Economy

CPA2Biz, the online marketing and technology portal for the American Institute of CPAs, posted a year-end net income of $150,000 for the period ended July 31 -- the first-ever profit since its inception just over four years ago.

The American Institute of CPAs will ask its Governing Council to consider relocating more than 400 of the trade association's employees from their Jersey City, N.J., offices to an undisclosed location in the Southern Atlantic region.

The American Institute of CPAs has released a nonpartisan tax reform report, titled, "Understanding Tax Reform: A Guide to 21 st Century Alternatives." The report is meant as an overview to understanding major issues in the debate over making changes to the country's system.

After trade groups went public with auditor guidance outlined by the American Institute of CPAs in a draft white paper, a number of groups on Wall Street have turned to the federal government with their own concerns.

Five female CPAs from Illinois and six from New Mexico are recipients of the first "Women to Watch" awards, co-sponsored by the Work/Life and Women's Initiatives Executive Committee of the American Institute of CPAs, the Illinois CPA Society and the New Mexico Society of CPAs.

Houses and offices under water. Looting in the streets. Factories on fire. What's an accountant to do?According to the Financial Accounting Standards Board's Emerging Issues Task Force, treat the situation as ordinary.

Accountants who lived and worked in the path of Hurricane Katrina are relocating, rebuilding and, very slowly, recovering from the unprecedented devastation that changed hundreds of thousands of lives last month."I used to work in New Orleans," said Mark Harris, CPA and secretary of the State Board of CPAs of Louisiana. "Somebody would say, 'Hey, there is a hurricane in the Gulf,' and we'd say, 'Is this supposed to be the Big One?' They'd say, 'No, it's only a Class 1 or 2' ... and we'd go right back about our business."

The expanding profile of women in the accounting profession will be the focus of the first Women's Summit hosted by the Work/Life & Women's Initiatives Executive Committee of the American Institute of CPAs.

The American Institute of CPAs and the Internal Revenue Service launched a partnership aimed at providing assistance to taxpayers at local disaster recovery centers established by the Federal Emergency Management Agency.

The American Institute of CPAs has won a 2005 Clarion Award from the Association for Women in Communications for its national "360 Degrees of Financial Literacy" program.

The Federal Bureau of Investigation's Grant Ashley is the 2005 recipient of the Outstanding CPA in Government Award from the American Institute of CPAs.

The American Institute of CPAs has announced the winners of the 2004 Elijah Watt Sells Awards, presented annually to the candidates earning the highest cumulative scores on the four sections of the Uniform CPA Examination. The candidates must have completed testing during the previous calendar year and passed each exam section on their first attempt.

The American Institute of CPAs has finalized several documents that should improve the auditing of private companies and the development of nonaudit reports and compilations.

The Uniform Accountancy Act committees of the American Institute of CPAs and the National Association of State Boards of Accountancy issued an exposure draft of updated rules governing the profession.

CPAs serving as chief executive officers, chief financial officers and in other financial positions are less optimistic about the U.S. economy than they were six months ago, according to the results of a semi-annual study conducted by the American Institute of CPAs.

Efforts to create a shared member database between the American Institute of CPAs and state CPA societies will be shelved indefinitely, after beta sites grappled for nearly two years with a flawed version of the platform.

Will the Certified Information Technology Professional designation survive?

CPA2Biz has developed an Audit & Control Technology Store to provide valuable product guidance, reviews and discounted technology tools to CPAs and financial managers.

The American Institute of CPAs has produced a toolkit for government audit committees, the third in a series.

The American Institute of CPAs has received a 2005 Summit Award from the American Society of Association Executives for its national 360 Degrees of Financial Literacy program.