Issue Monitoring
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The Ohio Society actively monitors the issues that impact the CPA profession and the business world at-large. Below are the key issues that we are actively tracking at this time. We will provide you with the latest news and updates, in addition to resources and solutions you need today.
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The AICPA Auditing Standards Board (ASB) has issued two exposure drafts (EDs) of proposed Statements on Auditing Standards (SASs) – the first to be released as part of the ASB’s Clarity Project – a project that will rewrite all their standards to make them easier to read, understand and implement. Read more and view the major changes of the Clarity Project.
The Emergency Economic Stabilization Bill of 2008 is a historic financial markets rescue bill that contains more than 100 tax provisions and over $150 billion in separate tax breaks. The provisions range from special capital gain rules on certain securities to a one-year extension on the AMT patch. Read more.
FASB has advocated movement toward all U.S. public companies using accounting standards promulgated by a single global standard setter when preparing their financial reports. Read more.
Accounting for Uncertainty in Income Taxes – an Interpretation of FASB Statement 109
Issued in 2006, FIN 48 requires companies to take a more structured approach in reporting uncertain tax positions on their financial statements. Read more.
The demand for forensic accounting services is growing – and that trend is expected to continue as businesses increasingly seek out experts to help them with a broad range of issues such as economic damages, family law, fraud investigations and litigation. View more fraud and forensic accounting news and resources.
SEC proposes IFRS roadmap
The SEC is publishing for comment a proposed roadmap for adoption of International Financial Reporting Standards (IFRS) by U.S. public issuers that file with the SEC. The outline sets a tentative effective date for 2014 for mandatory filings using IFRS. Read more on this story.
Visit the IFRS page for more resources.
Arizona is the 28th state to enact legislation permitting no-notification, no-fee interstate practice by CPAs who are not located in those states. Read more about Interstate Practice Mobility and view mobility resources.
The AICPA Peer Review Board has released revised Standards for Performing and Reporting on Peer Reviews and Interpretations to the Standards. The revised standards are expected to result in a more efficient and effective peer review process. As the revisions are significant, all interested parties are encouraged to become familiar with them. Read more.
The regulatory environment and standard-setting of the profession continue to change and evolve. Catch up on the latest news from the SEC, the PCAOB and more.
This project is about repositioning the independence requirement with respect to a review engagement. The concept is simple: Reliable financial statements should be the end game, not independence. Read about the project's background and status.
Issue: Every time state government faces a budget shortfall, legislators begin to look for possible revenue sources or budget cuts. Since Ohio’s economy has generally shifted away from a manufacturing base, legislative advisors have begun looking to the long list of services—including accounting and consulting—that currently and intentionally are not taxed. Read more information on sales tax on services.
The AICPA’s Center for Audit Quality (CAQ) urged the SEC to use the proposed delay of the Sarbanes-Oxley Section 404(b) external audit requirements for smaller companies to better assess the costs and benefits of implementing new standards and guidance.
The Ohio Society of CPAs is your source for the most up-to-date tax reform information. The links below provide in-depth information on recent developments, and will be updated regularly to keep you informed.
Treasury Advisory Committee on the Auditing Profession adopts final report
The U.S. Treasury Department's Advisory Committee on the Auditing Profession voted today to adopt its final report containing more than 30 recommendations to improve the sustainability of the public company auditing profession. Read the full story.
SEC releases “IDEA” – the successor to EDGAR database
“IDEA” will make company and fund information interactive
The SEC unveiled the successor to the 1980s-era EDGAR database, called “IDEA” – a new system that gives investors far faster and easier access to key financial information about public companies and mutual funds. Read the full story. View resources on XBRL, and read the latest XBRL news.