The year in review: the value of your AICPA membership.Welcome to The CPA (Computer Press Association, Landing, NJ) An earlier membership organization founded in 1983 that promoted excellence in computer journalism. Its annual awards honored outstanding examples in print, broadcast and electronic media. The CPA disbanded in 2000. Letter's annual "Year in Review." This special feature describes how the AICPA AICPA See American Institute of Certified Public Accountants (AICPA). has worked to enhance members' professional opportunities and advance the profession. In the following section we describe some of the more significant developments of the past year. We also highlight some of the many benefits, discounts and other savings available to members. A Year of Challenges and Opportunities Amid the many challenges of the past year, the AICPA has been working to benefit members and expand their professional opportunities. For example, were you aware that: * In our response to developments stemming from Enron Corp.'s bankruptcy, the AICPA has been an active and effective voice for our members and for positive, constructive reforms that meet a four-point public interest test. In testimony before Congress, in media contacts and in member communications, we pledged support for proposals that (1) help investors make informed decisions, (2) enhance the quality of audits and the financial reporting process, (3) help maintain confidence in the capital markets and (4) will be good for America's economic growth. While this test leads to support for changes in disciplinary and quality monitoring processes for auditors of SEC registrants, we remain vigilant in guarding against any cascading effect of such proposals to private company and smaller firm environments. * The AICPA mounted an aggressive two-way media relations effort to help maintain the public's trust in CPAs and in our capital markets in these turbulent times. Our leadership and senior staff have participated in hundreds of print, television and radio interviews and initiated meetings with editorial boards of key national publications to put forth our positions. * Member communications also have been enhanced. We continually update www.aicpa.org with links to information in text, audio and video formats regarding legislative activity, AICPA official statements and communications, media reports and other Enron-related items. A new electronic newsletter, "AICPA News Update," sent to members for whom the AICPA has e-mail addresses See Internet address. e-mail address - electronic mail address , was created to keep members informed of emerging events on a timely basis. * To help spread our message that CPAs serve clients and employers each and every day with integrity, we ran new national print ads and network radio ads. A number of state CPA societies placed the ads locally. Moreover, members included the print ad with tax returns and correspondence to clients, framed it for display in public areas, and provided copies in reception areas. * The AICPA raised serious public policy and self-regulatory concerns in light of the General Accounting Office's standards on auditor independence in Government Auditing Standards, which are expected to have a significant impact on audits of many governments, not-for-profit entities, and for-profit entities that receive federal assistance or participate in federal programs. A major concern was the detrimental effect the new standards could have on smaller entities and small CPA firms. With the standards now finalized See finalization. , the GAO has committed to work with us to develop implementation guidance and clarify issues. * To modernize mod·ern·ize v. mo·dern·ized, mo·dern·iz·ing, mo·dern·iz·es v.tr. To make modern in appearance, style, or character; update. v.intr. To accept or adopt modern ways, ideas, or style. the profession's rules on independence, the Professional Ethics professional ethics, n the rules governing the conduct, transactions, and relationships within a profession and among its publics. professional ethics liability, n 1. Executive Committee adopted revisions to financial interest and family relationship rules under Rule 101-Independence. The new rules encompass an engagement-team-focused approach to independence, which extends to those who can influence the engagement, an approach already supported by other independence standard-setters and regulators, such as the Securities and Exchange Commission and the International Federation of Accountants  The external links in this article or section may require cleanup to comply with Wikipedia's content policies. . The committee also revised an interpretation that permits a modified application of Rule 101 for certain engagements to issue restricted-use reports under the statements on standards for attestation The act of attending the execution of a document and bearing witness to its authenticity, by signing one's name to it to affirm that it is genuine. The certification by a custodian of records that a copy