CPA Society Schedules Courses to Assist with Tax Season

Article excerpt

To assist certified public accountants in better preparing for the 1988 tax season, the Oklahoma Society of Certified Public Accountants has scheduled a number of new continuing professional education courses.

The courses are designed to familiarize practitioners with new tax developments and assist them in applying the information during the tax season.

Among the workshops to be offered will be one entitled "Basic Income Tax Return Preparation" set for Jan. 12-13 at the Marriott Hotel in Tulsa.

The course is designed for accounting firm staff with limited tax experience but substantial tax preparation responsibility. It is produced by Steven Dilley/Federal Tax workshops.

- "Uniform Capitalization Rules and Other Accounting Method Changes" will be Jan. 16 at the Oklahoma City Marriott. This course, produced by E. Lynn Nichols, will utilize a case study method to explain the calculations required by tax reform and more.

- "Passive Loss Limitations and Interest Allocation Rules" will be Jan. 17 at the Tulsa Marriott Hotel. This course will include lecture, case studies and group discussions to give participants a comfortable working knowledge of the subject. It also is produced by E. Lynn Nichols.

- "The Technical and Miscellaneous Revenue Act of 1988 and Regulatory Update" will be Jan. 23 at the Tulsa Marriott and Jan. 24 at Metro Tech in Oklahoma City. Steven Dilley/Federal Tax Workshops also produced this course which will feature an overview of the new Section 89 rules.

- "Dealing with the Alternative Minimum Tax, Individual and Corporate" will be Jan. 18 at Metro Tech in Oklahoma City. This course will enable participants to gain a working knowledge of the alternative minimum tax's impact on individuals and corporations.

A few of the key topics include adjustments under Section 56 and 57, alternative taxes and record keeping requirements. This course is produced by Professional Development Institute.

- "Accounting for Income Taxes," also produced by Professional Development Institute, will be held Jan. 20 at the Tulsa Marriott.

The society of certified public accountants also reports new statements on auditing standards are effective for 1989 audits of financial statements.

The nine standards were issued by the Auditing Standards Board of the American Institute of CPAs in April to provide guidance for certified public accountants when auditing financial statements.

Included in the standards are major changes in the wording of the auditor's standard report. The report has been revised so that it gives clearer descriptions of the auditor's responsibility, the work the auditor does and the assurance the auditor gives on financial statements.

The new standards also clarify the auditor's responsibility for designing an audit to detect fraud and illegal acts, for evaluating an entity's system of internal control and for considering and disclosing substantial doubt about a company's ability to continue as a going concern.

The only standard that is not effective for 1989 concerns the broadening of the auditor's responsibility to consider internal control structure when planning and performing an audit. This standard is effective for audits of financial statements for periods beginning on or after Jan. 1, 1990. The delay will allow accounting firms sufficient time to implement the standard in their audit approach.

A new brochure describes the changes in the standard auditor's report. …