AICPA

A&A

Standard setting for private companies on the docket of Financial Accounting Foundation

The Board of Trustees of the Financial Accounting Foundation (FAF) has announced the formation of a Trustee Working Group to address the important topic of accounting standard setting for nonpublic entities.
A&A

Many baby boomers see retirement delayed at least four years

Half of Baby Boomer clients who have postponed retirement due to the economic downturn expect to work at least four years longer than they originally planned, according to CPA financial planners surveyed by the AICPA.
A&A

AICPA's Melancon receives Executive of the Year award

Barry Melancon, president and CEO of the American Institute of Certified Public Accountants, this week received the 2011 Association TRENDS Association Executive of the Year award.
Education & Careers

University of Texas at Dallas team takes top honors in AICPA competition

Can a hotel become more sustainable and reduce its carbon footprint by using LED lighting and installing a rooftop garden? A team of four accounting students from the University of Texas at Dallas thinks so. The American Institute of Certified Public Accountants and a popular luxury hotel think so, too. Jason Bramwell reports.
A&A

Public companies must submit XBRL exhibits to SEC in 2011

The SEC in 2009 issued rules requiring public companies and foreign private issuers that prepare financial statements in accordance with US GAAP to attach an exhibit with all periodic filings that contains computer readable tags written in XBRL.
A&A

AICPA recommends changes to SEC proposed ruling for family offices

A proposed ruling from the U.S. Securities and Exchange Commission exempts family offices from any requirement to register with the SEC under the Dodd-Frank Wall Street Reform and Consumer Protection Act.
Education & Careers

CPAs might meet experience requirement by working in industry

Michigan became the latest state to accept industry experience for original CPA certification, leaving New Hampshire, Wyoming, and the U.S. Virgin Islands as jurisdictions that still do not accept industry experience.
A&A

Panel works on final recommendation for separate standards board for private companies

The Blue Ribbon Panel continued its discussion on how to modify existing standards-setting process for private companies during its meeting last week.
A&A

AICPA calls on Congress to repeal 1099 reporting requirements

The American Institute of Certified Public Accountants (AICPA) called on Congress this week to repeal what it considers burdensome information reporting requirements placed on businesses and rental property owners by the Patient Protection and Affordable Care Act and the Small Business Jobs Act of 2010.
Education & Careers

AICPA competition to introduce high school students to CPA profession

The American Institute of Certified Public Accountants (AICPA) has launched the Clearly Pretty Awesome Competition for high school students to introduce them to the CPA profession.
A&A

Exclusive: IRS commissioner announces interim relief from tax preparer testing requirement

Speaking at this week's National Tax Conference in Washington, D.C., IRS Commissioner Mark Schulman addressed concerns about the new tax preparer identification guidelines that are about to take effect. Managing Editor Gail Perry reports.
A&A

Exclusive: National Tax Conference kicks off in D.C.

Approximately 600 CPAs are gathered in Washington, D.C., this week to get the latest on tax reforms and the potential impact of the mid-term elections at the 35th annual National Tax Conference sponsored by the AICPA. Managing Editor Gail Perry reports.
Education & Careers

How to earn those last-minute CPE credits

Professionals nearing the end of their reporting period, who still need to accumulate a few CPE credits or fulfill their state’s requirements, should check their state society Web sites for course listings and discounts.
A&A

CPA exam to be administered outside U.S. for first time

In 2011, the Uniform CPA Examination will be offered outside the 55 U.S. jurisdictions for the first time. The American Institute of Certified Public Accountants, National Association of State Boards of Accountancy, and Prometric reached an agreement to administer the exam in international locations.
A&A

PCFRC's O'Dell discusses FASB, concerns of private companies

At its fourth public meeting, earlier this month, the Blue Ribbon Panel, formed by the Financial Accounting Foundation to define the issues faced by private companies with U.S. GAAP, agreed that a new model for private company reporting was required.
A&A

AICPA supports separate standards board for private companies

In a statement issued in advance of a meeting of the Blue Ribbon Panel on private company standards setting, panel member Barry Melancon said he expected the panel to recommend a new model of financial reporting that will generate different standards for private companies.
Tax

IRS gives in to outcry, makes changes to reporting of uncertain tax positions

The Internal Revenue Service recently has released its final version of Schedule UTP, Uncertain Tax Positions Statement. Missing are major reporting requirements contained in the agency's original proposal.
A&A

NYSSCPA's Barry appointed to AICPA Board of Trustees

Joanne S. Barry, CAE, executive director of the New York State Society of Certified Public Accountants, has been appointed as a member to the American Institute of Certified Public Accountants Foundation Board of Trustees.
A&A

Report: Room for improvement in corporate risk oversight worldwide

The worldwide economic crisis has put a spotlight on corporate risk, but a large percentage of companies around the globe do not have strong risk oversight protocols, according to a joint research report.
A&A

Herz to retire as chairman of FASB

Robert Herz, chairman of the Financial Accounting Standards Board (FASB), will retire as of October 1, two years before his current term expires.

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