Jordan Amin, Vice-Chair of the National CPA Financial Literacy Commission appeared on ABC News April 22 to discuss the results of AICPA’s annual National Financial Literacy Survey. Despite a gloomy outlook for the economy, “44 percent of the people we spoke to felt optimistic about the economy over the next year, which was up from our survey last year,” Amin said.  The survey conducted for the AICPA by Harris Interactive reveals American’s financial concerns, fears about job security and the U.S. home market. ABC News Video

In the US News and World Report’s Inside Job Blog, Liz Wolgemuth wrote “in a new poll by Harris Interactive and the AICPA, 47 percent of respondents who were fortunate enough to have jobs said they are concerned about losing their jobs. That's quite a figure. Close to half of employed Americans are worried about being laid off.” US News and World Report Link

Tom Ochsenschlager, vice president, taxation for the AICPA, told USA Today that tax software programs usually work fine for straightforward returns, but taxpayers who experienced a lifestyle change such as marriage or divorce should consider hiring a professional. Otherwise, "Even if you're using the most sophisticated computer programs, you'll get confused." USA Today Link

Oschenschlager was quoted in the New York Times in an article titled ‘Navigating a Tax Return Minefield’ about the estimations people make when doing their taxes at the last minute. “I don’t think people mean to cheat, but it’s April 12th or 13th and they are looking at their spouse across the table asking how much they gave to the Red Cross, and they say, ‘Oh, maybe $150?’ ” said Ochsenschlager, “But it turns out you didn’t have documentation or it turns out it was $75.” New York Times Link

On March 12, Dan Noll, Director of Accounting Standards at the AICPA, and Brian Wesbury Senior Economist at First Trust Advisors debated mark-to-market accounting on “The Closing Bell” on CNBC. Noll said that “I think what mark-to-market accounting has done for us in this recent financial crisis is given us transparency and it has got the bad news out. I’d rather have the bad news out fast so companies and the markets can cleanse themselves.” Click to watch

On March 11, Barry Melancon, President and CEO of the AICPA, held a conference call briefing reporters on the current status of mark-to-market or “fair value” accounting, trends in U.S. financial reporting and International Financial Reporting Standards (IFRS) and other critically important issues currently affecting the U.S. economy. Melancon told reporters that “The AICPA supports private sector standard setting, and believes that the government itself, the Congress itself, should not be in the business of setting accounting standards.  That has been a decades-long position of the AICPA.” 

Accounting Today and Bnet wrote articles quoting Melancon. Click here for full audio of the conference call.

Associated Press reports that, at a time when the newly laid-off are swelling unemployment rolls to record numbers, the painful surprise for many is that jobless benefits are taxed like income. That leaves many on the hook for hundreds or thousands of dollars because the taxes aren't automatically withheld from benefit checks. "Historically maybe (taxation) hasn't been a huge disadvantage for families," said Tom Ochsenschlager, vice president of tax for the AICPA. Taxing unemployment benefits right now, he said, is "trying to get blood out of a turnip." Unemployment taxes netted $7.2 billion for the federal government in fiscal 2008 and $32.4 billion for state governments, according to the Department of Labor. Link

Tom Ochsenschlager, vice president of tax for the AICPA was quoted in a WebCPA article on the tax provisions in the American Recovery and Reinvestment Act of 2009, which President Obama signed last month. "The tax provisions are certainly a step in the right direction," Ochsenschlager said. "Many of the people who will receive the Making Work Pay credit are people that need to spend the money because they are in difficult financial circumstances," he pointed out. "Much of that will be put into the economy in the next two years." Link

The results of the AICPA's 1Q Economic Outlook Survey, covered on CFO.com, the Wall Street Journal's Real Time Economics Blog and the Triangle Business Journal among others, shows that 83% of top finance executives said they were "pessimistic" or "very pessimistic" about the U.S. economy over the next year. Just 5% said they were “optimistic” about the outlook “As the recession has deepened and pessimism solidified, a majority of CPAs working in business and industry now don’t expect an economic recovery before 2010,” said Arleen Thomas, AICPA’s senior vice president for member competency and development.

