CalCPA Buzz

Timing of Certain Non-U.S. Inspections

denglish — Tue, 07 Jul 2009 20:21:09 +0000

The PCAOB has adopted an amendment to a rule on the timing of certain inspections of registered non-U.S. public accounting firms. The amendment gives the PCAOB the ability to postpone, for up to three years, the first inspection of any foreign registered public accounting firm that it is otherwise required to conduct before the end of 2009 and that is in a jurisdiction in which the PCAOB has not conducted an inspection prior to 2009.

Learn more.

Improving Financial Reporting Transparency

denglish — Tue, 07 Jul 2009 20:20:08 +0000

FASB is seeking comments on an exposure draft of Disclosures about the Credit Quality of Financing Receivables and the Allowance for Credit Losses. Respondents are asked to comment on whether they believe the proposal would achieve its goal of providing more information regarding the nature of credit risk inherent in the creditor’s portfolio of financing receivables; how that risk is analyzed and assessed in arriving at the allowance for credit losses; and the changes—and reasons for the changes—in both the receivables and the allowance for credit losses.

Comments are due by Aug. 24.

Don’t Forget to Report Offshore Bank Income

denglish — Tue, 07 Jul 2009 20:19:22 +0000

The FTB is reminding taxpayers that are filing an amended federal tax return to correctly report income related to offshore bank accounts or other offshore activity to file an amended return with California at the same time. California residents are taxed on all their worldwide income and in most cases, income related to offshore bank accounts or offshore activities is taxable by the state even if it was not taxable for federal purposes.

CalCPA Member Discount: Waikiki Beach Marriott Resort and Spa

denglish — Tue, 07 Jul 2009 20:18:44 +0000

The Waikiki Beach Marriott Resort & Spa is offering an exclusive discount to CalCPA members of $159 a night, plus taxes. The rate is good for single or double occupancy in a City View room by using the group code “CALCALA” when making a reservation through the website.

Upcoming: Personal Financial Planning Conference and More

denglish — Tue, 07 Jul 2009 20:17:41 +0000

• 2009 Personal Financial Planning Conference: July 16, Los Angeles Airport; July 17, San Francisco; July 17, webcast

Courses:
• Tax Research Skills: July 10, East Bay
• Only Financial Officer 2.0—More Skills for Smaller Company Financial Managers: July 13, Orange County North
• Private Foundations Tax Primer: July 16, San Jose
• Basic Partnership Taxation: July 20, Burbank

150-Hour Update: And Then There Were Two

denglish — Tue, 16 Jun 2009 16:02:38 +0000

With Vermont and New Hampshire adopting the 150-hour education requirement for licensure, California and Colorado are the remaining two states on the outside.

SB 691 (Yee, Niello, Ma), CalCPA’s 150-hour legislative effort, continues to progress. The bill passed a Senate floor vote 35-0 June 3 and will next go before the Assembly Business and Professions Committee. A hearing date has not yet been determined.

In other legislative efforts:
• CalCPAs licensing status disclosure bill, (AB 117-Niello), has passed the Senate Business, Professions and Economic Development Committee.
• AB 129 (Ma), a bill to re-enact the taxpayer privilege to conform with the federal taxpayer bill of rights, has passed the Assembly and will be heard next by the Senate Judiciary Committee.

Executive Education: Buy or Sell? Understanding an Asset’s Actual Worth

denglish — Tue, 16 Jun 2009 16:00:48 +0000

In today’s volatile and dynamic markets, how do you know when to buy or sell, or even understand what an asset is actually worth? Designed to enhance the clarity of information provided in financial statements, some have questioned the practical applicability of fair value accounting under SFAS 157, which has been tested by today’s extreme market conditions.

This Aug. 28 executive education program at UC Berkeley will help you understand, evaluate and implement the provisions of fair value accounting under SFAS 157 using real-world examples and cases.

Changing the Accounting for Securitizations and Special-Purpose Entities

denglish — Tue, 16 Jun 2009 15:59:22 +0000

FASB has published Financial Accounting statements No. 166, Accounting for Transfers of Financial Assets, and No. 167, Amendments to FASB Interpretation No. 46(R), which both change the way entities account for securitizations and special-purpose entities. Statement 166 will require more information about transfers of financial assets, and Statement 167 changes how a company determines when an entity that is insufficiently capitalized or is not controlled through voting (or similar rights) should be consolidated.

The new standards will impact financial institution balance sheets beginning in 2010.

Learn more.

Helping Your Clients Avoid Tax Bills Next April

denglish — Tue, 16 Jun 2009 15:57:32 +0000

The FTB is advising taxpayers to plan ahead for changes to the state’s personal income tax rates and exemption credits for the 2009 calendar year. A new tax law raises California’s personal income tax rates by .25 percent and reduces the dependent exemption credit to the same amount of the personal exemption credit—a $210 difference per dependent using 2008 amounts. Some taxpayers may need to increase their wage withholding now to avoid owing taxes next April.

CalCPA XBRL Resources

denglish — Tue, 16 Jun 2009 15:56:44 +0000

As the rest of the world rushes to use extensible business reporting language (XBRL) for generating financial statements, it’s becoming increasingly important for California CPAs to learn all they can about this movement.

Find XBRL FAQs and other resources on CalCPA’s website.