Economy

The Texas Society of CPAs executive board has adopted a resolution in support of the implementation of a new GAAP model for private companies.

The American Institute of CPAs has named Irv Rothenberg, CPA/PFS, of Santa Rosa, Calif., as the recipient of its 2010 Personal Financial Planning Distinguished Service Award.

Chicago-area accounting firm Silver Lerner Schwartz & Fertel has joined AGN-North America, an association of independent CPA and consulting firms.

Financial Executives International has released its annual list of the main issues that should be high on the agenda of financial executives in 2011.

JANUARY

The American Institute of CPAs, the National Association of State Boards of Accountancy, and Prometric launched the new Uniform CPA Examination on Wednesday, which now includes questions on International Financial Reporting Standards and other significant changes.

The National Association of State Boards of Accountancy has established a new research grants program that will enable academics and post-doctoral researchers to compete for $25,000 in awards.

Illinois CPA firm Stiles, Carter & Associates, P.S.C. has become a new member of Firm Foundation, a division of RSM McGladrey that provides access to an alliance of like-sized firms and a broad range of technical expertise and practice management resources.

Congress has passed legislation exempting accountants from the Federal Trade Commission’s Red Flags Rule requiring businesses to implement a written identity theft protection program.

Eighty percent of CPA firms reported either a decline in revenue, no growth, or modest growth between May 2008 and June 2010, according to a new survey by the American Institute of CPAs and the Texas Society of CPAs.

The Institute of Management Accountants has introduced a new awards program for academics.

A new post-election analysis of political fundraising activity by PACs sponsored by the American Institute of CPAs and several of its largest member firms suggests that the profession may have missed the opportunity to ride the wave that propelled Republicans to victory in 2010, by supporting incumbents, both Democrat and Republican, who were turfed out, and largely ignoring the Tea Party candidates who were the engine of the GOP's congressional landslide.

The Financial Accounting Foundation, the organization that oversees the Financial Accounting Standards Board and the Governmental Accounting Standards Board, has launched a new Web site to expand awareness of its mission, operations and activities.

After more than a year’s worth of promotion around the refocused Certified Information Technology Professional credential, interest in the title has risen significantly, and the American Institute of CPAs is ready to launch a beta exam to select credential holders, which will ultimately become a requirement to obtain CITP status.

The National Association of Certified Valuation Analysts has partnered with Primus Assurance Group to design liability policies specifically for business valuators.

Osborne, Parsons & Rosacker LLP has become a new member of Firm Foundation, a division of RSM McGladrey.

The American Institute of CPAs has written to Congress urging lawmakers to repeal the controversial new 1099 information reporting requirements in the health care reform bill.

Approval of a resolution to support the creation of a GAAP model for private companies and a separate standards board, a revamp of the CPA Vision project and the election of the new 2010-2011 chairman highlighted the Fall Meeting of Council of the American Institute of CPAs, here.

CEOs of accounting institutes from around the world met at the World Congress of Accountants in Malaysia, where they discussed the need for companies to report on non-financial results in areas such as social and environmental activities.

An international monitoring group overseeing accounting standard-setters has issued a report that found the International Federation of Accountants has carried out a series of reforms in recent years, but outlined some steps it should pursue in the future.