AICPA News Update Vol. 13 No. 38 

    Published September 10, 2010

    AICPA

    AICPA News Update

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

    In This Update:

    September 10, 2010 - Volume 13 No. 38

    Free Monthly Newsletter Launching: BusIndNews
    CIMA and AICPA Research Paper Provides Insights into ERM Implementation
    Stakeholder Input on Private Company Reporting Panel Models is Due Sept. 15
    New Article Summarizing Member Ballot
    Now Available: Illustrative Internal Controls Report
    FASB/IASB Lease Exposure Drafts FAQ Available
    Free Monthly Newsletter Launching: BusIndNews

    The AICPA next week is launching a free, monthly e-newsletter featuring news, resources and tools specifically designed for CPAs interested in such topics as financial operations, regulatory reform, accounting standards, enterprise risk management and more. On September 15, members for whom the AICPA has email addresses on file will be sent the inaugural issue of BusIndNews. AICPA members may sign up now for the free BusIndNews or opt in with your sample issue; members in Business, Industry and Government will automatically continue to receive their ongoing complimentary subscriptions. Be assured your email may only be used by the AICPA and you can opt out at any time.

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    CIMA and AICPA Research Paper Provides Insights into ERM Implementation

    As the global economic crisis continues to cast its shadow over organizations in the U.S. and globally, more organizations are tackling business challenges by embracing Enterprise Risk Management (ERM). To find a deeper understanding of global views surrounding ERM, the AICPA partnered with the Chartered Institute of Management Accountants (CIMA) to publish a joint paper “Enterprise Risk Oversight: A Global Analysis of its Current State,” based on U.S. and global ERM surveys conducted by the ERM Initiative at North Carolina State University. Read the joint paper, this article and press release for more information.

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    Stakeholder Input on Private Company Reporting Panel Models is Due Sept. 15

    The Blue Ribbon Panel on Private Company Financial Reporting established to explore the future of standard setting for private companies is now debating various GAAP-based standard-setting models, as well as the structure of the board that would set those GAAP standards. Read this article on the latest developments. In this video, AICPA President and CEO Barry C. Melancon, CPA, discusses his support for a separate standard-setting board for private companies and requests members provide input as the panel works toward its final recommendations. Answer the panel’s questions by September 15.

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    New Article Summarizing Member Ballot

    Ballots on a proposed bylaw amendment regarding admission requirements to join the AICPA as voting members have been mailed to all AICPA members. The AICPA governing Council unanimously voted for the ballot and recommends members approve the change. In our continuing effort to provide members with informational resources on the member ballot, a new article written by Jeannie Patton, Vice President of Students, Academics and Membership, has been added to the member ballot webpage. This article addresses many of the questions and comments the Institute has received.

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    Now Available: Illustrative Internal Controls Report

    The AICPA Investment Companies Expert Panel and staff developed an illustrative report, assertion, and description of controls and control objectives pursuant to the amended Securities and Exchange Commission Custody Rule.  Click here to download the report

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    FASB/IASB Lease Exposure Drafts FAQ Available
    On August 17, the Financial Accounting Standards Board (FASB) and International Accounting Standards Board (IASB) issued an Exposure Draft on Leases. The AICPA’s Accounting and Financial Reporting team developed questions and answers to highlight important aspects of the proposals contained in the exposure draft.
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