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AICPA

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.
Practice Management

Staffing needs dominate 2007 AICPA top MAP issues

Finding qualified staff at all levels is the most critical concern for the majority of firms with multiple professionals within the United States, underscoring the staffing crisis facing the accounting profession, according to the 2007 American Institute of Certified Public Accountants (AICPA) Private Company Practice Section's (PCPS) Top Management of an Accounting Practice (MAP) Issues Survey.

AICPA awards Distinguished Service medals

The American Institute of Certified Public Accountants has awarded Kathy Eddy, CPA, former Chairman, and Professor Gary John Previts, CPA, PhD, former member of its governing Council and Board of Directors, the 2007 Gold Medal for Distinguished Service. The award recognizes those individuals whose influence on accounting as a whole is especially notable in comparison to other profession leaders.

AICPA elects new chairman

Randy Fletchall, a partner with Ernst & Young LLP, has taken over the post of Chairman of the Board of Directors of the American Institute of Certified Public Accountants (AICPA). He is the 95th individual to serve in this volunteer position since the Institute's founding in 1887.As Chairman, Fletchall leads the nation's largest organization of CPAs.

AICPA's Melancon named to Treasury panel

Barry C. Melancon, President and CEO of the American Institute of Certified Public Accountants (AICPA), has been appointed to the U.S. Treasury Department's new Advisory Committee on the Auditing Profession."I am looking forward to working with Treasury to develop recommendations on all aspects of our profession, capital market competitiveness, and especially on attracting young people to accounting," Melancon said.Treasury Secretary Henry M. Paulson, Jr. created the Audit Profession advisory panel after convening top U.S.
Education & Careers

Beta Alpha Psi announces Medal of Inspiration program

Beta Alpha Psi, the honors organization for Financial Information students and professionals, has announced a new program for the 2007-2008 year, the Medal of Inspiration. The 2008 regional and annual meetings will focus on the theme: "Good to Great: From Student to Professional." Beta Alpha Psi students are already "good" students. They have strong GPAs, they contribute to their communities through service, and demonstrate commitment to professional ideals and ethics.
Education & Careers

Accounting professor stars in AICPA Foundation video

In April 1992, Tom Lopez, then a certified public accountant in California, started thinking about switching careers. "I decided that the thing I really wanted to do was teach at the college level," he said. And that would mean earning a Ph.D. in accounting. But Lopez, who is now an associate professor of accounting at the Moore School of Business, University of South Carolina, had a wife and three young children at the time. How could he possibly afford to quit his job and go back to school?
Tax

House passes legislation prohibiting patents on tax planning methods

The House of Representatives passed major reforms last week in the form of amending the Patent Reform Act. Hailed as the most significant change to the U.S. patent system in 50 years, the bill still faces an uphill climb as the Senate is working on its own version of patent legislation, and President Bush is seen as being lukewarm on the bill.Of most interest to accountants is one provision of the bill that prohibits patents on tax planning methods.
Practice

Women at work: AICPA guide addresses off-ramping issues

Over the past few years, it has become clear that organizations in the financial services, accounting, and consulting industries need to focus their energies on the attraction and retention of women professionals. The talent of these individuals is essential to the success of any professional services firm, and as the below statistics will reveal, this talent pool is experiencing tremendous change.

AICPA names three recipients for 2007 Outstanding CPA in Government Award

The American Institute of Certified Public Accountants (AICPA) has announced the three 2007 recipients of the Outstanding CPA in Government Award. The awards recognize CPAs working in the federal, state and local levels of government who have made significant contributions to increased efficiency and effectiveness of government organizations and to the growth and enhancement of the profession.The awards were presented by Susan S.
Education & Careers

AICPA names 2006 Elijah Watt Sells Award winners

The American Institute of Certified Public Accountants (AICPA) has announced the winners of the 2006 Elijah Watt Sells Awards. The award is presented annually to the 10 candidates earning the highest cumulative scores on the four sections of the Uniform CPA Examination.
Tax

AICPA weighs in on estate deduction proposed regulations

The American Institute of Certified Public Accountants (AICPA) has submitted comments on proposed regulations relating to the amount deductible from a decedent’s gross estate for claims against the estate under Internal Revenue Code (IRC) section 2053(a)(3). The proposed regulations will affect estates of decedents against whom there are claims outstanding at the time of their deaths.The AICPA is concerned that the proposed regulations will not accomplish their goal of reducing costs for both the estate and the IRS in administering IRC section 2053.

AICPA is looking out for rural CPA firms

The American Institute of Certified Public Accountants (AICPA) commended the U.S. House of Representatives' removal of a provision in the Farm Bill Extension Act of 2007 that would have resulted in unfair competition to small CPA firms. "The AICPA thanks House members for their vote because enacting such a provision would lead to unfair competition for CPAs, especially smaller CPA firms in agricultural communities," Barry C.

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