The document is a weekly newsletter from the AICPA covering issues related to the CPA profession. It discusses 1) President Obama's regulatory reform plan calling for changes to accounting standards, 2) the IRS and Treasury Secretary agreeing with repealing the cell phone tax, and 3) a new technical practice aid released on personal financial statements. It also briefly mentions an upcoming video on IFRS for private companies and IOSCO endorsing the IAASB's clarified international auditing standards.

1. Volume 12, Number 25, June 26, 2009
A Weekly Email Newsletter on Issues & Events Surrounding the CPA Profession
June 26, 2009 – Volume 12 No. 25
Regulatory Reform Plan Calls for Changes to Accounting Standards
AICPA Agrees with Repeal of Cell Phone Tax
Hear About IFRS for Private Companies — Coming Next Month
IOSCO Endorses IAASB’s Clarified International Standards on Auditing
Technical Practice Aid Released on Personal Financial Statements
Regulatory Reform Plan Calls for Changes to
Accounting Standards
President Barack Obama’s regulatory reform proposal calls on accounting-standard setters to clarify and improve
consistency in the application of fair value accounting, to improve accounting standards for loan-loss provisioning and
to make substantial progress toward development of a single set of high-quality global accounting standards by the
end of 2009. Read this article for details.
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AICPA Agrees with Repeal of Cell Phone Tax
Internal Revenue Service Commissioner Doug Shulman and Treasury Secretary Timothy Geithner have asked
Congress to simplify the rules regarding an employee’s tax obligation on the personal use of an employer-paid cell
phone. In a statement, Shulman said reports that the IRS is cracking down on employee use of employer-provided cell
phones are erroneous.“[We] ask that Congress act to make clear that there will be no tax consequence to employers
or employees for personal use of work-related devices such as cell phones provided by employers. The passage of
time, advances in technology and the nature of communication in the modern workplace have rendered [the current
law] obsolete.” Citing the tax as unpopular and difficult to enforce, Obama administration policymakers favor repeal.
The AICPA has advocated for this change as well.
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Hear About IFRS for Private Companies — Coming
Next Month
In an increasingly global business environment, the demands CPAs face are changing. In this three-minute video,
Judith O’Dell, chairwoman of the Private Company Financial Reporting Committee, discusses three things all CPAs
should recognize about the new landscape and the internationalization of accounting standards.

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IOSCO Endorses IAASB’s Clarified International Standards
on Auditing
The International Organization of Securities Commissioners on June 11 endorsed the replacement of previous
International Statements on Auditing with the new standards, noting their improvements resulting from clarifying the
ISA requirements. The International Auditing and Assurance Standards Board, which promulgates ISAs, completed its
Clarity Project recently. The AICPA is in the midst of its own Clarity Project, which uses ISAs as a base. IOSCO is the
global body of securities regulators working to protect investors and enhance the integrity and orderly operation of the
global capital markets, supporting investor confidence and aiding investor decision making. The U.S. Securities and
Exchange Commission is a member of IOSCO, which believes having one set of international auditing standards plays
an important role in the world's interconnected economies. As such, IOSCO encourages securities regulators to accept
audits performed and reported in accordance with the clarified ISAs for cross-border offerings and listings, recognizing
that the decision whether to do so will depend on a number of factors and circumstances in their jurisdictions.
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Technical Practice Aid Released on Personal
Financial Statements
Technical Practice Aid TIS 1600.04, “Presentation of Assets at Current Values and Liabilities at Current Amounts in
Personal Financial Statements,” has been released. The TPA is
available here.
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