of an original document is a true copy that is demonstrated by his or her engagements. * A major effort has been under way to enhance and update the fraud standard and the framework for the audit process. Some expect the final standards to have an impact on the conduct of audits comparable to that of the "Expectation Gap" standards issued in 1988. As part of this effort, the Auditing Standards Board In the United States, the Auditing Standards Board (ASB) is the senior technical committee designated by the American Institute of Certified Public Accountants (AICPA) to issue auditing, attestation, and quality control statements, standards and guidance to certified public issued a proposed standard, Consideration of Fraud in a Financial Statement Audit, which revises SAS (1) (SAS Institute Inc., Cary, NC, www.sas.com) A software company that specializes in data warehousing and decision support software based on the SAS System. Founded in 1976, SAS is one of the world's largest privately held software companies. See SAS System. No. 82, establishes standards and provides guidance to auditors in fulfilling their responsibility as it relates to fraud in an audit of financial statements conducted in accordance with generally accepted auditing standards Generally Accepted Auditing Standards, or GAAS, are ten auditing standards, developed by the AICPA, consisting of general standards, standards of field work, and standards of reporting, along with interpretations. . In addition, the AICPA published the online guidance, "Related Party Toolkit, A Guide for Auditors and Accountants." * A five-year, $25 million student recruitment initiative was launched in Nov. 2001. Unlike previous recruitment initiatives, this campaign directly targets high school and college students instead of going through educators or parents; reaches out to them in their environments through ads and posters on campuses and in student publications; and uses Web-based interactive "games" and multimedia promotions. For example, the program's Web site, StartHereGoPlaces.com, features an online business simulation Business simulation is simulation used for business training or analysis. It can be scenario-based or numeric-based, and it sometimes involves simulation games on personal computers or board games. game that enables students to participate in running a virtual company in a number of different industries. Students get instantaneous feedback on how they are doing so they can assess their own skills, strengths and weaknesses, and they get a perspective of the role CPAs play in business today. * The AICPA's national CPA image enhancement See image editing. campaign focused on network radio ads, running spots during Major League Baseball's World Series and other sports events, as well as on news and business/financial programs. The image campaign included a partnership program with the state CPA societies to boost local media placements. * The AICPA established the CPAs in Support of America Fund, Inc. to help those directly affected by the events of Sept. 11. Our members also were eligible to apply for assistance from the AICPA's Benevolent Fund. A Disaster Recovery Resource Center on the CPA2Biz Web site helped guide members through related professional and personal issues. The Institute also built a pool of more than 400 CPA personal financial planners Financial Planner A qualified investment professional who assists individuals and corporations meet their long-term financial objectives by analyzing the client's status and setting a program to achieve these goals. and Personal Financial Specialists who offered free financial planning Financial planning Evaluating the investing and financing options available to a firm. Planning includes attempting to make optimal decisions, projecting the consequences of these decisions for the firm in the form of a financial plan, and then comparing future performance against services to terrorist attack victims. * Two AICPA-backed initiatives became law last year when President Bush signed the 2001 tax cut bill. Included were the AICPA's package of generation-skipping transfer tax Example: Property is placed in a trust for the donor's child and grandchildren. The income may be "sprinkled" among the child and grandchildren in accordance with their needs and the principal of the trust will be distributed outright to the grandchildren following the child's death. provisions and our retirement education proposal to allow employers to provide retirement advice to their employees on a tax-free basis. We also have continued to push Congress to simplify the tax code. * XBRL (EXtensible Business Reporting Language) A specification for publishing financial information in the XML format. It is designed to provide a standard set of XML tags for exchanging accounting information and financial statements between companies and analysts. (eXtensible Business Reporting Language) International, the group founded by the AICPA that is developing XML-based business reporting standards, has grown to more than 150 international companies and organizations. Among implementations announced during the past year: the Federal Deposit Insurance Corporation Federal Deposit Insurance Corporation (FDIC), an independent U.S. federal executive agency designed to promote public confidence in banks and to provide insurance coverage for bank deposits up to $100,000. will use XBRL to collect, validate and report on bank call report data; Bank of America