Fortune Magazine wrote on 12/18 that Friehling & Horowitz, the three-person auditing firm that apparently certified the books of Bernard Madoff Investment Securities, is now also being investigated by the AICPA, the prestigious body that sets U.S. auditing standards for private companies. Link

WebCPA added on 12/19 that Friehling & Horowitz told the AICPA for 15 years that it did not perform any audit work. Link On 12/24, Fox Business News wrote that AICPA said Friehling was auditing -- and providing statements that he was auditing -- Madoff’s broker/dealer and securities firms, while at the same time telling regulators that he didn’t do any audits. Link In the wake of the Madoff scandal, U.S. News and World Report pointed readers to the AICPA website for a list of ‘legit’ advisers who have earned the PFS credential. Link

News and Observer (North Carolina) interviewed Mackey McNeill, CPA/PFS on tips for getting out of debt. McNeill, a member of AICPA’s Financial Literacy Commission suggested eliminated credit cards that you don’t use and taking inventory of the outstanding balance, minimum payment and interest rate of the cards that you do use. “By paying the smallest balance first, you set yourself up for success,” McNeill says. Link

WebCPA reported that, for the seventh year in a row, a survey by the AICPA has ranked information security management as the most important technology issue for 2009. "The survey showed conclusively that protecting the data an organization is entrusted to manage is of the utmost importance," said David M. Cieslak, co-chairman of the AICPA's Top Technology Initiatives Task Force. "Much of the data collected is personal information, so it is critical that organizations proactively prevent its loss or misuse." Link

AICPA Vice President of Taxation Tom Ochsenschlager hosted the U.S. Small Business Administration’s year-end tax chat on Dec. 10. He answered a variety of tax questions that are top-of-mind for small business owners. Included were questions about unemployment insurance taxes, the alternative minimum tax, conversion of a regular IRA to a Roth IRA, and sale and expensing of assets. Link

SEC Chairman Christopher Cox, speaking at the Dec. 8 AICPA SEC-PCAOB Conference attended by 2,200 in Washington, D.C. drew coverage from the Wall Street Journal, Associated Press, Thomson-Reuters, Bloomberg, Dow Jones, the Journal of Accountancy, InvestmentNews, FinancialNews, and CFO magazine among others.  Google found 154 media pick ups of the news the SEC will not suspend Fair Value accounting rules and instead will make recommendations to the independent Financial Accounting Standards Board.  CFO.com picked out this key quote: "Accounting standards aren't just another financial rudder to be pulled when the economic ship drifts in the wrong direction," said Cox. "Instead they are the rivets in the hull, and you risk the integrity of the entire economy by removing them." Link

Financial Week said Cox gave a vote of confidence to the FASB, saying that while the role of accounting standards and accounting professionals is being challenged in the current economic crisis, “we must continue to protect the independence of the accounting standard-setting process.” Link

AP and Reuters noted Cox said the SEC found a consensus among investors that mark-to market accounting is a meaningful measure of assets. Still, Cox said, standards "have to keep pace with the real world," so modifications to the current rules may be needed. Link

AICPA Accounting Standards Executive Committee Chairman Jay Hanson appeared on CNBC’s “Closing Bell” with Maria Bartiromo and Dylan Ratigan on Dec. 8, debating the SEC’s mark-to-market accounting study with Ed Yingling, president of the ABA.  High-powered communications consultants said Hanson came across the tube as very knowledgeable and reasonable about a complicated, emotionally-charged financial issue.  As the national director of accounting at McGladrey & Pullen, LLP, Jay reviews and coordinates complex international SEC filings. Link

Associated Press writer AJ Connelly gave exclusive coverage to the re-launch of the AICPA and Ad Council’s Feed the Pig advertising campaign, a series of public service announcements encouraging American’s aged 25 to 34 to break spending habits and save. "What we're trying to do with Feed the Pig is to encourage these young Americans to take small steps, that is the key," Carl George, chairman of the AICPA's Financial Literacy Commission said. Link

CPA Firms See Continued Growth. A Nov. 17 AICPA press release announcing the AICPA/Texas Society of CPAs Management of Accounting Practice Survey, was picked up by more than 100 outlets. The survey shows a majority of CPA firms reported strong growth during the past two years. "Clients go to CPAs to help them weather a troubled economy," said AICPA Vice President of Small Firm Interests James C. Metzler. Link

