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Provide Tax Help to
Low-Income Households in Metro Detroit – Volunteer Today!
Low-income Metro Detroit citizens need your help during this tax
season! Sharpen your tax skills by volunteering for the 2008 Tax
Assistance Program at Focus: HOPE in Detroit. You will complete tax
returns for those who do not have the financial means to have them done by a
professional. The program is a MACPA Communications Task Force initiative in
partnership with the Accounting Aid Society. You can volunteer for one, two
or all three of the following program dates: February 2, 9, 16. All
volunteers must attend a training session that explains the software used,
typical client situations and tax updates. Dates and locations of
the training sessions will be available soon. If you are interested in
volunteering for the 2008 Tax Assistance Program, please contact Wendi
Salmons at wsalmons@michcpa.org or
248.267.3700.
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SEC Drops Reconciliation
Requirement
On Thursday, November 15, the Securities and Exchange Commission
(SEC)
dropped the requirement for foreign companies that list on exchanges in
the U.S. to reconcile their financial results to U.S. generally accepted
accounting principles. Sir David Tweedle, Chairman of the International
Accounting Standards Board,
applauded the move saying it is a step toward achieving “our goal of
providing the world’s integrating capital markets with a common language for
financial reporting.”
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SEC Adopts Three Rules
to Improve Regulation of Smaller Businesses
In another move last Thursday, the SEC adopted three measures to modernize
and improve its capital-raising, reporting and disclosure requirements for
smaller companies. Essentially, the final rules make scaled disclosure
regulations available to an additional 1,500 smaller companies; shorten the
holding periods under Securities Act Rule 144 for restricted securities of
public companies from one year to six months to reduce the cost of capital
and to increase access to capital; and create two new exemptions for
compensatory employee stock options so that the Exchange Act registration
requirements will not be triggered solely by a company's compensation
decisions. For more details read this
press release.
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AICPA Urges SEC to Use
International Accounting Standards
Last week, the AICPA recommended that the SEC harmonize U.S. and
international financial reporting, including allowing American public
companies to report financial results using international accounting
standards. The SEC is weighing whether to allow U.S. firms to report
financial results using international standards (IFRS) rather than U.S.
generally accepted accounting principles (GAAP). Because IFRS are less
detailed than U.S. GAAP, the AICPA encouraged the SEC to prepare for greater
use of reasoned, professional judgment by CPAs in the application of IFRS.
Access the AICPA press release and comment letter
here.
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Corporate CPAs
Feeling Gloomy About U.S. Economy
Optimism about the economy among CPAs serving as senior-level executives
plunged in the fourth quarter to its lowest level in three years, according
to the latest
Business and Industry Economic Outlook Survey of the AICPA. Less than
one-third, or 30 percent, of respondents said in October that they were
optimistic about the U.S. economic outlook over the next 12 months. That was
a 17 percentage-point drop from 47 percent in July who said they were
optimistic. At the same time, pessimism rose in the latest survey to 26
percent, an 11 percentage-point increase from 15 percent of respondents who
held negative views of the U.S. economy three months earlier. More than half
of CPAs surveyed cited subprime mortgage losses, a slowdown in U.S. housing
and tightening credit conditions for their shift in sentiment. Other
concerns were rising prices of oil and gas as well as the declining value of
the U.S. dollar.
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FASB Rejects Deferral of
Statement 157 for Financial Assets and Liabilities
At its Board meeting November 14, 2007, the Financial Accounting Standards
Board (FASB) reaffirmed its vote against a blanket
deferral
of Statement 157, Fair Value Measurements. For fiscal years beginning
after November 15, 2007, companies will be required to implement the
standard for financial assets and liabilities, as well as for any other
assets and liabilities that are carried at fair value on a recurring basis
in financial statements. As a result, Statement 157 becomes effective as
originally scheduled in accounting for the financial assets and liabilities
of financial institutions. The Board did, however, provide a one-year
deferral for the implementation of Statement 157 for other non-financial
assets and liabilities. An exposure draft will be issued for comment in the
near future on this partial deferral.
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Employers to Face
Intense Competition for New College Graduates
Employers vying for new college graduates will face intense competition,
according to
Job Outlook 2008, a new report published by the National Association of
Colleges and Employers (NACE). Accounting is among the fields in which
competition is expected to be particularly fierce. Employers expect to increase
college hiring in 2007-08 by 16 percent over 2006-07.
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2008 U.S. Master Tax
Guide - Preorder a Copy Today at Special Member Price!
The MACPA is offering the CCH 2008 U.S. Master Tax Guide and Michigan Tax
Guide at a special
discounted rate for all members. The deadline to pre-order at the discounted
rate is December 14, 2007, so don't delay! Your order should arrive in late
December or early January. Take advantage of this outstanding money-saving
member benefit. Please
click
here to order by credit card using VISA, MasterCard or American Express.
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Get Your Copy of the
Michigan Tax Conference CD and Manuals
Did you miss the First Annual Michigan Tax Conference? Get the next best
thing – purchase the Michigan Tax Conference CD, complete with the
presentations from day one and day two of the conference. Or, purchase the
manuals from day one, day two or both days of the conference. To order your
copy of either the CD or the manuals
click
here.
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VoIP Rollout in 10 Steps
If implemented properly, Voice Over Internet Protocol (VoIP) can do a world
of good in the way of communications and productivity by combining mobile
and office communications. Experts recommend 10 steps for any company hoping
to experience as little disruption as possible when making the VoIP
transportation. First, companies should prepare for VoIP by checking their
network for problems, updating all security programs and operating systems. 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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