Audit & Accounting

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.

Thomson Reuters has launched ONESOURCE Audit Manager, an online global application that helps companies address the rising number of tax audits and documentation requirements.

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.

The Securities and Exchange Commission voted to adopt rules to establish a whistleblower program that rewards individuals who provide the agency with high-quality tips that lead to successful enforcement actions.

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.”