AICPA News Update - August 3, 2012 

The American Accounting Association and the AICPA, the founding co-sponsors of the Pathways Commission on Accounting Higher Education, announced the release of the Pathways Commission report on July 31. The Pathways Commission was created in 2010 by the AAA and AICPA to study the future structure of higher education for the accounting profession and to develop recommendations for educational pathways for students, academics, practitioners and others in the practice and study of accounting. Read this JournalofAccountancy.com article or read the full report for more information.

To ensure the most comprehensive results, the 2012 PCPS/TSCPA National MAP Survey has been extended through Aug. 17. Complete the survey today.

The AICPA’s Auditing Standards Board, in response to members requesting further clarity, is planning on issuing an exposure draft of a proposed Statement on Auditing Standards, Omnibus Statement on Auditing Standards—2012, to amend two clarified standards that go into effect Dec. 15, 2012. This proposed SAS would amend SAS No. 122, section 600, Special Considerations--Audits of Group Financial Statements (Including the Work of Component Auditors), and section 800, Special Considerations--Audits of Financial Statements Prepared in Accordance with a Special Purpose Framework [AICPA, Professional Standards, AU-C sec. 600 and AU-C sec. 800]. An open ASB meeting, to be held by conference call at 10 a.m. ET on Aug. 16, 2012, will put the proposed SAS to a ballot for issuance for exposure. If you would like to attend the open ASB meeting, please register online (and view the proposed SAS) or contact Sherry Hazel. The AICPA welcomes input from auditors on these important issues. The comment period on the exposure draft ends on Oct. 30. The ASB plans on issuing a final SAS to be effective Dec. 15, 2012.

The AICPA’s Financial Reporting Executive Committee is expected to issue a working draft of the accounting content of a proposed Audit and Accounting Guide, Not-for-Profit Entities, on Aug. 15. The proposed guide is expected to address many new accounting issues that have emerged over the years and include guidance dedicated specifically to not-for-profit entities. This working draft is not expected to include general and specific auditing considerations, analytical procedures, internal control considerations or reporting. Be on the lookout for additional communications and the release of the working draft mid-next month.

In today’s quickly changing economy, CPA, CGMAs play an important role in helping their organizations meet strategic objectives and build sustainable business models. These individuals reach beyond the more traditional finance focus and, as a result, need to demonstrate advanced and unique capabilities  to progress in their careers. Fast Track to Leadership, a new report from the AICPA and CIMA, features global interviews and roundtables that capture the changing requirements in skills, experience and behaviors that will help CPA, CGMAs to identify challenges and develop an action plan to maximize opportunities.

• The free AICPA Personal Finance Report Card can be used as a starting point for discussions with your clients about their current financial situation and opportunities for you to help them set and meet their goals.
• Trends in Pricing: How to Charge for Financial Planning or Wealth Management Services to Be Profitable, 1 to 1:45 p.m. ET on Aug. 7
• Long Term Care for Consumers: Planning for Your Future Health Care in Plain English, 1 to 2 p.m. ET on Aug. 7
• Best Practices for Advising Clients with Special Needs Family Members While Minimizing Planning Risks, 2 to 3:45 p.m. ET on Aug. 28