On the last day of the American Institute of CPAs Fall Meeting of Council, members elected a new chairman and adopted a resolution supporting the Blue Ribbon Panel on Standard Setting for Private Companies.

The Financial Accounting Standards Board and the International Accounting Standards Board are soliciting input on when to have their new accounting standards take effect.

Renewing its vision is the new theme for the American Institute of CPAs as it gets ready to welcome in a new chair and enter its 125th year as an organization.

IMGCAP(1)]Check out the digital edition of the October 25 issue of Accounting Today.

Few CPAs are trying to learn or implement International Financial Reporting Standards until the Securities and Exchange Commission decides next year on whether to approve incorporating IFRS into the U.S. financial reporting system, according to a new survey.

The CPA Exam will be offered outside the U.S. for the first time in 2011, as an agreement was reached by the American Institute of CPAs, National Association of State Boards of Accountancy and Prometric, the three organizations that jointly offer the CPA Exam in the United States.

Sunday afternoon proved to be anything but sleepy as the American Institute of CPAs Fall Meeting of Council kicked off the first day with a lively discussion among members of the Blue Ribbon Panel on Standard Setting for Private Companies.

The American Institute of CPAs has told the Securities and Exchange Commission that accountants need an adequate transition period if the SEC decides next year to incorporate International Financial Reporting Standards into the U.S. financial reporting system.

The International Auditing and Assurance Standards Board has released new proposals for how to audit complex financial instruments such as derivatives whose trading contributed to the financial crisis.

As the incoming chairman of the International Accounting Standards Board, Hans Hoogervorst has been named to a key position in the global accounting profession at a time of dramatic changes.

The Securities and Exchange Commission has proposed a new rule, based on requirements under the Dodd-Frank Wall Street Reform and Consumer Protection Act, that would help those managing their own family's financial portfolios determine whether their “family offices” can continue to be excluded from the Investment Advisers Act of 1940.

Members of the American Institute of CPAs have voted by an 81.39 percent majority to modernize the AICPA's admission requirements to allow more people to join the institute, even if they no longer practice accounting or were never practitioners.

The Financial Accounting Standards Board has issued an exposure draft of proposed changes in the standards for financial reporting about troubled debt restructurings.

Dutch financial markets regulator Hans Hoogervorst will succeed Sir David Tweedie as chairman of the International Accounting Standards Board next June when Tweedie retires from the most powerful and influential position in the accounting profession.

In February, the Securities and Exchange Commission issued a Commission Statement in which it made it clear that it believed that a single set of high-quality globally accepted accounting standards would benefit U.S investors, and in which it directed its staff to execute a workplan to help evaluate the impact IFRS might have on the securities market.

The American Institute of CPAs’ Accounting and Review Services Committee made the most significant changes to compilation and review engagements in over 30 years with the issuance of Statement on Standards for Accounting and Review Services No. 19, Compilation and Review Engagements.

Norwalk, Conn. - The Financial Accounting Standards Board intends to host two public roundtable meetings to solicit input on private company accounting and reporting issues.

In a rough economy, when liability claims against accountants tend to rise, it's especially critical for CPA firms who expand their practices beyond their comfort areas to know exactly what their policy covers and to make any necessary adjustments. It's especially important considering that liability carriers treat issues differently in their policies, according to Gary Sutherland, chief executive of North American Professional Liability Insurance Agency, an independent broker.

Our column in the Feb. 11, 2008, issue addressed the pitfalls of pursuing off-balance-sheet financing. In light of the August 2010 exposure draft from the Financial Accounting Standards Board and the International Accounting Standards Board that proposes capitalizing all leases, we decided to republish it in order to help readers who might be baffled by this massive paradigm shift. In the next issue, we'll reprint a follow-up column in which we responded to criticisms from an individual who basically had no problem with operating lease accounting, to the point that he didn't even consider it as a way for management to deliberately mislead financial statement users.

A majority of members of the Blue Ribbon Panel on Standard Setting for Private Companies voted in favor of establishing a separate standard-setting board for private company accounting at a meeting Friday, but will wait until December to issue its final recommendations.