Bank of America (NYSE: BAC TYO: 8648 ) is the largest commercial bank in the United States in terms of deposits, and the largest company of its kind in the world. and Moody's are also moving forward on a pilot program to use XBRL for loan and credit analysis for small- to medium-size customers. In addition, Microsoft, Reuters, Deutsche Bank Deutsche Bank AG (IPA: /'dɔɪ.tʃə/[1]) (ISIN: DE0005140008, NYSE: DB) (English: German Bank and General Electric have all either released their financial statements in XBRL or announced plans to move forward with implementing XBRL. * The principles and criteria of SysTrust and WebTrust are being harmonized har·mo·nize v. har·mo·nized, har·mo·niz·ing, har·mo·niz·es v.tr. 1. To bring or come into agreement or harmony. See Synonyms at agree. 2. Music To provide harmony for (a melody). to create a uniform set of principles and criteria for information system business assurance and advisory services advisory services advisory services provided to the public, in their capacity as owners and managers of animals, are an important part of veterinary science. They may be provided by government bureaux, by commercial companies who deal in pharmaceuticals or animals or animal . An exposure draft of the revised principles and criteria will be released in early July. The ED is part of a larger effort to explain what Trust Services are and how to perform and report on them. * In Feb., the AICPA Board of Directors approved a strategic plan for AICPA international activities, the first and only such plan supported by the board. The AICPA's International Strategy Committee developed strategies and related initiatives aimed at enhancing the AICPA's role and influence in the development of the international processes of standard setting and oversight over the quality of professional performance, discipline and education. The board also authorized the International Strategy Committee to coordinate the AICPA's international activities. * Women's Financial Health Week, which the AICPA presented Jan. 14-18 with Money magazine, reached an estimated 70 million consumers through coverage in print, television, radio and online media. The centerpiece of the campaign was an interactive Web site, www.womensfinancialhealthweek.com, which drew nearly 10,000 individual visitors during the course of the week. The site is still up and continues to draw significant traffic. CPAs who hold the AICPA's Personal Financial Specialist designation served as spokespeople for the campaign. * New continuing education continuing education: see adult education. continuing education or adult education Any form of learning provided for adults. In the U.S. the University of Wisconsin was the first academic institution to offer such programs (1904). standards, Joint AICPA/NASBA Statement on Standards for Continuing Professional Education Programs, took effect Jan. 1. Among other things, the standards introduce the concept of independent study learning, allowing a CPA to engage in a program of learning with a qualified sponsor on a one-on-one basis. * The Board of Examiners approved the structure and length of the computer-based Uniform CPA Examination, which is currently under development. The test will consist of four sections: Auditing & Attestation, Financial Accounting & Reporting, Regulation, and Business Environment & Concepts. In the aggregate, the computer-based exam will take 14 hours. * The AICPA and CPA2Biz (www.cpa2biz.com) began offering live Webcasts on important professional topics that allow members to learn from industry experts and earn CPE (Customer Premises Equipment) Communications equipment that resides on the customer's premises. CPE - Customer Premises Equipment while working from their desktops. In addition, through various mergers and new strategic relationships, CPA2Biz enhanced its offerings to CPAs and their small business clients and employers. Member Benefits That Should Not Be Missed AICPA member services help CPAs succeed and expand their professional horizons. Here are some of the services the Institute has to offer: Information Needs * The AICPA Library, now located at the University of Mississippi The University of Mississippi, also known as Ole Miss, is a public, coeducational research university located in Oxford, Mississippi. Founded in 1848, the school is composed of the main campus in Oxford and three branch campuses located in Booneville, Tupelo, and Southaven. , is a comprehensive collection of literature related to all aspects of the CPA profession. The University of Mississippi