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Mobility, Forensic
Accounting, XBRL – Hot Issues at Upcoming MACPA Event
While it may not be quite as exhilarating as
the current basketball and hockey playoffs, the Michigan accounting scene is
sizzling hot with some crucial issues at the forefront. The MACPA Spring
Members Advisory Forum on Tuesday, May 13, 2008 at the Lansing Center
promises to be more exciting than ever – covering national and local topics
and how they will affect you, your business and your clients. All MACPA
members are invited to hear the nation’s foremost expert on XBRL, Mike
Willis, explain what you need to know about XBRL and why it’s important to
you. You’ll also hear the latest on the progress of Michigan’s mobility
legislation, and how it impacts you. In addition, AICPA President Barry
Melancon will talk about the development of a new forensic accounting
credential. There’s lots more packed into this daylong event. To see the
event information in its entirety, view the event
agenda here. You can earn up to 5 hours of CPE, including 1.5 hours of
accounting and auditing hours.
Register today!
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U.S. Accounting
Profession Renews Mutual Recognition Agreement with Canada, Mexico
The AICPA and National Association of State
Boards of Accountancy have renewed a
trilateral mutual recognition agreement with professional accounting
bodies in Canada and Mexico. The five-year agreement with the Chartered
Accountants of Canada and Mexico’s Contadores Publicos Certificados was
signed April 17 in Alexandria, VA. “The Professional Mutual Recognition
Agreement affirms the quality of accounting professionals in Canada, Mexico,
and the United States and the willingness of our countries to seek an
improved methodology to meet the compelling needs of a global society,” said
David Costello, CPA, President and Chief Executive Officer of NASBA.
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PCAOB Adopts New Ethics
and Independence Rule Concerning Communications
Last week, the PCAOB adopted
Rule 3526 to enhance communication between audit committees and
registered firms regarding the firm's independence. If approved by the SEC,
the new rule will require a registered public accounting firm, before
accepting an initial engagement pursuant to the standards of the PCAOB, to
describe in writing to the audit committee all relationships between the
firm or any of its affiliates and the issuer or persons in a financial
reporting oversight role at the issuer that may reasonably be thought to
bear on the firm's independence. Registered firms will also be required to
discuss with the audit committee the potential effects of any such
relationships on the firm’s independence. Similar communication will be
required annually for continuing engagements. If approved by the SEC, Rule
3526 will supersede the Board's interim independence requirement,
Independence Standards Board Standard No. 1, Independence Discussions with
Audit Committees and two related interpretations. The Board also adopted an
amendment to Rule 3523, Tax Services for Persons in Financial
Reporting Oversight Roles.
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IRS Launches Campaign to
Help New Small Businesses
The IRS last week launched a
campaign to help educate new self-employed small business owners about
federal tax responsibilities. The campaign will provide new Schedule C,
Profit or Loss from Business, filers with improved and updated educational
materials through a variety of channels, including
IRS.gov, small business
workshops and other outreach events. About one in seven federal income tax
returns includes a Schedule C or Schedule C-EZ (sole proprieters). Taxpayers
filed over 21 million Schedules C for tax year 2006, reporting overall net
profits from sole proprietorships totaling more than $269 billion.
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Retirees, Disabled
Vets Still Can File for 2008 Stimulus Payments
Even though April 15 has passed, the IRS
reminded retirees, disabled veterans and others who normally do not file a
tax return that there is still time to submit a 2007 form to receive an
economic stimulus payment. “Don’t worry if you did not file a return by
April 15. If you meet the criteria, you are still eligible for a stimulus
payment. The quicker you file, the quicker you’ll get your payment,” said
Doug Shulman, IRS Commissioner. People must file a return by October 15 to
receive an economic stimulus payment this year. Shulman urged friends and
family members to reach out to acquaintances or relatives who may either be
unaware of the economic stimulus payment or unable to file the tax return
themselves.
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FASB Issues Two Final
Staff Positions
The Financial Accounting Standards Board last
week issued two final FASB staff positions.
SOP
90-7-1 is an amendment of AICPA Statement of Position 90-7.
FSP FAS
142-3, Determination of the Useful Life of Intangible Assets, amends the
factors that should be considered in developing renewal or extension
assumptions used to determine the useful life of a recognized intangible
asset under FASB Statement No. 142.
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CPAs Volunteer at Local
Elementary School for a Day - Come and be a Part of the Fun
Join a team of CPAs as they take over Burns
Elementary School on May 16, 2008 to teach youngsters about business basics.
The MACPA partners with Junior Achievement each year to help spread the
knowledge of business principals to kids at an early age. As a volunteer,
you will be provided with a short training session on May 7, 2008 where you
will be given lesson plans and materials to aid in your teaching. If you
would like to volunteer, please fill out this
form or contact the MACPA membership department at 248.267.3700. Hope to
see you there!
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Everyday Ethics
Everlasting Consequences Author Comes to Michigan for Two Speaking
Engagements
You may have heard him on ABC Radio or read about him in Entrepreneur
Magazine, but you
can meet Vince Crew in person by attending the MACPA's "Not in the Clear
Yet...Financial Professionals and the Ethics Chase" seminar on
May 19 in Grand Rapids or on
May 20 in Auburn Hills. Crew has experience in corporate,
entrepreneurial and nonprofit settings, and has used his experiences to help
develop everyday ethics strategies to support organizational goals. One tip
Crew has for business leaders in today's economically uncertain times is to
protect your professional integrity. “Today’s economic uncertainty is a
breeding ground for unscrupulous practices and everyday cutting of corners.
With so many scams and deceptive practices, consumers are looking for honest
people to deal with today more than ever.” You can learn more tips by
attending the MACPA's seminars and reading his book
Everyday Ethics Everlasting Consequences.
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GASB Adds Projects on
Retirement Benefits, Public/Private Partnerships and Reporting Units
The Governmental Accounting Standards Board (GASB)
added three
projects to its current agenda – a review of existing postemployment
benefits standards (focusing on a review of existing pension standards in
GASB Statements No. 25, and No. 27); public/private partnerships, and a
reexamination of GASB Statement No. 14, The Financial Reporting Entity,
including consideration of establishing reporting standards for government
departments, agencies, and other units smaller than a complete reporting
entity.
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