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New Uniform Guidance, MICPA Seminars, Michigan Accountancy Foundation and more

by MICPA | Oct 18, 2016   ()

Goodbye A-133, Hello Uniform Guidance: What You Need to Know
The investment of time and resources necessary to perform high-quality single audits of federal funds can be substantial and daunting for many CPA firms. Add the implementation of new single audit rules to the mix, and the challenges increase exponentially. The good news is that through the Enhancing Audit Quality initiative, the AICPA and MICPA provide education, tools and resources that continue to support firms in driving improved single audit quality. READ MORE

MICPA Offers Seminars on New Uniform Guidance
The MICPA has been working with the AICPA to help firms prepare for implementing the Uniform Guidance for performing single audits of federal contracts. Now that the implementation is underway, we will continue to collaborate to provide educational resources and tools to assist practitioners. Learn more at upcoming MICPA full-day seminars on Nov. 10 in Troy, or Dec. 12 in Livonia.

Michigan Accountancy Foundation Seeks Applicants for 2017 Scholarships
Thanks to the generous support of the profession, the Michigan Accountancy Foundation will continue to provide scholarships to fifth/graduate year accounting students in the coming year. The MAF has awarded more than $1 million in scholarships. If you know someone who might qualify, share the link to the 2017 scholarship application, which is now live on the MAF website.

GASB Proposes Implementation Guidance for Other Postemployment Benefit Plans
The Governmental Accounting Standards Board (GASB) issued an Exposure Draft of a proposed Implementation Guide that contains questions and answers intended to clarify, explain, or elaborate on the requirements of GASB Statement No. 74, Financial Reporting for Postemployment Benefit Plans Other Than Pension Plans. READ MORE

IRS Announces Position on Unilateral APA Applications Involving Maquiladoras
The IRS announced that U.S. taxpayers with maquiladora operations in Mexico will not be exposed to double taxation if they enter into a unilateral advance pricing agreement with the Large Taxpayer Division of Mexico’s Servicio de Administración Tributaria under terms discussed in advance between the U.S. and Mexican competent authorities. Maquiladoras typically operate in Mexico as contract manufacturers of foreign multinationals. READ MORE

Update on IRS e-Services and Secure Access
To ensure a smooth transition, the IRS will delay the Oct. 24 date for requiring e-services users to re-register and validate their identities through Secure Access authentication. In the next few weeks, the IRS plans to have discussions with key stakeholders affected by the e-services changes to discuss security protocols and next steps in this process. A new implementation date has not been set.

AICPA Proposes Common Language for Cybersecurity Risk Reporting and Assurance
The world faces increasing risks related to cyber attacks — hacks, phishing scams, data breaches and other threats. As the U.S. observes National Cybersecurity Awareness Month, the CPA profession recently took an important step toward helping organizations of all sizes communicate about their cybersecurity risk control efforts. The AICPA Assurance Services Executive Committee has proposed two sets of criteria that serve as a common language for describing an organization’s cybersecurity risk management program and for reporting on it. This article explains the criteria and also introduces the upcoming examination guidance. Also, visit the MICPA website to find upcoming offerings on cybersecurity topics.

ARSC Issues Clarified Standard on Pro Forma Financial Information
Resulting from its Clarity Project, the AICPA’s Accounting and Review Services Committee has issued Statement on Standards for Accounting and Review Services (SSARS) No. 22, Compilation of Pro Forma Financial Information, to clarify and supersede SSARS No. 14 of the same title, as amended (AICPA, Professional Standards, AR sec. 120). SSARS No. 22 becomes effective for compilation reports on pro forma financial information dated on or after May 1, 2017.

What's More Important: Technical Ability or Soft Skills?
If finance leaders have to choose between the two, they have a clear-cut favorite for staff-level employees, according to a new article from CGMA Magazine. READ MORE

Source: MICPA
Source: MICPA

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