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AICPA Launches New
Int’l Standards Website
The AICPA launched a new website,
IFRS.com, on May 15. The
new site was designed in partnership with CPA2Biz to help CPAs and financial
professionals understand International Financial Reporting Standards (IFRS),
as well as how to navigate the differences between international standards and U.S.
generally accepted accounting principles. The site features FAQs, a free
downloadable background paper, article links and more.
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Win a $50 Gas
Card – Register for June CPE Events
Members who register for any MACPA Continuing Professional Education program
held before July 1 will get a chance to win a $50 gas card. Drawings will be
held weekly, with a new contest each Monday, beginning today and
ending June 30, 2008. All MACPA live classroom educational events qualify; and all
member registrants will be automatically entered into the drawings. Visit
our
CPE web page today to find a program that fits your needs.
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Large Accounting
Firms Bringing IFRS to Colleges
As convergence with International Financial Reporting Standards gains
momentum, large accounting firms have announced initiatives to help
accounting students learn about the international standards. On May 15,
Deloitte & Touche announced the formation of the
IFRS University Consortium. Deloitte is contributing resources to Ohio
State and Virginia Tech universities to help the schools develop IFRS
curricula. The contributions include drafting course materials, such as
classroom guides and case studies, and providing Deloitte professionals as
lecturers. The classroom guides and course materials will be made available
to other interested universities. According to a WebCPA
article, Ernst & Young today announced plans to develop a curriculum to
help students and faculty adjust as U.S. Generally Accepted Accounting
Principles converge with IFRS. Another Big Four firm, KPMG, has established
an
IFRS Institute to raise awareness and address the information needs of
companies, investors, academics and others who may be affected by a
transition by U.S. companies to IFRS.
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Small Tax-Exempt Orgs: First Filing Date Approaches for Electronic Notice
A reminder for small tax-exempt organizations: the
first filing deadline of May 15 for their new annual electronic filing
requirement approaches. Organizations can file by going to the appropriate
page on
this website. Beginning this year, most organizations whose gross
receipts are normally $25,000 or less must file Form 990-N, also known as
the e-Postcard. Previously, these small organizations did not have an annual
filing requirement. The first e-Postcards are due by May 15, 2008, from
small tax-exempt organizations whose tax year ended on December 31, 2007.
For organizations with a tax year that ends after December 31, 2007, the
e-Postcard is due by the 15th day of the 5th month after the close of their
tax year. It is important for small organizations to file the e-Postcard
because, under the Pension Protection Act of 2006, if an organization fails
to file for three consecutive years it will lose its tax-exempt status.
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Treasury, IRS Issue 2009 Indexed Amounts for Health Savings Accounts
The Treasury Department and IRS issued new guidance on the
maximum contribution levels for Health Savings Accounts (HSAs) and
out-of-pocket spending limits for High Deductible Health Plans (HDHPs) that
must be used in conjunction with HSAs. These amounts have been indexed for
cost-of-living adjustments for 2009 and are included in Revenue Procedure
2008-29, which announces changes in several indexed amounts for purposes of
the federal income tax.
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