AICPA News Update Vol. 13 No. 48 

    Published November 12, 2010

    AICPA

    AICPA News Update

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

    In This Update:

    November 12, 2010 - Volume 13 No. 48

    Watch Private Company Financial Reporting Panel Members Discussing Recommendations at Fall Council
    Additional Clarified SASs Finalized
    IFAC Gives Prestigious Sempier Award to Former AICPA Chairman, Announces New President at World Congress Event
    TPA TIS Section 6910.18 Updated
    Comparison Available of GAO Proposal and AICPA and IFAC Codes
    New FAQ on Member Ballot Passage Available
    How to Refer Ethics Cases
    Watch Private Company Financial Reporting Panel Members Discussing Recommendations at Fall Council

    At its fall Council meeting, the AICPA held a panel discussion with several members of the Blue Ribbon Panel on Private Company Financial Reporting. Watch highlights of the discussion here. A video of the full discussion is available on AICPA TV.

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    Additional Clarified SASs Finalized

    The Auditing Standards Board finalized additional clarified Statements on Auditing Standards (SASs), including Consideration of Fraud in a Financial Statement Audit and Quality Control for an Engagement Conducted in Accordance with Generally Accepted Auditing Standards. The clarified SASs are effective for audits of financial statements for periods ending on or after December 15, 2012. The entire list of clarified SASs is available on AICPA.org.

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    IFAC Gives Prestigious Sempier Award to Former AICPA Chairman, Announces New President at World Congress Event

    On November 8, the International Federation of Accountants (IFAC) presented the Sempier Award to Robert Mednick, CPA, a former AICPA Chairman of the Board of Directors (1996-97). Read the press release for more information. Additionally, IFAC announced that Göran Tidström of Sweden would assume the role of president of IFAC for a two-year term ending in November 2012, replacing Robert Bunting, CPA. Bunting served as AICPA Chairman 2004-05. Finally, AICPA Chairman Emeritus, Robert R. Harris, CPA/CFF, was elected to the IFAC Board and former AICPA chair (1998-99), Olivia F. Kirtley, CPA, was re-elected to a four-year term.

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    TPA TIS Section 6910.18 Updated

    The AICPA Investment Companies Expert Panel and staff recently updated non-authoritative Technical Practice Aid (TPA) TIS section 6910.18, "Disclosure of an Investment in an Issuer When One or More Securities and/or One or More Derivative Contracts Are Held - Nonregistered Investment Partnerships," to clarify the existing guidance about aggregating securities and derivative contracts based on whether they are in a gross asset or liability position; emphasize that in situations where an investment partnership has both a long and a short exposure to the same derivative without closing out either position; and include minor technical amendments to conform existing guidance to the Financial Accounting Standards Board Accounting Standards Codification™. The TPA is available on AICPA.org.

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    Comparison Available of GAO Proposal and AICPA and IFAC Codes

    The Government Accountability Office issued a draft of proposed changes to Government Auditing Standards, 2010 Exposure Draft (the Yellow Book) in August. In an evaluation of the proposed changes, the AICPA developed a comparison of the proposed changes to independence standards with that of the AICPA and International Federation of Accountants Codes. View the comparison on AICPA.org

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    New FAQ on Member Ballot Passage Available
    A new FAQ is available addressing the bylaw amendment on admission requirements passed by members in October. The FAQ covers what the changes mean for members, the profession, the AICPA and the public, as well as for future members who could join under the new provisions.  Additionally, in a new video, AICPA President and CEO, Barry C. Melancon, CPA, discusses these changes and thanks members for participating in the process. For more information, visit the member ballot webpage.
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    How to Refer Ethics Cases
    Members who notice, suspect or are aware of significant deficiencies in the work of another member should consider referring the matter to the Professional Ethics Division. Prior to making a referral, consider your responsibilities under Rule 301-Confidential Client Information of the Code of Professional Conduct if the member is affiliated with a client. For information on how to file a complaint, click here or call the Ethics Hotline at 888.777.7077.
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