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Grain Dealers & Farm Produce Insurance Acts, Women to Watch Award, FASB Updates & more

by MICPA | Nov 22, 2016   ()

Governor Signs Grain Dealers and the Farm Produce Insurance Acts
Governor Rick Snyder, CPA recently signed Public Acts 263 and 264, which amended the Grain Dealers and the Farm Produce Insurance Acts. One provision of PA 263 amends the Grain Dealers Act by requiring a financial statement to include a statement or a letter from the certified public accountant. This statement or letter must acknowledge that the Michigan Department of Agriculture and Rural Development (MDARD) relies on the financial statement in determining whether the grain dealer met the allowable net asset requirement in Section 3(3) of the Grain Dealer Act, MCL 285.63(3). This is a current requirement for all grain dealers that file an application for licensure.

Based upon a letter sent out by MDARD August 31, the MICPA and several members contacted the department to relay some concerns. This PDF provides a summary of the issues and our current resolution. If you have any questions, email Shane Berry.

MICPA Seeks Nominations for 2017 Women to Watch Awards
The MICPA is proud to announce the fifth Women to Watch Awards and is now seeking nominations. The awards recognize women who make unique contributions to the profession, mentor other professionals, add to the profession’s body of knowledge, promote work-life balance, demonstrate leadership, and more. For details and nomination instructions, follow this link. The deadline for nominations is December 12. Winners will be honored at the MICPA's annual Awards Dinner on Oct. 4, 2017. Contact Emily VanMeter at 248.267.3680 or evanmeter@micpa.org with questions.

New IRS.gov/GetReady Page Prepares Taxpayers to File in 2017
There are important changes your clients should know about before the 2017 filing season begins. IRS.gov/GetReady will help taxpayers understand the changes that may affect the processing of tax returns and release of refunds. Encourage your clients to review the page now. READ MORE

IRS Advisory Council Releases Its 2016 Annual Report
The IRS Advisory Council released its annual report for 2016 to IRS Commissioner Koskinen. The report includes recommendations on a wide range of tax administration issues. READ MORE

FASB Updates
Last week, FASB issued ASU 2016-18 – Statement of Cash Flows (Topic 230): Restricted Cash and Proposed ASU – Compensation – Stock Compensation (Topic 718).

Post-Implementation Review Concludes GASB Standard On Fund Balance Reporting Achieves Its Purpose
The accounting and financial reporting standard for state and local governments that addresses fund balance reporting and governmental fund type definitions achieves its purpose, according to a report issued by the Financial Accounting Foundation. GASB Statement 54 was issued in 2009 to improve the usefulness of information provided to financial report users about fund balance by providing clearer, more structured fund balance classifications, and by clarifying the definitions of existing governmental fund types. READ MORE

Reminder: Help Set the Passing Score for the Next CPA Exam
Are you, or someone you know, interested in helping set the passing score for the next CPA Exam, which launches April 1, 2017? Spots are still available for licensed CPAs who wish to participate on a panel in June 2017 at the AICPA’s Ewing, NJ office. Hotel, meals and travel will be covered by the AICPA. There will be one panel per exam section, and each panel will meet for up to two days. Input from these panel meetings will be provided to the AICPA Board of Examiners (BOE), which has the authority to establish passing scores for the Exam. To nominate yourself or someone else, please fill out the request form, which can be accessed here. The deadline to submit nominations has been extended to December 1, 2016. For questions, please email PassingScorePanel@aicpa.org.

Source: MICPA
Source: MICPA

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