Federal Issues

    Financial Regulatory Reform 

    Responding to the 2007-2009 financial crisis, Congress debated comprehensive financial regulatory legislation that would address systemic risks, provide U.S. regulators with new resolution authorities and create a new consumer financial protection bureau.  The AICPA did not take a position on the larger legislation but expressed opinions on specific issues affecting the accounting profession including advocating successfully to ensure that CPA’s “customary and usual” services would not be regulated under the new Consumer Financial Protection Bureau (see CFPB page linked here).

    The House and the Senate took different approaches to enacting regulatory reform legislation. In the House of Representatives, lawmakers passed several different bills in committee and then consolidated those into one in House floor action as the Wall Street Reform and Consumer Protection Act of 2009, H.R. 4173.

    In the Senate, Banking Committee Chairman Senator Chris Dodd, a Connecticut Democrat, shepherded the bill through his committee and on the Senate floor.  The Restoring American Financial Stability Act of 2010 (S. 3217) passed the Senate on May 20, 2010 and was renumbered to the House bill number, H.R. 4173. 

    A House/Senate Conference was convened in mid-June to reconcile differences in the two bills.  Renamed the Dodd-Frank Wall Street Reform and Consumer Protection Act, the bill was passed by the House on June 30, 2010 and the Senate on July 15, 2010.  The bill was enacted into law with the President's signature on July 21, 2010.

    Several provisions and amendments were included in the legislation of significant concern to the accounting profession.  For those provisions that have ongoing rulemakings or studies to be performed by regulators, the AICPA is participating in the comment process and monitoring their implementation.  The financial regulatory reform issues from the Dodd-Frank Act that impact CPAs include:

    Resources

    Copy of Legislation

    The law and all major Congressional actions leading to passage are available on the Library of Congress's THOMAS website by using the advanced search function and searching for H.R. 4173 by bill number under the 111th Congress.

    Staff Contact

    Peter Kravitz
    Director – Congressional and Political Affairs
    202-434-2918
    pkravitz@aicpa.org

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    Cash Accounting Bipartisan Letter to the House of Representatives

    Legislative Letters
    Published on September 11, 2014

    Preserving the Cash Basis Method of Accounting for CPA Firms

    Article The AICPA is opposed to certain provisions included in tax reform proposals that would limit the availability of the cash basis method of accounting.
    Published on September 11, 2014

    Congressional and Political Affairs Advocacy

    Overview The AICPA monitors and advocates on legislative and other matters that affect the accounting profession. Working with state CPA societies and other professional organizations, the AICPA provides information to and educates federal, state and local policymakers regarding key issues.
    Published on September 10, 2014

    Federal Legislative and Regulatory Issues

    Federal Law This page highlights the advocacy issues in which the Congressional & Political Affairs Team is advocating on behalf of the profession, and also those issues that the team has recently followed.
    Published on September 05, 2014

    Cash Accounting Senate Letter

    Legislative Letters
    Published on August 07, 2014

    XBRL

    Article Extensible Business Reporting Language (XBRL) used in financial and other reporting allows for easier access to more transparent information.  AICPA supports legislative proposals to utilize XBRL by companies, Federal agencies and recipients of Federal funds.
    Published on May 20, 2014

    Camp Letter On Cash Basis April 25, 2014

    Legislative Letters The American Institute of CPAs (AICPA) voices strong opposition to draft legislation that would limit the use of the cash method of accounting for pass-through entities and personal service corporations.
    Published on May 08, 2014

    Convergence of International and US Accounting Principles and IFRS

    Article International Financial Reporting Standards (IFRS) set by the International Accounting Standards Board (IASB) in London is a response to worldwide demand from regulators, investors, businesses, and auditing firms for a single set of high-quality, globally-accepted accounting standards.
    Published on April 17, 2014

    AICPA Letter to SEC on Proposed Regulation Crowdfunding

    Comment Letter AICPA comments on the SEC's proposed new Regulation Crowdfunding under the Securities Act of 1933 and the Securities Exchange Act of 1934 to implement the requirements of Title III of the JOBS Act as published in SEC File No. S7-09-13.
    Published on February 06, 2014

    Jan 2014 - AICPA Statement for the Record regarding Conferences and Travel

    Article AICPA provided a Statement for the Record to the Senate Homeland Security and Government Affairs Committee in  response  to the hearing held on January 14, 2014 entitled, "Examining Conference and Travel Spending Across the Federal Government."
    Published on January 28, 2014

    Cash Basis Letter to Senate Finance Committee from Associations-Jan7-2014

    Legislative Letters Cash Basis Letter to Senate Finance Committee dated Jaunary 7, 2014 from American Council of Engineering Companies, American Dental Association, American Farm Bureau Federation, American Institute of Architects, American Institute of CPAs and S Corporation Association.
    Published on January 22, 2014

    Municipal Advisors

    Issue Brief The AICPA generally supports the SEC’s proposed rules as a means to strengthen investor protections in the municipal securities market.  The AICPA is concerned, however, because the proposed rule would require that accountants performing customary and usual accounting services would be required to register as municipal advisors.
    Published on January 07, 2014

    ERISA Fiduciary Definition - Appraisers of Employee Stock Ownership Plans

    Article The AICPA believes that the U.S. DOL should implement rules that would require appraisers of ESOPs to meet minimum qualification requirements, including holding relevant credentials and training, and comply with applicable professional valuation standards.
    Published on December 30, 2013

    Take Action Legislation Affecting ESOP Appraisers

    Article The AICPA urges FVS section members to seek congressional support of legislation to fix DOL fiduciary proposal on ESOP appraisers S. 273/HR 2041.
    Published on September 18, 2013

    CPAs Count! Make Your Voice Heard on Capitol Hill.

    Overview The AICPA PAC is the profession’s political action committee. This describes frequently asked questions about the AICPA PAC.
    Published on July 30, 2013

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