AICPA Special News Update - October 23, 2012 

    Special Edition - Fall 2012 Council Meeting 
    Published October 23, 2012

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    AICPA News Update
    A Weekly Email Newsletter on Issues & Events Surrounding the CPA Profession
     
     
      In This Update: October 23, 2012 - Volume 15 No. 43  
     
    Richard J. Caturano, CPA, CGMA, Elected as Chairman of AICPA Board of Directors
    AICPA Launches Consumer Book Featuring Personal Stories and Advice from 125 CPAs
    Private Company Council Chair Details Plans
    Proposed New Financial Reporting Framework for Smaller Enterprises Discussed
    Information Technology Section Has a New Name
    PFP Executive Committee Granted Standard-Setting Authority
    AICPA Honors Profession’s Contributors and Influencers
        Special Edition - Fall 2012 Council Meeting    
     
    Richard J. Caturano, CPA, CGMA, Elected as Chairman of AICPA Board of Directors
     

    Richard J. Caturano, CPA, CGMA, was inaugurated Oct. 23 as the Institute’s chairman for a one-year term ending Oct. 2013. His inaugural speech, Achieving the American Dream Through the Accounting Profession, highlights how the CPA profession is paving the way to the future through initiatives such as the financial reporting framework for small- and medium-sized entities and the AICPA National Commission on Diversity and Inclusion. He also discussed the responsibility each CPA has to be a steward of the profession. Caturano cites the CPA profession as the driver for his family’s ability to achieve the American Dream, rising from a blue collar background to managing a CPA firm. Read this Journal of Accountancy profile on Caturano.

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    AICPA Launches Consumer Book Featuring Personal Stories and Advice from 125 CPAs
     

    Save Wisely. Spend Happily. Real Stories about Money & How to Thrive from Trusted Advisors, the AICPA’s first consumer publication, launched to the profession Sunday during the AICPA’s governing Council meeting. The book, edited by Sharon Lechter, CPA, features advice from 125 CPAs and captures the expansive insight of the profession into a quick and easy-read guide that anyone can use to plan for college, educate their children, save for retirement, survive a divorce or simply improve their financial standing. Released in celebration of the AICPA’s 125th anniversary, the book is the first publication of 360 Degrees of Financial Literacy, the profession’s volunteer effort to provide free financial education to Americans of all ages. Order your copies today for delivery before the holidays.

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    Private Company Council Chair Details Plans
     

    Billy Atkinson, chair of the Financial Accounting Foundation’s new Private Company Council, said he favors embracing differential accounting standards for private companies only after first exploring with the Financial Accounting Standards Board whether changes can be made to the standards to accommodate all companies. Read this Journal of Accountancy article for more information on Atkinson’s speech at Council.

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    Proposed New Financial Reporting Framework for Smaller Enterprises Discussed
     

    David Morgan, chairman of the Financial Reporting Framework for Small and Medium-sized Entities Task Force, and Robert Durak, AICPA Director of Private Company Financial Reporting, presented the AICPA’s plans for the FRF for SMEs. An exposure draft of the financial reporting framework will be released next week and will have a 90-day comment period. The AICPA has published an FAQ on FRF-SMEs for your information.

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    Information Technology Section Has a New Name
     

    To better align the section’s name with members’ services and roles within their firms and organizations, the AICPA’s governing Council approved renaming the IT Section to the Information Management and Technology Assurance Member Section. Information management involves the management of data, integration of systems and business reporting. Technology assurance addresses the risks, controls and governance associated with technology. Updates to the website, collateral, newsletters and other resources will happen over the coming months.

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    PFP Executive Committee Granted Standard-Setting Authority
     

    AICPA’s governing Council granted the Personal Financial Planning Executive Committee standard-setting authority. These new professional standards will provide AICPA members who offer financial planning services with practice and competency guidelines. Next steps include full vetting by senior committees and thorough public exposure, expected to begin in late April. The current practice aid, Statement on Responsibilities in Personal Financial Planning Practice, has been in place since 1992. Learn more about the responsibilities of CPAs as it relates to providing financial planning advice.

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    AICPA Honors Profession’s Contributors and Influencers
     

    The AICPA honored Leslie Murphy, CPA, with the Gold Medal Award for Distinguished Service. The Gold Medal is the AICPA’s highest award granted to a CPA and is given to members who have made major contributions to the CPA profession. From 2005-2006, Murphy served as chair of the AICPA’s Board of Directors. She began serving on the board in 2001 and later served as a member of the Institute’s governing Council and the Assurance Services Executive Committee. William F. Messier, Jr., CPA, D.B.A., University of Nevada, Las Vegas, is the recipient of the 2012 Distinguished Achievement in Accounting Education Award. Johnny K. Hudson, CPA, is the 2011 recipient of the Institute’s Public Service Award for Individuals. Bell & Company and the Reznick Group received the 2011 Public Service Award for Firms. Four CPAs received the Sustained Contribution Award: James L. Curry, Robert R. Harris, Theodore F. Martens and Tonya Kay Flesher. More information on all the award winners is available from the AICPA’s Press Center.

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