As unemployment rates rise, AICPA Personal Financial Specialists recommend assessing your financial situation prior to loosing a job, reports the Pennsylvania Daily American (14,115 circ.). “One thing to do before you get laid off is to really take stock of all your resources and what you owe.” said Bob Jazwinski, chairman of the AICPA’s personal financial specialist committee. Link

In an article titled ‘Smart Year End Tax Moves’, Kiplinger’s Personal Finance Magazine quoted Tom Ochsenschlager, vice-president of taxation for the AICPA, who advises that those considering donating gas guzzlers to a nonprofit organization should be careful to abide by tougher rules for valuing your tax-deductible gift. Link

The Fort-Worth Star Telegram published tips from the AICPA Financial Literacy Commission for dealing with a layoff. The tips included conserving cash, reviewing your assets to determine which order to use them in the event of a lengthy layoff and contacting your lenders to explain the situation. Link

Switching to IFRS is inevitable for private companies, although when the switch will occur isn’t yet clear, according to CFO Magazine. “Let this be a warning to CFOs of private companies: The shift to new global financial reporting standards may yet happen during the Bush Administration. That would be the Jenna Bush Administration,” writes CFO reporter Josh Hyatt. Link

11/10/08 - “CPAs Give Tips on How to Survive a Crazy Market” Long Island Newsday (380,000 circ.) wrote the AICPA says 93 of 100 accountants reported "heightened concern" among their clients because of the financial meltdown and stock market nose-dive in an informal study. Michael Goodman, CPA/PFS offered five tips for investors looking to “stay sane in a crazy market,” including continuing to invest and staying diversified. Link

10/14/08 - McClatchy Newspapers looks at Barack Obama’s proposal to eliminate the tax penalty on early withdrawals from 401(K) accounts. An AICPA spokesman explained the current law imposes a 10 percent tax penalty on withdrawals from 401(k) plans before age 59 and makes the money that's withdrawn subject to income tax. Obama's proposal would let anyone withdraw up to $10,000 without penalty. The story ran in the Miami Herald, Fort Worth Star-Telegram and Modesto Bee among others. Link

10/13/08 - Web CPA reports that the FASB Staff Position on mark-to-market, or fair value accounting, clarifies the application of FASB Statement No. 157 in an inactive market and provides an illustrative example of how the value of a financial asset is determined when markets are inactive. Jay Hanson, chairman of the AICPA's Accounting Standards Executive Committee, said the committee supported FASB's proposed staff guidance about how to apply FASB Statement No. 157 and believes the proposed guidance will be helpful in practice. Link

10/09/08 - More than 70 media outlets including MarketWatch, MSN Money, AOL Money News, American Business Journals and Reuters picked up AICPA President and CEO Barry C. Melancon’s statement praising Congress for equalizing the tax return reporting standards for taxpayers and tax preparers. The measure was part of the financial markets rescue package President George W. Bush signed into law on Oct. 3. "Equalizing the IRS reporting standards for taxpayers and tax preparers was the right thing to do," Melancon said. Link

The Ventura County Star (CA) and Boone News Republican (Iowa) link to the 360 Degrees of Financial Literacy Web site, citing financial literacy tips on jumpstarting a career, marriage and parenthood, retirement and estate planning.

As more people are taking business-trips-turned-vacations Tom Ochsenschlager, vice president of taxation at the AICPA shares some rules on deductions with CNN.com for those paying for their travel – for example: meals are only 50 percent deductible, even if they're business and in most cases, if you bring your spouse or other guests, the costs they incur are not deductible. Learn More>>

The Beaumont Enterprise quoted Jerry Love of the AICPA Personal Financial Planning Executive Committee on steps investors should take to protect their assets during the current market crisis. "It should be a goal and it should be attainable for most people in America to be worth $1 million before they retire," said Love. "Many people don't think about (financial) planning until they're 15 years from retirement." Learn More>>

10/6/08 - Barry Melancon, president and CEO of the AICPA discusses the financial crisis on KELO-CBS-TV, Sioux Falls, S.D. Learn More>>

