AICPA News Update - December 14, 2012 

CPA Letter Daily, the AICPA’s free daily news resource, has published a two-part special report featuring the insights of AICPA President and CEO Barry Melancon, CPA, CGMA. Part one offers highlights of the CPA profession’s accomplishments in 2012. Part two looks at what’s ahead in 2013, from financial reporting and legislation to technology and human capital issues. The full interview with Melancon on his thoughts about next year is available on AICPA Insights^®.

Transition to clarified auditing standards effective for calendar year 2012 audits goes into effect Dec. 15. New requirements may impact planning, interim testing and other fieldwork, and some mandate changes to the report. You and your staff need to be sure you complete audits as effectively and efficiently as possible while remaining compliant with the standards. The AICPA has developed the Improving the Clarity of Auditing Standards webpage with a number of free resources, including a pathway of education and tools in our learning and implementation plan, to help you make sense of the changes and their impact on your practice.

Prudential, the provider of Long-Term Care Insurance through the AICPA Insurance Trust, has announced that it will cease providing Long-Term Care Insurance to new groups. However, Prudential will continue to serve those members and their relatives who have Long-Term Care Insurance through the AICPA Insurance Trust. Additionally, AICPA members, spouses, their parents, grandparents and their adult children and spouses, can still sign up for the AICPA Insurance Trust’s Long-Term Care Insurance through June 30, 2013. Also, those who are currently insured will have until June 30, 2013, to increase their daily coverage to $350, if they so desire. Coverage in force on July 1, 2013, may be continued at the insured’s option. For more information, visit cpai.com or call 800.223.7473.

In today’s knowledge economy, the organization’s value is increasingly attributable to non-financial business drivers--the intangible assets of an enterprise. Success and future value creation depend on the effective measurement and management of these critical non-financial or intangible resources that comprise the intellectual capital of the business. This tool provides guidance for identifying and designing key performance indicators for non-financial performance measures.

The AICPA has developed a series of FAQs and a video tutorial on how to use our new Interactive Tax Checklists. Accessible anywhere with an Internet connection and updated quickly, the new Interactive Tax Checklists use a programmed logic flow that omits questions based on your responses to previous questions. Learn about this new tool now.

In light of financial uncertainty caused by the fiscal cliff, a weak economy and ongoing tax changes, now is the perfect opportunity to set goals and proactively plan for your financial future. In this webinar, Take Charge of Your Financial Future, to be held 1 to 2 p.m. ET on Jan. 4, practitioners Jean-Luc Bourdon, CPA/PFS, and Susan Bruno, CPA/PFS, will lead you through a plain English discussion on taking charge of your financial future and setting short- and long-term financial goals so that you can achieve your dreams.