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Headlines:
Accounting & Auditing News: Your Newsletter Returns from Tax Break
CPE: IFRS & GAAP Differences – Conference in the Fall and Course Coming Soon
Legislation Update: FICPA Legislation Gains House and Senate Approval
News: AICPA Council Votes to Recognize the International Accounting Standards Board as a Designated Standard Setter
Listserv Tip: Using "Current Users" Feature and Seeing Who Is Online Today
News: CPA Financial Executives Evaluate Fair Value Accounting
Featured Member: Cecil “Pat” Patterson of Patterson & Associates, PA
Web Site Feature: Did You Know? Accounting & Auditing Section Member Directory Online
News: AICPA Issues Revised Peer Review Standards
Welcome New Section Members: the Accounting & Auditing Section is Growing
Read the Buzz: Listserv Hot Topics
to the top Accounting & Auditing News: Your Newsletter Returns from Tax Break
We are glad to be back with your Accounting and Auditing Section newsletter and hope tax season was good to you and your firm. As a reminder, your Section Chair is Marc A. Berenfeld of Berenfeld, Spritzer, Shechter & Sheer, CPAs, in Coral Gables, FL. Your FICPA Staff Liaison is Paul Brown, FICPA's Director of Technical Services and Peer Review, and you can contact him via email at aasection@ficpa.org.
Take advantage of your Section Listserv today! You can stay ahead of the game and keep your Section active by sharing tips and learning from other Accounting and Auditing experts. Log in to the A&A Listserv to post your questions, comments and feedback. (Don’t miss this month’s Listserv tip below.)
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CPE: IFRS & GAAP Differences – Conference in the fall and Course Coming Soon
The FICPA’s Executive Committee approved developing a fall conference to address IFRS and further explore the implications of the rapidly developing standards. Stay tuned for more information on this 2008 fall conference.
In the meantime, FICPA has added “International versus U.S. Accounting: What in the World is the Difference?” (IUSA). This course will benefit CPAs, including analysts, in industry and practice who manage financial accounting and reporting. The course outlines the major differences between IFRS and U.S. GAAP.
“International Versus U.S. Accounting: What in the World is the Difference?” (IUSA)
Wednesday, Nov 5, 2008 – Tampa – Instructor: Leah Donti
OR
Wednesday, Dec 3, 2008 – Miami – Instructor: Susan Sorensen
Upon completion, participants will be able to: recognize the significant differences and similarities between U.S. GAAP and IFRS, analyze financial statements prepared in accordance with IFRS and standardize reporting in an international environment.
Again, stay tuned for more information about the upcoming CPE on this subject or contact FICPA's CPE via email at cpe@ficpa.org.
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Legislation Update: FICPA Legislation Gains House and Senate Approval
FICPA Governmental Affairs – May 19, 2008
After more than 2,500 bills were filed during the 2008 Legislative Session, the Florida Legislature adjourned (Sine Die) at 6:02 p.m. on Friday, May 2, 2008, but not before passing legislation filed by the FICPA.
With support of the Florida Board of Accountancy, the FICPA worked with Sen. Dennis Jones, R-Seminole and Rep. Doug Holder, R-Sarasota on legislation (HB 797 and SB 1206) that would allow Florida candidates to sit for the uniform CPA examination after completing 120 hours and require one year of work experience before being licensed as a Florida CPA.
Adding one year of work experience before licensure brings Florida into compliance with the Uniform Accountancy Act (UAA) Substantial Equivalency provision. Also, it puts Florida in position to pass future legislation that would allow CPAs who are licensed in a “Substantially Equivalent” state the privilege to practice in another substantially equivalent state without otherwise having to comply with that state’s licensing requirements.
Click here for a complete 2008 Legislative wrap-up.
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News: AICPA Council Votes to Recognize the International Accounting Standards Board as a Designated Standard Setter
AICPA – 5/21/2008
The governing Council of the American Institute of Certified Public Accountants voted to designate the International Accounting Standards Board in London as an accounting body for purposes of establishing international financial accounting and reporting principles.
The amendment to Appendix A of AICPA Rules 202 and 203 gives AICPA members the option to use International Financial Reporting Standards (IFRS) as an alternative to U.S. Generally Accepted Accounting Principles.
Read the entire article in Accounting and Auditing Section News.
Post a question or comment about this article on the Accounting and Auditing Member Listserv.
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Listserv Tip: Using “Current Users” Feature and Seeing Who Is Online Today
The "Current Users" link on the "Options" menu displays a window showing members that are using the A & A Section Listserv at the same time you are. The list is updated every 60 seconds.
The total number of current and daily users is displayed at the top of the page (as well as the amount of new users). When there are members online when you are, their names will be listed and link you to their user profile. The "Current Users" list also links to "Today's Users." A User QuickStats report and other data are also available through the “Options” menu.
