/cpas-l/">CPAs-L
listserv</a>.</p><!-- Imported Assets -->
http://www.macpa.org/blog/2595/mccain-vs-obama
bill@macpa.org(Bill Sheridan)
Fri, 27 Jun 2008 14:28:00 GMT
http://www.macpa.org/blog/2595/mccain-vs-obama
IFRS: 'Let's get it done'
<p><a href="http://www.ifrs.com/"><img title="Global_2" alt="Global_2"
src="http://www.macpa.org/blog/resources/assets/-1554335074.jpg" border="0" style="FLOAT: right;
MARGIN: 0px 0px 5px 5px" />IFRS</a> is coming; we've said it <a
href="http://www.cpasuccess.com/2008/05/do-you-speak-if.html">time</a> and <a
href="http://www.cpasuccess.com/2008/02/convergence-bri.html">time</a> again. The question more
and more people are asking these days is: When?</p> <p>The <a
href="http://www.aicpa.org/">AICPA</a> says a reasonable time frame for the profession to adopt
international financial reporting standards <a
href="http://www.macpa.org/Content/24267.aspx">would be three to five years</a>. AICPA President
Barry Melancon said as much during a recent forum on international accounting. Even so, he said the
time has come to set a date and move forward.</p> <p>&quot;The overwhelming feedback we get
from people who focus on this issue is, 'Let's get it done,'&quot; Melancon said. &quot;Let's get a date
certain for public companies. Let's put that date out there so the momentum can build, all of the proper
steps can be put in place, and work groups that need to be in a whole variety of different areas can
follow.&quot;</p> <p>The sooner, the better, as far as accounting education is concerned. While <a
href="http://www.cpasuccess.com/2008/05/staffing-woes-i.html">accounting enrollments are at alltime highs</a>, CFO.com reports that the number of educators is actually falling, leaving academia illprepared to update their curricula, edit textbooks and prepare students for a new set of global reporting
standards.</p> <p>In fact, <a href="http://www.cfo.com/article.cfm/11566491">writes CFO's Marie
Leone</a>, until the SEC mandates a move to IFRS, &quot;universities won't change their curricula.
And ... that means publishers won't see a demand and won't change textbooks.&quot;</p> <p>So, if
that article is correct, we face the very real possibility that, for the short term at least, students won't be
learning much about some of the groundbreaking issues that are changing the very nature of the
profession. I'd love to hear from some educators: Is that assessment accurate? If so, what&nbsp; can be
done to remedy the situation?</p><!-- Imported Assets -->
http://www.macpa.org/blog/2599/ifrs-lets-get-i
bill@macpa.org(Bill Sheridan)
Mon, 23 Jun 2008 21:01:53 GMT
http://www.macpa.org/blog/2599/ifrs-lets-get-i