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Current Happenings in the Accounting Profession

          Governmental Accounting Standards Board New Tool Kit

          Treasury and IRS Announce That All Legal Same-Sex Marriages Will Be Recognized For Federal Tax Purposes

          AICPA Ethics Codification Project

          Affordable Care Act Resources

          Current IRS Updates

          Current AICPA Exposure Drafts

          Idaho State Tax Commission

          Idaho State Tax Commission Contact Information

          Idaho State Tax Commissioner Responsibilities - Who Does What


Governmental Accounting Standards Board New Tool Kit

GASB has released a new toolkit designed to help preparers, auditors, and users of state and local government financial reports understand and apply the revised pension accounting and financial reporting standards. Prepared by the GASB staff, the toolkit  highlights key implementation issues and provides guidance on how preparers and auditors of state and local governments can effectively comply with the requirements.

    It includes the following resources, amongst many others:
  • The Guide to Implementation of GASB Statement 68 on Accounting and Financial Reporting for Pensions, an authoritative resource guide
  • A video which discusses the top implementation issues arising from the pension standards
  • A video and eight podcasts featuring GASB Project Manager Michelle Czerkawski discussing the implementation guide and the changes to accounting and financial reporting for pensions
  • A video featuring GASB Technical Director David Bean and Research Manager Dean Mead discussing stakeholder outreach for the pension standards.
  • A background document and six fact sheets answering frequently-asked questions regarding the pension standards
  • An article identifying several areas public officials should consider as they plan, prepare, and collaborate when implementing the new standards.

This toolkit complements the toolkit released in November 2013 for pension plans  looking to implement GASB Statement No. 67, Financial Reporting for Pension Plans

 



AICPA Ethics Codification Project

Reformatted code offers easier navigation and broader guidance.

Ethical decisions often need to be reached quickly, but the AICPA’s Code of Professional Conduct (ethics code) is not structured for quick and easy navigation. The old ethics code started as eight rules that fit on one sheet of paper and was adopted April 9, 1917, by the American Institute of Accountants, predecessor of the AICPA. Over time, the rules evolved, and in 1973 they were codified into the current Code of Professional Conduct. Almost 100 years—and many sheets of paper—later, the ethics code and related guidance was ripe for reorganization.

The intent of the reorganization was to maintain the substance of the existing ethics standards. Of course, enhancements are inevitable with any remodeling project.

ISCPA is pleased to present a 2-hour, on-demand webinar on this topic, complimentary to all ISCPA members in good standing. Not only will you learn about the changes that you need to know and abide by, you will also earn 2 ethics credits while you are at it!

Log into your member's only section of the website for more details and to gain access to this program!

Non ISCPA members may purchase the webinar for $245.


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