Audits of FHA-Approved Participants and Related HUD Requirements
Article:
FHA proposes new rule to strengthen risk management and shift accountability for the underwriting of FHA-insured loans to the mortgage banks. It may no longer require FHA to approve loan correspondents (mortgage brokers) participating in the FHA program and HUD would no longer require FHA to submit audited financial statements or audits
Published on May 14, 2013
Municipal Advisors
Article:
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 May 01, 2013
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 May 01, 2013
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 03, 2013
Tax Legislation and Policy
Article:
The Congressional and Political Affairs Team often assists the Tax Team with tax legislation and policy issues, and advocates about them to Members of Congress and other key policymakers on behalf of the profession.
Published on April 03, 2013
Section 404(b) of Sarbanes-Oxley Act of 2002
Article:
The Sarbanes Oxley Act requires that the management of public companies assess the effectiveness of the internal control of issuers for financial reporting. Section 404(b) requires a publicly-held company’s auditor to attest to, and report on, management’s assessment of its internal controls. AICPA believes that all investors in public companies
Published on April 03, 2013
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 April 03, 2013
Financial Literacy and Education
Article:
Learn about the AICPA's award winning financial literacy programs.
Published on April 03, 2013
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 April 03, 2013
Extraterritorial Private Rights of Action, also known as F-Cubed Litigation
Article:
The accounting profession believes private litigants may utilize U.S. securities laws within the territorial jurisdiction of the U.S. and that the United States Supreme Court decision in Morrison v. National Australia Bank, Ltd. is the correct reading of the Securities Exchange Act of 1934.
Published on April 03, 2013
ERISA Fiduciary Definition - Appraisers of Employee Stock Ownership Plans
Article:
The AICPA believes that CPAs who perform valuation services for employee stock ownership plans (ESOPs) should not be defined as fiduciaries under the Employee Retirement Income Security Act (ERISA). Rather, the AICPA believes that the U.S. Department of Labor (DOL) should implement rules that would require appraisers of ESOPs to
Published on April 03, 2013
Consumer Financial Protection Bureau
Article:
This article outlines the AICPA's involvement with the development of the Consumer Financial Protection Bureau (CFPB). The AICPA was successful in winning recognition by House and Senate lawmakers of the vital role CPAs play in advising Americans on their financial decisions, thus preventing CPAs from reporting to a new regulatory body.
Published on April 03, 2013
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 March 29, 2013
Tax Legislation and Policy - Recent Issues
Overview:
See current tax issues and legistlation that the AICPA recently followed. The Congressional and Political Affairs Team often assists the Tax Team with tax legislation and policy issues, and advocates about them to Members of Congress and other key policymakers on behalf of the profession.
Published on March 28, 2013
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 March 28, 2013