Upcoming GAAP Changes, Michigan Treasury Uniform Chart of Accounts, Tax Tribunal Goes Paperless and more

by MICPA | Apr 18, 2017   ()

5 Upcoming GAAP Changes Not-for-Profits Should Know
Wrapping your head around the accounting standards changes on the horizon — let alone figuring out which ones deserve the most attention — is no easy task. AICPA Insights helps not-for-profit accounting professionals get familiar with relevant standards recently issued by the Financial Accounting Standards Board. READ MORE

Your Guide Arrives
It's time to complete your list of CPE requirements and report them to the State. Click here to view an energetic version of the MICPA May-June 2017 Guide and start scheduling!

Michigan Treasury Issues Uniform Chart of Accounts
The Michigan Department of Treasury recently issued the revised 2017 Uniform Chart of Accounts. The chart of accounts is required for all local units of government with fiscal years ending June 30, 2018 and thereafter. Early adoption is encouraged.

Tax Tribunal Takes Next Step With Paperless Initiative
The Michigan Tax Tribunal has implemented a “paperless” system for 2017 “Entire Tribunal” appeals, with small claims appeals going “paperless” in 2018. According to a recent Tribunal notice, as files are closed for 2016 and earlier, they will be uploaded to the Tribunal’s docket look-up and paper files will be destroyed. Effective immediately, parties’ Stipulations for Entry of Consent Judgment will no longer be attached to the Consent Judgment. Consent Judgments have been revised to mirror other Tribunal orders, and they will also include the following language: “See docket look-up for a copy of stipulation and for any possible refund paragraph.” Therefore, parties to the appeals, as well as county treasurers, will need to go to docket look-up to view the terms of a stipulation filed by the parties. 

Expectations and Paths Don’t Always Align for Controllers
Most controllers expect and are expected to shape and execute strategic priorities. Yet, few companies clearly define a path for controllers to take on greater responsibility. This article from CGMA Magazine outlines how controllers can be more strategic.

Plan Now for September 30 MICPA Career Fair 
If you plan to do some hiring in the next year (for internships or jobs), the coming MICPA Career Fair is a great place to meet accounting students from across the state. The event will take place from 1 – 4 p.m. September 30 at Laurel Manor in Livonia.

The Next Version Exam Is Here. Are You Ready?
April 1 marked the first wave of testing for the recently updated Uniform CPA Examination, which is significantly different compared to previous versions. This article covers general details about the Exam and directs candidates to important resources, including the comprehensive CPA Exam Blueprints.

That Time I Told Mark Cuban He Was Wrong About the CPA Profession
On a recent South by Southwest Conference panel, billionaire Mark Cuban (star of “Shark Tank”) asserted that the CPA profession will be replaced by robots and automation. AICPA employee Lindsay Patterson serendipitously had an opportunity to explain to Cuban in person why he is wrong. Read about her exchange with him and the reasons why the profession continues to remain vibrant and relevant in an evolving world.

It's a Bird, It's a Plane, It’s a …. CPA?
They may not wear capes, but CPAs have been devoted to protecting the public good for generations. And now millennial CPAs are looking to use their skills and resources to volunteer, work at not-for-profits, promote corporate sustainability, and make donations that will have a great impact on the organizations that receive them. Learn more in this article in CPA Insider.

Source: MICPA
Source: MICPA

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