AICPA News Update Vol. 14 No. 48 

    Published November 11, 2011

    AICPA

    AICPA News Update

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

    In This Update:

    November 11, 2011 - Volume 14 No. 48

    Send the Financial Accounting Foundation a Comment Letter Supporting an Independent Board for Private Company GAAP Modifications
    Vote Monday for Your Favorite AICPA Accounting Competition Semi-finalist Team
    AICPA and SHRM Announce 9 Winners of WLIFE Award
    Re-launched International Interest Area is Valuable Member Resource
    Free Webinars Available: Workflow Systems, Firm Retirement Plans and More
    Send the Financial Accounting Foundation a Comment Letter Supporting an Independent Board for Private Company GAAP Modifications

    The AICPA is urging CPAs 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, released on October 4 for public comment, 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 (FASB), which FAF oversees.

    The AICPA believes the FAF 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 able to act on its own is necessary to make effective and efficient private company financial reporting a reality. A two-step, easy-to-use AICPA online tool enables you to send a letter in just 30 seconds. The public comment period closes January 14, 2012.

    A high volume of comment letters is needed to change the course of FAF’s proposal. Thank you in advance for your time and effort to finally bring true and lasting change to private company reporting after more than 30 years of discussion.

    You can find extensive information on private company financial reporting on the AICPA’s special web page. The site offers:

    • A prepared comment letter that will be sent to FAF immediately. Just input your name and click “Send Letter.” To help generate additional comment letters to FAF from other stakeholders, grab the “Comment Letter to FAF” widget on aicpa.org/privateGAAP for your website, Intranet, blog or social media. You are encouraged to share the widget and letter-writing tool with small business clients, lenders, investors and others who would benefit from more meaningful and useful financial statements from private companies.
    • A free archive of a one-hour webcast (no CPE) featuring AICPA President and CEO Barry Melancon, CPA, and former AICPA Chairman of the Board Paul Stahlin, CPA. The live webcast was held on November 4.
    • An outreach toolkit to use with stakeholders to gain their support and generate comment letters from key private company constituents. There is a toolkit for public accounting firms and a toolkit for members working in private companies. Both include letters summarizing the issue, a PowerPoint presentation, a handout/flyer and a press release template. See “Outreach Toolkit” on the website for these materials.

    Our dedicated web page at aicpa.org/privateGAAP provides additional information and resources, including a video from AICPA President and CEO Barry Melancon, CPA, on the FAF proposal.

     

     

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    Vote Monday for Your Favorite AICPA Accounting Competition Semi-finalist Team

    Now that the AICPA has announced the 10 semi-final teams for the 2011 AICPA Accounting Competition, you can tune in November 14 and help decide which semi-finalists make it to the finals. Ten very smart and creative accounting teams, made up of accounting undergrads from across the U.S., are competing in the competition, investigating a potential financial fraud case and are searching for clues that build skills for their future in accounting. Weigh in on which of the teams has presented the best video report and help them get noticed by the competition judges. First, second and third place awards will be announced on December 17.

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    AICPA and SHRM Announce 9 Winners of WLIFE Award

    This week the AICPA and the Society for Human Resource Management (SHRM) announced the nine winners of the inaugural year of the Workplace Leaders in Financial Education Award. This first-of-its-kind award recognizes organizations with exemplary workplace financial literacy efforts to enhance employee financial well-being. More than 300 applications from employers of all sizes located in 43 states were evaluated by CPAs, HR professionals and members of the President’s Advisory Council for Financial Literacy. The winning companies stood out because their financial education programs showed results, innovation, effective tactics, and a significant scope in increasing employee financial wellness. This program builds on the success of the profession’s award-winning 360 Degrees of Financial Literacy, the volunteer effort of the CPA profession to improve the financial well-being of all Americans. For a complete list of winners and more information about the awards program, visit wlife.org and read the press release.

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    Re-launched International Interest Area is Valuable Member Resource

    Local business is affected by events outside U.S. borders and well-informed CPAs must stay up-to-date to provide their clients the best guidance. Staying up to date just got a little easier with the re-launch of the International Interest Area on AICPA.org. The updated interest area provides CPAs with compendiums of organized guides and links, including a growing National Fact Sheet library of nation-specific links to foreign governments, central banks, securities and professional regulators and a guide to Mutual Recognition Agreements. Students and aspiring CPAs will find up-to-date information about international administration of the U.S. CPA Exam and AICPA members can access compiled links to U.S. income treaties and an extensive list of international accounting communities. Read this blog post on AICPA Insights for more information.

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    Free Webinars Available: Workflow Systems, Firm Retirement Plans and More

     

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