AICPA News Update - August 17, 2012 

    AICPA Issues Working Draft of Not-for-Profit Guide 
    Published August 17, 2012

           
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    AICPA News Update
    A Weekly Email Newsletter on Issues & Events Surrounding the CPA Profession
     
     
     
      In This Update: August 17, 2012 - Volume 15 No. 33  
     
    AICPA Issues Working Draft of Not-for-Profit Guide
    AICPA Submits Letter in Support of Legislation Exempting Valuation Analysts from Fiduciary Rules
    Draft New Chapter of Accounting and Valuation Guide Released for Comments
    Teaching Kids About Money Low in Priority List
    "New Skills, Existing Talents" Report Digs into the Transformation of the Finance Function
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    AICPA Issues Working Draft of Not-for-Profit Guide
     

    The AICPA’s Financial Reporting Executive Committee has issued a working draft of the accounting content of a proposed Audit and Accounting Guide, Not-for-Profit Entities. This proposed guide addresses many new accounting issues that have emerged over the years and includes guidance dedicated specifically to not-for-profit entities. Sections have been expanded or added to address topics such as reporting and measuring noncash gifts, programmatic investments, microfinance loans, reporting expiration of donor-imposed restrictions, reporting relationships with other entities and municipal bond debt. Read this Journal of Accountancy article for more information.

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    AICPA Submits Letter in Support of Legislation Exempting Valuation Analysts from Fiduciary Rules
     

    On Aug. 9, the AICPA submitted a letter in support of S. 1232, a bill that exempts valuation analysts from the definition of fiduciary under the Employee Retirement Income Security Act. The AICPA will continue to monitor this issue and advocate on behalf of CPAs and valuation professionals who perform employee stock ownership plan valuations.

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    Draft New Chapter of Accounting and Valuation Guide Released for Comments
     

    The AICPA's Financial Reporting Executive Committee has issued a working draft of a new chapter of the Accounting and Valuation Guide, Valuation of Privately Held Company Equity Securities Issued as Compensation, along with the latest version of the Guide. The new chapter, Inferring Value From Transactions in a Private Company's Securities, provides a framework on how to evaluate private transactions and secondary market transactions and their relevance for estimating fair value of the other securities within an enterprise. Feedback is welcome on the new chapter and the new questions and answers in chapter 12 of the Guide, which were added to clarify the points where there was most confusion in practice. Interested parties are encouraged to submit their informal feedback on the new chapter and Q&As 12.1-12.15 by Oct. 1.

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    Teaching Kids About Money Low in Priority List
     

    Children often aren't getting much of an education about money from their parents, a survey commissioned by the AICPA shows. Three in 10 parents never talk to their children about money or have discussed money with their children just one time. For more information on financial education and responsibility, visit the AICPA's 360 Degrees of Financial Literacy website. Read the press release and this Journal of Accountancy article for more information.

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    “New Skills, Existing Talents” Report Digs into the Transformation of the Finance Function
     

    Many major organizations’ finance functions are being transformed to contribute more to the organization’s success by shifting from focusing solely on traditional tasks linked to the reporting cycle to having a more influential role with management. However, this shift has been inconsistent across the business world. A new CGMA report, New Skills, Existing Talents, presented by the AICPA and CIMA in collaboration with the CIMA Centre of Excellence at the University of Bath School of Management, evaluates whether finance professionals are expected to take on such a broader role and what steps and actions management accountants can take to gain the broader mandate to better support and add value to the business. Download the report today on CGMA.org.

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    “Being a CPA and an active member of the AICPA gives me a great sense of pride. I am most grateful for the amazing individuals I’ve met along the way.”

    Craig M. Steinhoff, CPA/ CITP

     



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