Financial reporting

AICPA SPOTLIGHTS LATEST M&A GUIDANCE

Norwalk, Conn.

We were taken aback by an op-ed written by Bob Kueppers and D.J. Gannon that appeared in the April 2011 issue of Accounting Today ("The Journey to convergence," page 12). We're surprised they continue to tout vague generalities about the benefits of international standards and hopelessly cling to optimistic (but naive) interpretations of the Securities and Exchange Commission's announcements. They refer to the commission's "Work Plan" as supporting convergence, when it actually lays out impossible goals for proving that the costs of achieving convergence are less than the benefits.

POTENTIAL CHANGES

The California Board of Accountancy’s Accounting Education Committee and Ethics Curriculum Committee plan to hold a joint meeting to unveil their proposals for the 30 additional hours of education necessary for CPA licensure in California, beginning Jan. 1, 2014.

The Securities and Exchange Commission staff released its work plan Thursday for how International Financial Reporting Standards might be incorporated into the U.S. financial reporting system.

Securities and Exchange Commission chair Mary Schapiro told an accounting group that “investors are not as confident as they could be” in accountants, and she plans to make some changes.

The American Institute of CPAs held its annual ritual this week of visiting lawmakers’ offices on Capitol Hill to press the case for tax simplification, a ban on tax patent strategies, changes in tax-filing due dates, and other legislative priorities.

The American Institute of CPAs gave John W. Dean, a partner at the accounting firm Heard, McElroy & Vestal, LLP, in Shreveport, La., its Public Service Award at its Spring Meeting of Council.

American Institute of CPAs president and CEO Barry Melancon derided the recent efforts of the Financial Accounting Standards Board to preserve its authority over private company accounting standards, saying, “Sometimes dynasties need to be broken.”

The American Institute of CPAs has given its Distinguished Achievement in Accounting Education Award to Dale Flesher, a professor at the University of Mississippi.

The AICPA Council voted Monday to approve a joint venture with the Chartered Institute of Management Accountants to create a new credential for management accountants internationally.

You can follow Accounting Today’s and Accounting Tomorrow’s coverage of the American Institute of CPAs Spring Meeting of Council conference in Washington, D.C. on our Twitter pages: @Accounting Today, @ATomorrow and @WebCPAtweets, with tweeting by editors Danielle Lee and Michael Cohn.

The American Institute of CPAs kicked off its 2011 Spring Meeting of Council on Sunday with a discussion of the Institute’s legislative priorities.

The Financial Accounting Foundation said Wednesday that, as part of its oversight of the Governmental Accounting Standards Board, it has commissioned an independent academic study of the purposes of financial accounting and reporting of state and local governments.

ParenteBeard LLC has launched a sustainability practice to work with clients on establishing sustainability initiatives at their organizations.

Not all of the state legislation drawing attention from accountants this year involves taxes (see States Enact Flurry of Tax Changes). Indeed, some of the most closely watched bills hit even closer to home for the profession.

The Association of Chartered Certified Accountants is firing back as government regulators worldwide are proposing changes in the way the audit profession works.

The Financial Accounting Standards Board and the International Accounting Standards Board have published new requirements for fair value measurement and disclosure.

The American Institute of CPAs has promoted assistant general counsel Michael J. Buddendeck to the job of general counsel and secretary.