AICPA News Update Vol. 14 No. 50 

    Published December 02, 2011

    AICPA

    AICPA News Update

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

    In This Update:

    December 02, 2011 - Volume 14 No. 50

    European Commission Proposes Audit/Consulting Breakup and Mandatory Audit Firm Rotation
    Send FAF a Comment Letter Supporting an Independent Board for Private Company GAAP Modifications
    Take the Personal Financial Planning Survey for a Chance to Win an iPad
    Free Webinars Available, Including Top 10 Things to Discuss with Your Clients Before Tax Season
    Opportunity for Free Subscription to CPA Letter Daily Begins Next Week
    Catch Up on AICPA Insights
    European Commission Proposes Audit/Consulting Breakup and Mandatory Audit Firm Rotation

    The European Commission (EC) proposed on November 30 what would be sweeping changes to audit regulation. The EC recommended changes that would require large audit firms to separate audit activities from non-audit activities. The proposal also calls for mandatory audit firm rotation every six years. Read this JournalofAccountancy.com article for more information.

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    Send FAF a Comment Letter Supporting an Independent Board for Private Company GAAP Modifications

    The AICPA is urging members to immediately send a comment letter to the Financial Accounting Foundation (FAF) to help make financial reporting more relevant and less complex for millions of the nation’s businesses. CPAs are asked to respond to FAF’s Plan to Establish the Private Company Standards Reporting Council and express support for the Blue Ribbon Panel on Standard Setting for Private Companies’ recommendation that FAF create an independent board to set exceptions and modifications in U.S. GAAP for private companies. According to FAF’s proposal, decisions of the new council would have to be reviewed and approved by the Financial Accounting Standards Board, which FAF oversees. The AICPA believes the proposal does not go far enough and that true differential standards for private companies would be better achieved through the Blue Ribbon Panel’s recommendation – namely, that a board consisting of members with private company constituent experience and having the authority to act on its own is necessary to make effective and efficient private company financial reporting a reality. A quick and easy online tool enables you to send a comment letter in just 30 seconds. Use the outreach toolkit (accounting firm and private company versions are provided) to get other private company constituents involved. The public comment period closes January 14, 2012. More information is available at aicpa.org/privateGAAP.

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    Take the Personal Financial Planning Survey for a Chance to Win an iPad

    The AICPA Personal Financial Planning Division is conducting a survey to guide in the development of new PFP-related resources and benefits and to improve your current experience with us. Participate in this survey for a chance to win an iPad (see AICPA contest rules). All information you provide is kept strictly confidential and will not be shared with any third party outside of the AICPA. The survey will be available until December 9.

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    Free Webinars Available, Including Top 10 Things to Discuss with Your Clients Before Tax Season
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    Opportunity for Free Subscription to CPA Letter Daily Begins Next Week

    Between December 6 and 13, the AICPA will provide select issues of CPA Letter Daily to members who have not yet elected to receive the free electronic publication. Along with those newsletters, members will be given the option to opt-in to continue receiving this free news resource. CPA Letter Daily features special reports throughout the year, including the upcoming retrospective on 2011 and an interview with AICPA President and CEO, Barry Melancon, CPA, outlining what the profession can expect in 2012. In addition, each day during tax season, CPA Letter Daily will feature Tax Season Watch, a special section dedicated to providing tax news and information for members. Join more than 170,000 of your colleagues and sign up today. You’ll get your first issue on Monday.

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    Catch Up on AICPA Insights

    The AICPA’s official blog, AICPA Insights, offers insightful posts on the CPA profession and trends that are impacting it. Catch up on these posts you might have missed. Be sure to see every post by signing up for AICPA Insights’ RSS feed or email subscription.

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