AICPA

AICPA presents award to best early career researcher

Kristy Towry, Ph.D., assistant professor of managerial accounting and finance at the Goizueta Business School, Emory University was awarded the Best Early Career Researcher Award from the American Institute of Certified Public Accountants. The Chartered Institute of Management Accountants in the United Kingdom and the Society of Management Accountants (CMA Canada) co-sponsored the award.
Education & Careers

AICPA names Elijah Watt Sells award winners

The American Institute of Certified Public Accountants has announced the winners of the 2007 Elijah Watt Sells Awards. The awards are presented annually to the 10 candidates earning the highest cumulative scores on the four sections of the Uniform CPA Examination. These candidates must have completed testing during the previous calendar year and passed each exam section on their first attempt. In 2007, there were over seventy-six thousand examinees.The 2007 award winners (in alphabetical order, followed by their State Board affiliation) are:Steven J.

AICPA names 2008 Outstanding CPA in Government awards

Kurt K. Kawafuchi, CPA, J.D.-M.B.A., LL.M of Honolulu and Robert B. Scott, CPA of Carrollton, Texas have been named recipients of the American Institute of Certified Public Accountants' 2008 Outstanding CPA in Government Award. Kawafuchi received the state government award. Scott earned the local government award. The awards will be presented on August 18 at the AICPA's 25th Annual National Governmental Accounting and Auditing Update Conference to be held in Washington, D.C.

AICPA to offer XBRL seminar

The American Institute of Certified Public Accountants is offering a special two-day seminar, July 22-23, for financial professionals on understanding and applying the new eXtensible Business Reporting Language (XBRL) required for public companies by the Securities and Exchange Commission."This is a significant emerging issue for preparers," said Arleen Thomas, AICPA senior vice president member competency and development. The SEC proposed on May 30 to require all U.S.
Education & Careers

AICPA receives more than 360 minority accounting scholarship applications

The American Institute of Certified Public Accountants received more than 360 minority accounting scholarship applications following a workshop entitled "Lead the Way, Make a Difference, Become a CPA" to promote diversity within the accounting profession held May 29-31 in Peachtree, GA. The workshop emphasized the importance of obtaining the CPA credential and highlighted the flexibility and various career paths of the accounting profession. Session topics focused on the importance of networking and mentoring.

Like it or not, momentum is building for IFRS

Opinions are still mixed about the coming international financial reporting standards, or IFRS, but for those who are less than enthusiastic, it may all be over but the crying. Before summer is over, the final rules are expected to be written in stone. IFRS are set by the International Accounting Standards Board in London, the equivalent of our FASB in Norwalk, Connecticut. Barry Melancon, president and CEO of the AICPA said that momentum for the IFRS is building and most of the AICPA members he has talked to just want to get on with it the process.

AICPA to offer IFRS training

The American Institute of Certified Public Accountants has teamed up with IASeminars, a leading global provider of training courses on International Financial Reporting Standards, to offer CPAs and other financial professionals a comprehensive range of IFRS training solutions."It is becoming increasingly clear that CPAs in the U.S. will need to understand and learn how to apply international accounting standards over the next few years," said Arleen Thomas, AICPA senior vice president for member competency and development.

AICPA calls for three to five year timeline for IFRS transition

Barry C. Melancon, president and CEO of the American Institute of Certified Public Accountants, speaking at a forum of accounting and finance authorities on international accounting, called for a reasonable and clear-cut time frame of three to five years for the U.S. accounting profession to adopt International Financial Reporting Standards."Awareness is growing among U.S.
Community News

Deloitte tax partner wins AICPA Tax Division Distinguished Service Award

Alan R. Einhorn has received the American Institute of Certified Public Accountants Tax Division 2007-2008 Distinguished Service Award. The award was presented by Jeffrey R. Hoops, chair of the AICPA Tax Executive Committee, at the Spring Meeting of the AICPA Tax Division in New Orleans, Louisiana on June 2."Alan was an obvious choice for this year's award," said Tom Ochsenschlager, vice president of taxation for the AICPA.

AICPA adopts new ethics standard

Regulators like the U.S. Securities and Exchange Commission, state insurance commissions and federal banking agencies presently prohibit organizations under their jurisdiction from entering into certain types of indemnification and limitation of liability provisions in agreements for the performance of audit or other attest services.