Log on today to access this and other Listserv features. To get the most of your Section log in and post your questions, comments and tips to the A&A Listserv.
For assistance with this or any other Listserv features, contact your Section Liaison at aasection@ficpa.org.
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News: CPA Financial Executives Evaluate Fair Value Accounting
FICPA – 5/16/2008
A majority of senior-level executive CPAs don't blame fair value accounting for causing the subprime crisis, but they don't view it as improving investors' understanding of aggressive lending practices, according to the second quarter 2008 Business and Industry Economic Outlook Survey of the American Institute of Certified Public Accountants (AICPA) and the University of North Carolina's Kenan-Flagler Business School.
Read the entire article in Accounting and Auditing Section News.
Post a question or comment about this article on the Accounting and Auditing Member Listserv.
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Featured Member: Cecil “Pat” Patterson of Patterson & Associates, PA in Ponte Vedra Beach
This month’s featured member is Cecil “Pat” Patterson of Patterson & Associates, PA located in Ponte Vedra Beach. Pat is a recognized author, speaker and discussion leader for continuing education and state societies.
Pat has been a member of the FICPA since 1972 and a charter member of the Accounting and Auditing Section since 2007. He also serves as the Vice Chair of the Accounting and Auditing Section Steering Committee.
Click here to read Pat’s full bio.
If you would like to be featured in the Accounting and Auditing Section Newsletter, please send your bio (photographs are welcome) to sections@ficpa.org.
Note: Featured members voluntarily submit a professional biography for publication. The FICPA has not confirmed or verified the credential(s) of or confirmed any information contained herein, and it does not make any warranty in any respect about the featured CPA.
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Web Feature: Find Your Fellow A&A Members in Three Steps
One of many Section benefits is professional peer networking. Did you know that you could look up fellow Accounting & Auditing Section members and their contact information? It’s easy:
- Go to your Accounting & Auditing Section home page
- Click on “Member Directory” in the top navigation
- Log-in with your last name and FICPA member number
Three steps and you have exclusive access to the Section directory and peer experts around the state. Take advantage of this website tool today!
For information about or assistance with the Accounting & Auditing Section Member Directory or other Section Web site features, e-mail sections@ficpa.org.
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News: AICPA Issues Revised Peer Review Standards
AICPA – 5/2/2008
The American Institute of Certified Public Accountants Peer Review Board has issued new standards for performing and reporting on peer reviews to promote quality in CPA firms’ accounting and auditing practices. The new standards are intended to produce simpler more readable reports that will provide greater transparency to state boards of accountancy, federal agencies such as the Government Accountability Office and the private sector.
“We have re-written the standards to be more principles-based,” said Susan Coffey, AICPA senior vice president for member quality and state regulation. “It results in less of a checklist based process that is intended to be more robust. It focuses the report on the most important issues.”
Read the entire article in Accounting and Auditing Section News.
Post a question or comment about this article on the Accounting and Auditing Member Listserv
For Information on establishing a newsfeed (RSS) that will deliver Accounting and Auditing Section news directly to your computer desktop, visit the FICPA RSS Feed FAQs. For assistance with this productivity tool, contact webmaster@ficpa.org.
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New Section Members – Accounting & Auditing Section is Growing
Please extend a warm welcome to your newest fellow Accounting & Auditing Section members:
Pamela J. Burns of Pamela Burns, CPA, EA, PA in Gainesville; George J. Cotellis Jr. of George J. Cotellis Jr., CPA in Lakeland ; Sean P. Gingras of CPA Associates, in Bradenton; and Heather R. Hughes of Warner & Company in Jacksonville.
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Read the Buzz: Listserv Hot Topics
Visit the Listserv today to read what your fellow Section members are saying:
401K Audits
AICPA Whitepaper Presents a Roadmap for Modernizing Business Reporting
Art Work
Converting Tax Basis Financials to GAAP
FICPA News Alert
FICPA Webcast: International Financial Reporting Standards
Fair Value / Liquidity of Auction Rate Securities
Governmental Auditing and Accounting Digest for Friday, April 11, 2008
Insurance Auditor/Audit Firms Needed
Revocable Trust
Questions and comments posted by:
John A. Amrhein IV
Jeff E. Barbacci
Elan Barenboim
Kimberley A. Berger
Mark A. Bernstein
Michael I. Bloom
Paul Brown
Lawrence S. Burke
John P. Callan
Robert S. Cheskes
James F. Daniel Jr.
John F. Fesh
Patrick D. Heyn
Trevor C. Hillier
Emil Sotolongo
Dwight L. Hulse
Tarsha R. Jacobs
Stanislav Jansta
Tracy L. Jardine
Keith E. Johnson
Eric Jolly
Anne Kemp
John Laudadio
Stephen L. Needleman
Kathy E. Nelson
Lori Nissen
Anthony M. Palermo
Jennifer Pitts
Regan Roisman
Ronald J. Weinbaum
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