10/1/08 - The Sioux Falls Argus Leader, South Dakota’s largest newspaper, reported on a luncheon meeting between AICPA President and CEO Barry Melancon and local business CEOs.  “What we are dealing with today and what Congress is wrestling with is a package to address a liquidity problem of financial institution's areas as a direct impact with Main Street," Melancon said. Sioux Falls business leaders said they appreciated him clarifying and explaining the issues facing Congress. "Melancon is someone who is connected to the activities going on at Wall Street and Washington," said Tom Iacarella, chief financial officer at Raven Industries. Learn More>>

9/26/08 - Online Money: Financial literacy aimed at tweens,” was the headline of Tuesday’s Associated Press coverage of the Feed the Pig for Tweens launch.  The interactive game created for the AICPA and the Ad Council involves kids in purchasing decisions like lunch and bus tickets and choose to play one of 12 Bankes piglet personas. Lunch money competes with DVDs and movie tickets for a child's attention in the newly launched program aimed at teaching financial literacy to kids between ages 9 and 12. Learn More>>

9/26/08 - Investor’s Business Daily featured tips from three AICPA members on how Americans can safeguard their investments during the current economic crisis. "Sometimes doing nothing is the best action," said CPA Lyle Benson, president of L.K. Benson & Co., in Baltimore. He holds the Personal Financial Specialist designation from the AICPA Learn More>>

9/9/08 - The AICPA Foundation’s Accounting Doctoral Scholars program gets some cyber ink. Jobsinthemoney.com says that CPAs who want to move from public accounting into university teaching now have an opportunity. “The job outlook for university accounting professors looks pretty good right now,” notes Jobs in the Money, which covers careers in finance and accounting. The AICPA Foundation is offering thirty stipends per year up to $30,000 to doctoral students who commit to teach after graduation. Learn More>>

8/28/08 - The Associated Press, the BBC, Business Week and Forbes were among a number of media outlets quoting AICPA CEO Barry Melancon in stories covering the SEC’s Aug. 27 decision to propose a roadmap that would require public companies to begin using international accounting standards for reporting financial results in 2014. "We believe the capital markets ultimately will insist on IFRS for public companies," said Melancon. "Today's action by the SEC continues a robust and thoughtful debate that is critical as the transition occurs."  The AP story was picked up in such outlets as the Washington Post, LA Times, St. Louis Post-Dispatch, CNNMoney.com, Forbes.com, the Houston Chronicle, and Newsday, among others.  The WebCPA story quotes AICPA Senior Vice President Arleen Thomas: "The SEC has been working on issues relating to IFRS adoption for several years.  Today's roadmap shows their continued commitment to a robust debate on adoption of IFRS for public reporting purpose. They did a very good job of outlining their goals, the barriers they see and how those barriers can be removed."
Washington Post Article
Web CPA Article

8/26/08 - More than 100 media outlets picked up an Associated Press story about how to use back-to-school shopping as a way to teach money management skills.  The story highlights the AICPA’s online financial literacy tools for kids and their parents on the 360 Degrees of Financial Literacy Web site, as well as the money management podcasts on the Feed the Pig Web site and the weekly tips e-mailed to subscribers.  The article reports that AICPA member Susan Bruno, who is a financial planner, sees back-to-school shopping as a perfect way to teach children a lesson before the first bell rings.  Bruno said parents can even try to make a game out of the exercise. "It's kind of fun with younger kids to say 'What do you think it's going to cost?' and then talk through it," Bruno said.  The AP story appeared in such publications as the Denver Post, Minneapolis Star Tribune, The Oregonian, Washington Times, Orlando Sentinel and Hartford Courant, and on MSN Money. Learn More>>

8/25/08 - Investment News published a story based on the AICPA’s announcement about PFS Pathway, an educational program being developed by the AICPA and Texas Tech University’s Division of Personal Financial Planning to help CPAs obtain the personal financial specialist credential.  PFS Pathway will officially launch in June of 2009, but a pilot program is scheduled for November.  The weeklong program, which will be taught by Texas Tech professors, will comprise four days of financial planning case study and an eight-hour exam.  "The idea behind the case study was to put the practitioner into a setting where they will be challenged not only on their technical competence but also communication and presentation skills," said Stephen L. Winters, director of firm practice management and specialized communities at the AICPA. Learn More>>