AICPA introduces IFRS.com Web site to inform financial professionals about International Accounting Standards

The American Institute of Certified Public Accountants has announced the introduction of IFRS.com, a new Web site developed in partnership with its marketing and technology subsidiary CPA2Biz to help members and financial professionals learn about and stay informed on International Financial Reporting Standards (IFRS)."It is increasingly clear that as international standards gain wider acceptance and use in the United States, the accounting profession must keep pace," said Barry C. Melancon, president and chief executive officer of the AICPA.

AICPA Council votes to recognize IASB as a designated standard setter

The governing Council of the American Institute of Certified Public Accountants has voted to designate the International Accounting Standards Board in London as an accounting body for purposes of establishing international financial accounting and reporting principles.The amendment to Appendix A of AICPA Rules 202 and 203 gives AICPA members the option to use International Financial Reporting Standards (IFRS) as an alternative to U.S.
Tax

New CFF forensic accounting credential to be launched by AICPA in Fall

The governing Council of the American Institute of Certified Public Accountants has authorized the creation of a new CPA specialty credential in forensic accounting.The credential, Certified in Financial Forensics (CFF), will combine specialized forensic accounting expertise with the core knowledge and skills that make CPAs among the most trusted business advisors, according to Robert Harris, chair of the National Accreditation Commission.

AICPA taking nominations for Outstanding CPA in Government Award

The American Institute of Certified Public Accountants is taking nominations for the annual Outstanding CPA in Government award. The nomination period has been extended to May 30, 2008.Three awards will be given – one for each level of government (federal, state and local). The awards will be presented at the Government Accounting and Auditing Conference in Washington D.C. in August.

CPA financial executives evaluate fair value accounting

A majority of senior-level executive CPAs don't blame fair value accounting for causing the subprime crisis, but they don't view it as improving investors' understanding of aggressive lending practices, according to the second quarter 2008 Business and Industry Economic Outlook Survey of the American Institute of Certified Public Accountants (AICPA) and the University of North Carolina's Kenan-Flagler Business School. In a new partnership with UNC Kenan-Flagler, the AICPA poll contained a survey within a survey that asked questions about executive CPAs' views of fair value accounting.
Education & Careers

AICPA proposes changes to CPA exam, seeks comment

The American Institute of Certified Public Accountants released a draft proposal for public comment outlining proposed content updates for the CPA exam. The proposal increases emphasis on ethics and provides more in-depth descriptions of the skills necessary for entry-level CPAs. It proposes including International Financial Reporting Standards (IFRS) on the exam for the first time. "The CPA Examination tests the knowledge and skills that are relevant for entry-level CPAs. In doing so, the public is protected," said Craig Mills, executive director of examinations for the AICPA.
Education & Careers

Accounting degrees top 36-year high with 64,000 graduates this spring

More than 64,000 students graduated with bachelor's and master's degrees in accounting in the 2006-07 school year, according to a new report by the American Institute of Certified Public Accountants. This is the largest number of graduates in the 36 years the Institute has been tracking this data.The total pool of newly minted accounting talent is 19 percent greater than the one reported in the previous survey, which covered the 2003-04 school year.

CPA mobility legislation gains national momentum

Twenty-three states have approved laws to make it less burdensome for certified public accountants to represent clients across state lines.The American Institute of Certified Public Accountants is seeking enactment of similar laws in every state so that a national uniform mobility system will become a reality for CPAs, CPA firms, and the state boards of accountancy that regulate them.

AICPA poll shows many adults using smart spending as savings strategy

As the U.S. economy slows, more and more Americans are cutting back on spending to in order to save money, according to a recent nationwide survey conducted by Harris Interactive for the American Institute of Certified Public Accountants.Twenty-five percent of respondents in the survey of 1,026 adults said they were spending wisely or not spending as much as a means of saving money.
Tax

AICPA offers tips for tax savings

The American Institute of Certified Public Accountants advises taxpayers to take advantage of the opportunities offered by the nation's tax laws to save money. The AICPA published these tips to coincide with last week's celebration of the day American taxpayers stop working for the federal government and start working for themselves, according to the Tax Institute, which annually calculates Tax Freedom Day.Tom Ochsenschlager, AICPA vice president of taxation, says, "Take Uncle Sam up on his offer!

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