AICPA President and CEO Barry Melancon, speaking at the fall meeting of the Institute’s governing Council in Las Vegas on Monday, gave an update on the impact of globalization on the profession, the AICPA’s ongoing efforts to support members and the public during the economic downturn and recovery, and on new technology efforts on the horizon. Melancon said small business will drive the economic recovery.
Barry Melancon, president and CEO of the AICPA, spoke recently about the top issues affecting the CPA profession. Following is a Q&A in which Melancon explores tax preparer registration, fair value accounting, regulation, IFRS and other topics.
Continue reading "AICPA President and CEO Addresses Issues Facing Accounting Profession" »The American Reinvestment and Recovery Act of 2009, signed into law on Feb. 17 to help spur the economy out of recession and enhance employment, could have a significant impact on your organization. This Government Accountability Brief has been prepared to help government entities understand the implications of ARRA. In addition, the AICPA’s Governmental Audit Quality Center has created the Recovery Act Resource Center on its website to assist auditors of governmental entities with finding important information related to ARRA.
NewsAccount, Colorado Society of CPAs, July/August 2009
Although SFAS 159, The Fair Value Option for Financial Assets and Financial Liabilities (as amended), and SFAS 157, Fair Value Measurement, were effective simultaneously, the focus has been on SFAS 157 and other issues, to the exclusion of SFAS 159. This article discusses SFAS 159’s purpose and applications, dissenting opinions on the standard, and the best circumstances for the fair value option.
Directorship, June 1, 2009
As the list of audit failures grows, so does the list of questions concerning audit quality. This situation, coupled with the U.S. Treasury Department’s Advisory Committee on the Auditing Profession report, has fueled a debate on audit-quality indicators. However, insights into a framework for evaluating audit quality, public reporting by audit firms, audit quality in other countries and annual transparency reporting help to further clarify an issue of mounting importance to the profession.
Ernst & Young partner Dave Simko discusses how the firm responded to the past year’s surge in difficult talks related to going concern evaluations.
WebCPA, June 22, 2009
The Financial Instruments Reporting and Convergence Alliance (FIRCA), representing the financial, insurance, banking, real estate and other industries, is focusing on influencing the convergence efforts of the FASB and IASB and their steps to address the financial crisis. This article explains the drive in the U.S. and abroad to revise accounting standards for financial instruments as well as the FIRCA’s key goals.
Internal Auditor, June 19, 2009
A Booz & Co. report – “Bringing Back Best Practices in Risk Management: Banks’ Three Lines of Defense” – raises thought-provoking opinions on the causes of the financial crisis, banks’ risk culture and lines of defense, and decision-making processes. This article features these and other key points of the report as well as suggestions for moving internal auditing from performing audits of controls to providing assurance of governance processes, risk management and related controls.
Accounting Today, June 15, 2009
New standards will impact the accounting for mergers and acquisitions – deal negotiations and deal structure, in addition to accounting implications. This article explains how the new standards’ focus is on the use of fair value accounting, and describes changes in transaction and restructuring costs, earn-outs, in-process R&D, acquisition dates, and adjustments to provisional values.
Accounting Today, June 15, 2009
The implosion of financial markets has some industry pundits trying to reconcile how an economic crisis of such great magnitude could have occurred in such a short period of time. In this article, Wanda Wallace, Ph.D, a former FASB Financial Accounting Standards Advisory Council member, raises thought-provoking insights into the role boards of directors, property contracts, capital, stakeholder and director communications, costs, and fair value may have played in the crisis.
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This Audit Risk Alert focuses on the current economic crisis, legislative and regulatory actions taken to curtail the crises, and accounting and auditing issues arising as a result of these events.
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