MACPA E-News MACPA E-News
Headlines and Updates for MACPA Members  
June 20, 2005 Issue 272  
 
The SEC recently released a staff report on off-balance sheet arrangements, special purpose entities and related issues. The report includes a review of a range of topics with potential off-balance sheet implications, including consolidation issues, transfers of financial assets with continuing involvement, retirement arrangements, contractual obligations, leases, contingent liabilities and derivatives, as well as a discussion of special purpose entities. The report identifies several goals for those involved in the financial reporting community, and it also provides recommendations for certain changes in accounting and reporting requirements. Read the press release for an overview, or download the full text of the staff study.
 
New Audit Committee Toolkit Released for Not-For-Profits
Access MACPA Resume Roster to Fill Summer Internship Positions
Tax Reform Panel Gets Two-Month Reprieve
Treasury and IRS Issue Guidance on Single Insurer Arrangements
Retirement Plans Help Small Firms Boost Employee Morale
Taking the Mystery Out of Blog Creation
PAAdvisory – June 17, 2005: A weekly newsletter provided by PAA Associates, Inc., the MACPA’s lobbyist partner in Lansing.
View Classifieds: Business Services Positions Wanted Positions Available Peer Review Office SpacePurchase/Merger
 

 
 
CPE by City
 
 
Time is Running Out: Less Than Two Weeks Left to Earn CPE!!!
 
 
Don’t Miss Largest Trade Shows for Accountants in Michigan
 
 
Experience MACPA’s New Pilot Webinar Program
 
 
New Conference Designed to Provide General Overview of Key Issues
Facing Your Clients
 
 
Attend Two Workshops Presented by Gary Hotchkiss
 
 
Provide Training For Your Support Staff – Free Teleconference Demo Will Show You How
 

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New Audit Committee Toolkit Released for Not-For-Profits
From developing an audit committee charter and hiring the chief audit executive to conducting an executive session and evaluating independent auditors, a new toolkit provides a comprehensive set of “best practices” to help not-for-profit groups discharge their responsibilities appropriately. The recently released AICPA Audit Committee Toolkit for Not-for-Profit Organizations complements a similar toolkit the AICPA developed for audit committees of public companies in response to the Sarbanes-Oxley Act. The Audit Committee Toolkit: Not-for-Profit Organizations is available for free download from the AICPA Audit Committee Effectiveness Center.

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Access MACPA Resume Roster to Fill Summer Internship Positions
Looking for a summer intern for your company’s accounting department or in your public accounting firm? MACPA members may access a list of college student members who are seeking positions, including summer internship opportunities, and full- and part-time positions. It’s a great tool to find entry-level employees as well. Visit Resume Roster today.

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Tax Reform Panel Gets Two-Month Reprieve
The group charged with overhauling the tax code has two additional months to complete its work. The President's Advisory Panel on Tax Reform has until Sept. 30, 2005, to complete its work, which will culminate with a report to Treasury Secretary John Snow. The group has held nine meetings all across the country, heard testimony from nearly 90 witnesses, and has received more than 4,300 written comments.

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Treasury and IRS Issue Guidance on Single Insurer Arrangements
Last week, the Treasury Department and the IRS issued guidance on the qualification of arrangements as "insurance" for federal income tax purposes. The ruling does not call into question the vast majority of insurance contracts, which are issued by commercial insurance companies in the ordinary course of business. Instead, it reminds taxpayers who are parties to smaller one-on-one arrangements that the requirement of risk distribution must be met for the arrangements to qualify as insurance.

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Retirement Plans Help Small Firms Boost Employee Morale
According to a survey of the AICPA Member Retirement Program by T. Rowe Price, 97 percent of AICPA members in small public accounting firms that offer a retirement plan indicate positive effects on employee attitude and morale, with 85 percent saying their retirement plan helps attract and retain good employees. Meanwhile, small firms that don’t offer a retirement plan listed contribution cost and uncertain revenue as key barriers to starting a plan, and cited low costs and simplicity as key factors in establishing a new one. The survey drew responses from 1,763 AICPA members in small public accounting firms. Access the survey results online.

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Taking the Mystery Out of Blog Creation
Eight million Americans had Web logs, or blogs, at the end of last year, according to research by the Pew Internet and American Life Project. Blogs are a user-friendly way to display pictures and journal on a variety of topics. Those who wish to create blogs have access to several free programs that do not require any technical expertise. Among these free blog-creation programs are www.Blogger.com, MSN Spaces, and Yahoo 360. To read this article in its entirety and much more about developments in technology, access Technology and Productivity Weekly, the MACPA's electronic technology newsletter for industry professionals, sponsored by Information, Inc.

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CPE by City

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Time is Running Out: Less Than Two Weeks Left to Earn CPE!!!
Only two weeks left to earn your CPE for this reporting period. The Michigan Board of Accountancy requires you earn a total of 80 hours of CPE, including 16 total A&A hours and 4 total Ethics hours to maintain your license. If you have not met this requirement, sign up for MACPA courses today – we’ve increased course offerings for this month to assist you in meeting the requirement. The MACPA offers group study, live webcasts, online training and self-study. Visit the MACPA web site and see all our alternative CPE options by selecting Alternative CPE in the CPE drop-down menu; view all available courses in the online CPE catalog.
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Register for Upcoming CPE Opportunities:

Don’t Miss Largest Trade Shows for Accountants in Michigan – Register Today!
  What: Summer Management Information Show 2
When & Where: June 29 – Livonia
Recommended CPE Credit: 8 Hours (includes A&A and Ethics)

What: Summer Management Information Show 3
When & Where: June 30 – Livonia
Recommended CPE Credit: 8 Hours (includes A&A and Ethics)

 
Experience MACPA’s New Pilot Webinar Program to Take CPE in a Way
Convenient for You!
  What: Information Technology and Its Effect on Financial Statement Analysis
When : June 22 from 2 p.m. to 4 p.m.
Recommended CPE Credit: 2 A&A

What: Ethics in Compilation & Review Engagements and Ethics in Preparation of
          Tax Returns
When : June 22 from 10 a.m. to 12 p.m.
Recommended CPE Credit: 2 Ethics

 
New Conference Designed to Provide General Overview of Key Issues
Facing Your Clients
  What: Business Advisors Summit
When & Where: June 23 – Southfield
Recommended CPE Credit: 8 General
 
Attend Two Workshops Presented by Gary Hotchkiss
  What: Financial Statement Analysis: A Realistic Approach
When & Where: June 28 – Troy
Recommended CPE Credit: 8 A&A

What: Accounting Practice Annual Update: Designed for Smaller Firms
When & Where: June 29 – Troy
Recommended CPE Credit: 8 A&A

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Provide Training For Your Support Staff – Free Teleconference Demo Will Show You How
Don't miss an opportunity to learn about a cost-effective, online-learning solution. Participate in one of four upcoming free teleconferences in the next two weeks to learn about Diaplan's E-Learning Solutions. Brought to you through a partnership between the MACPA and Diaplan, more than 30 training modules for support staff cover topics such as report writing, mentoring and negotiating. Free teleconference demos to explain this revolutionary way to train staff are slated for 2 p.m. on Tuesdays and 10 a.m. on Thursdays. Access the MACPA web site for a full schedule and information on how to participate. Participants will need to be at a computer during the call, which will last about 40 minutes. This training does not qualify for CPE credit.

Visit the Diaplan web site for more information about support staff training options. Access the web site with the username michcpa and password guest100.
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