Associations

The American Institute of CPAs' professional ethics division has issued a proposal that would outline the independence requirements of CPA firm networks and associations.It would extend the independence requirements to any entity that a network firm either controls, is controlled by, or with which it is under common control. Network firms would be independent of all the other network firms' audit and review clients for which a general-use audit or review report is issued. For all other attest clients, a network firm would need to consider any threats that the firm has reason to believe might be created by other network firms' relationships with clients.

New proposed Internal Revenue Service regulations to determine the value of a taxable estate may create a series of traps for unwary executors and tax preparers, according to the American Institute of CPAs.Moreover, the regulations lead to the situation where an estate must be held open for a number of years to determine the amount of the deduction for a contingent obligation.

The American Institute of CPAs has urged the Internal Revenue Service to withdraw regulations the IRS and Treasury Department proposed in April for changing the open account debt rules between S corporations and shareholders.

The American Institute of CPAs and the Financial Accounting Standards Board have set a date for FASB's Private Company Financial Reporting Committee to meet.

The American Institute of CPAs has sent comments to the Internal Revenue Service recommending changes in the redesigned form for tax-exempt nonprofit organizations.

The Center for Audit Quality named three of its first public board members, including a former SEC commissioner, Harvey Goldschmid.

The American Institute of CPAS has named William Roberts, a former White House reporter for Bloomberg News, as director of media relations in its Washington, D.C., office.In that role, Roberts will serve as liaison between the institute and the Washington press corps, as well as oversee public relations support for the organization's D.C.-based legislative, regulatory and tax programs. Prior to coming aboard the AICPA, Roberts covered Congress, the White House and the Pentagon for Bloomberg News since 1999. During that time, he covered President George W. Bush's Oval Office press briefings, Sen. John Kerry's 2004 presidential campaign, and counter-terrorism legislation in the aftermath of the Sept. 11, 2001, attacks.

The American Institute of CPAs has issued an exposure draft of a proposed audit and accounting guide for the airline industry and is looking for comments.

The House of Representatives voted 220-175 to overhaul patent rules and place a ban on tax-planning method patents.

The American Institute of CPAs introduced a guidebook to help accounting firms set up "off-ramping" programs to help women transition out of demanding full-time accounting careers, while maintaining a relationship so the off-ramped employees can assist the firm when needed.

The American Institute of CPAs is asking the Internal Revenue Service to reconsider some of its proposed monetary penalties for misbehaving practitioners and firms.

If you didn’t see the WebCPA news item last week or the write-up in the 08/17/07 AICPA News Update e-mail newsletter, I’m telling you about the subject of those two pieces now. It is the AICPA’s Professional Ethics Executive Committee’s exposure draft that proposes a new Interpretation 101-17, Networks and Network Firms, under Rule 101, Independence, of the AICPA Code of Professional Conduct. I suggest you read the exposure draft.

CPAs who work as C-suite financial executives would like to see corporate America get more involved in issues such as health care, Social Security and the environment, according to a survey by the American Institute of CPAs.

The National Association of Black Accountants and the Howard University School of Business Center for Accounting Education are launching an effort to encourage a greater number of black CPAs.

The American Institute of CPAs’ professional ethics division has issued a proposal that would outline the independence requirements of CPA firm networks and associations.

The American Institute of CPAs presented three accountants with its Outstanding CPA in Government Award to recognize their contributions to increasing the efficiency and effectiveness of federal, state and local government organizations, while growing and enhancing the profession.

The American Institute of CPAs presented awards to 10 budding CPAs who achieved the highest cumulative scores last year on the four sections of the Uniform CPA Examination.

The American Institute of CPAs is criticizing proposed regulations for how post-death events might be considered in determining the value of a taxable estate.

According to a recent press release, a nationwide telephone survey of 1,000 investors conducted for the Center for Audit Quality (CAQ) indicated that 79 percent of those surveyed felt changes brought about by the Sarbanes-Oxley Act bolstered their confidence in financial information presented.

The American Institute of CPAs scored a victory this week in convincing House lawmakers to remove a provision in the Farm Bill Extension Act of 2007 that it feared could jeopardize the business of CPAs in farming communities.