Economy

The International Federation of Accountants and the Institute of Internal Auditors said Wednesday they have signed a memorandum of understanding to create a formal basis for the advancement of risk management and internal controls toward a common goal of enhanced governance.

Sales tax and compliance automation service Avalara has formed a strategic alliance with AGN International-North America Inc. which will enable firms to access sales and use tax (SUT) and value added tax (VAT) information and related resources.

The National Association of State Boards of Accountancy and the American Institute of CPAs have pledged their cooperation on financial reporting frameworks for private after a dispute broke out between the two organizations over the AICPA’s recent issuance of its Financial Reporting Framework for Small and Medium-sized Enterprises.

CPA firms are predicting they will face challenges in gaining acceptance of the American Institute of CPAs’ recently introduced Financial Reporting Framework for Small and Medium-sized Entities, according to a new survey.

The American Institute of CPAs has sent a comment letter to the Internal Revenue Service recommending changes to final regulations (TD 9534) regarding methods of accounting to be used by corporations that acquire the assets of other corporations in certain corporate reorganizations.

To address the market demand for training in Extensible Business Reporting Language, or XBRL, the American Institute of CPAs and XBRL US, the nonprofit consortium for XBRL business reporting standards in the U.S., have introduced an XBRL US GAAP Certificate Program.

The Texas Society of CPAs unveiled a Responsibility of Individuals Project at its Annual Meeting of Members last week in Las Vegas.

The American Institute of CPAs has requested changes in a Senate bill aimed at combating the growing problem of identity theft and tax fraud to avoid increased penalties for tax preparers who improperly disclose or use taxpayer information.

The Florida Institute of CPAs has installed Kenneth J. Strauss of Hollywood, Fla., as FICPA’s 2013-2014 chairman of the board.

The American Institute of CPAs is increasing its webcast options to allow CPAs to attend AICPA conferences virtually.

The Association of Certified Fraud Examiners kicked off its 24th Annual ACFE Global Fraud Conference with record attendance of over 2,600 people and the news that it will be expanding its corporate alliances and student chapters.

The Association of Chartered Certified Accountants and the Institute of Management Accountants have partnered on a new Financial Leadership and Performance strategic initiative to support the career development goals of CFOs and other professionals, while also signing a Mutual Recognition Agreement.

International Firm News:

The newly inaugurated chairman of the California Society of CPAs hopes to strengthen the relationship between CalCPA and California accounting firms.

Pennsylvania Governor Tom Corbett has signed into law a measure that will allow more practical, broad-based professional experience to fulfill the requirements for getting a CPA license.

The Institute of Cost Accountants of India has opened an office in Washington, D.C., its ninth overseas center.

The American Institute of CPAs and the National Association of State Boards of Accountancy will be opening up their Uniform CPA Examination testing in Brazil to all qualified citizens and permanent residents of South America, starting July 1.

The Houston CPA Society thanked its volunteers and leaders for their service through the 2012-2013 fiscal year during its annual awards banquet.

American Institute of CPAs president and CEO Barry Melancon has written to the leaders of the state CPA societies in response to an announcement from the National Association of State Boards of Accountancy urging private companies not to use the AICPA’s recently unveiled Financial Reporting Framework for Small and Medium-sized Entities.