>  CPAs ARE NEEDED!
Help Mentor Accounting Students at LEAP’s Fall Events
Each fall, MSCPA holds LEAP Student/CPA Mixers throughout the state to help accounting students in the area learn more from CPAs about the rewards of the profession. CPA volunteers are needed to attend this informal networking event!
http://www.mocpa.org/leap_cpas.html  

>  BRAND NEW!
MSCPA’s CPA Women’s Retreat—August 28 in St. Louis
The majority of CPAs across the country are women…and Missouri is no exception. Here’s your chance to learn from other women in the profession, share leadership strategies, and explore ways to achieve work-life balance. Four nationally renowned female leaders serve as speakers during this enlightening conference. You’ll also meet the “CPA Women To Watch” award winners, which is presented on behalf of Robert Half and the AICPA! http://www.mocpa.org/wretreat.htm

>  LAST CHANCE TO REGISTER!
"Where Ethics & Liability Cross Paths"
This convenient two-hour course will help you understand how in today's environment adhering to the profession's ethical responsibilities might sometimes still place you in the middle of a potential liability problem. FULFILLS YOUR TWO-HOUR ETHICS REQUIREMENT!
August 9--Kansas City
August 9--St. Louis

>  The PCPS/TSCPA National MAP Survey is back!
The Missouri Society of CPAs is pleased to be a participating state and partner for the 2006 PCPS/TSCPA National MAP Survey. This invaluable tool enables firms to benchmark management policies and financial results against other firms while gaining strategic guidance to build a more profitable and rewarding practice.

Firms interested in participating in this year’s survey can visit www.aicpa.org/pcps between late June and September 1 for instructions and to view directions on how to complete a response.

Click here for more information on the survey: http://www.mocpa.org/mapsurvey.html 

> Missouri State Board Announces New Exam Passers
The Missouri State Board of Accountancy announces the successful candidates of the Uniform CPA Exam from the April-May 2006 testing window.
http://www.pr.mo.gov/boards/accountancy/exam/2006-06-30.pdf

>  FASB Formally Adds Project to Reconsider Lease Accounting
FASB formally added to its agenda a project to reconsider the current accounting standards for leases. The goal of that project is to insure that investors and other users of financial statements are provided useful, transparent, and complete information about leasing transactions in the financial statements. The decision to add a leasing project, which will be conducted jointly with the International Accounting Standards Board, reflects the Board’s concern that the current accounting in this area does not clearly portray the resources and obligations arising from lease transactions.
http://www.fasb.org/news/nr071906.shtml 

>  IRS Releases Final Draft Schedules M-3 for 2006
Late last week, the IRS released final drafts of Schedules M-3 and Form 8916 for the 2006 tax year, and a new Form 8916-A, “Reconciliation of Cost of Goods Sold Reported on Schedule M-3.” The final draft Schedules M-3, dated 6/27/06, are for Forms 1120, 1120-L, 1120-PC, 1120S and 1065. Draft instructions for the forms were also released. http://www.irs.gov/newsroom/article/0,,id=160265,00.html 

>  Electronic Federal Tax Payment System Cited in New E-mail Scam
The Internal Revenue Service is warning taxpayers to be on the lookout for a new e-mail scam that uses the Treasury Department's Electronic Federal Tax Payment System (EFTPS) as a hook to lure individuals into disclosing their personal information. http://www.irs.gov/newsroom/article/0,,id=160334,00.html

>  Survey Reveals Section 404 Compliance Results in Committee Agenda Refocus
As reported by AccountingWeb, a survey recently conducted by the Audit Committee Institute (ACI) of KPMG International and the National Association of Corporate Directors found that although a majority of audit committee members rate their committees as "very effective", many feel some improvement can be made-including oversight of accounting judgments and estimates, risk management and agenda setting.
http://www.accountingweb.com/