Member Advantage #109 - July 5, 2006

The fax is provided exclusively to NCACPA members as a member service. For more information, please contact Jim Ahler at (919) 469-1040.

GAO Exposure Draft: The GAO has issued its exposure draft of proposed changes to the Yellow Book of Government Auditing Standards. Interested members are encouraged to visit the GAO website at www.gao.gov/govaud/ybk01.htm to download the draft. The deadline for comment is August 15, 2006, and comments should be sent to yellowbook@gao.gov. NCACPA’s Governmental Accounting and Auditing Committee will be reviewing these proposed changes and commenting on behalf of the membership.

State Board: The North Carolina State Board of CPA Examiners has released proposed changes to their regulations dealing with CPE. The proposed changes have been posted on their website at www.nccpaboard.gov. The comment period is open and runs until September 1, 2006. The state board’s rule-making hearing will be Thursday, September 18, 2006. NCACPA’s CPE Advisory Panel, a subset of the CPE Task Force, will be reviewing the changes proposed.

IRS Feedback: Tax practitioners have a chance to provide valuable feedback by taking part in a short national survey conducted by the IRS. The survey is part of a Congressionally-mandated effort to improve taxpayer service to both individual taxpayers and tax practitioners. The survey is available online only until July 10, 2006, at the following URL: http://www.rmrsurveys2.com/t605169f. Please consider participating in this unique opportunity to “Help the IRS Help You.” The IRS needs CPA tax practitioners’ feedback!

Private Company Financial Reporting Standards: In response to marketplace concerns, the AICPA and FASB formed a joint working group to revise a method for exploring differential GAAP. That group is proposing a new committee that would function outside FASB, but would serve as a resource to the standard setter. Comprising users, preparers, and practitioners from the private company realm, the committee would consider differences in prospective and existing GAAP accounting standards as they pertain to private companies. It would serve as a resource to FASB and make formal recommendations on existing and prospective standards. The AICPA would staff the committee and FASB would hold an observer seat. The proposal was issued on May 22. The comment period is 60 days. A proposal of the committee model is available at www.PrivateCompanyFinancialReporting.org.

Volunteer to Write Test Questions for the Uniform CPA Examination: ACT, a national educational testing company, will conduct several training sessions this year to develop test items for the Uniform CPA Examination on behalf of the AICPA Examinations Team. ACT is offering training sessions via web-cast. Don't miss this opportunity to develop test items for the exam! Send an e-mail specifying the event for which you would like to volunteer to thabick@aicpa.org (please attach resume).