AICPA News Update - November 30, 2012 

    SEC Chairman Stepping Down; Replacement Named 
    Published November 30, 2012

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    AICPA

    AICPA News Update
    A Weekly Email Newsletter on Issues & Events Surrounding the CPA Profession
     
           
     
      In This Update: November 30, 2012 - Volume 15 No. 49  
     
    SEC Chairman Stepping Down; Replacement Named
    Former AICPA Chairman Named Deputy President of IFAC
    Working Draft of New Chapter of Testing Goodwill for Impairment Guide
    ARSC Issues Exposure Drafts of Clarified Review SSARSs
    AICPA Suggests Improvements to the Partnership De Minimis Section 704(b) Proposed Regulation
    Profession’s Continuing Evolution Highlighted in AICPA 2011-2012 Annual Report
            
     
    SEC Chairman Stepping Down; Replacement Named
     

    Mary Schapiro announced Nov. 26 that she will step down after almost four years as chairman of the Securities and Exchange Commission. President Barack Obama quickly designated Elisse Walter, a current SEC commissioner, as Schapiro's replacement. The AICPA commended Schapiro on putting the needs of investors first throughout her term and congratulated Walter on her nomination. Read this JournalofAccountancy.com article for more information.

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    Former AICPA Chairman Named Deputy President of IFAC
     

    Olivia Kirtley, a member of the AICPA's governing Council and former chairman of the AICPA Board of Directors, has been named deputy president of the International Federation of Accountants. Kirtley, who serves on several corporate boards, will lead IFAC's Planning and Finance Committee and Constitution Review Working Group and serve as a member of the Nominating Committee and the IFAC Regulatory Liaison Group. Read this JournalofAccountancy.com article for more information.

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    Working Draft of New Chapter of Testing Goodwill for Impairment Guide
     

    The AICPA’s Financial Reporting Executive Committee has issued a working draft of a new chapter of the AICPA Accounting and Valuation Guide Testing Goodwill for Impairment. The new chapter, Qualitative Assessment, discusses and illustrates how to perform the optional qualitative assessment to determine whether it is necessary to perform the two-step goodwill impairment test described in FASB ASC 350-20. This new chapter was developed in response to feedback received on the working draft released in Nov. 2011. Interested parties are encouraged to submit their informal feedback on the new chapter by Dec. 31, 2012.

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    ARSC Issues Exposure Drafts of Clarified Review SSARSs
     

    As part of its Clarity Project, the Accounting and Review Services Committee has exposed for public comment proposed Statements on Standards for Accounting and Review Services, Review of Financial Statements and Review of Financial Statements—Special Considerations. In an attempt to make the clarified standards easier to use, understand, and implement, the ARSC has separated the review standards into two separate proposed standards. The proposed SSARS Review of Financial Statements addresses those areas that are applicable to a basic review engagement and the proposed SSARS Review of Financial Statements—Special Considerations addresses those areas that are less frequently encountered. The comment period for the exposure draft of the proposed SSARSs ends on April 26.

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    AICPA Suggests Improvements to the Partnership De Minimis Section 704(b) Proposed Regulation
     

    On Nov. 2, the AICPA submitted comments on the proposed regulation that withdraws the de minimis exception of Treas. Reg. Section 1.704-1(b)(2)(iii)(e) (the “De Minimis Exception”) regarding a partner’s distributive share. The proposed regulation was withdrawn because the rule may have resulted in unintended tax consequences. The AICPA’s comments address the withdrawal of the De Minimis Exception and suggest an alternative that will reduce the burden of complying with the substantial economic effect rules without diminishing the safeguards that the current rules provide.

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    Profession’s Continuing Evolution Highlighted in AICPA 2011-2012 Annual Report
     

    The AICPA’s Annual Report covering August 1, 2011, through July 31, 2012, is now available on AICPA.org. In celebration of the AICPA’s 125th anniversary, this year’s annual report highlights the evolution of the CPA profession and the AICPA, as well as many of the year’s important achievements and initiatives. It also features a timeline depicting the history of the CPA profession, which is available in both interactive and PDF formats.

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