Tuesday, December 8, 2009

Top Ten U.S.Non-IFRS Accounting Issues and Articles from 2009

The AICPA has an interesting daily email list providing interesting articles from various sources. Below is their summary of the top non-IFRS issues and articles of 2009. Where they use "we" below, they are referrng to CPAs or the AICPA.

This past year brought historical changes and challenges for everyone, CPAs included. Much has been written about the worldwide financial collapse and the hard road to economic stability. In looking back, what strikes me is how CPAs in all work environments held fast to our values of integrity, objectivity and competence despite great adversity. The AICPA joined forces with CPAs throughout the nation to educate Americans on
financial literacy and fiscal accountability, helping to move our country forward.

In protecting the interests of the public and investors, as well as those of the dedicated members of our profession, we spoke out on a range of issues and achieved success for our positions. For instance, pending congressional legislation to create a
Consumer Financial Protection Agency would provide CPAs with a specific exclusion for the advice and counsel they offer to individuals and businesses. The AICPA, along with state CPA societies, wrote letters requesting a delay in enforcement of the Federal Trade Commission's "Red Flags" rule, which was granted -- twice. Last month, the AICPA filed a lawsuit challenging the FTC's application of the rule to CPAs. In support of the Financial Accounting Standards Board's independence, we worked with a House committee to revise an amendment that would have moved accounting standards oversight authority from the Securities and Exchange Commission to a new proposed government agency. Another example is a letter we sent to a Senate committee expressing our opposition to expansion of aiding and abetting liability to third parties in securities fraud claims.

At the same time, we maintained focus on the resources and issues needed to keep CPAs up to date and technically prepared to serve their clients, employers and communities. Major advances were made in pressing areas, from
private company financial reporting and globalization of business and the CPA profession, to sustainability and filling the CPA pipeline for the future. We also won mobility for CPAs, extending interstate practice privileges to a total of 45 states in a collaborative effort with state CPA societies, state boards of accountancy and the National Association of State Boards of Accountancy.

Top 10 news stories clicked by the AICPA's SmartBrief readers in the past year.
Madoff critic: Fraud case "gift-wrapped and delivered" to SEC (2/4)
CPAs get pre-filing-season update on tax laws governing individuals (1/2009)
Does personal goodwill still exist? (4/2009)
Tax aspects of debt modification and discharge (4/2009)
Stimulus bill contains several tax breaks for individuals (2/15)
New tax laws increase 401(k) contribution limits (1/6)
Senate reaches deal on tax credit for home buyers (10/28)
How to calculate gambling gains and losses for tax purposes (2/2009)
Obama's tax proposal draws fire from legislators, business (5/5)
Analysis: Letting estate tax lapse will cause problems

No comments: