AICPA News Update - August 3, 2012 

    AAA and AICPA Release Pathways Commission Report 
    Published August 03, 2012

    AICPA
           
      AICPA
    AICPA News Update
    A Weekly Email Newsletter on Issues & Events Surrounding the CPA Profession
     
     
     
     
      In This Update: August 3, 2012 - Volume 15 No. 31  
     
    AAA and AICPA Release Pathways Commission Report
    2012 PCPS/TSCPA National Map Survey Has Been Extended
    ASB to Vote on Issuance for Exposure Proposed Amendments to SAS No. 122
    Working Draft of Proposed Audit and Accounting Guide, Not-for-Profit Entities, Due to Be Released Aug. 15
    New Report from AICPA and CIMA Highlights Skills and Talents Needed for Success
    Free AICPA Resources and Webinars Available
           
     
    AAA and AICPA Release Pathways Commission Report
     

    The American Accounting Association and the AICPA, the founding co-sponsors of the Pathways Commission on Accounting Higher Education, announced the release of the Pathways Commission report on July 31. The Pathways Commission was created in 2010 by the AAA and AICPA to study the future structure of higher education for the accounting profession and to develop recommendations for educational pathways for students, academics, practitioners and others in the practice and study of accounting. Read this JournalofAccountancy.com article or read the full report for more information.

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    2012 PCPS/TSCPA National Map Survey Has Been Extended
     

    To ensure the most comprehensive results, the 2012 PCPS/TSCPA National MAP Survey has been extended through Aug. 17. Complete the survey today.

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    ASB to Vote on Issuance for Exposure Proposed Amendments to SAS No. 122
     

    The AICPA’s Auditing Standards Board, in response to members requesting further clarity, is planning on issuing an exposure draft of a proposed Statement on Auditing Standards, Omnibus Statement on Auditing Standards—2012, to amend two clarified standards that go into effect Dec. 15, 2012. This proposed SAS would amend SAS No. 122, section 600, Special Considerations--Audits of Group Financial Statements (Including the Work of Component Auditors), and section 800, Special Considerations--Audits of Financial Statements Prepared in Accordance with a Special Purpose Framework [AICPA, Professional Standards, AU-C sec. 600 and AU-C sec. 800]. An open ASB meeting, to be held by conference call at 10 a.m. ET on Aug. 16, 2012, will put the proposed SAS to a ballot for issuance for exposure. If you would like to attend the open ASB meeting, please register online (and view the proposed SAS) or contact Sherry Hazel. The AICPA welcomes input from auditors on these important issues. The comment period on the exposure draft ends on Oct. 30. The ASB plans on issuing a final SAS to be effective Dec. 15, 2012.

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    Working Draft of Proposed Audit and Accounting Guide, Not-for-Profit Entities, Due to Be Released Aug. 15
     

    The AICPA’s Financial Reporting Executive Committee is expected to issue a working draft of the accounting content of a proposed Audit and Accounting Guide, Not-for-Profit Entities, on Aug. 15. The proposed guide is expected to address many new accounting issues that have emerged over the years and include guidance dedicated specifically to not-for-profit entities. This working draft is not expected to include general and specific auditing considerations, analytical procedures, internal control considerations or reporting. Be on the lookout for additional communications and the release of the working draft mid-next month.

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    New Report from AICPA and CIMA Highlights Skills and Talents Needed for Success
     

    In today’s quickly changing economy, CPA, CGMAs play an important role in helping their organizations meet strategic objectives and build sustainable business models. These individuals reach beyond the more traditional finance focus and, as a result, need to demonstrate advanced and unique capabilities  to progress in their careers. Fast Track to Leadership, a new report from the AICPA and CIMA, features global interviews and roundtables that capture the changing requirements in skills, experience and behaviors that will help CPA, CGMAs to identify challenges and develop an action plan to maximize opportunities.

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    Free AICPA Resources and Webinars Available
     
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    “The CPA certificate is my “passport to the future.” It offered professional growth opportunities with well-respected  multinationals,  international  travel,  expatriate assignment, and  opportunity to serve on the  AICPA Minority Initiatives Committee.”

    Malcolm W. Bryan, CPA, CGMA
     



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