Below please find daily updates pertaining to the latest in financial, business, and tax news:
FICPA: AICPA NewsBallot Measure Would Modernize and Align AICPA Membership Admission Requirements With UAA Guidelines
The AICPA Council unanimously voted in May 2010 to ballot AICPA members on a proposed change to update the requirements for Institute membership. This change is a part of the first major comprehensive review of membership requirements since the 1950s. The ballot measure, if approved, would make it possible for individuals who currently hold or at one time held a valid CPA certificate to join the AICPA as voting members.
AICPA Asks Congress to Repeal New 1099 Requirements
The American Institute of CPAs has written a letter to members of the House and Senate asking them to repeal the section of the new health care law that requires businesses to report to the Internal Revenue Service any purchase from a vendor of goods or services worth $600 or more during the calendar year.
AICPA Publishes Guide to Help CPAs Comply with Engagement Letter Requirement
The American Institute of Certified Public Accountants (AICPA) has developed a new guide, Compilation and Review Engagements, for CPAs at smaller firms who perform financial audits. The guide is designed to help them comply with a new engagement letter requirement. During the financial audit process, CPAs must obtain an engagement letter from their client that includes the objectives of the audit, the name of the auditor in charge, the projected timeframe, and information the auditor might need the client to supply.
