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Member Comments Sought on
Proposed Changes to Form 990
In response to proposed revisions to Form 990
released by the IRS in mid-June, the MACPA has formed an ad-hoc task force
to review the revisions and submit comments on behalf of the Association’s
membership. This form is filed annually by tax-exempt organizations. Due to
the significance of the proposed changes, the Form 990 Ad-Hoc Task Force is
soliciting member comments and questions on the proposed form changes
by no later than Friday, August 17. Please send comments/questions
to legislation@michcpa.org or
contact the MACPA Government Relations and Regulatory Affairs Department at
248.267.3700. The IRS is anticipating an implementation of the revised form
for the 2008 tax year. Additional information on proposed Form 990 changes
is available by visiting the
official IRS web site.
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Register for Sessions on
the New Michigan Business Tax!
As a leader in the profession, you need to keep abreast of the latest
developments in accounting. Let us help you get a jump on everything you
need to know about the new Michigan Business Tax (MBT) by registering for
our
sessions. We will continually update and revise the discussions
to reflect the latest MBT information.
Join us as our expert speakers explain how MBT impacts the following issues:
conceptual and actual agreement details, nuances associated with revenues,
tax bases & personal property, credits, unitary issues and more! Our experts
will turn you into an expert so you can properly advise your clients,
business and colleagues on MBT.
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GAO Issues July 2007
Yellow Book Revisions
On Friday, July 27, the U.S. Government Accountability Office (GAO) issued
the July 2007 revision of Government Auditing Standards, commonly referred
to as the “Yellow Book.” The standards apply to federal entities and those
organizations receiving federal funds. This revision supersedes the 2003
revision and updates the January 2007 revision by inclusion of quality
control and peer review sections in chapter 3, which were exposed in January
2007. An electronic version of the July 2007 revision can be accessed on
GAO’s Yellow
Book web page. A Summary of Major Changes, which highlights significant
changes from the 2003 revision, and a listing of technical changes made
since the January 2007 revision, is also available on this page.
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Treasury, IRS Finalize Section 403(b) Plan Rules
The Treasury Department and the IRS released
final regulations related to retirement savings arrangements sponsored
by public schools and charitable organizations, often referred to as
"section 403(b) plans." These regulations are the first comprehensive
section 403(b) regulations since 1964.
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PCAOB’s New Internal
Control Standard Gets Final Okay from SEC
The PCAOB’s
Auditing Standard No. 5, An Audit of Internal Control Over Financial
Reporting That Is Integrated with An Audit of Financial Statements, was
approved last Wednesday by the
Securities and Exchange Commission. It replaces the PCAOB’s previous
internal control auditing standard, Auditing Standard No. 2. The PCAOB will
undertake several initiatives to support the successful implementation of
the standard. These initiatives include working closely with the audit
firms, early in their process, as they evaluate how the new standard will
affect their firms’ audits of internal control. Other initiatives include
continued outreach to public companies and smaller audit firms regarding the
new standard. Now that the SEC has okayed AS No. 5, registered audit firms
are required to use the new standard for all audits of internal control no
later than for fiscal years ending on or after November 15, 2007.
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SEC Solicits Public
Comment on Role of IFRS in the U.S.
On July 25, the Securities and Exchange Commission published a
Concept Release for public comment on allowing U.S. issuers, including
investment companies, to prepare their financial statements using
International Financial Reporting Standards (IFRS) as published by the
International Accounting Standards Board. Under the SEC's current rules,
U.S. issuers are required to prepare financial statements in accordance with
accounting principles that are generally accepted in the United States (U.S.
GAAP). The Concept Release is an information-seeking document that describes
the policy issues and, in the form of questions, seeks public input
regarding the possibility of allowing U.S. issuers to report under IFRS.
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FASB Issues Proposal to
Clarify the “Shortcut Method” of Hedge Accounting
The Financial Accounting Standards Board (FASB) has issued
proposed
Statement 133 Implementation Issue No. E23, "Issues Involving the
Application of the Shortcut Method under Paragraph 68." This proposal
provides guidance on certain practices involved in the application of one
technique for determining hedge accounting, commonly referred to as the
shortcut method. Designed to promote consistency in the practice of
determining when an entity qualifies for the shortcut method, the proposal
also provides investors and others with better information about how the
shortcut method affects a company's financial statements.
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FASB Issues Proposed
Staff Position on FAS 140-d
Last week, FASB also issued proposed
Staff
Position (FSP) FAS 140-d, "Accounting for Transfers of Financial Assets
and Repurchase Financing Transactions." The Board currently seeks written
comments on the proposed FSP, which addresses the accounting for the
transfer of financial assets and a subsequent repurchase financing. The FSP
focuses on the circumstances that would permit a transferor and a transferee
to separately evaluate the accounting for a transfer of a financial asset
and a repurchase financing under FASB Statement No. 140, Transfers and
Servicing of Financial Assets and Extinguishments of Liabilities.
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AICPA Survey: Financial
Execs Concerned About Employee Healthcare Costs
Results of an
AICPA poll indicate that 99 percent of financial executives are
concerned about rising employee healthcare costs. Eighty one percent of the
respondents said their employee healthcare costs have risen in the past
year, from as little as 5 percent to more than 20 percent. While most of the
executives said their organizations do not plan to reduce benefits, nearly a
quarter indicated that employees would have to shoulder increased costs.
Other tactics include offering high-deductible consumer driven plans and
changing healthcare providers. Some will reduce the level of benefits.
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Forget The Software,
First You Gotta Think CRM
Customer relationship management, according to CPA Lisa Kianoff, involves a
mix of attitude and technological tools. Kianoff notes that CRM is useful
not just for sales representatives but also for customer service
representatives, marketing specialists, help desk, and workflow. 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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