Summary of AICPA Fall Council - October 19, 2010 

    Published October 19, 2010


    AICPA Gold Medal for Distinguished Service Presented
    Harold L. Monk Jr., CPA, of Gainesville, Fla., was presented the AICPA Gold Medal for Distinguished Service. The Gold Medal is the highest award granted by the AICPA and is given to individuals who have made major contributions to the CPA profession. He has served as a member of the AICPA governing Council and the Board of Directors. Monk was chairman of the Auditing Standards Board, the Private Companies Practice Section Executive Committee and president of the Accounting Research Association. In 2002, former U.S. Comptroller General David Walker appointed Monk to the Government Accountability Office’s Advisory Committee on Auditing Standards. Read the press release for more information. For past award winners, visit the Member Awards page on AICPA.org.

    Legislative and Tax Issues Highlighted
    Ed Karl, CPA, Vice President – Taxation, and Mark Peterson, Vice President – Congressional & Political Affairs, highlighted the AICPA’s advocacy efforts including the IRS regulation of tax return preparers, uncertain tax positions, health care reform and the required use of 1099s, and many other issues.

    Paul V. Stahlin, CPA, Elected as Chair of AICPA Board of Directors
    Paul V. Stahlin, CPA, was inaugurated as the Institute’s chair for the term ending October 2011. A member of the Board of Directors and the governing Council for eight years, Stahlin gave his inaugural speech, Seize the Future, to the governing Council today, highlighting the importance of the CPA Vision Project, private company financial reporting, globalization as it relates to International Financial Reporting Standards and sustainability, financial literacy and future generations’ interest in the profession. The press release announcing Stahlin’s election is available for more information, in addition to this Journal of Accountancy profile. Read his inaugural speech for insights into his term.

    Pathways Commission Announces Members, Updates Council on Mission
    The AICPA and the American Accounting Association in August announced the formation of the Pathways Commission based on a recommendation from the U.S. Department of the Treasury Advisory Committee on the Auditing Profession in its October 2008 report. The commission will research and plan the future structure and content of accounting education and is made up of individuals and representatives from organizations that impact the various current accounting education pathways. The governing Council received an update on the commission’s assessment of the challenges educators face when teaching and training students. For more information, visit www.pathwayscommission.org.

    Council Approves Resolution Supporting Work of Blue Ribbon Panel on Private Company Financial Reporting
    The AICPA governing Council overwhelmingly approved a resolution supporting the work of the Blue Ribbon Panel on Private Company Financial Reporting and declaring the profession's readiness to implement differential GAAP for private companies as determined by a separate standard-setting board. A majority of panel members favored differential GAAP and a separate board at the panel’s October 8 meeting, and those recommendations will be included in a report to the Financial Accounting Foundation (FAF). The separate board would consist of people with private company experience and report to the FAF, which oversees the Financial Accounting Standards Board and the Governmental Accounting Standards Board. Read the press release for more information.




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