Federal Legislative and Regulatory Issues
Federal Law :
Th is page highlights the advocacy issues the Congressional & Political Affairs Team is currently engaged in.
Published on January 31, 2012
FASB Independence and Fair Value Accounting
Article :
The AICPA strongly and unequivocally supports independence of the U.S. and international accounting standard setting bodies, the Financial Accounting Standards Board (FASB) in Norwalk, Connecticut, and the International Accounting Standards Board (IASB) in London.
Published on January 26, 2012
Whistleblower Rules under Dodd Frank Act
Article :
Dodd-Frank Act Sections 922 and 748 require the Securities and Exchange Commission and Commodities Futures Trading Commission to implement rules to pay cash awards of up to 30% in settlements over $1 million to whistleblowers who voluntarily provide original information about violations of the Securities laws and Commodity Exchange Act,
Published on January 23, 2012
Interstate Taxation/Mobile Workforce Bill
Article :
The AICPA is supporting legislation that would reduce the tax burden and compliance requirements related to nonresident state income tax withholding laws.
Published on January 23, 2012
GAO Study of Financial Planning
Federal Law :
Dodd-Frank required the GAO to conduct a study on the effectiveness of existing regulation of financial planners, including tax advisors. The AICPA met with the GAO during the study to present the profession’s point of view. AICPA strongly opposed any new regulatory structure affecting CPAs as they are already comprehensively
Published on January 23, 2012
AICPA Letter in Support of Grimm bill, December 12, 2011
Legislative Letters :
AICPA Letter in Support of Grimm bill, December 12, 2011
Published on January 23, 2012
Audits of Federal Funds (Single Audits)
Article :
Entities that receive federal funds including states, local governments, and not-for-profit organizations (NPOs), are subject to audit requirements commonly referred to as “single audits” under the Single Audit Act of 1984, as amended in 1996. The Single Audit Act was enacted to standardize the requirements for auditing federal programs.
Published on January 13, 2012
Aiding and Abetting Liability
Article :
The Private Securities Litigation Reform Act of 1995 empowered the Securities and Exchange Commission to pursue aiding and abetting securities claims against third parties that have a business relationship with a company engaged in fraudu
Published on January 13, 2012
Barry Melancons Letter to Congress Regarding Mobile Workforce - 11.15.11
Comment Letter :
Barry Melancon's Letter to Congress Regarding Mobile Workforce - 11.15.11
Published on January 03, 2012
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 December 22, 2011