AICPA

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!
Community News

Growth of CPA financial planning practices is subject of new AICPA study

The American Institute of Certified Public Accountants (AICPA) and Moss Adams LLP have published jointly a wide-ranging analysis of personal financial planning and investment advisory practices, drawing on information provided by 431 CPA firms using various business models for their financial planning practices. The solo practitioner model (37 percent of respondents) was the most commonly reported, as it is the most commonly observed model among CPA firms, according to the study.

AICPA visionary receives personal financial literacy award

Stanley Breitbard, a founding member of the American Institute of Certified Public Accountants' National CPA Financial Literacy Commission, has received the 2008 William E. Odom Visionary Leadership Award from the Jump$tart Coalition for Personal Financial Literacy. Breithard is the first certified public accountant to receive the award.The Odom Award recognizes individuals for outstanding service in personal finance education.

Financial worries keep adults from making life decisions

Four in 10 American adults -- 41 percent -- are holding off on major life decisions either because they are financially strapped or worried about the U.S. economy, according to a poll conducted by Harris Interactive for the American Institute of Certified Public Accountants. The decisions include home ownership, higher education, marriage, children, medical procedures, and retirement.This represents an 11 percentage-point increase from a year ago, when 30 percent of U.S.
Tax

AICPA testifies on estate and gift tax reform

The American Institute of Certified Public Accountants testified today before the Senate Finance Committee about estate tax reform. The testimony appears below.In March, the AICPA submitted written testimony for the hearing record of the Senate Finance Committee’s March 12 hearing on estate and gift tax reform. That testimony appears below today's testimony.####AMERICAN INSTITUTE OF CERTIFIED PUBLIC ACCOUNTANTSTESTIMONY OF ROBY B.

AICPA wins corporate responsibility award

The American Institute of Certified Public Accountants won the coveted Corporate Social Responsibility award from PR News at its annual Corporate Social Responsibility Awards luncheon at the National Press Club on March 19. The AICPA received the award for the corporate citizenship efforts it initiated following the relocation of the majority of the AICPA's operations from New Jersey to Durham in 2006.
Tax

AICPA and InvestmentNews offer online tax season assistance to financial advisers

The American Institute of Certified Public Accountants and InvestmentNews have teamed up this tax season to offer online answers to tax questions submitted by financial advisers. Readers of the weekly newspaper will be able to submit tax questions to InvestmentNews for consideration. The answers will be provided by a panel of CPAs who are members of the AICPA's Tax Division.

Center for Audit Quality presents first Year in Review report

Marking its first year in existence, the Center for Audit Quality (CAQ) has released a Year In Review report on the organization's emergence as a voice for public company auditors and its efforts to foster confidence in the audit process. Since its inception in January 2007, the CAQ has launched an ambitious effort to improve financial reporting, reached out to investors and other market stakeholders, forged solid relationships with federal regulators, and offered real-world advice to members. The Center's Public Dialogue Tour has gathered ideas on improving financial reporting

AICPA sends comments to FAF

The American Institute of Certified Public Accountants has submitted comments (reprinted below) to the Financial Accounting Foundation (FAF) on proposed changes to Oversight, Structure, and Operations of the FAF, Financial Accounting Standards Board (FASB) and Governmental Accounting Standards Board (GASB).# # # # # February 11, 2008 Ms. Teresa S. PolleyChief Operating OfficerFinancial Accounting Foundation401 Merritt 7Norwalk, CT 06856 Dear Ms.
Technology

AICPA announces top ten technology initiatives for 2008

Information Security Management will be the most important initiative affecting IT strategy, investment, and implementation in business organizations over the next 12-18 months, according to the American Institute of Certified Public Accountants' 19th Annual Top Technology Initiatives survey.

AICPA calls for proposals for 2008 research grants in management accounting

The American Institute of Certified Public Accountants is soliciting proposals for 2008 research grants on management accounting in collaboration with the American Accounting Association's Management Accounting Section.The AICPA will fund one or more projects with grants up to $75,000. Members of the AAA Management Accounting Section may submit proposals for research in the following areas:Strategic Management - Advancing the role of the management accountant as a strategic partner in the organization.
Technology

AICPA tax veep to participate in live small business tax Web chat

AICPA Vice President of Taxation Thomas P. Ochsenschlager will answer questions Thursday, December 20, from 1:00 p.m.

AICPA recommends SEC encourage use of IFRS

The American Institute of Certified Public Accountants has written a letter to the Securities and Exchange Commission recommending the SEC take comprehensive steps to harmonize U.S. and international financial reporting, including allowing American public companies to report financial results using international accounting standards."The AICPA supports the goal of a single set of high-quality, comprehensive accounting standards to be used by public companies in the preparation of transparent and comparable financial reports throughout the world," said AICPA Chairman Randy G.
Community News

Friday news briefs...

Herewith, a summary of some of the interesting news items that came across the desk at AccountingWEB this week...43 percent of CFOs do not want to be promoted to CEO In a national survey of chief financial officers and senior comptrollers conducted by Grant Thornton LLP, 43 percent of CFOs do not want to be chief executive officer of a company one day.
A&A

AICPA joins with SBA to provide assistance to SMB owners

The U.S. Small Business Administration and the American Institute of Certified Public Accountants (AICPA) have announced plans to form a partnership to train owners of small accounting firms on SBA products and services. SBA and AICPA have signed a Strategic Alliance Memorandum to share resources to help start, maintain, and expand small businesses."America's accountants are an important part of the small business community so it is important to integrate SBA's resources with AICPA's," SBA Administrator Steve Preston said.

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