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CPE & Training Solutions Monthly Newsletter

from the Tax & Accounting business of Thomson Reuters

PPC   Gear Up   Bell   MicroMash   PASS Online   Reqwired   AuditWatch   Quickfinder   RIA

January 2009  

In this issue:

The Codification of GAAP

Live Seminars & Conferences

Online Learning

In-House Training

Self-Study Courses

Contact Us

 

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Reqwired
 
 
 
The Codification of GAAP

Webster defines codification as “the act, process, or result of arranging in a systematic form or code.” The FASB is currently in the process of codifying what we currently know as U.S. GAAP. This codification will forever change the way we do accounting research.

The Codification is scheduled to become effective in July of this year.  At that time the Codification will become the single source of authoritative U.S. GAAP for all nongovernmental entities, superseding all non-SEC accounting and reporting standards. The Codification is the initial step in preparing U.S. accounting standards for convergence with the International Financial Reporting Standards (IFRS).

The Codification has been designed to present all of the authoritative accounting and financial reporting literature in a single, integrated offering using an online, real-time database. The FASB has been careful to state that the Codification doesn’t change GAAP and that the project’s goal was not to create any new GAAP. However, the FASB has added selected items to the Codification that don’t presently exist in the authoritative standards, which will, indeed, create GAAP in limited situations.

Read more...

Live Seminars & Conferences

Gear Up Jackpot
Register today for Early Bird pricing on our popular week-long spring conference, May 11-16, 2009! We will return to Las Vegas with a range of timely seminars: Accounting, Business Entities, Fraud Detection, Technology, Planning for Later Years in Life, Practice Development and Management, CalFed, and California Ethics. Special hotel rates and many bonus features—as always—will be available for this exciting event!
More information

Also, be sure to check out our summer conference, Windy City Week, back for its second year by popular demand!

Bell Learning seminars are now co-sponsored with Gear Up as Gear Up Workshops, with the same great speakers, convenient locations, and low cost formats.

2009 PPC Conferences:

  • PPC Conference on Tax Planning for Wealth Preservation, San Francisco, July 21-22
  • AuditWatch National School for Audit Leaders, Nashville, August 13-14
  • PPC Conference on Audit Quality and Efficiency, Co-Sponsored by AuditWatch, Las Vegas, October 1-2
  • PPC & AuditWatch Conference on International Financial Reporting Standards, Las Vegas, October 20-21
  • PPC Users’ Conference: Best Practices in Implementing the PPC Approach, New Orleans, November 5-6
  • Accounting and Auditing Issues in Turbulent Times, Co-Sponsored by AuditWatch, Washington, D.C., December 3-4

For more information and to register, please call 800.231.1860.

 
Online Learning
From PASS Online:

Register for any PASS Online non-Ethics course by January 31 and receive 10% off your order!
Visit trainingcpe.thomson.com/PASS and use code D7AB-8BFA-E435-A286 when ordering to take advantage of this special offer.

Understanding and Preparing Audit Workpapers and Related Documentation from PPC
This interactive self-study course covers audit workpapers and related documentation and provides an understanding of the purpose and types of workpapers, their required content, how to efficiently prepare workpapers, and how to design and implement a paperless workpaper system.

Audits of Local Governments: Audit Programs from PPC
This interactive self-study course explains the organization, format, and use of audit programs for a governmental engagement. Topics covered include audit strategy, the design of audit programs and the organization of audit programs. The course also discusses core audit programs and certain accounting guidance.

Also available—Over 40 industry-leading ethics training courses that meet the mandatory CPA Ethics requirements in most states! More information

From MicroMash:

Individual Tax Overview  New!
This course looks at changes in the area of personal income taxes as a result of recent federal tax laws and IRS regulations. The course covers updated information on the child tax credit, the “kiddie” tax, the increase in AMT exemptions, Section 179 increases, energy tax credits, and changes in charitable contribution documentation requirements. In addition to the new tax laws, the course provides an update to all inflation adjusted items applicable to individuals. Also covered are changes to tax provisions relating to the 2007 and 2008 tax acts.

The Emergency Economic Stabilization Act of 2008 New!
President Bush signed into law the Housing Assistance Act of 2008 and the Emergency Economic Stabilization Act of 2008 as the end of the 110th Congress draws to a close. This course focuses on those topics that appear applicable to the widest audience of taxpayers. For example, alternative minimum tax relief, mortgage forgiveness, extensions of individual and business tax provisions, revised refundable child tax credit, modification of tax preparer penalties, expansion of mental health parity provision, and energy conservation and efficiency provisions.

Visit trainingcpe.thomson.com/MicroMash for a complete course listing, containing over 100 cutting-edge CPE courses in nine major areas relevant to the financial professionals.

From Reqwired:

Whether you are a sole practitioner, a top accounting firm employee, or you work in industry, we invite you to join the thousands of CPAs and financial professionals who map out and track their CPE with Reqwired!

Reqwired is proud to offer individual accountants the same unparalleled continuing education tracking service it provides to the accounting industries' best firms as the leading full-service learning management system for CPAs. More information

In-House Training
From PPC In-House Seminars:

Looking for affordable in-house training options? Check PPC's In-House on Demand—CPE on DVD, our new line of training courses that come complete with a course on DVD, participant materials, and instructor manual. Five popular titles are now available—call 800.323.8724 for more information.