Library staff provides reference and research assistance to AICPA members and staff. To contact the library, call 866/806-2133 or e-mail aicpalib@olemiss.edu. You can also search the library catalog on the Web at www.olemiss.edu/depts/general_library/aicpa. * The Technical Information Hotline offers non-authoritative answers to member queries about accounting, financial reporting, auditing, attestation and accounting and review services. The hotline encourages members to submit questions in writing electronically rather than by calling the toll-free number. Questions may be sent to the hotline's special e-mail address at aahotline@aicpa.org. Members may still access this free service by calling 888/777-7077 or faxing 212/596-6233. * The Professional Ethics Division's Ethics Hotline offers valuable information and can act as an ethics sounding board to members who face ethics issues in their practices and to members who are not in public practice. The hotline's e-mail address is ethics@aicpa.org and its toll-free number is 888/777-7077. * AICPA Online (www.aicpa.org) offers members immediate access to news about the latest developments affecting the profession. It provides tax insights and valuable information on standards and other technical matters, as well as online newsletters and magazines. Marketing Tools For members who want to keep clients up-to-date on important business news and expand their firms' marketing opportunities, the AICPA offers two client service newsletters: the monthly CPA Client Bulletin contains articles on tax and financial planning ideas for individuals and businesses, as well as stories on general business issues; the quarterly CPA Client Tax Letter focuses solely on tax issues for individuals and businesses, including articles on general tax planning Tax planning Devising strategies throughout the year in order to minimize tax liability, for example, by choosing a tax filing status that is most beneficial to the taxpayer. , legislation and cases and regulations. Your name/firm's logo can be imprinted on all copies. Available through the CPA2Biz Customer Service Center at 888/777-7077. Special Assistance The AICPA Benevolent Fund helps members and their families when they face financial difficulty caused by serious illness, accident, death or other major misfortunes. Contact Elizabeth Cich at 201/938-3490. Significant Savings for Members Only As a benefit of membership, the AICPA has negotiated special pricing from leading providers of professional, personal and property insurance, as well as products and services for the office and home. These programs offer rates that would otherwise be unavailable to individual members. Some offerings extend the benefit to members' spouses and families. Insurance/Retirement Programs Term-Life Insurance--up to $2 million in coverage if a member of both AICPA and a state CPA society (up to $1.5 million if a member of the AICPA only). Includes equal amount of accidental death and dismemberment dismemberment /dis·mem·ber·ment/ (dis-mem´ber-ment) amputation of a limb or a portion of it. dismemberment amputation of a limb or a portion of it. benefits for individual members. Spouse Term-Life Insurance--up to $2 million in term-life coverage with an equal amount of accidental death and dismemberment coverage. Group Variable Universal Life Insurance--up to $2 million in term life insurance if a member of both the AICPA and a state CPA society (up to $1.5 million if a member of the AICPA only). Investments in equity, bond or fixed-rate funds available with tax-deferred earnings. Long-Term Disability Income Plan--provides monthly payments of $1,000 to $10,000, depending on earnings and other coverage. Group Insurance Plan--up to $500,000 in term-life insurance plus accidental death and dismemberment benefits for CPA firms--and any business that is at least 50%-owned by an AICPA member--and their employees. Long-Term Care long-term care (LTC), n the provision of medical, social, and personal care services on a recurring or continuing basis to persons with chronic physical or mental disorders. Insurance Program--available for eligible members and their spouses, parents and parents-in-law. Nursing home and home care benefits of up to $250 per day are available. For all of the above choices, call 800/223-7473. Professional Liability Insurance Plan--protection of $100,000 to $20 million for members in public practice for claims related to professional services (job) professional services - A department of a supplier providing consultancy and programming manpower for the supplier's products. . Call 800/221-3023. CPA EmployerGard--provides comprehensive protection against employment-related claims, such as wrongful termination wrongful termination n. a right of an employee to sue his/her employer for damages (loss of wage and "fringe" benefits, and, if against "public policy," for punitive damages). , age, race or gender discrimination and other workplace-related lawsuits. Call 800/221-3023. Medicare Supplement