8/25/08 - Investment News also reports on an AICPA study showing that an increasing number of accounting firms are finding it advantageous to add financial planning services to their business models.  Since 2000, 50% of all accounting firms have added financial planning services, and the revenue of CPA firms attributable to financial planning/advisory services grew by 30% from 2004-2006. According to the study, key reasons for accounting firms' decision to add planning services included responding to client needs, competition from other CPAs and a desire for additional revenue. Learn More>>

8/22/08 - According the WSJ, this fall taxpayers won’t be able to say they weren’t given a fair warning. The Internal Revenue Service is ramping up efforts to mail out notices in October to a wider group of people, noting that they may not be reporting enough income on their tax returns. The warning letters mark a significant shift in the IRS's strategy for recovering taxes, according to Thomas P. Ochsenschlager, vice president of taxation at the American Institute of Certified Public Accountants. By giving taxpayers lead time to correct an error without actually being penalized, it "avoids the 'gotcha!' situation that happens so often," particularly for small-business owners who file Schedule Cs. The IRS has identified Schedule Cs as being particularly rife with potential errors. Learn More >>

8/22/08 - Accountingweb.com picked up an AICPA press release, offering tips to parents sending children to college. “Start with establishing a simple budget for their spending money,” advises Susan Bruno, CPA/PFS, of Beacon Wealth Consulting LLC, Royaton, Conn, and member of the AICPA’s Personal Financial Specialist Credential Committee. “If you have felt like a bottomless pit piggy bank up until now, you will really feel like one when the panic call comes that their spending account is gone – and it’s only October.” Learn More>>

I.O.U.S.A.

I.O.U.S.A., a documentary profiling America’s financial crisis, opened on August 22 in 10 cities. The film follows former U.S. Comptroller David Walker’s two-year Fiscal Wake-Up Tour, which addressed the country’s growing economic challenges and possible solutions.

As the spearhead of two national financial literacy efforts – 360 Degrees of Financial Literacy (www.360financialliteracy.org) and Feed the Pig (www.feedthepig.org) – the American Institute of Certified Public Accountants is pleased to help promote this important film. View the trailer>>

Financial Week, reporting on the AICPA's 3Q Economic Outlook Survey, said CFOs and CPAs believe the U.S. is in recession and that they predict a rough 12 months ahead, although they are more optimistic about their own companies’ prospects for growth. “Our members are still seeing increased pressure on profits from rising costs without the ability to raise prices,” Chris McKittrick, the AICPA’s director of members in business, industry, and government, said. “Expectations for revenue and hiring are trending downward.” Learn More>>

Most finance executives are gloomy about the economy, but do not think another economic stimulus package or offshore oil drilling are wise mitigation strategies, reports CFO.com on the AICPA’s 3Q Economic Outlook Survey. "Expectations for revenue and hiring are trending downward," said, Chris McKittrick, director of members in business, industry, and government for the AICPA. Other publications that wrote about the survey include Smart Pros, Phoenix Business Journal, Triangle Business Journal, Washington Business Journal, Baltimore Business Journal, and Workforce Management, Inc.com. Learn More>>

Too young to think about retirement. AICPA member Jordan Amin, a member of the National CPA Financial Literacy Commission was among financial experts quoted by Scripps Howard News Service saying young people in their 20s should start thinking about retirement planning.  “Putting it off only makes the mountain that much harder to climb,” Amin said in the article detailing the woeful savings habits of young Americans. Learn More>>

Investment News carries tax advice from AICPA Member Michael Eisenberg who explains “The Nuts and Bolts of 529 College Savings Plans.” Eisenberg’s piece is part of a regular tax feature in the publication which reaches sophisticated financial advisors. Learn More>>

SmartPros picks up the AICPA press release announcing Eric Fox, a graduate of California State University, Los Angeles, received the first Medal of Inspiration Award, sponsored by the AICPA. The award is given to a student who has experienced extreme hardships in his or her life and who has demonstrated an unusually high level of success in spite of that adversity. Eric was noted for his academic success in spite of a life-long struggle with autism. Learn More>>

