AICPA-Endorsed Amendment to Whistleblower Bill Approved
Newsletter:
The AICPA and state CPA societies successfully urged members of the House Capital Markets Subcommittee to approve an amendment to a bill that would protect investors by strengthening the whistleblower program established under the Dodd-Frank Act.
Published on February 01, 2012
AICPA Opposes PCAOBs Mandatory Audit Firm Rotation Proposal
Newsletter:
The AICPA recently told the Public Company Accounting Oversight Board its Concept Release on Auditor Independence and Audit Firm Rotation, which would require mandatory audit firm rotation, is not likely to achieve the goals the PCAOB intends
Published on January 09, 2012
Insurance Company Audits
Article:
ISSUE: How the profession should respond to legislation that requires insurers to have annual audited statutory financial reports of insurance companies. BACKGROUND: All states require domiciled insurance enterprises to submit to the state insuran
Published on March 18, 2011
Potts v. SEC
Legal Brief:
...for the AICPA in support of the petition of Robert D. Potts. The SEC sanctioned Potts for ""improper professional conduct"" in performing duties as a concurring reviewer during an audit of certain financial statements in 1988 and 1989
Published on April 02, 2013
Compilation and Review - ARSC Comment Letters
Article:
Listing of ARSC compilation and review comment letters.
Published on February 14, 2013
FSP-FAS-157-g-AcSEC-comment-letter.pdf
Article:
The Accounting Standards Executive Committee comment letter on proposed FASB Staff Position (FSP) FAS 157-g, "Estimating the Fair Value of Investments in Investment Companies That Have Calculated Net Asset Value per Share in Accordance with the AICPA Audit and Accounting Guide, Investment Companies
Published on July 11, 2011
Financial Reporting Advocacy
Article:
...The AICPA monitors and advocates on financial reporting matters affecting the accounting profession. The Financial Reporting Executive Committee (FinREC), Auditing Standards Board (ASB), and Accounting and Review Services Com
Published on July 20, 2011
Congressional Resources
Link:
The Congressional and Political Affairs team has provided useful links to congressional government agencies and AICPA centers.
Published on September 26, 2012
The CPA Advocate Newsletter
Overview:
The AICPA's advocacy e-newsletter, The CPA Advocate, is dedicated to keeping you informed about the AICPA's advocacy efforts on your behalf. Watch for it in your inbox.
Published on April 30, 2013
Whistleblower Rules under Dodd Frank Act
Article:
Dodd-Frank Act Sections 922 and 748 require the Securities and Exchange Commission and Commodities Futures Trading Commission to implement rules to pay cash awards of up to 30% in settlements over $1 million to whistleblowers who voluntarily provide original information about violations of the Securities laws and Commodity Exchange Act,
Published on February 05, 2013
AICPA Supports Goal of Real-Time Tax Processing Offers Cautions on Potential Impact
Newsletter:
Speeding up the process for matching a tax return with third-party data offers potential benefits but also potential pitfalls, the AICPA told the IRS in response to the agency’s proposal.
Published on January 06, 2012
AICPA Comments on IRS Proposed Regulations on Employee Stock Purchase Plans
Article:
AICPA commends the Treasury/IRS's effort to develop a comprehensive set of rules governing stock options issued under an employee stock purchase plan, but also asks for clarification on consistency rules for various terms and explanations to other issues.
Published on September 24, 2012
Audits of Federal Funds (Single Audits)
Article:
Entities that receive federal funds including states, local governments, and not-for-profit organizations (NPOs), are subject to audit requirements commonly referred to as “single audits” under the Single Audit Act of 1984, as amended in 1996. The Single Audit Act was enacted to standardize the requirements for...
Published on March 28, 2013
Two AICPA Panels Disagree with GASB Proposal on Financial Projections
Newsletter:
The CPA Advocate: June, 2012. Proposed required components of forward-looking information intended to assist users in assessing a government's fiscal sustainability do not meet GASB's definition of "required supplementary information."
Published on June 12, 2012
AICPA Supports Goal of Real-Time Tax Processing Offers Cautions on Potential Impact
Newsletter:
The AICPA testified at an IRS hearing on the proposed real-time tax system, saying it supports the overall goal, but that it should be phased in and focus first on the simplest returns.
Published on January 07, 2012