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Accounting/Auditing >> |
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ICPAS
Committee Responds to IFRS Foundation
The Accounting Principles Committee
provides its perspective on the IFRS Strategy Review Consultation Document, IFRSs as the Global
Standard: Setting a Strategy for the
Foundation's Second Decade.
Read More.
(ICPAS)
Technical Updates
Below are the most recent exposure drafts. Review the complete
list on the ICPAS website:
Accounting, Auditing, Governmental, Compilation
and Review.
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FASB |
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Property, Plant, and Equipment
(Topic 360): Derecognition of in
Substance Real Estate -- a Scope
Clarification (a consensus of the
FASB Emerging Issues Task Force)
(Issued 7.20.11)
Read More.
Comment
Deadline: 10.3.11
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IASB |
-
Agenda Consultation 2011
(Issued 7.1.11)
Read More.
Comment
Deadline: 9.30.11
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GASB |
- Recognition of Elements of
Financial Statements and Measurement
Approaches
(Issued 6.28.11)
Read More.
Comment
Deadline: 9.30.11
- Accounting and Financial
Reporting for Pensions -- an
Amendment of GASB Statement No. 27
(Issued 6.27.11)
Read More.
Comment
Deadline: 9.30.11
- Financial Reporting for
Pension Plans -- an Amendment of
GASB Statement No. 25
(Issued 6.27.11)
Read More.
Comment
Deadline: 9.30.11
- Pension Accounting and
Financial Reporting
(Issued 6.27.11)
Read More.
Comment
Deadline: 9.30.11
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Implementation Guidance
ICPAS maintains
a table of newly issued
Accounting,
Auditing,,
Governmental,,
Compilation
and Review
standards, with a link to the corresponding resources
for members.
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Tax Matters >> |
Taxation
Committee Reports
New Mileage Rate Announced
"The IRS normally releases standard mileage rates in the fall of each year to apply to the upcoming calendar year. However, given recent gas price increases, the IRS announced this additional increase for the second half of 2011."
Read More.
(Taxation Individual Committee)
Expanded Reporting for Cost Basis
"A change brought about by the Energy Improvement and Extension Act of 2008 was to expand cost basis reporting requirements for
'specified securities.'"
Read More.
(Taxation Individual Committee)
Ohio Enacts Tax Amnesty Program
"Under the consumer use tax amnesty program, any delinquent use tax owed by consumers
... and all related interest and penalties, will be waived, provided the consumer pays the full amount of outstanding use tax liability owed."
Read More. (Taxation State
& Local Committee)
Catch up on Past Taxation Committee Reports
IRS
Briefs
IRS Seeks Comments on Updated Appeals
Office Communications
"The IRS ... requested public comment on
proposed updates to existing rules on
permissible communications between the
Office of Appeals and other parts of the
IRS."
Read More. (IRS)
100,000 Preparers Fail to Follow New Requirements
"As part of its new oversight program,
... the IRS announced it will send letters to approximately 100,000 tax return preparers who prepared returns in 2011 but failed to follow new requirements."
Read More.
(IRS)
Guidance Released on the
Codified Economic Substance Doctrine
"This directive provides guidance to
LB&I examiners and managers to determine
when it is appropriate to seek approval
to raise the economic substance
doctrine."
Read More.
(IRS)
FATCA Begins in 2013
"The Treasury Department and the
Internal Revenue Service ... [announced]
plans to phase in the requirements of
the Foreign Account Tax Compliance Act (FATCA)."
Read More.
(IRS)
IRS
Technical Guidance
Announcements
Announcement
2011-42 advises taxpayers
that the IRS intends to discontinue
authorizing the high-low per diem method
for substantiating lodging, meal, and
incidental expenses incurred in
traveling away from home.
Notices
Notice 2011-53
describes the timeline for phased
implementation of chapter 4. In
particular, it describes the transition
rules relating to withholding for USFIs
and withholding, due diligence, and
reporting obligations for participating
FFIs.
Notice 2011-61
invites comments regarding education
providers under the tax return provider
program.
Notice 2011-62
provides a proposed revenue procedure
that will update Rev. Proc. 2000-43, which provides guidance regarding
ex parte communications between Appeals
and other Internal Revenue Service
functions.
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Practice Management >> |
Build Your Business with Smart Tech
"Now, more than ever, firms have access to technology and web-based services that allow you to streamline and maximize your business development areas."
Read More.
(Boomer Consulting)
What is Work/Life Balance?
"Working overtime and stressfully
climbing the corporate ladder is not
part of this equation."
Read More.
(CPA Insider)
Make Your Meetings Matter
"[W]hile you can't control how others run their meetings, there are simple, practical things you can do to ensure that the next meeting you hold is efficient and productive."
Read More.
(Ajilon)
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ICPAS Updates >> |
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Opportunity to
Participate in an Audit Experiment
"This is a web-based survey research
study about fraud risk assessments. This
study is designed to enhance our
understanding of auditors' planning
decisions related to financial statement
fraud. Auditors are being asked to help
us understand specific decision-making
issues related to that topic."
Learn More.
ICPAS in the Media
View our
Recent Press Coverage
to see our latest media items.
Share Your News
Send us
your staff announcements, new location
or awards in the form of a press release
or email message and we'll post it in
the
Members in the
News area of our site.
Pave the
Way for Future CPAs
Support the future of the CPA profession
with a gift to the CPA Endowment Fund
of Illinois.
Learn More.
(ICPAS)
Follow ICPAS on Twitter
& Join in the
Discussion!
Check out
@IllinoisCPA, the Twitter page
for ICPAS members to get the latest on
courses, events and news.
It's Cool to be Cheap
Get money management tips from ICPAS by
following
@thriftitude
on Twitter. Pass it along to clients, friends
and family.
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CPE >>
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Performing a Technology Audit
August 3
Webinar
Credit Hours: 1
Learn More & Register.
Estate Planning for 2011 and Beyond
August 9
Chicago, IL
Credit Hours:
8
Learn More & Register.
Educational
Offerings to Prepare for Peer Review
Learn More &
Register.
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Who's Hiring? >> |
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Tax Manager
Miller, Cooper & Co., Ltd.
Chicago or Deerfield, IL
Tax Senior/Supervisor
Cray, Kaiser Ltd.
Oakbrook Terrace, IL
Tax Accountant
Craighead, Lange and Hough, P.C.
Michigan City, IN
Senior Accountant / Supervisor
John Kasperek Co., Inc.
Calumet City, IL |
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