November 2012

PROFESSIONAL ISSUES

Embracing change

Richard Caturano hopes to use his term as the AICPA’s 100th chairman to advance diversity and prepare the accounting profession for a high-tech future as the Institute continues to promote sensible reporting options for private companies and global financial reporting standards.

FINANCIAL REPORTING

AICPA proposes Financial Reporting Framework for SMEs

The financial reporting framework the AICPA is developing for small and medium-size entities (SMEs) is designed to provide bank loan officers with information they need without requiring costly and complicated measurement techniques. The framework is designed for companies that are not required to file GAAP financial statements and emphasizes the old-school accounting principles of historical costs, matching of revenue and costs, and conservatism.

TAX / MANAGEMENT ACCOUNTING

Schedule UTP: The early returns are in

As more businesses join those required to disclose uncertain tax positions, the IRS refines its guidance.

FINANCIAL REPORTING

Applying the principles: COSO proposal relates framework to external financial reporting

A document exposed for public comment by the Committee of Sponsoring Organizations of the Treadway Commission (COSO) provides guidance on applying the principles of COSO’s updated, proposed Internal Control—Integrated Framework to external financial reporting. COSO also is seeking comments on a revised version of the framework itself and a proposed Illustrative Tools document designed to be an application aid.

PRACTICE MANAGEMENT

2012 MAP Survey: A snapshot

The smallest firms have been the biggest winners among U.S. accounting firms during the past two years. That’s one of the findings of the 2012 National MAP (Management of an Accounting Practice) Survey.

MANAGEMENT ACCOUNTING

From CGMA Magazine: Developing the talent pipeline

As economies wobble toward improvement, more organizations are viewing human capital as something just as important as a company’s products and services. And new research shows why the subject is gaining attention.

TECHNOLOGY

Windows 8: Jump or wait?

The release of Windows 8 brings major changes to the dominant PC operating system and signals a significant shift in strategy for Microsoft. What do CPAs need to know about Windows 8? Find out as the JofA examines the most radical redesign of Windows in two decades.

TECHNOLOGY

Windows 8 keyboard and swipe commands

Online-only: An expanded list of Windows 8 keyboard shortcuts and touchscreen swipe commands.

TAX

Facing the tax cliff

News media coverage of the coming “tax cliff” or “taxmageddon”—the time at the end of this year when the current tax rates are scheduled to expire for income, capital gains, gifts, and estates—has mostly overlooked the large number of other tax provisions that will expire or have already expired.