AICPA News Update Vol. 13 No. 45 

Paul V. Stahlin, CPA, was inaugurated October 19 as the Institute’s chair for a one-year term ending October 2011. A member of the Board of Directors and the governing Council for eight years, Stahlin gave his inaugural speech, Seize the Future, today, highlighting the importance of private company financial reporting standards, globalization as it relates to International Financial Reporting Standards and sustainability, financial literacy and future generations’ interest in the profession. Stahlin also shared his plans to update the CPA Vision Project, which established the core purpose, values, competencies and services of the CPA profession. The press release announcing Stahlin’s election is available for more information, in addition to this Journal of Accountancy profile. Read his inaugural speech for insights into his term.

A majority of members of the Blue Ribbon Panel on Private Company Financial Reporting on October 8 agreed to recommend to the Financial Accounting Foundation that there should be  a new model of GAAP with exceptions for private companies and that a new standard-setting board consisting of people with private company experience should set those standards. Some of the panel’s members participated in a discussion, moderated by outgoing AICPA chairman Robert R. Harris, CPA/CFF, regarding those recommendations. The AICPA governing Council overwhelmingly approved a resolution supporting the work of the Blue Ribbon Panel on Private Company Financial Reporting and declaring the profession's readiness to implement differential GAAP for private companies as determined by a separate standard-setting board. Read this JournalofAccountancy.com article for more information.

For the first time in its history, the Uniform CPA Examination will be offered outside the 55 U.S. jurisdictions in 2011. The AICPA, the National Association of State Boards of Accountancy and Prometric – the three organizations that jointly offer the CPA Examination in the United States – have announced they reached an agreement to administer the exam in five international locations: Japan, Bahrain, Kuwait, Lebanon and the United Arab Emirates. The international exam will be the same as the one offered in the U.S., using the same computerized format and language. Those who pass the CPA exam will be eligible to qualify for licensure as a CPA through U.S. state boards of accountancy. Read this JournalofAccontancy.com article and the press release for more information. An FAQ is also available on the CPA Exam webpage.

The AICPA and the American Accounting Association in August announced the formation of the Pathways Commission based on a recommendation from the U.S. Department of the Treasury Advisory Committee on the Auditing Profession in its October 2008 report. The commission will research and plan the future structure and content of accounting education and is made up of individuals and representatives from organizations that impact the various current accounting education pathways. The governing Council received an update on the commission’s assessment of the challenges educators face when teaching and training students. For more information, visit www.pathwayscommission.org.