Economy

The American Institute of CPAs and the Canadian Institute of Chartered Accountants have updated the privacy principles that accountants can recommend to clients with more measures to fight identity theft.

The American Institute of CPAs has written to the leaders of the Senate Banking, Housing and Urban Affairs Committee opposing language in a proposed law that could expose more accountants to fraud lawsuits.

NOVEMBER

The American Institute of CPAs has filed a lawsuit against the Federal Trade Commission challenging the applicability of the so-called “Red Flags Rule” to CPAs.

Herbein + Company said that that four of its partners and executives have been appointed to serve on several of the PKF North American Network’s committees in 2010.

William F. Rucci, Jr., a CPA and MST, and a partner in the Boston-area accounting and business advisory firm Rucci, Bardaro & Barrett, has been elected to the board of directors of Russell Bedford International, a global network of independent accounting, business and legal consulting firms with affiliates in over 70 countries.

Eisner LLP has become a member firm of the PKF International Limited network.

The Pennsylvania Institute of CPAs is seeking nominations for its 2010 Distinguished Public Service Award.

NOVEMBER

I read Bill Carlino's editorial on trade shows ("Trade-show graybeard," Oct. 5-18, 2009, page 8) with some interest. However, you may be off a little on some of your facts.

Nobody elected chair of the American Institute of CPAsgets to pick their agenda.

The American Institute of CPAs has presented David Lifson, former president of the New York State Society of CPAs, with its Arthur J. Dixon Memorial Award.

Studying for a professional accountancy qualification is usually enough of a challenge for most people.

The California Society of CPAs is offering a special CPA Activate Pass to help inactive CPAs regain active status.

Challenging the institute membership to rally behind such profession-centric issues as International Financial Reporting Standards, sustainability and reform, Robert Harris, the 2009-2010 chair of the AICPA, told attendees at the organization’s fall meeting of council here that they “must set a course around, and sometimes through, uncharted waters,” amidst a current of economic and regulatory uncertainty.

As the SEC resurrects its focus on the roadmap to adopt International Financial Reporting Standards, the 30-plus year debate over a GAAP for private companies has progressed somewhat but remains on the back burner amidst legislative and standard-setters’ priorities for global convergence

IMGCAP(1)]A broad review of both proposed and existing measures emanating from the nation’s capital that would profoundly impact the accounting profession, accompanied by a continued focus on the inevitable meshing of U.S. and international reporting standards, headlined the opening sessions at the AICPA’s Fall Meeting of Council, here.

American Institute of CPAs president and CEO Barry Melancon said there should be a permanent, independent funding mechanism for the International Accounting Standards Committee Foundation, the governing body of the International Accounting Standards Board, with some of the money coming from companies in the U.S.

The American Institute of CPAs has scheduled Jan. 1, 2011 as the official launch date of CBT-e, a more technologically modern version of the Uniform CPA Examination.

Among the revenue proposals detailed in the administration’s fiscal 2010 budget are some provisions that might negatively affect small businesses and tax preparers. The American Institute of CPAs has weighed in on a number of these, including the codification of the economic substance doctrine, information reporting on payments to corporations, increasing the level of the information penalties, and expanding the requirement for electronic filing by return preparers.