AICPA News Update Volume 13 No. 14 

Published April 02, 2010

A weekly e-mail newsletter to help AICPA members stay up to date with the issues and events surrounding the CPA profession.

In This Update

April 2, 2010 – Vol. 13 No. 14

Health Care Reform Reshapes Tax Code
AICPA President and CEO Melancon Outlines Efforts on Key IRS Proposals
Audit Committees Are an Often Overlooked Resource
Find Out the Latest SEC Activity on IFRS for U.S. Public Companies
Amplify Your Professional Networking with Social Media


Health Care Reform Reshapes Tax Code
In March, Congress passed two pieces of legislation designed to reform the U.S. health care system. The Patient Protection and Affordable Care Act (PL 111-148) was enacted on March 23, and was quickly followed by the Health Care and Education Reconciliation Act of 2010 (HR 4872), which amended several portions of the first act as well as added new provisions of its own. While the legislation generally deals with the health care system, it contains many revisions to the Internal Revenue Code. This AICPA article describes many of the tax items in the two acts applicable to individuals and businesses.

AICPA President and CEO Melancon Outlines Efforts on Key IRS Proposals
In this video update, AICPA President and CEO Barry Melancon, CPA, discusses the Institute’s stance on proposed regulation of tax preparers and outlines AICPA efforts to evaluate a recent IRS announcement on disclosure of uncertain tax positions. Also, read a briefing from the AICPA Tax team on the two key proposals. For background and details, read an exclusive interview the Journal of Accountancy conducted with IRS Commissioner Doug Shulman.

Audit Committees Are an Often Overlooked Resource
The audit committee has a critical role in overseeing the company’s financial reporting and internal controls and risk management processes. This responsibility is further heightened during times of economic challenges. Read this AICPA Audit Committee Brief for insights on how to get the most value from an audit committee.

Find Out the Latest SEC Activity on IFRS for U.S. Public Companies
In this brief video, AICPA Senior Vice President – Member Competency and Development Arleen Thomas, CPA, discusses the Securities and Exchange Commission’s recent announcement regarding a work plan for possible adoption of International Financial Reporting Standards by U.S. public companies. Learn what will go into the SEC’s decision in 2011 on whether to allow or require use of IFRS.

Amplify Your Professional Networking with Social Media
Success in business and career building is driven by connections and relationships. With the emergence of social media, the Internet brings the most powerful enhancements to professional networking since the invention of the Rolodex. This AICPA Business Brief focuses on the benefits of using the professional networking tools LinkedIn and Twitter in particular.

Follow the AICPA online where you can engage with the Institute as well as with professional colleagues. Keep up with news, pending regulation and stories of interest all related to CPAs through the AICPA on Facebook, LinkedIn and Twitter (CPA Letter Daily, AICPA News, The Tax Adviser and, as well as the Journal of Accountancy on Facebook.



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