Current Happenings in the Accounting Profession
PFP Executive Committee Exposes Proposed Standard for Financial Planners
Financial Reporting Framework for SMEs Launched
AICPA Ethics Codification Project
Fiscal Cliff Resources
Affordable Care Act Tax Provisions
Current IRS Updates
Current AICPA Exposure Drafts
Idaho State Tax Commission Education
PFP Executive Committee Exposes Proposed Standard for Financial Planners
ISCPA members who provide personal financial planning services will be interested to know that the Personal Financial Planning (PFP) Executive Committee has released an exposure draft of the proposed Statement on Standards in Personal Financial Planning Services. In addition to the existing regulatory framework for CPAs, the proposed standard provides guidance to members and a structure for delivering PFP services with the highest levels of integrity, professionalism, objectivity and competence. ISCPA members, AICPA members and other interested parties who provide planning advice are encouraged to review and comment on the exposure draft by Sept. 9.
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Financial Reporting Framework for SMEs Launched
6.10.13 - The AICPA launched the Financial Reporting Framework for SMEs this morning. The FRF for SMEs framework is an additional non-GAAP financial reporting option. The framework draws upon a blend of traditional methods of accounting with some accrual income tax methods. It consists of simplified principles and focuses on the most relevant information needs of Main Street America and their financial statement users.
AICPA Ethics Codification Project
- Restructured Code – organized by topic
- Incorporates conceptual framework – threats & safeguards
- Exposure Draft – April 15 – August 15, 2013
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Fiscal Cliff Resources
As tax practitioners, financial planners, or business executives, you expect frequent changes to the tax laws. But this is an extraordinary year! Tax cliff, fiscal cliff, Taxmageddon – all terms coined to portray the swirling of too many unresolved tax and budget provisions that, taken together, could produce quite an impact, including the most challenging tax season that anyone has seen in some time. On top of the expiring tax laws, businesses and practitioners also have to start focusing on compliance with the health care reform law (Affordable Health Care Act).
What is the Fiscal Cliff?
Year-end tax law changes are nothing new. The implications for this year, however, are significant. The so-called cliff represents the potential onset of federal tax increases and spending cuts (all slated to take effect Jan.1) that could have a
substantial impact on the economy. One analysis indicates that 90% of Americans will see a tax increase in 2013 under current law.
Issues to consider as you plan for next year include:
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Provisions that expired in 2011 and those scheduled to expire at the end of 2012
- The roll-out of the tax provisions of the
Affordable Health Care Act
- Looming automatic budget cuts of almost $1 trillion (to reduce the deficit) that would affect businesses and organizations with federal contracts
The Journal of Accountancy is dedicated to ensuring CPAs stay well informed about the tax cliff or fiscal cliff or taxmageddon looming at the end of 2012. This page gathers together news stories and articles from AICPA magazines and newsletters discussing the many aspects of the fiscal cliff. Visit their
Tax and fiscal cliff resources area.