AICPA News Update Vol. 14 No. 39 

    Published September 23, 2011

    AICPA

    AICPA News Update

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

    In This Update:

    September 23, 2011 - Volume 14 No. 39

    President Signs Bill Prohibiting New Tax Strategy Patents
    AICPA Encourages Member Feedback on IIRC Integrated Framework Proposal
    AICPA Chairman Discusses the Importance of CPAs Including the Credential After Their Names
    Visit the AICPA’s Veteran Fast Launch Initiative – An Opportunity to Volunteer
    Get Your Financial Reporting Questions Answered by Those in the Know
    Free Webinars: American Jobs Act; PCPS Quarterly New Member; Small Firm Update
    President Signs Bill Prohibiting New Tax Strategy Patents

    On September 16 President Barack Obama signed into law the America Invents Act, enacting reforms to the patent system, including a provision that prohibits the granting of new patents on tax strategies. The AICPA and state CPA societies had advocated against tax strategy patents, which AICPA President and CEO Barry Melancon described as "the equivalent of private tollbooths that block tax compliance options and could cost Americans more money." Tax strategy patents now become one of only a handful of patent types that the Patent & Trademark Office is prohibited from issuing – others include medical procedures and nuclear technology. Read this JournalofAccountancy.com article for more information.

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    AICPA Encourages Member Feedback on IIRC Integrated Framework Proposal

    The International Integrated Reporting Committee (IIRC) last week proposed a new, integrated framework for business reporting which captures all material aspects of an organization’s performance in a paper entitled “Towards Integrated Reporting: Communicating Value in the 21st Century.” Integrated reporting is designed to enhance and consolidate existing reporting practice by linking key strategies, governance and financial performance with the environmental and social context in which an organization operates. The AICPA recognizes the importance of and supports efforts to develop clearer, more consistent, globally accepted accounting and reporting standards, and encourages members to provide input on the IIRC draft document over the next three months. The comment period will be open through December 14, 2011.

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    AICPA Chairman Discusses the Importance of CPAs Including the Credential After Their Names

    In his final Chair's Letter, AICPA Chairman of the Board of Directors Paul V. Stahlin, CPA, discusses the importance of CPAs including CPA after one’s name whenever possible. “The CPA credential represents someone who has worked hard to earn and maintain a professional distinction that is highly respected by business decision makers. It’s important to your business and the profession that your CPA credential is always on display,” he says. Additional credentials add further value, Stahlin writes. Read his column for more information.

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    Visit the AICPA’s Veteran Fast Launch Initiative – An Opportunity to Volunteer
    The AICPA has joined forces with the Service Corps of Retired Executives in the Veteran Fast Launch Initiative, a five-year program that is connecting veterans with CPAs across the country. To date, approximately 275 AICPA members have expressed interest and signed up to provide up to five hours of free financial advice to veterans about starting and growing their small business. A toolkit of resources to get you started and a CPA volunteer directory have been developed. Learn more about this important program and how you can get involved. 
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    Get Your Financial Reporting Questions Answered by Those in the Know

    If you’re looking for a place to turn when it comes to matters involving professional judgment, then contact the Technical Hotline where a team of experts will help answer your questions by phone. From accounting and financial reporting issues, audit and attest engagements and everything in between, the team answers thousands of calls each year.

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    Free Webinars: American Jobs Act; PCPS Quarterly New Member; Small Firm Update
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