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AICPA

Education & Careers

Firms Need to Attract New CPA’s

Accounting firms need to attract more students into the field to alleviate the severe talent drought, Leslie Murphy, chairwoman of the American Institute of Certified Public Accountants (AICPA), told an audience Wednesday.“Our profession has to do more to make it inclusive and attractive if we’re going to successfully compete with other career options available,” Murphy said in closing a conference in Boca Raton, Fla.Demand for accountants continues to grow due to trends in business and regulation, she said.“Business complexities mean it takes more time to complete routine acc
Community News

Six “Women to Watch” in the CPA Profession

The Work/Life and Women’s Initiatives Executive Committee of the American Institutes of Certified Public Accountants (AICPA), the Illinois CPA society and the New Mexico Society of CPAs, are honoring the accomplishments of six women in the CPA profession with “Women to Watch” Awards.
Practice Management

AICPA Tries Again with Proposed Valuation Standard for CPAs

The American Institute of Certified Public Accountants (AICPA) on Monday released an Exposure Draft of Proposed Statement on Standards for Valuation Services (SSVS) Valuation of a Business, Business Ownership Interest, Security, or Intangible Asset.
Community News

President Bush Signs Bill Exempting CPAs for GLB Requirement

“This is wonderful news and a win for both CPA practitioners and their clients. The disclosure statements are often confusing to clients and they are expensive and time-consuming for CPAs to prepare,” Barry C. Melancon, President and chief executive officer (CEO) of the American Institute of Certified Public Accountants (AICPA), said in a statement responding to news that President Bush had signed Senate Bill 2856. “Since the exemption is effective upon the President’s signature, all those CPAs who are now preparing this year’s privacy notices can stop.
Tax

AICPA Comes Out Against Tax Preparation Cost Estimates

The American Institute of Certified Public Accountants (AICPA) is urging the Internal Revenue Service (IRS) not to include the tax preparer cost estimate in the 2006 Form 1040 instructions.

Rivet Software Plays Big Part in SEC's XBRL Embrace

Denver-based Rivet Software, a longtime leading developer of XBRL technologies, has entered several new initiatives to advance XBRL, the fast-evolving electronic format for distributing and disseminating business report information.First and foremost, Rivet is part of a team of seven technology companies chosen by the Securities and Exchange Commission (SEC) to essentially convert the SEC Edgar system for collecting and distributing financial report information to an XBRL-based infrastructure.The group, which is led by Keane Federal Systems of McLean, Va., and also includes Microsoft Cor
Community News

Congress Exempts CPAs from GLB Privacy Notification Requirement

Passing the Financial Services Regulatory Relief Act of 2006 was among the final actions taken by the 109th Congress before adjourning a week earlier than expected. The bill, passed unanimously by both chambers, includes a provision exempting certified public accountants (CPAs) from the Gramm-Leach-Bliley (GLB) Act’s annual privacy notice requirement.
Technology

XBRL-US Becomes Independent Organization

The American Institute of Certified Public Accountants (AICPA) on Monday announced that XBRL-US, initially formed as a volunteer committee of the AICPA, will become an independent, not-for-profit organization.Advertisement
Community News

Honoring Elijah Watt Sells Award Winners & Top CPA Exam Scorers

The American Institute of Certified Public Accountants (AICPA) has announced the winners of the 2005 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.
Tax

IRS Auditing PwC’s Pension Plan, Deductions, Income Transfers

PricewaterhouseCoopers LLP (PwC), the world’s largest accounting firm, is being audited by the Internal Revenue Service (IRS), Bloomberg News reported Friday. Officials at PwC initially refused to comment on the Bloomberg report, which was based on company documents and IRS documents provided to Bloomberg.
Tax

LIFO Effect on Oil Company Profits Draws New Scrutiny

Last week’s drop in oil prices resulting from the terrorist plot against airliners bound for the U.S. is likely to prove temporary, as economists predict continued escalation in global demand for fuel. And U.S.

Towards a Better Understanding of the Financial Statement Auditor Reports

The American Institute of Certified Public Accountants (AICPA), the American Accounting Association (AAA), and the International Auditing and Assurance Standards Board (IAASB) have joined forces to launch a research initiative that will provide a better understanding of users’ perceptions of the financial statement audit and the auditor’s report.
A&A

Roberts Re-Elected Chairman of XBRL-US Steering Committee

Grant Thornton LLP National Director of Assurance Innovation Dan Roberts has been re-elected as Chairman of the XBRL-US Steering Committee, which governs XBRL-US, a consortium of 70 organizations working to adopt a standard method of business and financial reporting in the U.S. and worldwide. The XBRL-US Steering Committee is made up of nine representatives of those members. Liv Watson of Edgar-Online was elected Vice-Chair of the XBRL-US Steering Committee.“This coming year will be a very busy one for the Steering Committee and for XBRL-US in general.
A&A

AICPA Launches Revamped Online CPE Site

The American Institute of Certified Public Accountants (AICPA) in May rolled out a much faster and user friendly training and library Web site, called CPExpress, formerly known as Infobytes. Feedback is extremely positive, say Dr. Paden Neeley, AICPA Vice President of Group Study and David Tolson, Director of CPE Product Development, who spoke with AccountingWeb recently about how the AICPA’s online CPE offerings and other training options meet the needs of small and mid-sized accounting firms. CPExpress is much faster than the previous site, says Tolson.

AICPA Names Former Andersen Partner Director of Academic & Career Development

The American Institute of Certified Public Accountants (AICPA) on Monday named Denis R. Reigle Director of Academic and Career Development.
Tax

Tax Practitioners Question Planned Methods to Curb Malpractice

A wide-ranging Internal Revenue Service (IRS) proposal to strengthen malpractice enforcement has sparked objections from tax practitioners and attorneys.The agency would publicly list the names of tax attorneys and accountants who are under investigation for alleged violations of IRS professional practice rules, according to Tuesday’s Wall Street Journal. Current rules say the names are kept private until the IRS Office of Professional Responsibility formally investigates and assesses a penalty.

AICPA, SEC Honchos to Co-Keynote XBRL Meeting

In what may propel needed increased market awareness of eXtensible Business Reporting Language (XBRL) and reinforce the fact that the accounting profession has led the development of that Internet-based technology, Securities and Exchange Commission (SEC) Chairman Christopher Cox and American Institute of Certified Public Accountants (AICPA) President Barry Melancon are the co-keynote speakers at the next XBRL International conference.
A&A

Inside the Small Business Practitioners' Tax Forum

The AICPA’s Small Business Practitioners Tax Forum was held July 17 – 18 in Chicago, Ill. This year’s forum had a new focus on Internal Revenue Service (IRS) Compliance, demonstrated by the more than 130 pages of notes that accompanied Monday’s first session “Tax Update”, presented by conference chair Mark Mares.

New Resources for Auditors Available

Two new resources are available for auditors.
Tax

Tax Update: Motor Vehicles

The high cost of fuel is a popular topic these days. The debate over oil prices, however, obscures the fact that considerable legislative, regulatory, and legal action has been taken over the last year affecting motor vehicles, including the Energy Tax Incentives Act of 2005, the Safe, Accountable, Flexible, Efficient, Transportation Equity Act: A Legacy for Users (SAFETY), Rev. Proc. 2006-15, 2006-5, IRB 387, Rev. Proc. 2006-18, 2006-12 IRB 845, and Notice 2005-44, 2005-25 IRB 1287.

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