MarketWatch reports that the AICPA is spearheading the creation of an Accounting Doctoral Scholars program to help reverse the shortage of Ph.D. accounting faculty in colleges and universities. More than 70 CPA firms have helped sponsor the program and will play an important role in recruiting their top employees to become accounting professors. Doyle Williams, executive director of the Accounting Doctoral Scholars Program, believes that this program will help avoid a crisis in the next decade as current accounting professors retire. Other outlets running the story include WebCPA, Biz Journals, Forbes.com and Yahoo! Finance. Read More>>

The alliance between the AICPA and U.S. Small Business Administration is “kicking into high gear” now that tax season is over, Jim Metzler, vice president of small firm interests for the AICPA, told WebCPA, which reported that the AICPA met recently with SBA officials to discuss ways CPAs can assist and advise struggling business owners. WebCPA reported the AICPA has already begun improving the reputation of the SBA, removing any “taint” left by recent criticism of its bureaucratic processes. AICPA senior technical manager Mark Koziel and PCPS project manager Natasha Schamberger were also quoted. Read More>>

Harold Monk, chair of the AICPA Auditing Standards Board, called for similar paths to the convergence of international auditing and accounting standards at an AICPA conference in Baltimore last week, Tax Notes reported. Monk said that it “only makes sense” to develop a set of global auditing standards that aligns with the principles of international accounting standards. He commented that despite the inherent conflict between the rules-based approach of GAAP and the principles-based IFRS, practitioners will need to be flexible and patient as small and large business move through the convergence process.

Accounting WEB reports that the AICPA is offering a seminar, July 22-23, on understanding and applying the new eXtensible Business Reporting Language (XBRL) required for public companies by the SEC. "This is a significant emerging issue for preparers," said Arleen Thomas, AICPA senior vice president. "The SEC proposed rule would affect the largest 500 companies by the end of the year." Read More>>

The Poughkeepsie Journal reports that Ernest Almonte, incoming chairman of the AICPA, gave the keynote speech during an awards banquet for the Career Opportunities in the Accounting Profession program, which encourages diversity in the accounting profession. Almonte is also auditor general of Rhode Island, a position he has held since 1994. "I never thought someone with an accounting background could have a career like he does," said participant Jillian Maresco. Read More>>

In the 1987 film "The Untouchables," Elliot Ness rescues Al Capone's accountant - a mousy little man with glasses, clutching a thick leather briefcase. The Patriot News of Harrisburg, Pa., advises it’s readers to “forget the stereotype.” These days, accounting is cool—and apparently, a lot of students leaving high school think so, too. The AICPA said in May that more than 64,000 students graduated with degrees in accounting in 2006-07, the largest number in the 36 years. At the same time, more than 203,000 students enrolled in accounting programs at both the undergraduate and graduate levels. Pretty cool. Read More>>

PressEnterprise.com in Riverside, Calif., announced that two University of California-Riverside professors in the A. Gary Anderson Graduate School of Management received a $13,000 grant from the AICPA to study how to prevent fraudulent activity by insiders at corporations. Professors Barry Mishra and Erik Rolland expect to publish their findings in an academic journal and finish their initial research in a year. Read More>>

U.S. News and World Report lists Feed the Pig's Podcasts as one of the Top 10 Investing Podcasts.

Appearing live on ABC News Now, Carl George, chair, National CPA Financial Literacy Commission tells College Grads: Feed the Pig!

U.S. News and World Report lists Feed the Pig's Podcasts as one of the Top 10 Investing Podcasts.

AICPA Forms Succession Planning Resource Center to help small to mid-sized firms to address this critical need.

