Associations

The American Institute of CPAs has ramped up its mobility efforts to allow CPAs to practice in other states, with mobility bills enacted now in 12 states and legislation pending in 22 other states.

The Center for Audit Quality marked its first anniversary with a report on its progress in improving public confidence in the audit process.

The many Boomers partners of firms who are planning to retire or slow down is being viewed as generating firm succession and staffing issues. Similarly, another expressed concern is the declining number of Ph.Ds. in accounting, which hurts the pipeline of incoming accounting graduates to the profession. A partner in a national firm also commented that he was alarmed by the many college professors teaching accounting who don’t have a familiarity with U.S. businesses.

With Democrats running both Houses of Congress, the normally Republican-leaning political fundraisers for the accounting profession are starting to tilt to the left.A new Accounting Today analysis of campaign contributions to congressional candidates by the industry's political action committee fundraising groups confirmed a distinct shift toward Democrats amid the 2008 primary election season.

The American Institute of CPAs and Fiduciary360 have published the U.S. edition of a handbook for investment advisors.

The American Institute of CPAs has written to the Treasury Department and the Internal Revenue Service about proposed regulations for automatic contributions to 401(k) plans, as well as cafeteria plans.

The American Institute of CPAs has introduced ABMonline, the Web version of the Accountant's Business Manual.

The American Institute of CPAs told the Internal Revenue Service and the Treasury Department of its strong opposition to tax patents in a letter commenting on proposed regulations.

A survey by the American Institute of CPAs predicted that information security management would become the most important initiative affecting IT strategy, investment and implementation over the next 12 to 18 months.

The Mortgage Bankers Association has written to the Financial Accounting Standards Board asking for more flexibility in accounting for troubled mortgages to help prevent foreclosures.

The American Institute of CPAs has written to the Internal Revenue Service and the Treasury Department requesting them to revise their proposed regulations on foreign tax credits.

The American Institute of CPAs has issued guidance defining terms for describing the professional requirements of accountants who perform a compilation or review.

The American Institute of CPAs received 24 marketing awards, mostly for its "Feed the Pig" campaign aimed at encouraging Americans to prepare better for long-term financial security.

The real meat of Proposed Interpretation 501-8, “Failure to Follow Requirements of Governmental Bodies, Commissions, or Other Regulatory Agencies on Indemnification and Limitation of Liability Agreements with a Client,” by the AICPA Professional Ethics Division isn’t in the text of the proposed interpretation, but rather in what was specifically avoided.

The House has introduced legislation to amend the Tax Code to modify the penalty on the understatement of taxpayer's liability by preparers.

The American Institute of CPAs’ Professional Ethics Executive Committee has issued an exposure draft of a proposed new interpretation that warns CPAs they should follow the requirements of governmental bodies, commissions or other regulatory agencies on indemnification and limitation of liability agreements with a client, or run the risk of discrediting the accounting profession.

YellowPages Corp. has launched an online directory listing of accountants at AccountantYellowPages.com.

The International Accounting Standards Board has decided to postpone the effective date of its new accounting standard for business combinations until July 1, 2009.

CPAs who hold jobs as senior-level executives are far more pessimistic about the economy than they were a few months ago, according to a newly released survey by the American Institute of CPAs.

The Securities and Exchange Commission is expected to drop the requirement for foreign companies that list on exchanges in the U.S. to reconcile their financial results to U.S. generally accepted accounting principles.