Economy

The American Institute of CPAs has issued new technical practice aids to help accountants dealing with recent changes by the Financial Accounting Standards Board stemming from recommendations from the Private Company Council.

The American Institute of CPAs has written to the head of the tax-writing House Ways and Means Committee voicing strong opposition to draft legislation that would limit the use of the cash method of accounting for pass-through entities and personal service corporations.

Baker Tilly, the U.K. firm that was one of the original 14 firms that founded the Baker Tilly International accounting firm network and its namesake, has switched its affiliation to the RSM International network, whose founding member firm in the U.S. is McGladrey.

The International Federation of Accountants has received £4.935 million ($8.256 million) in funding from the United Kingdom’s Department for International Development, or DFID, for the purpose of strengthening professional accountancy organizations around the world.

The AICPA recently issued an Accounting and Valuation Guide on assets acquired to be used in research and development activities, replacing a practice aid it issued in 2001 for in-process research and development.

The American Institute of CPAs has written to lawmakers on the tax-writing House Ways and Means Committee supporting their efforts to simplify the array of education tax credits available to students while suggesting several reforms of its own.

Camico, a CPA-focused insurance company, has been named the exclusively endorsed provider of professional liability and employment practices liability insurance for the Kansas Society of CPAs.

The New York State Society of CPAs is asking the Financial Accounting Standards Board to expand a proposal that would standardize the treatment of foreclosed properties when they are backed by a loan from the U.S. Department of Housing and Urban Development beyond the residential developments that were the focus of the original draft proposal.

The Certified Financial Planner Board of Standards is working on several new initiatives to provide greater academic support for the financial planning profession, including a new Ph.D. program and academic journal, along with the possible establishment of a Center for Financial Planning.

The members of the American Board of Forensic Accounting, the advisory board behind the American College of Forensic Examiners Institute’s Certified Forensic Accountant credential, have unanimously resigned amid questions about the legitimacy of the credential and the organization behind it.

The American Institute of CPAs has written a letter to the Internal Revenue Service, asking the agency to postpone the effective dates for cost basis reporting for options and debt instruments.

Business executives who are CPAs intend to do more hiring and business expansion in the year ahead, according to a new survey from the American Institute of CPAs.

The Institute of Management Accountants released the results of a survey Monday showing that in every region the global accounting association surveyed, professionals holding its Certified Management Accountant credential had greater earning power than non-CMAs.

The AICPA hosted a webinar on the provisions of T.D. 9655, final regulations that were issued on February 10 and implement employer shared responsibility provisions under the Affordable Care Act for 2015.

The International Federation of Accountants has launched the Global Knowledge Gateway, a service that brings together news, views, resources and thought leadership articles for the accounting profession worldwide.

The Association of Chartered Certified Accountants has published a new policy paper recommending that governments and policymakers encourage financial literacy among small businesses, remove uncertainty in regulation, and encourage the publication of more information to enable entrepreneurs to gain access to more funding.

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