Treasury and Risk magazine quotes Charles E. Landes, vice president for professional standards and services at the AICPA on SOX controls. View the entire article

Private company financial reporting is getting more attention. Treasury and Risk quotes Judy O’Dell, a founding member and chair of the PCFRC. Read the entire article

Smart Pros, Accounting WEB, Accountancy Age, Earth Times (UK), Management Consultancy (UK) and Financial Director (UK), Biloxi Sun-Herald and Streetinsider.com reported Barry C. Melancon, president and CEO of the AICPA, speaking at a FASB conference on international accounting, called for a time frame of three to five years for the U.S. accounting profession to adopt International Financial Reporting Standards. "Awareness is growing among U.S. accountants that IFRS is coming for public companies and most believe it will take three to five years to get ready," Melancon said. Web CPA added that The SEC is coming under increasing pressure to decide on what date it will start requiring accounting firms to file financial statements in accordance with IFRS. A majority of AICPA members polled in an April 24 to May 12 survey said they believed it would take three to five years to prepare for IFRS. Meanwhile, IFRS has become a "just-in-time" training issue for large accounting firms, said Sam Ranzilla, a committee member of the Center for Audit Quality, according to CFO.com. Read the Smartpros Article Here

AICPA SVP Arleen Thomas is quoted in CFO.com: “Once the SEC gives a date for the switch, it will be easier to move to the IFRS goal,” she estimates that the CPA exam will include IFRS by 2011. Undergraduates who start college will be unlikely to see a textbook containing much about it until at least their junior year.

Web CPA reports that AICPA CEO Barry Melancon said a modification of the Tax Code by Congress would be the best way to handle differences such as the last-in/first-out inventory method, which is not supported in IFRS. "The LIFO issue is primarily a tax issue," he said. He sees growing awareness among corporate CPAs of the move to IFRS. He believes the time is now to set a date certain for the transition. "You converge, converge, converge, but at some point, you have to adopt," he said.

The Fresno Bee blog cites a Harris poll prepared for the AICPA showing that concern about the economy is compelling 41% of American adults to delay making major life decisions. Read the entire blog post.

Financial Reporting Alerts are available now from the AICPA, Web CPA reports, to help financial managers and audit committees identify current accounting and regulatory developments that affect financial reporting. Read the whole article here.

6/9/08 - Tax issues in the wake of Hurricane Katrina — The Times-Picayune in New Orleans quoted Tom Ochsenschlager, vice president of taxation for the AICPA, in a story about the complicated tax issues in the wake of Hurricane Katrina. "No one specializes in disaster tax returns. There was a learning curve," Ochsenschlager said. "It was a very small part of the recovery process, but a very important part," he said.

6/9/08 - AICPA approves creating of Certified in Forensics credential — WebCPA reports that the AICPA approved creation of the Certified in Financial Forensics credential. The new CFF will signify expertise in bankruptcy, computer forensics, economic damages, family law, fraud investigations and litigation support.

6/9/08 - Alan R. Einhorn received the AICPA Tax Division 2007-2008 Distinguished Service Award.

6/9/08 - CPA2Biz and Bill.com develop "Accountant Dashboard" — CPA2Biz, the marketing arm of the American Institute of CPAs, teamed with Bill.com, a provider of online accounts-payable software. CPA2Biz and Bill.com are collaborating to develop an "Accountant Dashboard," an online console allowing users to access Web-based bill management system for clients with a single log-in.

Small and medium-sized accounting firms are invited to participate in the AICPA's fifth annual Management of an Accounting Practice (MAP) Survey for 2008.
The annual nationwide survey is a bellwether of the major trends affecting small and medium-sized firms.

The governing council of the AICPA voted to amend its rules to give AICPA members the option of using IFRS as an alternative to U.S. GAAP.
"The AICPA recognizes that international accounting standards are gaining wider use and acceptance in global capital markets and in the United States," said AICPA president and CEO Barry C. Melancon. "This small but important rule change will enable CPAs to better perform their professional obligations to clients, financial reporting constituents and the public."

"Accounting Grads Flood the Market."
CFO.com covers the Institute's report "2008 Trends in the Supply of Accounting Graduates and the Demand for Public Accounting Recruits."

SmartPros Accounting reports that CPA mobility law has gained momentum
Twenty-three states have approved laws to make it less burdensome for certified public accountants to represent clients across state lines.

On April 30, the AICPA conducted a satellite media tour
featuring Bob Jazwinski, Chair of the PFS Credential Committee, and two members of the National CPA Financial Literacy Commission, Jordan Amin and Beth Gamel. A clip of Jordan Amin from Seattle KCPQ (FOX) is linked above.

