CPAs and Advisors with Your Growth in Mind

Comment Period for AICPA Ethics Board Proposal Ends Friday

Tomorrow is the last day to comment on an Exposure Draft by the American Institute of Certified Public Accountants’ (“AICPA”) Professional Ethics Executive Committee. The Exposure Draft, Proposed Interpretations — Responding to Non-Compliance with Laws and Regulations, introduces new interpretations of the AICPA Code of Processional Conduct. The proposed new interpretations are entitled “Responding to Non-Compliance with Laws and Regulations” (ET sec. 1.170.010 and 2.170.010) under the “Integrity and Objectivity Rule” (ET sec. 1.100.001 and 2.100.001), and will impact members in public practice and business. The new interpretations offer guidance on a member’s responsibilities when handling non-compliance with regulations at. Read More.

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AICPA Releases Cybersecurity Reporting Framework Criteria

In support of its proposed cybersecurity reporting framework, the American Institute of Certified Public Accountants (“AICPA”) has issued the following criteria: Description criteria for management’s description of an entity’s cybersecurity risk management program. 2017 trust services criteria for security, availability, processing integrity, confidentiality, and privacy. This month, the AICPA plans to publish a cybersecurity attestation guide to help CPAs report on cybersecurity examination engagements compliant with the AICPA attestation standards. Once the guide is published, the Center for Audit Quality will issue The CPA’s Role in Addressing Cybersecurity Risk: How the Auditing Profession Promotes Cybersecurity Resilience. The publication will offer. Read More.

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Forthcoming Accounting Guidance Updates to Impact Nonprofits

Some of the Financial Accounting Standards Board’s Accounting Standards Updates will certainly have an effect on nonprofit organizations. As the standards’ effective dates draw near, the American Institute of Certified Public Accountants (“AICPA”) has highlighted five standards nonprofits should become familiar with: Going concern requirements Consolidation requirements Simplifying the presentation of debt issuance costs Fair value disclosures when net asset value per share is used Inventory measurement More on these standards is available on AICPA.org. In addition, Cherry Bekaert’s Melisa Galasso will host an AICPA webinar on April 25 to offer nonprofits guidance on these Accounting Standards Updates.

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AICPA Task Forces Issue Revenue Recognition Exposure Drafts

In response to Financial Accounting Standards Board Accounting Standards Update (ASU) No. 2014-09, Revenue from Contracts with Customers, the American Institute of Certified Public Accountants’ (“AICPA”) Revenue Recognition Task Forces have issued ten exposure drafts for public comment. The exposure drafts impact four industries and include the following: Airlines 2-3 –  Passenger Tickets – Breakage and Accounting for Travel Vouchers 2-4 –  Ancillary Fees and Services 2-5 –  Interline Transactions 2-6a & d –  Brand Name and Customer List 2-6i –  Interline Loyalty Transactions 2-11 –  Change Fees Gaming 6-8a –  Loyally and Other Incentive Programs without Tier Status Hospitality 7-1 –  Franchise Fees 7-2 –  Hotel Management Service Arrangements 7-3 –  Owned and Leased Property Revenues Timeshare 16-2 –  Collectibility Comments on the exposure drafts are due Thursday, June 1.

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AICPA Ethics Board Issues Exposure Draft on Legal Non-Compliance

The American Institute of Certified Public Accountants’ (“AICPA”) Professional Ethics Executive Committee has proposed new interpretations concerning the AICPA Code of Professional Conduct. The two proposed interpretations are part of the Exposure Draft, Responding to Non-Compliance with Laws and Regulations , and impacts members in both public practice and business. Entitled “Responding to Non-Compliance with Laws and Regulations” under the “Integrity and Objectivity Rule”, the proposed interpretations offer guidance on a member’s responsibilities when handling non-compliance with regulations at a client or in his or her employing organization. Members that encounter non-compliance must either: Allow the client’s or employing company’s oversight and those with the authority to resolve the. Read More.

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Partnership Tax Return Due Date Changes

Before filing your tax return this year, please be aware that the federal due date for partnership returns has changed to March 15. Several states have responded by introducing new legislation or guidance that conform state tax return due dates to the federal deadline. Available for download by the American Institute of Certified Public Accountants is a chart listing states’ conformity with federal partnership tax return due dates. Click here to download the chart. If you’re interested in this year’s federal tax deadline changes, check out our recent “Tax Day 2017” alert .

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