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New Procedures Standard Allows Greater Flexibility to CPAs, and more

by MICPA | Dec 10, 2019   ()

New Procedures Standard Allows Greater Flexibility to CPAs
The Auditing Standards Board released a Statement on Standards for Attestation Engagements No. 19 (SSAE). This latest SSAE seeks to increase adaptability among CPAs and auditors to account for “rapidly evolving subject matters.”
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ASB Amends Description of Materiality
The AICPA Auditing Standards Board issued two standards that make the description of materiality consistent across the United States.
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Your Chance to Speak Up: Auditing Strategies to Address the Pace of Change
Setting audit standards that meet the public interest has become increasingly complex of late, given the pace of change in business and technology. That’s why the AICPA wants your opinion on whether the Auditing Standards Board’s proposed strategic actions through 2022 will be effective in meeting these challenges. Send comments by Jan. 31, 2020.
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FASB Seeks New Technical Director
A formal search for the next technical director of the Financial Accounting Standards Board is now underway. The technical director chairs the Emerging Issues Task Force and acts as the principal advisor to the FASB chairman and board. Candidates must apply by Jan. 17, 2020 for consideration.
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GASB Proposes New Implementation Guidance
The Governmental Accounting Standards Board (GASB) proposed implementation guidance containing questions and answers intended to clarify, explain or elaborate on certain GASB pronouncements. Some of the included standards cover the financial reporting entity, fiduciary activities, leases, external investment pools, asset retirement obligations, and conduit debt obligations.
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Final Regulations on the Foreign Tax Credit Issued by IRS
Major changes were made to the U.S. international tax system as part of the Tax Cuts and Jobs Act. Multiple Foreign Tax Credit provisions were affected as a result, enacting new foreign income limitations, credits and exemptions.
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National Tax Security Awareness Week 2019 Recap
Last week, the IRS continued their crusade against tax-related identity theft with 2019’s National Tax Security Awareness Week. From Dec. 2 – 6, the agency sought to remind taxpayers and tax professionals that the best defense against identity theft is a good offense.
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Federal Deficits Projected to Average $1.2 Trillion Annually through 2029
The Congressional Budget Office expects to add $16 trillion in public debt to the nation’s deficit over the next decade, according to the U.S. Government Accountability Office (GAO). The GAO made recommendations to the Secretary of the Treasury regarding market research to ensure investors remain interested in Treasury securities.
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Add a Ph.D. to Your CPA
If the thought of teaching the next generation of CPAs excites you, apply for the AICPA Foundation’s William (Bill) Ezzell Scholarship. It provides financial assistance to CPAs pursuing a doctorate degree in accounting. Apply by Mar. 1, 2020.
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How Social Security and Medicare Work Together
Social Security and Medicare are separate programs, but they are intertwined in several ways. For example, Medicare premiums are typically subtracted automatically from Social Security benefits.
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November Treasury Update Available
The Michigan Department of Treasury posted the November 2019 Treasury Update online. Articles cover marijuana guidance, home care provider taxes, out-of-state sales tax, Michigan Treasury Online FAQs and more.
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Does a Company Really Care About Diversity and Inclusion?
A lot of companies talk about diversity and inclusion. But it’s not always easy to decipher whether they’re also walking the walk. If diversity and inclusion is a priority in your job search, how can you tell if a company is serious?
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Attend Screening of New Jumanji Movie with MICPA to Benefit Children's Hospice Program
Join MICPA and Hospice of Michigan for an exclusive movie screening of Jumanji: The Next Level at 6 p.m. Wednesday, Dec. 11 at Emagine, Royal Oak. This exciting event will benefit Jo Elyn Nyman Anchors Programs for Children at Hospice of Michigan, the only statewide pediatric program of its kind, impacting nearly 100 pediatric children and families each year. Tickets are $50 and include the film screening, a soft drink, popcorn, and a drink at the afterglow. 
Info and Tickets

Source: MICPA
Source: MICPA

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