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. Young CPA Section July Breakfast
2. Tax Info: Deadline Extended until July 2 for Reporting on Foreign Bank and Financial Accounts; IRS Releases Discussion Draft of Redesigned Form 990 for Tax-Exempt Organizations
3. PCAOB Approves New Audit Standard For Internal Control Over Financial Reporting
4. Final Regulations Issued For Non-Qualified Deferred Compensation
5. Will FIN 48 Bring More State Audits?
6. Survey - MBAs See Low Pay in Accounting
7. GSCPA Web Site Feature of the Week
8. CPE News

YOUNG CPA SECTION JULY BREAKFAST: Join the YCPAs for their July breakfast, Wednesday, July 11; Speaker - Jan Dahlin Geiger; CPE - 1 hour; GSCPA Training Center; there is no charge for the breakfast, but space is limited, so please register early.

TAX INFO: Deadline Extended until July 2 for Reporting on Foreign Bank and Financial Accounts - Taxpayers have an additional two days this year, until July 2, 2007, to file the Report of Foreign Bank and Financial Accounts (FBAR), Form TD F 90-22.1. The FBAR form is required for each U.S. person who has a financial interest in, or signature authority, or other authority, over any financial accounts, including bank, securities or other types of financial accounts, in a foreign country, if the aggregate value of these financial accounts exceeds $10,000 at any time during the calendar year.

IRS Releases Discussion Draft of Redesigned Form 990 for Tax-Exempt Organizations - The IRS released for comment and discussion a draft Form 990, the annual return required to be filed by tax-exempt organizations to report information about their operations. The IRS hopes to have the form ready for use for the 2008 filing year (returns filed in 2009).

PCAOB APPROVES NEW AUDIT STANDARD FOR INTERNAL CONTROL OVER FINANCIAL REPORTING AND, SEPARATELY, RECOMMENDATIONS ON INSPECTION FREQUENCY RULE: The PCAOB voted to adopt Auditing Standard No. 5, An Audit of Internal Control Over Financial Reporting That Is Integrated with An Audit of Financial Statements, to replace its previous internal control auditing standard, Auditing Standard No. 2.

FINAL REGULATIONS ISSUED FOR NON-QUALIFIED DEFERRED COMPENSATION: The Treasury Department and the IRS have issued final regulations on the treatment of non-qualified deferred compensation plans and arrangements under section 409A of the Internal Revenue Code.

WILL FIN 48 BRING MORE STATE AUDITS?: FASB Interpretation (FIN 48), Accounting for Uncertainty in Income Taxes, is intended to make tax treatment more consistent between companies by establishing recognition thresholds and measurement guidelines for tax positions on federal income tax returns and setting up new guidelines for income tax reserves. But as state legislators and tax authorities look to increase tax revenue and enforce corporate tax laws, they may take advantage of the transparency afforded by FIN 48 to take a closer look at corporate returns, says Phil Zinn, state and local practice leader at Pricewaterhousecoopers, according to CFO.com.

SURVEY - MBAs SEE LOW PAY IN ACCOUNTING: Among 47 industries, MBA candidates ranked accounting as the lowest-paying field in a recent survey, as reported by WebCPA.

GSCPA WEB SITE FEATURE OF THE WEEK: Visit the Educational Foundation page on the web site for the latest information on the Golden Anniversary Endowment Campaign, as well as scholarship details and how to make a contribution or set up a named endowment.

CPE NEWS
UPCOMING COURSES:
Cash Flow Statement: Preparation, Presentation, and Use** 
Course No. 07006
July 16; 8 hours A&A
Instructor: Teresa Thamer
8:30 a.m. - 4p.m.; GSCPA Training Center
**$30 AICPA discount

Adapting QuickBooks 2007 for Construction Clients (Bring Your Own Laptop) 
Course No. 07007
July 17; 8 hours A&A
Instructor: Walter Lawrence, Jr.
8:30 a.m. - 4p.m.; GSCPA Training Center

Targeting the Bottom Line: Taking the Guesswork Out of Financial Management**(NEW for 2007)
Course No. 07009
July 18; 8 hours CPE
Instructor: Vincent Flynn
8:30 a.m. - 4p.m.; GSCPA Training Center

UPCOMING CONFERENCES
Plan Your Next Move at the Estate Planning Conference; Thursday, July 19, 2007 - Saturday, July 21, 2007; Callaway Gardens, Pine Mountain, Ga.; 16 hours CPE; Early registration deadline is June 28; Speakers and topics include Useful Wealth Transfer Tax Quirks by Jeffrey Pennell; Financial Engineering Meets Estate Planning by Stacy Eastland; and De-mystify the Legalese of Trusts by Rebecca Godbey.

Join us for the 2007 Southeastern Accounting Show - Wednesday, August 29- Thursday, August 30. This region-wide, two-day show is the largest GSCPA event featuring 16 hours of CPE including 16 hours of A&A. Featured speakers include David Weber, an internationally recognized speaker; Jennifer Wilson a co-founder and owner of ConvergenceCoaching, LLC; Marci Thomas, CPA, MHA, author and discussion leader for Loscalzo Associates; Dana R. Hermanson is Dinos Eminent Scholar Chair of Private Enterprise and Professor of Accounting at Kennesaw State University. The most up-to-date information regarding the vendors, speakers, and activities can be found on the GSCPA web site.

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

The next issue of E-Sources will be released Friday, July 13, 2007.