The American Institute of CPAs has a number of high-profile items on the agenda for its Spring Meeting of Council next week, including re-evaluating its recognition of the International Accounting Standards Board as a standard-setter, changing the definition of attest services and globalizing more of its credentials.
In terms of the IASB, a background document sent to Council members last week noted that the AICPA Council voted in May 2008 to designate the IASB as a body to establish professional standards with respect to international financial accounting and reporting principles. However, the Council also resolved at that time that it would re-assess in three to five years whether continued recognition of the IASB was appropriate. With the end of the five-year reassessment period approaching this month, the AICPA staff wants Council members to decide whether they should continue to designate the IASB as a body to establish accounting principles.
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