CPA Observation Post

AICPA and CIMA Launch the CGMA Designation

The American Institute of CPAs (AICPA) and the Chartered Institute of Management Accountants (CIMA) have launched the Chartered Global Management Accountant (CGMA) designation. In the coming weeks, CPAs who are qualified members of the AICPA will receive the CGMA welcome kit, which summarizes the many benefits of the designation. Read More>>

IRS Increases 1099 Expectations (via @AccountingToday)

The Internal Revenue Service has increased its forecasts for the number of information-reporting forms it expects to receive this year and in subsequent years as a result of increased reporting requirements. Read More>>

Senate Hearing Will Examine Tax Extenders Fix (via @AccountingToday)

The Senate Finance Committee plans to hold a hearing Tuesday to discuss finding a long-term way to handle “tax extenders”—tax provisions that frequently require annual or biannual renewals—to provide more certainty for taxpayers, not to mention tax preparers. Read More>>

Deal for payroll-tax cut is near, lawmakers say

Republican leaders in Congress say they're close to a compromise with Democrats to extend a payroll-tax cut that is scheduled to expire Feb. 29. The lawmakers didn't say how they plan to pay for it. Read More>>

FASB, IASB Hone Differences in Financial Instruments Standards (via @AccountingToday)

The Financial Accounting Standards Board and the International Accounting Standards Board said Friday they would work together on seeking to reduce the differences in their classification and measurement models for financial instruments. Read More>>

IRS Warns of Tax Refund Delays (via @AccountingToday)

The Internal Revenue Service warned Thursday that tax refunds could be delayed a week this tax season because of new anti-fraud safeguards. Read More>>

FASB Proposes Standard for Impairment of Indefinite-Lived Intangible Assets (via @AccountingToday)

The Financial Accounting Standards Board proposed an updated standard Wednesday on impairment testing of intangible assets with indefinite lives, such as trademarks, licenses and distribution lives. Read More>>

Bank of America Launches CPA Financing Program (via @AccountingToday)

Bank of America has begun offering financing to CPA firms to help them fund mergers and acquisitions, expand their facilities, buy equipment and software, and other purposes. Read More>>

New Form 990 has a few significant changes for 2011 (via @AICPA_JofA)

The Internal Revenue Service has posted a new version Form 990 for 2011 filings by tax-exempt organizations. Among other changes, the new form revises how exempt organizations report income from joint ventures, and changes the threshold for required reporting of activities outside the United States. Read More>>

Survey: Companies want continuous audits

Internal auditors increasingly are helping companies improve their operations, including risk-management functions, according to a survey of auditors by ACL Services. More auditors are helping companies implement processes using technology to improve their internal monitoring. The goal for most clients is to develop automated, continuous auditing. Read More>>