Special AICPA News Update Vol. 14 No. 45 

    Special Fall Council 2011 Edition 
    Published October 19, 2011

    AICPA

    AICPA News Update

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

    In This Update:

    October 19, 2011 - Volume 14 No. 45

    Gregory J. Anton, CPA, Elected as Chairman of AICPA Board of Directors
    AICPA Council Votes Overwhelmingly to Send a Strong Message to FAF: Adopt Blue Ribbon Panel Recommendation for an Independent Board for Private Companies
    U.S. CPA Exam to Be Administered in Brazil
    CGMA to Launch Early 2012
    AICPA Announces Availability of CPA.com Email Address for Members; Other News
    CPA Horizons 2025 Final Report Issued
    AICPA IFRS Member Readiness Survey
    AICPA Honors Profession’s Contributors and Influencers
    Gregory J. Anton, CPA, Elected as Chairman of AICPA Board of Directors
    Gregory J. Anton, CPA, was inaugurated October 19 as the Institute’s chairman for a one-year term ending October 2012. Anton has been a member of the Board of Directors and the governing Council for seven years. His inaugural speech, Celebrating Change as Individuals and as a Profession, highlights the significance of the Institute’s 125th anniversary next year and continued momentum in important efforts, such as private company financial reporting, the Chartered Global Management Accountant, International Financial Reporting Standards and the changing demographics of the profession. He also discussed the impact of technology on how accountants work and the need for CPAs to bring their expertise to all aspects of society, from local school boards to the White House. Read this Journal of Accountancy profile on Anton.
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    AICPA Council Votes Overwhelmingly to Send a Strong Message to FAF: Adopt Blue Ribbon Panel Recommendation for an Independent Board for Private Companies
    The AICPA governing Council overwhelmingly approved a resolution that sends a strong message to the Financial Accounting Foundation: Adopt the Blue Ribbon Panel on Standard Setting for Private Companies’ recommendation for an independent standard-setting board – which is the AICPA’s preference – or the Institute will consider other options. If FAF continues to pursue its plan as proposed, the AICPA Board of Directors will look at other solutions for addressing the needs of private companies, including creating a separate standard-setting body to develop private company generally accepted accounting principles or a comprehensive private company-specific basis of accounting. Members are urged to send a comment letter to FAF in support of the panel’s recommendation by using this quick and simple AICPA tool.
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    U.S. CPA Exam to Be Administered in Brazil
    The AICPA, the National Association of State Boards of Accountancy and Prometric announced that the U.S. Uniform CPA Examination will be offered in Brazil, starting in February 2012. Testing in Brazil will be open to citizens and long-term residents of Brazil, Argentina, Venezuela and Colombia. An international testing FAQ is available at the AICPA Uniform CPA Examination website.
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    CGMA to Launch Early 2012
    Charles B. Tilley, Chief Executive of the Chartered Institute of Management Accountants (CIMA), and Arleen R. Thomas, CPA, AICPA Senior Vice President – Management Accounting, provided an update on the status of the AICPA/CIMA joint venture and the resulting Chartered Global Management Accountant (CGMA), a global designation that elevates the management accounting profession. The CGMA will launch in January 2012. For more information, see this JournalofAccountancy.com article.
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    AICPA Announces Availability of CPA.com Email Address for Members; Other News
    Later this fall, a CPA-branded email service will launch for eligible AICPA members. Through CPA2Biz, members who are CPAs will be able to get an email account in their own name that will offer a professional alternative to more consumer-oriented email services. In other news, the AICPA Store will soon be optimized for smartphones and a new eReader and eBook versions of many of the AICPA’s most popular accounting titles will be released by the end of the year.
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    CPA Horizons 2025 Final Report Issued
    The year-long CPA Horizons 2025 initiative culminated with a presentation on the final report, which details the opportunities and challenges for the profession over the next 15 years. The initiative captured the opinions of more than 5,600 CPAs who contributed more than 75,000 comments on the future of the profession through an interactive survey, in-person forums, focus groups and online discussion groups. Download the CPA Horizons 2025 final report and use these findings as a road map for your professional future.
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        AICPA IFRS Member Readiness Survey
           
        The fall 2011 AICPA International Financial Reporting Standards (IFRS) Member Readiness Survey results were released October 18. Among the findings, 54 percent of respondents believe that U.S. issuers should be given the option to adopt IFRS as issued by the International Accounting Standards Board, regardless of the Securities and Exchange Commission’s upcoming decision to incorporate IFRS into the U.S. financial reporting system. Read the press release for additional results.  
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    AICPA Honors Profession’s Contributors and Influencers
           
        The AICPA announced that 51 CPAs received its inaugural Sustained Contribution Award, which recognizes members of the Institute who have contributed measurably to the AICPA and the CPA profession through their volunteer service. A full list of recipients is available on AICPA.org. The AICPA also honored two of the profession’s contributors and influencers with the Gold Medal Award of Distinction: Sidney Kess, CPA, and S. Scott Voynich, CPA. Read about the recipients.  
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