AICPA News Update Vol. 13 No. 44 

    Published October 12, 2010

    AICPA

    AICPA News Update

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

    In This Update:

    October 12, 2010 - Volume 13 No. 44

    Private Company Panel to Recommend Separate Standard-Setting Board, U.S. GAAP Exceptions
    Members Overwhelmingly Pass Proposed Bylaw Amendment
    AICPA Testifies on IRS Return Preparer Registration Plan
    AICPA Chairman Provides Overview of His Term
    Free Webinar for Estate Planning Awareness Week
    Private Company Panel to Recommend Separate Standard-Setting Board, U.S. GAAP Exceptions

    The majority of members of a blue ribbon panel have agreed to recommend the Financial Accounting Foundation accept a new model of GAAP with exceptions for private companies and that those standards should be set by a new standard-setting board consisting of people with private company experience. Read this JournalofAccountancy.com article and the AICPA press release for more information.

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    Members Overwhelmingly Pass Proposed Bylaw Amendment

    By an overwhelming majority of votes cast, AICPA members have approved a proposal to modernize the admission requirements for membership. A total of 86,484 votes were cast with 81.39 percent voting “yes.” Prior to the bylaw change, the sole requirement was possession of a valid and unrevoked CPA certificate. This provision remains, but now individuals also are eligible for membership if they at any time possessed a valid CPA certificate (as long as it was not revoked as a result of a disciplinary action), or if they have fulfilled the education, examination, and experience requirements of the Uniform Accountancy Act (UAA). Individuals who join the AICPA under the new provisions must abide by the Institute’s Code of Professional Conduct and meet the same continuing professional education requirements as current members. The AICPA bylaws prohibit accounting professionals who are not licensed by their respective state board of accountancy to hold out as CPAs or identify themselves as such strictly on the basis of their AICPA membership. Applications will begin to be accepted in December. For more information, read the AICPA press release or visit aicpa.org.

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    AICPA Testifies on IRS Return Preparer Registration Plan

    The AICPA's Vice President-Taxation, Edward Karl, testified at an Internal Revenue Service (IRS) hearing on Oct. 8 about proposed changes to Circular 230 that would implement parts of the IRS’s plan to regulate tax return preparers. The AICPA also submitted a comment letter to the IRS on the same subject on Oct. 7. In his testimony, Karl expressed concerns with several aspects of the plan and made recommendations concerning nonsigning preparers, the plan’s testing and continuing education requirements, and other issues. Read this JournalofAccountancy.com article for more information, also available are Karl's testimony and the AICPA press release.

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    AICPA Chairman Provides Overview of His Term

    In his final Chair’s Letter, AICPA Chairman of the Board of Directors Robert R. Harris, CPA/CFF, reviews his year as chairman, highlighting the progress made in several critical areas, such as the globalization of business, financial regulatory reform, sustainability and young CPA involvement in the profession. Read his column now.

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    Free Webinar for Estate Planning Awareness Week

    In recognition of Estate Planning Awareness Week, Financial & Estate Planning: What Should Your Clients Do Now, to be held October 18 from 1-3 p.m. ET, brings together a panel of experts from across the country who will discuss the planning considerations advisers and their clients should address now and into 2011 to ensure proper long-term planning is in place to mitigate negative outcomes as well as to take advantage of opportunities. This webinar will be beneficial for advisors and their clients. A client letter and practitioner checklist will be distributed to attendees to assist you in addressing the panel's action-oriented advice with your clients now.

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