AICPA News Update Vol. 14 No. 51 

    Published December 09, 2011

    AICPA

    AICPA News Update

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

    In This Update:

    December 09, 2011 - Volume 14 No. 51

    SEC Decision on IFRS at Least a Few Months Away
    Auditing Standards Board Issues Clarity Exposure Draft on Going Concern
    AICPA Releases Working Draft of Accounting and Valuation Guide
    Omnibus Exposure Draft on Misleading Firm Names Released by AICPA Ethics Division
    CPAs' Pessimism About U.S. Economy Shrinks But Remains Strong in Survey
    Three Free Webinars for AICPA Members
    SEC Decision on IFRS at Least a Few Months Away

    The Securities and Exchange Commission (SEC) staff will need a few more months to produce a final report on International Financial Reporting Standards (IFRS), SEC Chief Accountant James Kroeker said December 5 at the AICPA National Conference on Current SEC and PCAOB Developments in Washington. SEC commissioners are not expected to make a determination on the use of IFRS for reporting by U.S. public companies until the staff’s work is complete. Read this JournalofAccountancy.com article for more information.

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    Auditing Standards Board Issues Clarity Exposure Draft on Going Concern

    The Auditing Standards Board (ASB) has issued Proposed Statement on Auditing Standards, The Auditor's Consideration of an Entity's Ability to Continue as a Going Concern (Redrafted), resulting from its Clarity Project, to supersede SAS No. 59, The Auditor's Consideration of an Entity's Ability to Continue as a Going Concern, as amended (AICPA, Professional Standards, AU sec. 341 and AU-C sec. 570). Comments are due January 31, 2012. Although the proposed SAS represents the redrafting of SAS No. 59 to apply the ASB’s clarity drafting conventions, the ASB decided to delay convergence of the proposed SAS with International Standards on Auditing (ISA) 570, Going Concern, pending the Financial Accounting Standards Board's anticipated development of accounting guidance addressing going concern.

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    AICPA Releases Working Draft of Accounting and Valuation Guide

    The AICPA’s Financial Reporting Executive Committee issued a working draft of the AICPA Accounting and Valuation Guide Assets Acquired to Be Used in Research and Development Activities. This guide, which will replace the practice aid that was originally issued in 2001, provides guidance and illustrations for valuation specialists, preparers of financial statements and independent auditors related to initial and subsequent accounting for disclosures and valuation of acquired in-process research and development assets. This guide addresses many new accounting and valuation issues that have emerged over the years. Interested parties are encouraged to review the working draft and submit their informal feedback by March 15, 2012.

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    Omnibus Exposure Draft on Misleading Firm Names Released by AICPA Ethics Division

    The Professional Ethics Executive Committee has issued an exposure draft dated November 30 that contains important proposals on when firm names would be considered misleading, a violation of Rule 505, Form of Organization and Name (AICPA, Professional Standards, ET sec. 505). The proposals are consistent with revisions made in August 2011 to Section 14(i) of the Uniform Accountancy Act and Article 14 (Unlawful Acts) of the Model Rules. Comments are due by January 30, 2012.

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    CPAs' Pessimism About U.S. Economy Shrinks But Remains Strong in Survey

    Forty percent of CPA executives responding to the AICPA Economic Outlook Survey for the fourth quarter say they are somewhat or very pessimistic about the U.S. economy. That’s down from 59 percent in the third quarter. Predictions of a double-dip recession decreased to 45 percent in the fourth quarter compared with 61 percent in the third quarter. Meanwhile, plans for spending might be the most positive indicator in the survey. Forecasts for spending increases on IT, other capital expenses, and training reached their highest level since the third quarter of 2007. Read this JournalofAccountancy.com article and the press release for more information.

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    Three Free Webinars for AICPA Members
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