PPC In-House Seminars—Materials only option. Provide your own instructor and choose the courses you want to build specialized training for your office with our In-House materials only option!  All In-House topics are available—just purchase at least one instructor manual and five participant manuals. More information

For more information, visit trainingcpe.thomson.com/In-House or call 800.231.1860.

From AuditWatch:

The audit profession's premier training and consulting firm, offering core and specialized curriculum and audit process consulting for audit professionals from leading experts in audit productivity. In addition, AuditWatch provides audit technology services designed primarily to assist auditors in using data analysis software.

Also Available:
Co-Sponsored by AuditWatch and PPC:
New! What You Need to Know Now about the International Accounting Standards: An IFRS Overview

1 Day | 8 CPE Credits | Accounting | Basic
The AuditWatch and PPC editorial groups have teamed together to bring you this one day seminar that gives you an overview of what you need to know now about the International Accounting Standards. Major topics include: historical perspective of IFRS and the current environment; what other countries have done, are doing and when; principles-based vs. rules-based standards; IFRS-related opportunities and obstacles; comparing U.S. GAAP and IFRS in selected areas; and IFRS for private entities. Discussion will also include: profession-wide transition issues including convergence vs. conversion; firm and client transition issues including initial adoption of IFRS, human capital, information systems and other infrastructure; and action planning and next steps.

Visit trainingcpe.thomson.com/AuditWatch for more information. Call 800.231.1860 for public seminars registration, or 800.775.9866 for custom in-house training and technology solutions.

From The Webinar Learning Network:

Visit trainingcpe.thomson.com/webinars for more information and to register.

Self-Study Courses
From Gear Up Self-Study CPE:

IRS Audits, Appeals, and Collections: Successful Strategies
With a new Commissioner, a new President of the country, and, no doubt, new tax law and increased enforcement provisions, the next few years will require accountants who can speak and deal with the IRS. This course focuses on knowledge of both technical and behavioral issues related to examination, appeals, and collection matters.

Gear Up has multiple self-study options available for you to complete in your own time frame. Visit trainingcpe.thomson.com/GearUp for the full line-up of Gear Up self-study courses! For more information, call 800.231.1860 or visit trainingcpe.thomson.com/GearUp.

From Quickfinder | Gear Up Self-Study CPE:

Premium: 1040 and Small Business
This new course is a comprehensive look at the basic issues tax preparers face when preparing Form 1040 and the various expenses that can be deducted on Schedules C and F. It is a combination of the Income Tax Training: Form 1040 course and the Small Business: Schedule C and F Expenses course.

For more information, call 800.231.1860 or visit trainingcpe.thomson.com/Quickfinder.

From PPC Self-Study

Companion to PPC's Guide to Preparing Financial Statements
This workbook consists of the following four interactive self-study courses:  The Statement of Cash Flows, Common Problems in Preparing Notes to Financial Statements, The Statement of Income, and Preparing Financial Statements:  Assets.
 
Visit Course Finder at trainingcpe.thomson.com/CourseFinder to download course materials related to PPC Guides in PDF format at no cost.  You can also opt to use our Online Grading Center to submit your final exam for grading at any time, and you’ll get immediate results and course certificates.

ARTICLE TBD, continued

Continued from above...

What’s included?
The Codification is generally comprised of the authoritative literature included in levels A through D of the current GAAP hierarchy. As a result, the Codification is made up of a smorgasbord of pronouncements issued by various standard-setting bodies over the years. The Codification also includes selected content issued by the SEC. However, the SEC content isn’t a complete representation of all rules, regulations, and other guidance relevant to public companies and does not replace or amend any guidance issued by the SEC or its staff.

What’s not included?
It is important to note that the FASB has not included some standards in their entirety. They identified some content included in the standards as nonessential content and, therefore, has excluded it from the Codification. Examples of such nonessential content include summaries of existing standards and summaries of constituent feedback.
The Codification doesn’t include standards for state and local governments. It also excludes guidance included in Level E of the current GAAP hierarchy, such as accounting textbooks and articles. In developing the Codification, the FASB used a target effective date of December 31, 2008. Accordingly, the Codification excludes certain content that is currently applicable but will be superseded or outdated by December 31, 2008.

The FASB also excluded from the Codification certain items referred to as “grandfathered materials.” That includes guidance such as pooling of interests in a business combination, stock compensation for nonpublic entities, and pension transition assets or obligations.

How is it organized?
The Codification is generally organized in a hierarchical structure by topic, subtopic, section, and subsection. Therefore, under each topic, there may be multiple subtopics, which may, in turn, have multiple sections and subsections beneath them. Each topic, subtopic, and section is assigned a specific numeric code. Topics are the broadest categorization of content and represent a collection of related guidance.

Future Codification Updates
In the future, all new standards the FASB issues will include two parts: the Standard and the Codification Update Instructions.

Summary
Shortly, how you conduct accounting research will change drastically. The Codification should represent an improvement over the current structure. However, the Codification brings with it a whole new set of challenges. With new terminology, numbering schemes, and organization structure to get acquainted with, now is the time to get on board. If you perform accounting research now, or intend to do so in the future, you had better start familiarizing yourself with the Codification. 

Contact Us

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