FASB Comment Letter Regarding Fair Value Measurement of Perpetual Trusts
AICPA comments on the Not-for-profit entities (NFP) requirement to measure beneficial interests in perpetual trusts at fair value
Published on May 08, 2013
Audits of Federal Funds (Single Audits)
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...
Published on March 28, 2013
AICPA Provides Feedback to GASB on Nonexchange Financial Guarantee Transactions
The CPA Advocate: December, 2012. AICPA asks for clarification of "financial guarantee" and questions theBoard's conclusions regarding the exclusion of exchange transactions from the scope of the standard.
Published on December 19, 2012
AICPA Advocacy Continuing on Proposed Revisions to Single Audit Rules
The CPA Advocate: March 27, 2013. The AICPA invites members to submit comments by April 26, 2013 to be considered as part of AICPA’s comment letter to OMB.
Published on March 27, 2013
AICPA Raises Concerns about Ideas for Potential Revisions to Single Audits
The CPA Advocate: June, 2012. The GAQC comment letter to OMB supports overall goals of potential revisions to single aud requirements but raised concerns about ideas for potential revisions.
Published on June 12, 2012
FASB Comment Letter Archive
The AICPA takes opportunities to comment on Discussion Papers and other various standard setting items. Included are archived items.
Published on July 15, 2011
AICPA Proposes Fiscal Year Flexibility for Emerging Small Businesses
This is AICPA's statement in support of allowing small businesses the flexibility to adopt any fiscal year end from April through November for tax purposes, as proposed in the Small Business Tax Flexibility Act of 2003 (H.R. 3225) for the record of the Subcommittee's September 23, 2004, hearing.
Published on May 20, 2013
AICPA Thanks IRS for Adopting Its Safe Harbor Recommendation on Spousal Waivers for CRTs
The AICPA expresses its appreciation to the IRS for suspending the spousal waiver requirement for charitable remainder trusts under section 664.
Published on September 19, 2012
AICPA Supports Bill to Clarify State Tax Treatment of Nonqualified Deferred Comp
AICPA has endorsed H.R. 4019, which would clarify that retirement income received under certain nonqualified deferred compensation plans for retired partners would not be subject to non-resident state income tax.
Published on September 28, 2012
AICPA Urges IRS to Modify Accounting Method Rules for Foreign Corporations - Comment Letter
The CPA Advocate: August, 2012. Changes are needed to IRS rules so foreign corporations can voluntarily meet U.S. tax accounting principles, AICPA says.
Published on April 30, 2013
CPAs Can Help Vets Succeed in Business Ventures through New AICPA Program
The CPA Advocate: May 2011. The AICPA is making it easy for CPAs to help veterans. Under Fast Launch, CPAs can donate up to 5 free hours of financial advice about how to start a business.
Published on May 27, 2011
Jury Verdict Against KPMG for Negligent Misrepresentations in Audit Report
Failure to detect misstatements in financial statements result in a $38.8M jury verdict in the Cast Art Industries, LLC vs. KPMG LLP case.
Published on May 03, 2013
Cast Art Industries, LLC Scott Sherman Gary Barsellotti and Frank Colapinto vs. KPMG LLP John Quinn John Shaw Ed Lazor F...
A substantial jury verdict of $31.8 million was entered against KPMG in this case which was brought in the Superior Court of New Jersey, Middlesex County. Plaintiffs, which included Cast Art Industries, LLC (“Cast Art”) and its shareholders, brought suit against KPMG, as an auditor, for failing to detect fraudulent misstatements
Published on October 04, 2010
AICPA Recommendations Incorporated in SEC Rule Defining Family Office Exclusion under Investment Advisers Act
The U.S. Securities and Exchange Commission adopted a rule June 22 expanding the definition of the “family office” exclusion under the Investment Advisers Act of 1940. The SEC rule incorporated several suggestions made by the AICPA.
Published on June 30, 2011
AICPA Urges Congress to Conform S Corp Sting Tax to the PHC Rate
This letter to Congress urges the reduction of the tax on passive investment income to conform to the similar changes made by JGTRRA of 2003 for personal holding companies and with regard to the accumulated earnings tax.
Published on September 28, 2012