FATCA deadline is approaching fast, are we ready as professional for its book keeping and auditing aspects. If no, what should be our approach?

I think no, we should be do that

Procedural modifications : Reviewing documents and forms for accounts , customer and revised to provide information to the bank and to clarify the nationality of each client and sources of funds, and therefore an amendment to the documents open an account and add a condition to approve the exchange of information between the bank and the U.S. government , and it is subject to confidentiality.Changes in information systems:The development of the IT infrastructure allows the customer to identify Powell first dealings which are notified to the U.S. Treasury , in order to be aware of what must be disclosed within the approved taxation of foreign income . In addition to building new circuits for the implementation of this law mechanisms and technology provide the necessary financing funds to support and update the establishment of these departments . To become the infrastructure for information technology convenient and ready for the application of the lawLegislative amendments :- Amendments in the Central Bank Act allows the disclosure of the bank customer transactions to the U.S. Treasury in order to avoid secret accounts.- The application of the Convention between the two countries similarly requires the exchange of information through differential treatment .Administrative adjustments :The development of administrative and organizational structures of human resources and training and development in a way that meets the attention of the client that such action is necessary even for Atqa under penalty of law and punishable by a fine , to holders of U.S. citizenship . Adjustments marketing :Diversification of banking products and maximize promotional campaigns to stimulate the marketing of products of the bank in most U.S. states to urge American society about the commitment of the Bank in accordance with the requirements of U.S. laws , the more the confidence of the U.S. administration in the bank's performance , to attract more customers who are at higher degrees of compliance and tax compliance

Kuwait Times news paper mention the following:

"

Any foreign financial institution around the world that intends to invest in a U.S. asset, whether for itself or any client (American or not), must enter into an agreement with the IRS for four main reasons:

• To review its existing account base and identify any American citizen or resident who is the beneficial owner of its accounts, whether title is held individually or by a company, trust or other entity.

• To implement procedures to screen and monitor all new accounts for the same purpose.

• To agree to provide the IRS on annual basis, an extensive amount of information about these accounts, including the identity of the account’s beneficial owner, the balance in the account, and the income generated in the account, along with other information upon request.

• To obtain waivers of any home country privacy or secrecy laws, and if the account owner refuses, to take action against the owner, including the possibility of closing down the account.

"

This summarize the approach we should do.