News

Homestead Property Tax Credit, CPE Earning Video, FASB Issues Two ASUs and more

by MICPA | May 16, 2017   ()

Treasury Issues RAB on Homestead Property Tax Credit
The Michigan Department of Treasury issued Revenue Administrative Bulletin 2017-8 on May 15. For people who are permanent residents of special housing situations, RAB 2017-8 describes how to properly calculate and claim a homestead property tax credit. READ MORE

CPE Earning, Reporting, Renewal Deadlines Fast Approaching
The MICPA Tracker offers the simplest path to reporting CPE and renewing your license by the July 31 deadline. (June 30 is the CPE earning deadline.) Take it from Jeff, and use the tracker. Watch video.

 

FASB Issues Two ASUs
FASB recently issued the following Accounting Standards Updates:

  • ASU 2017-09 – Compensation – Stock Compensation (Topic 718): Scope of Modification Accounting  
  • ASU 2017-10 – Service Concession Arrangements (Topic 853): Determining the Customer of the Operation Services (a consensus of the FASB Emerging Issues Task Force)

FASB Seeks Comments on GAAP Taxonomy
The Financial Accounting Standards Board (FASB) seeks feedback on the efficiency and effectiveness of the U.S. GAAP Financial Reporting Taxonomy. READ MORE

What’s New in Lease Assets and Liabilities
In February 2016, the Financial Accounting Standards Board (FASB) released updates on leases to increase transparency and comparability among organizations regarding an entity's leasing activities. Get up to speed on the new standard with MICPA seminars and conference sessions.

New Implementation Guides Provide Clarity on Requirements of GASB Standards
The Governmental Accounting Standards Board (GASB) issued two new Implementation Guides containing questions and answers intended to clarify, explain, or elaborate on GASB Statements. READ MORE

GASB Issues Statement No. 86, Certain Debt Extinguishment Issues
Issued May 15, GASB Statement 86 is designed to improve consistency in accounting and financial reporting for in-substance defeasance of debt. The statement provides guidance for transactions in which cash and other monetary assets acquired with only existing resources – resources other than the proceeds of refunding debt – are placed in an irrevocable trust for the sole purpose of extinguishing debt. READ MORE

Innovation Showcase: CPA Employers on the Cutting Edge
An article in the May issue of the Journal of Accountancy describes how practices usually associated with startups have helped seven employers of CPAs establish welcoming cultures and retain employees. From virtual workplaces to vacation stipends to having employees set their own hours, these innovative practices are helping employers drive productivity. READ MORE

Don’t Let Clients’ Retirement Fall into This Trap
Self-directed IRAs and 401Ks are increasingly popular. CPAs are well positioned to help clients make sure their retirement savings in these accounts don’t fall into a prohibited transaction trap. Read more in this AICPA Insights article.

A New Report for CPAs in Government
The new CGMA report, Technology in government performance: Digitalization and open data, provides case studies of how local leaders have used technology to address key management challenges. The briefing details recent and future developments in digitalization and open data, and provides practical guidance for CPAs in government.

MICPA Races for the Cure
An enthusiastic MICPA team enjoyed perfect weather for walking and running on May 13 in the Komen Detroit Race for the Cure®. The MICPA served as stage sponsor once again this year, our 14th year of participating in the Race.

Race4TheCure

Source: MICPA
Source: MICPA

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