Plan--fills the gaps in Medicare coverage for hospital and medical expenses for members, spouses, and members' and spouses' parents ages 65+. Call 800/957-3195. Auto Insurance Plan--preferred rates for members and families. Call 877/999-3626. Home Insurance Plan--full replacement cost coverage and comprehensive personal liability protection. Call 866/366-4607. Personal Liability Umbrella Security (PLUS)--provides CPAs with up to $5 million in coverage for liability injury and property damage claims that exceed primary automobile, homeowners or renters coverage. Call 800/223-7473. Catastrophe Major Medical--provides coverage for medical costs that exceed the limits of basic health insurance plans, with a lifetime maximum of up to $2 million. Call 888/294-0028. Retirement Programs--defined contribution plans from T. Rowe Price T. Rowe Price (NASDAQ: TROW) is an independent global investment management firm and mutual fund manager based in Baltimore, Maryland. It was founded in 1937 by Thomas Rowe Price, Jr.. T. , including money purchase, pension, profit sharing profit sharing, arrangement by which employees receive, in addition to their wages, a share of the net profits of a business. The purpose is to give them an incentive to increase their output through enhanced morale, less wasteful use of materials, better care of , 401(k) and SEP 1. SEP - Someone Else's Problem. 2. (tool) SEP - A SASD tool from IDE. IRAs for proprietors, partners, professional corporations, and employees. Call 800/382-4272. AICPA Membership Elite Values Program Airborne Express Airborne Express (IATA: n/a, ICAO: ABX, and Callsign: Abex) was an express delivery company and cargo airline. Headquartered in Seattle, Washington, its hub was at Wilmington, Ohio. saves members up to 25% off the competition's published rates and at least 10% off Airborne's standard rates. There are no minimum numbers of shipments, no enrollment fees and no contracts necessary to participate. Call 800/636-2377, identify yourself as an AICPA member and receive your Free Airborne Express Starter Kit, or go to www.membersales.com/AICPA. Dell Computer Corporation (company) Dell Computer Corporation - One of the biggest US manufacturers of IBM PC compatibles. "From notebooks to networks", their slogan says. http://us.dell.com. provides discounts of 6% on Dell's PowerEdge file servers, OptiPlex desktops, Latitude notebooks, Dell Precision Dell Precision is a line of workstation computers produced by Dell, Inc.. Current Dell Precision Desktop Models
The AICPA/First USA Credit Card offers a Platinum Visa with a low fixed introductory rate, followed by a low annual rate and no annual fee. In addition, the AICPA Platinum Visa offers enrollment in "ValueMiles," in which members can earn free airline travel, hotel stays and car rentals. To apply, call 877/533-9656 or log onto www.cpa2biz.com/elite and click on the FUSA FUSA Flinders University of South Australia FUSA First USA Bank FUSA Fusil de Asalto (assault rifle) FUSA First/Fifth US Army logo. Hertz hertz (hûrts) [for Heinrich R. Hertz], abbr. Hz, unit of frequency, equal to 1 cycle per second. The term is combined with metric prefixes to denote multiple units such as the kilohertz (1,000 Hz), megahertz (1,000,000 Hz), and gigahertz Car Rental gives members up to a 20% discount on all car classes in America. AICPA members also qualify for free annual membership in the Hertz #1 Gold Club (a $50 value). Special coupons and upgrades are available, too. For reservations, call 800/654-2200 and refer to CDP CDP (cytidine diphosphate): see cytosine. (1) (Certificate in Data Processing) An earlier award for the successful completion of an examination in hardware, software, systems analysis, programming, management and accounting, #12353. For your free Hertz #1 Gold Club Membership, call 800/336-2496. Log onto www.cpa2biz.com/elite and click on the Hertz logo for special coupons and promotions for AICPA members. IBM (International Business Machines Corporation, Armonk, NY, www.ibm.com) The world's largest computer company. IBM's product lines include the S/390 mainframes (zSeries), AS/400 midrange business systems (iSeries), RS/6000 workstations and servers (pSeries), Intel-based servers (xSeries) saves members 10% on over 1,600 premium quality IBM products The following is a list of products from the International Business Machines (IBM) Corporation and its predecessor corporations, beginning in the 1890s, and spanning punched card machinery, time clocks, and typewriters, via mainframe computers and minicomputers, to microprocessors, PCs, , including ThinkPads, Netfinity Servers, Desktop PCs, software and accessories for the home office and family. All products available through this program are covered by a 30-day, money-back guarantee. Shop online at www.ibm.com/smallbusiness/aicpa, or call 800/426-7235, ext. 5245. Paymentech allows members to accept credit card payments at discounted processing rates with its comprehensive credit card processing program. With qualified