AICPA News Update Vol. 13 No. 29 

    Published July 16, 2010

    AICPA

    AICPA News Update

    A Weekly Email Newsletter on Issues & Events Surrounding the CPA Profession

    In This Update:

    July 16, 2010 - Volume 13 No. 29

    Financial Regulatory Reform Bill Heads to President Obama for Signature
    ARSC Issues Proposed Statement on Standards for Accounting and Review Services
    Take Advantage of Training Grants to Expand Your Skill Set
    IFAC Survey on International Alignment of Risk Management and Internal Control Guidelines
    Personal Financial Specialist Series License Deadline
    New AICPA.Org Website Features Library of Videos on Technical, Professional Topics
    Financial Regulatory Reform Bill Heads to President Obama for Signature

    The Senate yesterday approved a major financial regulatory reform package President Barack Obama is expected to quickly sign into law. The legislation, which was approved by the House of Representatives on June 30, will create new regulations for companies that extend credit to consumers, exempt small public companies from Sarbanes-Oxley Sec. 404(b), make auditors of broker-dealers subject to PCAOB regulation and change registration requirements for investment advisers. The accounting profession successfully advocated for CPAs performing “usual and customary activities” to be carved out of the new Consumer Financial Protection Bureau. Read this JournalofAccountancy.com article for details.

     

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    ARSC Issues Proposed Statement on Standards for Accounting and Review Services

    The Accounting and Review Services Committee has issued Proposed Statement on Standards for Accounting and Review Services, The Applicability of Statements on Standards for Accounting and Review Services, to amend paragraph .01 of AR section 90, Review of Financial Statements, (SSARS 19) in AICPA Professional Standards. In accordance with paragraph .01 of AR section 90, SSARSs are effective when the auditor expects that a new auditor will be appointed for the current year but that such appointment is not yet effective. The proposed amendment would revise SSARSs to exclude such an engagement from SSARSs. Comments are due October 8.

     

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    Take Advantage of Training Grants to Expand Your Skill Set

    CPAs serving as financial executives can strengthen their organization’s employee skills and training by taking advantage of annual federal and economic-stimulus dollars available from the Workforce Investment Act of 1998 and the American Recovery and Reinvestment Act of 2009. They also are available for job seekers. The AICPA has developed a white paper, Training Grants and You: Expansion through Career Development – A White Paper, to help you learn about these opportunities and resources so you can achieve your objectives for employee and personal training.  

     

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    IFAC Survey on International Alignment of Risk Management and Internal Control Guidelines

    The International Federation of Accountants' Professional Accountants in Business Committee, with assistance from the Committee of Sponsoring Organizations of the Treadway Commission, is conducting a survey to identify and investigate risk management and internal-control frameworks and determine the need for international alignment among the various national frameworks. Take the survey by July 31.

     

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    Personal Financial Specialist Series License Deadline

    To become a Personal Financial Specialist credential holder, you have to meet education, experience and exam qualifications to demonstrate your well-rounded knowledge in estate, retirement, tax, investment and risk-management planning.  The exam qualification will be changing. At the end of 2010, the CFA and series 7, 65 and 66 license exams will no longer qualify to meet the PFS exam requirement. To learn more about taking the series 65 and 66 exams without a FINRA firm sponsor, click here. To learn more about PFS requirements, visit www.aicpa.org/PFP/PFS.

     

     

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    New AICPA.Org Website Features Library of Videos on Technical, Professional Topics

    One of the enhanced features on the new AICPA.org is an extensive library of videos (some available only to AICPA members). AICPA TV spans many interest areas and audiences, including business and industry, personal financial planning, tax, not-for-profit, government and students and educators. Also watch informative videos available throughout the site in support of hot topics, such as this overview of accounting and auditing initiatives 

     

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