Tax Legislation and Policy - Recent Issues
Article :
The Congressional and Political Affairs Team often assists the Tax Team with tax legislation and policy issues, and advocates about them to Members of Congress and other key policymakers on behalf of the profession. Below are several significant current
Published on May 15, 2012
Tax Strategy Patents
Article :
On September 16, 2011, President Obama signed the America Invents Act, which contains a provision that eliminates the patenting of new tax strategy patents. The AICPA strongly supported this legislation and worked towards i
Published on May 15, 2012
Federal Legislative and Regulatory Issues
Federal Law :
This page highlights the advocacy issues in which the Congressional & Political Affairs Team is advocating on behalf of the profession, and also those issues that the team has recently followed.
Published on May 15, 2012
Tax Legislation and Policy
Article :
The Congressional and Political Affairs Team often assists the Tax Team with tax legislation and policy issues, and advocates about them to Members of Congress and other key policymakers on behalf of the profession.
Published on May 15, 2012
XBRL
Article :
Extensible Business Reporting Language (XBRL) used in financial and other reporting allows for easier access to more transparent information. AICPA supports legislative proposals to utilize XBRL by companies, Federal agencies and recipients of Federal funds.
Published on May 14, 2012
Registration and Inspection of the Auditors of Broker-Dealers
Article :
The Dodd-Frank Act provides authority to the Public Company Oversight Board to expand, by rule, its oversight and inspections to all auditors of broker-dealers or to a targeted subset of its choosing. The AICPA continues to advocate for a clear policy rationale to any changes in PCAOB regulation.
Published on May 14, 2012
Financial Literacy and Education
Article :
The Congressional and Political Affairs team regularly works with lawmakers and federal officials to promote financial literacy through all stages of life. In particular, the team supports legislative and executive branch efforts, such as those thr
Published on May 14, 2012
Extraterritorial Private Rights of Action, also known as F-Cubed Litigation
Article :
The accounting profession believes private litigants may utilize U.S. securities laws within the territorial jurisdiction of the U.S. and that the United States Supreme Court decision in Morrison v. National Australia Bank, Ltd. is the correct reading of the Securities Exchange Act of 1934.
Published on May 14, 2012
AICPA Advocacy
Overview :
The AICPA monitors and advocates on legislative and other matters that affect the accounting profession. Working with state CPA societies and other professional organizations, the AICPA provides information to and educates federal, state and local policymakers regarding key issues.
Published on April 05, 2012
Section 404(b) of Sarbanes-Oxley Act of 2002
Article :
The Sarbanes Oxley Act requires that the management of public companies assess the effectiveness of the internal control of issuers for financial reporting. Section 404(b) requires a publicly-held company’s auditor to attest to, and report on, management’s assessment of its internal controls. AICPA believes that all investors in public companies
Published on April 05, 2012
Letter to Senate regarding accounting and auditing standards for public companies
Legislative Letters :
Letter to Senate regarding accounting and auditing standards for public companies, March 19, 2012.
Published on April 03, 2012
Letter from SEC Chairman Mary Schapiro to Senators Tim Johnson and Richard Shelby regarding the JOBS Act
Legislative Letters :
March 13, 2012 Letter from SEC Chairman Mary Schapiro to Senators Tim Johnson and Richard Shelby regarding the JOBS Act.
Published on April 03, 2012
March 22, 2012 CAQ-CII Letter to Senate re JOBS Act
Legislative Letters :
March 22, 2012 CAQ-CII Letter to Senate re JOBS Act
Published on April 03, 2012
FASB Independence and Fair Value Accounting
Article :
The AICPA strongly and unequivocally supports independence of the U.S. and international accounting standard setting bodies, the Financial Accounting Standards Board (FASB) in Norwalk, Connecticut, and the International Accounting Standards Board (IASB) in London.
Published on January 26, 2012
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 January 23, 2012