E-Sources, broadcast the second and fourth Friday of each month, provides timely information about issues affecting the accounting profession, educational opportunities, and special events.

In this Issue:
1. Chaperones Needed for 2007 High School Residency Program
2. Tax Info: IRS Grants Six-Month Filing, Payment Extension Following Virginia Tech Shooting
3. AICPA Calls For Repeal of AMT
4. YCPA Section May Business Breakfast
5. SEC Chairman - XBRL Won't Require Audit
6. PCAOB Proposes New Auditing Standard and Amendments Relating to Consistency and the Hierarchy of GAAP
7. GSCPA Web Site Feature of the Week
8. CPE News

CHAPERONES NEEDED FOR 2007 HIGH SCHOOL RESIDENCY PROGRAM: The Georgia Society of CPAs is looking for volunteers to chaperone students for the 2007 High School Residency Programs. The programs will be held June 10-13 at Georgia Southern University in Statesboro and July 8-11 at the University of Georgia in Athens. Interested members are asked to donate one day and/or one night to serve as a chaperone for these students. If you think you would be able to assist with any part of the program or have any questions please email Shelly Grunbaum at sgrunbaum@gscpa.org with the school you want to volunteer at and your availability.

TAX INFO: IRS Grants Six-Month Filing, Payment Extension Following Virginia Tech Shooting- The IRS has granted a six-month tax filing and payment extension to those affected by the shootings Monday at Virginia Tech, in Blacksburg, Va. This relief applies to the victims, their families, emergency responders and university students and employees.

AICPA CALLS FOR REPEAL OF AMT: Last week, the AICPA called on Congress to repeal the individual alternative minimum tax (AMT).  The AICPA further offered 13 recommendations to reduce AMT burden if repeal is not possible.

YCPA SECTION MAY BUSINESS BREAKFAST: Join the YCPA Section as they kick off the year with the May Business Breakfast, Wednesday, May 2 from 7-8:30 a.m. at the GSCPA Training Center. Guest speaker is Dr. Denny Beresford from the University of Georgia. One hour of CPE will be given. There is no charge for this event, however seating is limited. For questions, please contact Shannon Cannon at scannon@gscpa.org.

SEC CHAIRMAN - XBRL WON'T REQUIRE AUDIT: SEC reports that companies that adopt XBRL for regulatory filings will not need an additional audit of the conversion of their data, reported Reuters.

PCAOB PROPOSES NEW AUDITING STANDARD AND AMENDMENTS RELATING TO CONSISTENCY AND THE HIERARCHY OF GAAP: The PCAOB proposed for public comment an auditing standard, Evaluating Consistency of Financial Statements, and a concept release concerning Rule 3523, Tax Services for Persons in Financial Reporting Oversight Roles.

GSCPA WEB SITE FEATURE OF THE WEEK: If you are interested in speaking at a GSCPA event (conference, Section meeting, chapter meeting, etc.), we now have a form for you to complete that will send your information directly to GSCPA for consideration. Visit the PROFESSIONAL RESOURCES area and click on “Speaking Opportunities” on the left-hand navigation bar.

CPE NEWS

UPCOMING CPE COURSES:
CIRA Update (NEW for 2007); Course No. 05004
May 22; 8 hours A&A
Instructor: Cecil Patterson Jr.
8:30 a.m. – 4p.m.; GSCPA Training Center

Measuring & Managing Performance Using the Balanced Scorecard; Course No. 05005
May 22; 8 hours CPE
Instructor: Sheldon Enger
8:30 a.m. – 4 p.m.; GSCPA Training Center

Condos & HSAs: Advanced Accounting, Auditing & Other Iseues (NEW for 2007); Course No. 05006
May 23; 8 hours A&A
Instructor: Cecil Patterson Jr.
8:30 a.m. – 4p.m.; GSCPA Training Center

UPCOMING CONFERENCES:
Just What You Have Been Wishing For - The 2007 Spring Government Workshop; Topic: GASB Update by G. Robert Smith, Jr. of Middle Tennessee State University, Murfreesboro, Tenn; May 11 at the Macon Conference Center.

Stay Connected at the Georgia Federal Tax Conference (GFTC); June 6-7, 2007 at Cobb Galleria Centre. Topics and speakers include Update on Prospects for Estate Tax Legislation by Ronald D. Aucutt and Sale of a Business or Practice: Sale of Goodwill by the Owners Personally and by the Corporation by Al Martin. For complete speaker bios, please visit our speaker page.

NEW CONFERENCES FOR 2007:
MAP Conference: November 11 & 12; Focus on Leadership; Brasstown Valley Resort - Young Harris, Ga.; Keynote Speaker: Allan D. Koltin, CPA.

Work/Life Balance Conference: September 28; Cobb Galleria Centre, Atlanta, Ga. Volunteers are needed to help plan this conference. If you would like to participate in the planning of this conference, contact Lynne Carr at lcarr@gscpa.org, 404-504-2945 or 800-330-8889 ext. 2945. The planning task force typically meets over lunch for about two hours, and has two to three planning meetings as well as one wrap-up meeting after the event. The option to teleconference is available for each meeting.

Comments/suggestions? Please email ekistler@gscpa.org.  

The next issue of E-Sources will be released Friday, May 11, 2007.