Fear of recession causes American's to cut spending and reduce debt
AICPA issued its forth press release based on the results of the Harris Interactive poll, which have continued to generate excellent coverage. Some highlights included mentions in Forbes.com, Marketweatch.com and Yahoo! Finance. Jacksonville Business Journal and SmartPros both noted that 68 percent of America's adults believe the United States is heading toward a recession, and 53 percent are cutting their spending and paying down debt as a result.

Are your investments tanking?
Tom Ochsenschlager, vice president of taxation at the AICPA tells Black Enterprise Magazine that: "each year, up to $3,000 worth of net capital losses can be deducted on your tax return." In this example, your $10,000 in gains and $25,000 in losses give you a $15,000 net capital loss. You can take a $3,000 loss on your 2008 tax return, saving you federal and state income taxes.

Forbes.com reports it's a hot job market for accountants
Demand for Certified Public Accountants increased by 25% per year for the past three years, according to the American Institute of Certified Public Accountants.

Roby, the chairman of the AICPA’s Transfer Tax Reform Task Force tells accounting today that the AICPA recommends future estate rates be no higher than the maximum individual income tax rate.

Accounting Today reports taxpayer Advocate Nina E. Olson puts new pressure on lawmakers to establish nationwide standards that would weed out bad-apple tax practitioners and serve to protect the more than 60 percent of taxpayers who rely on paid tax preparers.

AICPA and Moss Adams analysis of personal financial planning and investment advisory practices shows significant growth for financial planning and advisory practices within CPA firms, according to AccountingWeb.

Did you know that April is Financial Literacy Month?
AICPA’s 360 Degrees of Financial Literacy is cited as a “great website that offers solid financial lessons” in a Reuters article about the necessity of being financially literate. The article suggests reading a lot and taking small steps to improve your knowledge base, so you can make more informed financial decisions by the time Financial Literacy Month rolls around in 2009.

A Trilateral Mutual Recognition Agreement has Been Renewed
Alliance reaffirmed! Accounting WEB and Web CPA report that the AICPA and NASBA have renewed a trilateral mutual recognition agreement with professional accounting bodies in Canada and Mexico. The five-year agreement was signed April 17 in Alexandria, VA. “This trilateral agreement represents leadership by the accounting and auditing profession in all three countries by setting the standard for other professions to follow in meeting the goals of NAFTA, which was enacted in 1994,” said Robert Harris, CPA, vice chairman-nominee of the AICPA.

Holding Cash
Marketwatch’s Sophisticated Investor column references AICPA’s Harris Poll results, noting that sometimes sophisticated money management means not investing it at all. Interest-bearing savings accounts were the top savings strategy for 40 percent of those surveyed in the poll.

Americans Delay Major Life Decisions
Liz Pulliam Weston’s blog Easy Money: Simplifying Your Financial Life highlighted a Harris Interactive poll conducted for the AICPA that reveals financial concerns have caused a substantial increase in the percentage of Americans putting off major life decisions, like getting married or buying a house.

Maryland Senate Passes CPA Mobility Bill
The Maryland Senate passed a CPA mobility bill by a unanimous 47-0 vote about an hour before midnight on the final day of the Maryland General Assembly's 2008 session. The American Institute of CPAs has been pushing to enact CPA mobility legislation around the country.

AICPA Revises Peer Review Standards
Web CPA reports that The American Institute of CPAs has issued revised Standards for Performing and Reporting on Peer Reviews, along with interpretations of those standards. The standards are effective for peer reviews commencing on or after Jan. 1, 2009.

Money Magazine quotes AICPA Vice President Tom Ochsenschlager in its latest edition
Ochsenschlager says that while the Alternative Minimum Tax snare is hard to escape, a very tiny portion of affluent AMT payers might be able to avoid the tax by electing to take smaller deductions where it's allowed.

Taxes are in the air
AICPA member Adele Brady Bolson, a CPA with her own accounting firm in Bellevue, Wash., appears on wsRadio.com, a leader in Internet talk, to offer listeners advice on managing their small businesses and personal finances. Bolson says small business owners should control their debt and stick to a budget plan. Bolson is a member of the AICPA’s National CPA Financial Literacy Commission and a leader of the CPA profession’s 360 Degrees of Financial Literacy effort.