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House Subcommittee Hears Testimony from Profession on Accounting and Auditing |
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On March 28, Barry C. Melancon, CPA, CGMA, president and CEO of the AICPA, testified at the House Subcommittee on Capital Markets and Government Sponsored Enterprises’ accounting and auditing oversight hearing. He said the AICPA supports a strong, balanced and independent regulatory structure that protects investors but does not restrict the flow of capital. Other regulators and business leaders testified, including Public Company Accounting Oversight Board Chairman James Doty, who faced probing questions on mandatory audit firm rotation. Read Melancon’s testimony and this JournalofAccountancy.com article for more information.
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AICPA Calls On U.S. Senate to Maintain Investor Protections |
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On March 19, AICPA President and CEO Barry C. Melancon, CPA, CGMA, sent the U.S. Senate a letter supporting the independence of the Financial Accounting Standards Board and the uniform application of accounting and auditing standards to all public companies. At the time, Congress was considering the Jumpstart Our Business Startups Act, which includes easing corporate governance and financial reporting requirements for initial public offerings. Both the U.S. Senate and House of Representatives passed the bill and it is awaiting President Obama’s signature.
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Rising Economic Confidence Found in Moods of Management Accountants |
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Chartered Global Management Accountants (CGMAs) have grown a little more confident in the first quarter about global economic conditions, according to the inaugural CGMA Global Economic Outlook Index, a new quarterly snapshot of AICPA and Chartered Institute of Management Accountants members. The survey revealed some significant regional differences in expectations and optimism. Read this CGMA Magazine article for more information.
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AICPA Health Care Expert Panel Develops TPA on ASU No. 2011-07 |
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The AICPA Health Care Expert Panel has developed Technical Question and Answer (TPA) 6400.47 to provide nonauthoritative guidance regarding Accounting Standards Update (ASU) No. 2011-07, Presentation and Disclosure of Patient Service Revenue, Provision for Bad Debts, and the Allowance for Doubtful Accounts for Certain Health Care Entities. The TPA applies to consolidated financial statement presentations when the organization also issues financial statements for individual subsidiaries.
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Explore How Your Finance Team Can Bring Value to the Organization |
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Increasingly, organizations demand that finance teams master more than just cost and process efficiency; they also must become an effective strategic partner to an organization's operational units, driving performance and business profitability. As finance professionals work more collaboratively to support decision making, the architecture of finance in many organizations will change. The free downloadable report, The Inside Track: Partnering for Value, discusses how Chartered Global Management Accountants can transform the finance function, work more collaboratively and effectively with the rest of the organization and maximize the contribution of finance to the business.
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