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Chartered Global Management Accountant (CGMA)

The AICPA and the Chartered Institute of Management Accountants (CIMA) have established a new global designation for management accounting, the Chartered Global Management Accountant (CGMA). Watch the webcast of the Jan. 31 launch event. Learn more and find out if you qualify. Visit CGMA.org to discover all the benefits and resources.

Financial Accounting Foundation’s to Make Process and Structural Improvements by Creating Private Company Council

The Board of Trustees of the Financial Accounting Foundation (FAF) voted on May 23rd to approve the establishment of a new body?the Private Company Council (PCC)?to improve the standard-setting process for private companies. The PCC will have two principal responsibilities. Based on criteria mutually agreed to with the Financial Accounting Standards Board (FASB), the PCC will determine whether exceptions or modifications to existing nongovernmental U.S. Generally Accepted Accounting Principles (U.S. GAAP) are necessary to address the needs of users of private company financial statements. The PCC will identify, deliberate, and vote on any proposed changes, which will be subject to endorsement by the FASB and submitted for public comment before being incorporated into GAAP. The PCC also will serve as the primary advisory body to the FASB on the appropriate treatment for private companies for items under active consideration on the FASB’s technical agenda. The decision concludes months of extensive outreach and redeliberations by the Trustees on its October 2011 proposal to address private company issues. During that period, we encouraged private company stakeholders such as you to share their input on the plan through letters, participation in one of four nationwide roundtables, an interactive webcast, and other means. As a result, we heard views from a broad range of private company stakeholders, including preparers, auditors, and lenders and other users of private company financial statements. Their thoughtful insights and well-considered recommendations are reflected in the final plan, and were critical in helping us refine and improve it.Below please find a link to the press release describing the responsibilities and operations of the new Council in greater detail. PRESS RELEASE

AICPA Developing OCBOA Financial Reporting Framework for Smaller Businesses

The AICPA announced plans to develop an “other comprehensive basis of accounting” financial reporting framework to meet the needs of both privately held small- and medium-sized enterprises and the users of their financial statements. The SME OCBOA framework will be a less complicated and a less costly alternative system of accounting to U.S. GAAP for SMEs that do not need U.S. GAAP financial statements. More information will be provided this summer.

Announcing the Total Tax Insights™ Calculator

Offered by the CPA profession to give taxpayers a clearer picture of the types and number of taxes they pay, the Total Tax Insights calculator is the first comprehensive tax calculator that estimates a person’s tax obligation based on place of residence across the country. It’s customized for each state, including the District of Columbia and Puerto Rico, and has more than 20 of the most widely levied taxes.

Taxpayers can access the calculator at totaltaxinsights.org and enter minimal information to get started. The calculator then delivers a comprehensive view of one’s estimated annual tax obligation and a number of key insights, including increased awareness of the need for financial planning. The Total Tax Insights calculator provides an approximation – not an exact amount – of what users pay in taxes. It is not a tax preparation tool or a substitute for the expert tax and financial advice of a CPA.

The AICPA is a longtime advocate of sound tax policy, transparency and simplification, and believes that every citizen should know that a tax exists and how and when it is imposed. As part of this goal, the Total Tax Insights calculator was developed to help taxpayers better understand their tax responsibilities and enhance their financial well-being.