Preserving the Cash Basis Method of Accounting for CPA Firms
Recent tax reform proposals would require virtually all service companies, including CPA firms, farmers and ranching businesses, with gross receipts greater than $10 million to change to the accrual method of accounting. The AICPA strongly opposes limiting the use of the cash basis method.
Accounting Partnership Retirement Practices
In recent years, Equal Employment Opportunity Commission (EEOC) staff have been investigating and considering litigation against accounting firms organized as partnerships with a goal of requiring firm partners to be treated as “employees” for purposes of the Age Discrimination in Employment Act (ADEA).
XBRL - Extensible Business Reporting Language.
The AICPA supports the use of Extensible Business Reporting Language (XBRL), or data tagging, for reporting of financial and other data. The Institute believes that users of financial and other business information benefit from data tagging because interactive data allows for easier access to more transparent information.