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Accounting/Auditing >> |
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Student Guide: New Illinois Requirements for the CPA Exam
Please join us for a free webinar to learn what you need to do to prepare for the upcoming changes to eligibility requirements.
Read More.
(ICPAS)
ICPAS Committee Responds to IASB Exposure Draft
The Accounting Principles Committee provided its comments on the International Accounting Standards Board's
exposure draft on
Improvements to IFRSs.
Read More.
(ICPAS)
ICPAS Committee Comments on GASB
Exposure Draft
The Governmental Executive Committee
responded to the Governmental Accounting
Standards Board's exposure draft on
Pensions.
Read More.
(ICPAS)
ICPAS Committee Responds to PCAOB
Concept Release
The Audit & Assurance Services Committee
provided its comments on the Public
Company Accounting Standards Board's
concept release on Possible Revisions
to PCAOB Standards Related to Reports on
Audited Financial Statements and Related
Amendments to PCAOB Standards.
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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Proposed Accounting Standards Update: Technical Corrections
(Issued
10.14.11)
Read More.
Comment
Deadline:
12.13.11
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Proposed Accounting Standards
Update: Real Estate --Investment
Property Entities (Topic 973)
(Issued 10.21.11)
Read More.
Comment Deadline: 1.5.12
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Proposed Accounting Standards
Update: Financial Services --
Investment Companies (Topic
946); Amendments to the Scope,
Measurement, and Disclosure
Requirements
(Issued 10.21.11)
Read More.
Comment Deadline: 1.5.12
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IASB |
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Government Loans: Proposed Amendments to IFRS 1
(Issued
10.1.11)
Read More.
Comment
Deadline:
1.5.12
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PCAOB |
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Improving Transparency Through
Disclosure of Engagement Partner
and Certain Other Participants
in Audits
(Issued 10.11.11)
Read More.
Comment
Deadline: 1.9.12
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SEC |
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Prohibitions and Restrictions on
Proprietary Trading and Certain
Interests in, and Relationships
with, Hedge Funds and Private
Equity Funds
(Issued 10.12.11)
Read More.
Comment Deadline: 1.13.12
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Registration of Security-Based
Swap Dealers and Major
Security-Based Swap Participants
(Issued 10.12.11)
Read More.
Comment
Deadline: 12.19.11
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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
ICPAS Committee Responds to IRS Proposed Rules
The Taxation Executive Committee shares its comments on the IRS Proposed Rules on the implementation of the tax preparer registration program.
Read More.
(Taxation Executive Committee)
1099-K Reporting in 2011
"Credit card companies, online payment processors and other service providers are required to submit a 1099-K."
Read More.
(Taxation Practice & Procedures Committee)
Catch up on Past Taxation Committee Reports
IRS
Briefs
Tax Professionals Urged to Prepare for e-File Rules
"The Internal Revenue Service ...
advised tax professionals and tax firms
that do not have Electronic Filing
Identification Numbers to start the process."
Read More. (IRS)
Tax Benefits Increase Due to Inflation
"For tax year 2012, personal exemptions and standard deductions will rise and tax brackets will widen due to inflation."
Read More.
(IRS)
Pension Plan Limitations Announced
"The Internal Revenue Service ...
announced cost of living adjustments
affecting dollar limitations for pension
plans and other retirement-related items
for Tax Year 2012."
Read More.
(IRS)
IRS
Technical Guidance
Notice 2011-86
provides for exemption from the
requirement to pay a user fee for
certain applications to the Service for
determination letters on the qualified
status of pension, profit-sharing, stock
bonus, annuity, and employee stock
ownership (ESOP) plans.
Revenue Procedure
2011-48 providing
guidance related to the filing and
subsequent resolution of a protective
claim for refund of estate tax that is
based on a deduction for a claim or
expense.
Revenue Procedure
2011-52 sets forth
inflation-adjusted items for 2012.
Revenue Procedure
2011-53 prescribes the
loss payment patterns and discount
factors for the 2011 accident year.
Revenue Procedure
2011-54 prescribes the
salvage discount factors for the 2011
accident year.
REG-109564-10
contains proposed regulations removing
the de minimis partner rule
because the rule may have resulted in
unintended tax consequences. The
proposed regulations affect partnerships
and their partners.
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Practice Management >> |
Managing a Progressive Firm
"[F]irms positioning themselves for
success will usually look for a careful
alignment of people, processes, and
technology."
Read More.
(Boomer Consulting)
Lessons Learned from Busy Season
"[I]f you're in management, you can't afford to waste the once-a-year opportunity to take notes on what's working, what's
not and what to do about it before the
next busy season."
Read More.
(CPA Trendlines)
When to Move to the Cloud
"Cloud computing in itself is not a panacea to cure everything in an ailing business, but the results of carefully considered transition to the Cloud can be extremely compelling."
Read More.
(AccountingWEB)
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ICPAS Updates >> |
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Check Out the ICPAS Public Practice Center
This one-stop-shop for small and
mid-size practitioners provides easy
access to the all the resources and
connections you need to achieve practice
excellence.
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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