AICPA News Update - Sept. 28, 2012 

    Understand Why Financial Statement Preparation May Become a Nonattest Service 
    Published September 28, 2012

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    AICPA News Update
    A Weekly Email Newsletter on Issues & Events Surrounding the CPA Profession
     
     
      In This Update: September 28, 2012 - Volume 15 No. 39  
     
    Understand Why Financial Statement Preparation May Become a Nonattest Service
    AICPA Requests Permanent Extension of Portability Relief
    Poor Talent Management Stifling Innovation, Capping Financial Growth
    New Video Highlights CPA Lawmakers
    Sign Up for Free CPA Letter Daily
    Did You Miss the Shout Out to CPAs During the Emmys?
            
     
    Understand Why Financial Statement Preparation May Become a Nonattest Service
     

    A proposal from the AICPA’s Professional Ethics Executive Committee would make clear that certain services, including financial statement preparation, would be nonattest services. A related proposal has been issued by the Accounting and Review Services Committee. Charles E. Landes, CPA, vice president of professional standards and services at the AICPA, discusses the reasons behind these proposals and highlights a whitepaper explaining why financial statement preparation should be a nonattest service. Read his blog post on AICPA Insights® for more information.

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    AICPA Requests Permanent Extension of Portability Relief
     

    The AICPA submitted comments to the Internal Revenue Service on the proposed regulations regarding portability of the deceased spousal unused exclusion amount. The AICPA appreciated the guidance and said it was hopeful that Congress will permanently extend the portability rules to allow taxpayers and practitioners to rely on the rules in spousal estate planning. In addition, the AICPA is hopeful that Congress will allow the generation-skipping transfer tax exemption to be portable between spouses. 

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    Poor Talent Management Stifling Innovation, Capping Financial Growth
     

    Four in 10 C-suite executives around the world say their companies are missing performance targets and growth opportunities because of ineffective talent management, according to a new report for CGMAs by the AICPA and CIMA. “Talent Pipeline Draining Growth: Connecting Human Capital to the Growth Agenda” shows a need for better information to ensure companies fully harness the skills of their people.

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    New Video Highlights CPA Lawmakers
     

    The AICPA State Regulatory and Legislative Affairs Team has developed a new video that highlights CPA lawmakers, their background and experience, and why they decided to run for elected office. The CPA state lawmakers highlighted in the video are: Ohio Lieutenant Governor Mary Taylor, CPA; Virginia Senator Walter Stosch, CPA; Maryland Delegate Brian Feldman, CPA; and Wisconsin Representative Dale Kooyenga, CPA. 

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    Sign Up for Free CPA Letter Daily
     

    The AICPA’s free CPA Letter Daily e-brief covers the accounting, business and tax news members need. Get the day’s top stories in a three-minute read and be among the first to know the important developments affecting the profession. Sign up now and get access to a special cloud computing issue in early October.

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    Did You Miss the Shout Out to CPAs During the Emmys?
     

    If you missed the Emmys on Sept. 23, you missed a creative acknowledgement of the CPAs responsible for tabulating and guarding the Emmy votes. AICPA Insights has the video clip featuring cast members of “The Big Bang Theory” for your enjoyment.

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    “CPAs make a difference. From helping businesses make good decisions, to providing assurance and compliance to volunteering in the community, CPAs make the world a better place!”

    Cindie Hubiak, CPA, CGMA

       
     
         



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