State CPA societies and their state CPA lawmakers discussed some of the most important policy issues facing the accounting profession at a joint state CPA society and American Institute of CPAs (AICPA) meeting on July 16 in Las Vegas, Nevada.
Attendees from over 20 state CPA societies discussed important profession issues including the potential impact of marijuana legalization on the profession, professional liability issues at the state level, proposed changes in the Uniform Accountancy Act to the definition of attest and firm mobility, and the new Governmental Accounting Standards Board (GASB) pension standards and state budgets.
The three state CPA lawmakers – Senator Deb Peters (SD), Representative Howard Mosby (GA) and Representative Dan Raulerson (FL) – led a panel discussion that focused on their careers and policy agendas and joined in the group’s discussion about the policy topics on the program.
Accounting Profession Issues Discussed at NCSL Legislative Summit
State legislators learned about multiple accounting profession issues at the annual Legislative Summit of the National Council of State Legislatures held in Atlanta August 12-15. Topics included U.S. fiscal health, CPA mobility, and the new GASB pension standards for state and local governments.
The AICPA released a video at the Summit that serves as an education tool for state CPA societies and state lawmakers about the two new GASB pension standards. The new standards, for the first time, will require state and local governments to report significant pension-related liabilities on their balance sheets. The video also describes how the new standards improve transparency about the effect of public pensions on the finances of state and local governments.