swipe rates as low as 1.8%, members can offer clients and customers expanded payment options and receive significant savings. Plus, AICPA members pay no application or conversion fees and receive all merchant supplies absolutely free. For a no-obligation, free competitive analysis, call 800/824 4313. Research Institute of America (RIA (Rich Internet Application) A Web-based application that approaches the speed and elegance of a local application. An RIA may refer to a browser-based application that uses AJAX or another enhanced coding technique. Group) saves members 10% on new purchases and 5% on renewal purchases of tax information products from the leading authority on tax research. Your AICPA membership entitles you to discounts on RIA electronic and print services, including RIA's highly acclaimed Internet-based tax research system, CHECKPOINT (programming) checkpoint - Saving the current state of a program and its data, including intermediate results, to disk or other non-volatile storage, so that if interrupted the program could be restarted at the point at which the last checkpoint occurred. . For more information on CHECKPOINT or OnPoint CD tax products, call 800/431-9025, ext. 3. For information on RIA desktop references, call 800/950-1216. Robert Half International Robert Half International is a staffing firm, and a member of the S&P 500. External links
RHI Range Height Indicator RHI Roller Hockey International RHI Relativistic Heavy Ion RHI Rigid Hull Inflatable Boat RHI Rhinelander, WI, USA - Rhinelander Oneida County Airport (Airport Code) Management Resources. AICPA members will save 10% off permanent placement fees for Robert Half; $25 off each 40-hour Accountemps temporary assignment (up to a maximum of $100 for 160 hours or more) and $50 off each 40-hour RHI Management Resources contract assignment (up to a maximum of $200 for 160 hours or more). Call 888/744-4089 and supply your AICPA membership number. Sprint cuts members' long-distance phone bills by 5%. AICPA members can also take advantage of Sprint BusinessFlex[SM], the communications plan you build your way including low, flat in-state, state-to-state and international rates. It's possible to change your plan as your business needs change with no term plans or commitments. Call 800/953-4214 or www.sprint.com/affinity_benefits. Staples, the nation's #1 office supply provider, has a dedicated, online location where AICPA members can access special coupons and deals that will be updated regularly. In addition to getting deals on already low prices at www.staples.com/AICPA2, AICPA members will have 24-hour access to more than 45,000 products and 100,000 downloadable software titles. Check the Web site for the latest special offers. Starwood Hotels and Resorts provides a complimentary Corporate Preferred membership in Starwood Preferred Guest[R], consistently voted #1 by frequent travelers worldwide. As a member, you will receive up to 40% off at Starwood Hotels and Resorts[R] collection of more than 750 unique hotels worldwide, including Westin[R] hotels, Sheraton[R] hotels, and W hotels[R]. Members earn valuable Starpoints[R], receive room upgrades and late checkout when available. Starpoints[R] can be redeemed for free nights with no blackout dates. AICPA members will also receive special promotions and discounts. Log on to www.cpa2biz.com/elite and click on the Starwood Preferred Guest[R] logo or call 888/625-4988 and say you are a member of the AICPA. Wells Fargo Wells Fargo armored carriers of bullion. [Am. Hist.: Brewer Dictionary, 1147] See : Protectiveness Wells Fargo company that handled express service to western states; often robbed. [Am. Hist. Home Mortgage provides AICPA members with many cost-saving features, including competitive rates, a zero-point option and a no-cost 60-day rate lock option. Applications can be completed by phone, with a loan decision in as little as 24 hours. In many cases, closings can occur in as few as 15 business days from approval. Receive a complimentary 4-day "Getaway" * after closing on a home purchase or refinance Refinance 1. When a business or person revises their payment schedule for repaying debt. 2. Replacing an older loan with a new loan offering better terms. Notes: When a business refinances they typically extend the maturity date. through this program. Call 800/CPA[272]-1210, or log on to www.cpa2biz.com/elite and click on the Wells Fargo logo. * "Getaway" offer not available on home equity loans or lines of credit. Offer valid on loan applications made on or after Jan. 1, 2002 and closed on or before Dec. 31, 2002. Xerox provides discounts of up to 20% on most products (excluding service contracts, supplies and personal line copiers). Call 800/ASK-XEROX ext. CPA (800/275-9376, ext. 272) and mention AICPA contract #0706109 or log on to www.cpa2biz.com/elite and click on the Xerox logo for more information. www.cpa2biz.com/elite AICPA Member Satisfaction Center, memsat@aicpa.org |
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