Alabama Society of CPAs View in Browser April 2015
 
Weekly Legislative Update
Not much activity with ASCPA sponsored 120/150 legislation, HB66 and SB118, last week but we are hopeful to be in committee again this week. After several discussions with key leaders at the Alabama Department of Public Examiners, we did learn that the U.S. citizen amendment was not a request of the department and in fact, is not necessary.  ASCPA will work to remove the amendment that was added to the senate version.  The house version of 120/150 is in the senate in the original form. Follow the ASCPA bill tracking here >>>
Budget Hearing Underway
Legislative leaders continue to work to find solutions to the projected shortfall in the General Fund budget.  Alabama requires a balanced budget.  Governor Bentley has proposed over a half a billion dollars in new taxes to support the General Fund, but he is having a hard time finding support in the Legislature.  Even a plan endorsed by the insurance industry to raise fees imposed by the Department of Insurance ran into some barriers in the Senate, raising questions about how hard it may be to raise taxes if senators are reluctant to raise fees on an industry that is asking to have fees raised on itself.  

The legislative leadership has stated that tax increases are a last resort and are looking at alternatives to taxes.  This week hearings were held to explore the impacts of a draft General Fund Budget released last week.  Officials from the Departments of Corrections and Medicaid testified to the potential impacts of proposed 3 percent cuts on their agencies.  While these are the two largest agencies, others are looking a significantly higher proposed cuts.  Continue reading Issue 5 of the Fine Geddie & Associates Legislative Report here >>>
2015 FAF, FASB, GASB Strategic Plan
On Thursday, April 9, 2015, the Financial Accounting Foundation (FAF), the Financial Accounting Standards Board (FASB), and the Governmental Accounting Standards Board (GASB) posted their 2015 Strategic Plan to their three websites. 
 
The 2015 Strategic Plan represents an evolution of previous plans developed by their groups, and has been significantly refined with the help of thoughtful comments from their stakeholders. 
The plan recognizes the FASB and the GASB as being solely responsible for developing and establishing financial accounting and reporting standards. It also affirms the discrete, individual roles of the FASB, the GASB, and the FAF, and describes how each contributes to their shared, overarching vision and mission.

Vision: To be a recognized leader in financial accounting and reporting. 
Mission: To establish and improve financial accounting and reporting standards to provide useful information to investors and other users of financial reports; and to educate stakeholders on how to most effectively understand and implement those standards. 

The strategic plan also describes four goals intended to guide the FASB, the GASB, the FAF Trustees, and FAF management as we work to fulfill our shared vision and mission: 
  • Practicing and promoting continued excellence in standard setting
  • Demonstrating a commitment to leadership in standard setting
  • Building and maintaining trust with stakeholders
  • Promoting public discourse on current and future financial reporting issues
Finally, the plan recognizes the importance of fostering a better understanding among stakeholders—those who use, prepare, and audit financial statements—as to how our standards should be applied and implemented. To learn more visit the FAF website >>>
Soon, when you watch a movie from the Netflix website, you may need, popcorn, butter, salt --and rental tax?
The Alabama Department of Revenue is attempting to amend a rental tax rule, so as to subject digital transmissions such as on-demand movies and TV programs to Alabama’s rental tax. (Rule 810-6-5-.09)Specifically, the rule would tax “’on-demand’ movies, television programs, streaming video, streaming audio, and other similar programs …, whether rented by subscription … or on an on-demand basis …” Continue reading >>>
Make that beach vacation daydream a reality this year at Gulf Shores Clusters

One of your favorite beach and CPE retreats is back this year with 3 days of 4 hour clusters to choose from. Join us at The Beach Club in Gulf Shores June 22nd, 23rd, & 24th. The time to make your vacationing daydreams a reality is now! Learn more here >>>
Get a jump start on CPE... AFTER Tax Day!
Tax Season is ​almost​ over and we are ready to help you get on track this CPE season. If you are eager and looking for the first classes you can take, start your search with our webinars. We have dozens to choose from in all areas of study. Here a few that might peak your interest...
See the entire webcast line-up here >>>
 
 
 
 
 
 
 
 
ascpa
April 14, 2015
In this issue    
Protect
  • Week 5 Legislative Update: HB66 & SB118 in committee this week and removing amendments.
     
  • Fine Geddies & Associates report "Budge Hearing Underway" in week five.

  • 2015 FAF, FASB, GASB Strategic Plan released last week.

  • "Soon, when you watch a movie on the Netflix website, you may need popcorn, butter, salt --and rental tax?
Educate
  • Make Gulf Shores Clusters a part of your beach trip this summer to get your CPE and downtime in the same trip.

  • Get a jump start on CPE with webinars this year... AFTER Tax Day!




 

 



Alabama Society of CPAs
www.ascpa.org