AICPA Readies New Business Reporting Model

The American Institute of CPAs is gearing up to establish a new business reporting model comprising online, real-time disclosures and performance-based measurements. AICPA's Alan Anderson explains the new model will consist of five elements and will open up new service opportunities for accounting firms of all sizes.

The five fundamental elements of the new model are:

  • Reliable systems to collect and analyze information.
  • Industry-specific financial and nonfinancial performance measures.
  • Better quality disclosures written in "plain English."
  • Corporate accountability.
  • Real-time distribution of information.

The current issue of the CPA Letter explains that online, real-time information incorporating the five fundamentals is the only way to truly meet marketplace demand for more relevant, up-to-the-minute information.

To build a migration plan to the new model, the AICPA has formed a special committee that consists of representatives from assurance services, consulting services, the Auditing Standards Board, accounting standards, business and industry, government, PCPS-the Alliance for CPA Firms and the board of directors. The expectation is that the committee will have various task forces working toward the common goal of making all five elements successful.

For more details, download a Q&A discussion with Alan Anderson, AICPA's senior vice president, member and public interests.

You may like these other stories...

A proposal issued by the Governmental Accounting Standards Board (GASB) last week explains how fair value measurement should be defined for state and local government financial reporting.The exposure draft, Fair Value...
By Jason Bramwell The board of trustees of the Financial Accounting Foundation (FAF) finalized a new policy on November 19 that provides the Governmental Accounting Standards Board (GASB) with direction on what...
By Jason Bramwell The Governmental Accounting Standards Board (GASB) is now offering a free online toolkit designed to assist preparers and auditors of state and local government pension plans with implementing new...

Upcoming CPE Webinars

Jul 31
In this session Excel expert David Ringstrom helps beginners get up to speed in Microsoft Excel. However, even experienced Excel users will learn some new tricks, particularly when David discusses under-utilized aspects of Excel.
Aug 5
This webcast will focus on accounting and disclosure policies for various types of consolidations and business combinations.
Aug 20
In this session we'll review best practices for how to generate interest in your firm’s services.
Aug 21
Meet budgets and client expectations using project management skills geared toward the unique challenges faced by CPAs. Kristen Rampe will share how knowing the keys to structuring and executing a successful project can make the difference between success and repeated failures.