AICPA News Update Vol. 13 No. 45 

    Published October 19, 2010

    AICPA

    AICPA News Update

    A Weekly Email Newsletter on Issues & Events Surrounding the CPA Profession

    In This Update:

    October 19, 2010 - Volume 13 No. 45

    Paul V. Stahlin, CPA, Elected as Chair of AICPA Board of Directors
    Council Discusses Private Company Financial Reporting Recommendations, Approves Resolution in Support of Separate Standard-Setting Board
    U.S. CPA Exam to Be Offered Outside U.S.
    AICPA Honors Profession’s Influencers
    Pathways Commission Announces Members, Updates Council on Mission
    AICPA IFRS Member Readiness Survey Shows Increased Knowledge of IFRS
    Special Report from Fall 2010 Meeting of AICPA Council
    Paul V. Stahlin, CPA, Elected as Chair of AICPA Board of Directors

    Paul V. Stahlin, CPA, was inaugurated October 19 as the Institute’s chair for a one-year 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, today, highlighting the importance of private company financial reporting standards, globalization as it relates to International Financial Reporting Standards and sustainability, financial literacy and future generations’ interest in the profession. Stahlin also shared his plans to update the CPA Vision Project, which established the core purpose, values, competencies and services of the CPA 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.

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    Council Discusses Private Company Financial Reporting Recommendations, Approves Resolution in Support of Panel's Work

    A majority of members of the Blue Ribbon Panel on Private Company Financial Reporting on October 8 agreed to recommend to the Financial Accounting Foundation that there should be  a new model of GAAP with exceptions for private companies and that a new standard-setting board consisting of people with private company experience should set those standards. Some of the panel’s members participated in a discussion, moderated by outgoing AICPA chairman Robert R. Harris, CPA/CFF, regarding those recommendations. 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. Read this JournalofAccountancy.com article for more information.

     

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    U.S. CPA Exam to Be Offered Outside U.S.

    For the first time in its history, the Uniform CPA Examination will be offered outside the 55 U.S. jurisdictions in 2011. The AICPA, the National Association of State Boards of Accountancy and Prometric – the three organizations that jointly offer the CPA Examination in the United States – have announced they reached an agreement to administer the exam in five international locations: Japan, Bahrain, Kuwait, Lebanon and the United Arab Emirates. The international exam will be the same as the one offered in the U.S., using the same computerized format and language. Those who pass the CPA exam will be eligible to qualify for licensure as a CPA through U.S. state boards of accountancy. Read this JournalofAccontancy.com article and the press release for more information. An FAQ is also available on the CPA Exam webpage.

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    AICPA Honors Profession’s Influencers

    Throughout the fall meeting of Council, the AICPA honored three of the profession’s influencers with awards: the Public Service Award, Medal of Honor and Gold Medal for Distinguished Service. Read more about the awards and their recipients on AICPA News.

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    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.

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    AICPA IFRS Member Readiness Survey Shows Increased Knowledge of IFRS
    The fall 2010 AICPA International Financial Reporting Standards Member Readiness Survey results released October 18 show members’ familiarity with IFRS has continued to increase. In October 2008, only 26% of members had some knowledge of IFRS; two years later 33% of members said they had some knowledge. However, a majority (55%) agrees they need at least some knowledge. Similarly, only 15% of respondents now report they have no knowledge of IFRS, versus 30% in October 2008. Read the press release for more information.
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    For other news and events at the Council meeting, visit AICPA News.



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