Special News Update - Spring Council 2013 Highlights 

    Published May 21, 2013

    AICPA
    AICPA Special News Update
    EDITOR'S NOTE: May 21, 2013 - Volume 16 No. 22
    The AICPA governing Council’s spring 2013 meeting was held in Washington, D.C. this week. AICPA leaders from each of the 50 states, the District of Columbia, Puerto Rico, the Virgin Islands and Guam attended the Council meeting. Guest speakers included Gene L. Dodaro, Comptroller General of the U.S., and Representatives Patrick Murphy (D-Fla.), Tom Rice (R-S.C.) and Tom Price (R-Ga.).
     
    HEADLINES
    CPAs Go to Capitol Hill to Discuss Tax Reform and Important Legislation
      More than 400 AICPA leaders met with federal legislators to discuss issues important to the profession, business and the public, such as tax reform and legislation regarding tax due dates, mobile workforce and municipal advisors. Regarding tax reform, AICPA President and CEO Barry C. Melancon, CPA, CGMA, said, “Our goal, reflected in our recent testimony and comment letters, is a system that is perceived as balanced, fair to all, administrable, economically efficient, transparent, and neutral in its effect on economic activity.”
     
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    Vote Clears Way for Possible Change in Definition of Attest
      A proposed change in the definition of attest in the Uniform Accountancy Act cleared a hurdle with the Council’s approval of a key resolution. The AICPA in partnership with the National Association of State Boards of Accountancy is seeking to amend the definition of attest to include all examinations, reviews and agreed-upon-procedures engagements under AICPA standards. Read this Journal of Accountancy article for more information.
     
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    AICPA Council Votes to Offer Specialized Credentials Internationally
      The Council voted to adopt a resolution that will make members of certain qualified accounting bodies outside the U.S. eligible to earn AICPA specialized credentials. The AICPA is initially exploring making the credentials available to members of the Chartered Institute of Management Accountants, its joint venture partner on the Chartered Global Management Accountant® designation. It is also exploring a pilot program focusing on forensics and IT with the Chartered Professional Accountants of Canada. Read more in this Journal of Accountancy article and the press release.
     
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    CGMAs Share Their Professional Growth
      Arleen Thomas, CPA, CGMA, Senior Vice President – Management Accounting & Global Markets, led a discussion of CGMAs about the way that management accountants are providing strategic insight, trend analysis, forecasting and financial analytics to drive innovations within companies. Panelists Deirdre O’Connor, Managing Director – Goldman Sachs, William Schneider, Director of Accounting – AT&T, and Ash Noah, Vice President of External Relations – AICPA, each shared their journey to CGMA and described the way management accounting education had helped them achieve greater success within their companies and professionally. Learn more about the CGMA designation.
     
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    National Commission on Diversity and Inclusion Panel Discusses CPA Diversity
      AICPA Director of Diversity and Inclusion Kim Drumgo led a panel discussion on the activities of the AICPA’s National Commission on Diversity and Inclusion, an effort initiated under AICPA Chairman of the Board of Directors Rich Caturano, CPA, CGMA. The Commission is focusing its efforts on the retention and advancement of underrepresented minorities within the profession. Task forces have been set up to examine data and trends on minority representation in the profession, identify retention best practices and share advancement best practices. The Journal of Accountancy has a summary of the panel discussion.
     
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    Council Votes to Extend Recognition of IASB as International Standard-Setter
      In May 2008, the AICPA governing Council voted to recognize the International Accounting Standards Board as an accounting body for purposes of establishing international financial accounting and reporting principles, pursuant to Rule 202 and Rule 203 of the AICPA Code of Professional Conduct. Five years later, as required by the resolution, the Council evaluated that recognition and voted to extend it for another three to five years.
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    AICPA Names Distinguished Achievement in Accounting Education Award Honorees
      The AICPA Distinguished Achievement in Accounting Education Award recognizes full-time college accounting educators distinguished for excellence in teaching and for national prominence in the accounting profession. The 2012 award was given to Janet L. Colbert, PhD, CPA, Professor of Accounting and the MBA Professor in the Department of Accounting, Information Systems and Finance of the College of Business and Technology at Eastern Kentucky University, and Donald E. Tidrick, PhD, CPA, Deloitte Professor of Accountancy at Northern Illinois University. The awards will be presented to the honorees at the American Accounting Association’s annual meeting. Read more in the press release.
     
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    View Council Activities Through the Eyes of Social Media
      Take a different look at the AICPA’s governing Council activities with video, images and commentary on social media. Council members were active on Twitter, tweeting with the hashtag #AICPAGC13. AICPA Insights also put together a summary of social media during the three days of Council.
     
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