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Check Your CE Hours Now, Tips to Avoid Ransomware Hackers, FASB Update and more

by MICPA | Jun 07, 2016   ()

LARA Tells CPAs:  Check Your CE Hours Now

On June 2, the Michigan Department of Licensing and Regulatory Affairs (LARA) emailed CPAs with this reminder that failure to complete 40 hours of qualifying continuing education (CE) credit by June 30 may result in disciplinary action by the Department. Michigan requires CPAs to earn 40 hours of qualifying CE credit annually and file a report to the state every two years with a total of 80 hours of CE credit.

 “Advances in technology have made it simpler for CPAs to keep track of and report their credits,” explained Peggy Dzierzawski, MICPA president and CEO. “If members need any help understanding and meeting the CE requirement, we are here for you,” she added.

Find information on micpa.org about requirements (including these FAQs) or how to use your Tracker. Or, please call MICPA at 248.267.3700 with any questions or help with your Tracker.

Compensation Arrangements Among Many Items Affected by Revenue Standard
The new revenue recognition standard is causing companies to review compensation arrangements and bonus structures that are based on revenue metrics, said Deloitte & Touche LLP's Eric Knachel, CPA in the Journal of Accountancy online. Compensation arrangements are just one example of the broader non-accounting issues that make it necessary to focus immediately on implementation, Knachel said.

5 Tips to Prevent Losses from Ransomware Hackers
An ounce of prevention may be worth a pound of cure. Or, in the case of cyber extortion, it may be worth thousands of dollars. CPA Randy Werner of CAMICO provides five tips to prevent losses from ransomware hackers in this article for the MICPA.

Member Ballot Deadline Approaching
The AICPA member ballot ends at 5 p.m. EST on June 16. If you have not yet voted, look for an email from “AICPA Independent Tabulator” with your personal and confidential ballot information. If you cannot locate it, visit www.directvote.net/aicpa to have your credentials re-sent. You can find details about the proposal, including information on those who support and member views, at www.aicpa.org/horizons.

IRS Holds Interest Rates
The IRS announced that interest rates will remain the same for the calendar quarter beginning July 1, 2016. The rates will be:

  • 4 percent for overpayments [3 percent in the case of a corporation];
  • 4 percent for underpayments;
  • 6 percent for large corporate underpayments; and
  • 1.5 percent for the portion of a corporate overpayment exceeding $10,000.

The rate of interest is determined on a quarterly basis. READ MORE

FASB Update
The Financial Accounting Standards Board issued Proposed ASU – Other Income – Gains and Losses from the Derecognition of Nonfinancial Assets (Subtopic 610-20).  Comments are due by August 5. READ MORE

Source: MICPA
Source: MICPA

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