ASCPA Student Education Fund Scholarship CampaignTo learn more about the Student Education Fund, please click here. Technical Question and Answer Issued on Liquidity RestrictionsAICPA staff has issued a new nonauthoritative Technical Practice Aid (TPA) addressing the potential accounting and auditing implications when a fund or its trustee imposes restrictions on a nongovernmental entity's ability to withdraw its balance in a money market fund or other short-term investment vehicle. The TPA covers balance sheet classification, disclosures, debt covenants, subsequent events and going-concern considerations, among other things. Member Changes at Private Company Financial Reporting CommitteeThomas J. Groskopf, CPA, CVA has joined the Private Company Financial Reporting Committee. Mr. Groskopf replaces outgoing PCFRC member, Thomas A. Ratcliffe, Ph.D., CPA. The PCFRC thanks Tom for his valuable service, insightful opinions and accounting knowledge which helped lead and shape the PCFRC's work during its first two years. For more information, visit http://www.pcfr.org/. Resources for Your Use on Proposed IFRS RoadmapAs you may recall, on August 27, the SEC unanimously voted to issue a proposed roadmap of key milestones and a timeline for U.S. public companies to transition from U.S. GAAP to IFRS. Official release of the proposal was expected by the end of last week, based on the typical turnaround after such votes. It is still pending. An article for your use on the roadmap will be provided following the official release. In the meantime, you can use the AICPA press statement issued on August 27 or the article that ran in the September CPA Letter, which has been edited for state use and also includes a new sidebar on the FASB/IASB updated Memorandum of Understanding. Both documents are attached.Two new Exposure Drafts Available for CommentThe Auditing Standards Board has issued for comment a proposed Statement on Auditing Standards, Interim Financial Information (Amends AU Section 722, Interim Financial Information). The comment period for this proposed auditing standard ends on November 3, 2008. The AICPA’s Accounting Standards Executive Committee has issued an exposure draft of a proposed Audit and Accounting Guide, Gaming. The proposed guide addresses many new accounting issues that have emerged over the years and includes guidance dedicated specifically to governmental gaming entities. Interested parties are encouraged to review the exposure draft and submit comments to smacey@aicpa.org by December 9, 2008. PCPS Offers Firms Economic Stimulus Act Brochure to Distribute to ClientsThe AICPA's Private Companies Practice Section is offering a new brochure for firms to distribute to their clients, which describes the tax benefits available to small business owners under the Economic Stimulus Act of 2008. The "Economic Stimulus Act of 2008: How it Impacts Small Business," provides a clear overview of the new legislation, as well as tools to help small business owners understand the law. The tax breaks were intended to encourage business growth. |
 Click here for full list of CPE coursesNovember, 2008
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