Biggest Changes Proposed in SSARSs Since 1978
The AICPA Accounting and Review Services Committee (ARSC) issued an exposure draft that would revise the standards for compilation and review engagements. The changes would affect the interplay between the standards and independence rules, permitting an accountant to issue a review report on financial statements when the performance of nonattest services designed to improve the reliability of the client’s financial information impairs the accountant’s independence. Comments are due July 31. Read more in the Journal of Accountancy.
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IRS Announces Withholding Adjustment Option for Pension Plans and Provides Taxpayer Education
The IRS released new withholding adjustment procedures for pensions as part of outreach efforts to educate taxpayers about the benefits they will receive under the American Recovery and Reinvestment Act. In February, the IRS issued revised withholding tables incorporating the Making Work Pay Tax Credit, one of the key provisions of the ARRA. That change resulted in more take home pay for more than 120 million American households and provided an immediate economic stimulus. The new procedure for pensions will make withholding more accurate for pension recipients. While the newly announced procedures apply only to pension payments, the IRS is gearing up for a wider outreach campaign to educate pensioners and other taxpayers about the withholding tables and Recovery payments. Read more.
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Proper Documentation Impacts Statute of Limitations for Malpractice Claims
Since the Levy v Martin decision, several Michigan courts have addressed the issue of when the statute of limitations accrues in professional malpractice claims. Accurate documentation will clarify if a professional provides a discrete service, or general continuous service — impacting how the court will interpret the statute of limitations. Read more in the May/June issue of Leaders’ Edge.
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Many Foresee Recovery in First Quarter 2010: AICPA Outlook Survey
Pessimism about the U.S. economy among chief financial officers and senior-level executive CPAs eased in the Second Quarter, according to a new survey conducted by the AICPA and the University of North Carolina’s Kenan-Flagler Business School. Arleen Thomas, AICPA’s senior vice president for member competency and development, said the shift in sentiment indicates financial executives and CPAs see the economy contracting at a slower pace and suggests the U.S. recession may be reaching a bottom. Fifty-two percent of CPA executives expressed pessimism about the U.S. economy over the next 12 months, a decline of 30 percentage points from the first quarter’s all-time high of 83 percent of respondents who had said they were “pessimistic” or “very pessimistic.” Optimism rose in the current quarter to 19 percent, up from only 5 percent of respondents who had said that they were “optimistic” about the U.S. economy three months ago. Twenty-eight percent were “neutral” on the U.S. outlook in the latest survey. Read more.
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U.S. CPAs Still Evaluating International Standards, Recognize Need To Learn IFRS  
The U.S. accounting profession recognizes a need to acquire knowledge of international accounting standards even as the SEC revisits plans for adoption, according to a recent survey conducted by the AICPA. Asked to rate the level of familiarity with International Financial Reporting Standards (IFRS) they think they need, 36 percent of CPAs surveyed said they want advanced or expert knowledge, meaning they would become very familiar with the specific principles of IFRS. That is a six-percentage-point increase in demand for advanced IFRS knowledge over six months ago. Twenty-four percent see a need for some knowledge, or familiarity with specifics, and 21 percent require basic knowledge, or familiarity with high-level concepts. Read more.
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CPE By City

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Ethics, Accounting & Auditing, Technology and More - Two Locations to Get You the CPE You Need in Time for the Reporting Period
	What: CPE Mega Conference 1 When & Where: May 20, 2009 - Sterling Heights Recommended CPE Credit: 8 Hours (Includes Accounting & Auditing and Ethics) AND/OR What: CPE Mega Conference 2 When & Where: June 30, 2009 - Lansing Recommended CPE Credit: 8 Hours (Includes Accounting & Auditing and Ethics)
Join Marcia Buchanan, Assistant Director, U.S. Government Accountability Office, for Recent Updates on Standards and Regulatory Compliance
	What: Governmental Accounting & Auditing Conference 2 When & Where: May 21, 2009 - Troy Recommended CPE Credit: 8 Hours (Includes Accounting & Auditing and Ethics) What: Early Bird Ethics: Practical Application of Ethics and Decision Making in the Field  When & Where: May 21, 2009 - Troy Recommended CPE Credit: 1 Ethics Hour
Get the Answers to Your Questions on Form 990 - Reporting Penalties, Allocation Issues, Recent Cases and Rulings
	What: New Form 990: Revised Reporting Requirements for Non-Profits When & Where: May 22, 2009 - Lansing Recommended CPE Credit: 8 Hours (Includes Accounting & Auditing) OR What: New Form 990: Revised Reporting Requirements for Non-Profits When & Where: May 29, 2009 - Sterling Heights Recommended CPE Credit: 8 Hours (Includes Accounting & Auditing)
Medicare Rights and Benefits - What You Need to Know to Assist Your Clients
	What: Webinar: What CPAs Need to Know About Medicare to Help Clients Who Are Medicare Beneficiaries When & Where: May 27, 2009 - Online Recommended CPE Credit: 2 Hours
Straight from the DOL - Expected Standards of Conduct for Auditors and What is on the Forefront for 403(b) Plans
	What: Audits of Employee Benefit Plans Workshop When & Where: June 2, 2009 - Livonia Recommended CPE Credit: 8 Accounting & Auditing Hours What: Early Bird Ethics: Ethics & Independence Issues When & Where: June 2, 2009 - Livonia Recommended CPE Credit: 1 Ethics Hour
Increase Revenue for Your Organization and Clients With Tax Planning Strategies from Surgent McCoy
	What: Individual & Financial Planning Tax Camp by Jack Surgent When & Where: June 2, 2009 - Livonia Recommended CPE Credit: 8 Accounting & Auditing Hours What: Early Bird Ethics: Ethics & Independence Issues When & Where: June 2, 2009 - Livonia Recommended CPE Credit: 1 Ethics Hour
Get Prepared for the Coming Conversion of GAAP to IFRS From the Comfort of Your Personal Computer
	What: Webinar: The Coming IFRS Conversion: A Wave of Change to US GAAP When & Where: June 5, 2009 - Online Recommended CPE Credit: 2 Accounting & Auditing Hours
CFO Seminar Series - Financial Statement Analysis, Financial Forecasting and Business Valuation, Attend 1, 2 or 3 Days
	What: CFO Seminar Series Course 1: Financial Statement Analysis & Bank Financing   When & Where: June 3, 2009 - Troy Recommended CPE Credit: 8 Hours (Includes Accounting & Auditing) What: CFO Seminar Series Course 2: Financial Forecasting & Cash Flow Modeling When & Where: June 10, 2009 - Troy Recommended CPE Credit: 8 Accounting & Auditing Hours What: CFO Seminar Series Course 3: Business Valuation & Capital Projects Analysis   When & Where: June 17, 2009 - Troy Recommended CPE Credit: 8 Hours
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