In advance of a formal decision by the FAF on a differential framework for making exceptions and modifications to GAAP for private companies, the FASB has taken steps to identify and make decisions/tentative decisions regarding current accounting standards.
The IMA, which has offered the CMA credential since 1972, is facing "fierce competition" from a new management accounting designation – Chartered Global Management Accountant (CGMA) – that the AICPA and CIMA will launch in January 2012, according to Jeffrey Thomson, IMA President and CEO.
On December 17, the AICPA named seventeen students from North Carolina State University winners of the AICPA National Accounting Competition. The case competition focused on a fictional Texas company looking to expand its business into the Nigerian oil fields. The team received a $10,000 award.
AICPA Business and Industry Economic Outlook Survey measured nine components
All nine components showed modest improvement in the fourth quarter
Survey revealed increased optimism that the US economy will improve in 2012
AICPA Webcast, "Looking Ahead to 2012: Progress of Paralysis?" covering the survey to be made available
James Kroeker, the SEC chief accountant, said last week that the SEC staff will need "at least a few more months" to complete its work on a report to the commission that will show the impact of adopting IFRS on US companies and capital markets. The SEC will study the staff report before making a decision.
Final recommendations for revisions to the Statement on Standards for CPE Programs – the framework for the development, presentation, measurement, and reporting of CPE programs – will be presented to the NASBA and AICPA joint CPE Standards Committee in January 2012.
Michael Savoy, CPA and the managing director of Santa Monica–based Gumbiner Savett Inc., has been elected the California Board of Accountancy's secretary/treasurer for 2012. In this position, he will help drive the organization forward and keep its finances in sound shape. Savoy has been a CPA for thirty-seven years.
The AICPA Scholarship for Minority Accounting Students program began in 1969, with the aim of increasing ethnic diversity in the CPA profession. Since the program's inception, the AICPA Foundation has awarded more than $14.6 million in scholarships to approximately 8,000 accounting students.
The AICPA's governing council approved a resolution that sends a strong message to the Financial Accounting Foundation (FAF) recommending move to adopt the Blue Ribbon Panel on Standard Setting for Private Companies' recommendations for a separate board.
CPA2Biz, the technology subsidiary of the American Institute of Certified Public Accountants (AICPA), will offer a CPA-branded email service for members on CPA2Biz’s new umbrella brand, CPA.com in coming weeks.
Patricia A. Thompson, chair of the AICPA Tax Executive Committee, is urging the IRS to make changes to the user fee regulations it has proposed for tax return preparers as part of its preparer oversight program.
The American Institute of Certified Public Accountants (AICPA) is pleased to announce that Sidney Kess, CPA, JD, LLM, and S. Scott Voynich, CPA, are the recipients of the AICPA 2011 Gold Medal Award for Distinguished Service.
Beginning in the fourth quarter of 2011, exam scores will be released earlier and more frequently. The change is in response to the most common request made by test takers since 2004 when the exam went from a pencil-and-paper format to a computerized format.
A new council with the authority to identify, propose, and vote on specific improvements to U.S. accounting standards for private companies has been proposed by the Board of Trustees of the Financial Accounting Foundation (FAF).
CPA firms, private companies, lenders, and nonprofit entities have joined in a massive letter-writing campaign to the Financial Accounting Foundation (FAF) to express their views on the need for separate standards and an independent standard setting board for private companies.
The 2011 AICPA Accounting Competition, which launched on August 29, 2011, will test students' fraud and forensic accounting skills in a complex scenario focused on a fictional Texas company looking to expand its business into Nigerian oil fields.
Nearly 2,500 letters were sent to the Financial Accounting Foundation demanding the creation of an independent separate board to develop different standards for privately held businesses. According to the AICPA's review, 99 percent of privately held businesses are in favor.
Panelists in a recent AICPA Webcast were invited to take a close look at the pessimistic conclusions of the CPA Outlook Index for the third quarter, and consider what it could mean for CPAs and their clients.