“The Times They Are A-Changin’”

Many may forget this song title by Bob Dylan, or even forget the artist, but probably no one would disagree that the business and economic world is changing at an even more rapid rate. The interesting thing is that he released his hit song under that title in 1964, but the lyrics are as true … Continue reading

More Preparation Needed for Accounting’s Perfect Storm

Do Not Let Habitual Complacency Reduce Your Readiness By William F. O’Brien, MBA, CPA Executive Education, Inc. According to Wikipedia, a perfect storm is a rare combination of circumstances that drastically aggravates a situation.  While the storm’s intensity has somewhat abated, the accounting profession still is facing a storm which could significantly alter many company’s … Continue reading

Accounting Scholars Development Program

The CSCPA, AICPA, and AICPA Foundation are pleased to announce the third community college summer residency program which will take place at the University of Denver June 24-28, 2012 The Accounting Scholars Development program invites community college students in the African-American, Hispanic or Native-American communities to participate in a five day college residency program where … Continue reading

CPA-to-Lender Letters Still a Big Concern

With the number of mortgage applications increasing recently, CAMICO has been receiving more calls from CPAs regarding banks and other lenders pressuring them to render an opinion on the solvency of their clients. The pressure exerted on CPAs by lenders and loan brokers can be considerable. Many CPAs have been informed by brokers that their … Continue reading

The AICPA Files Lawsuit Challenging Application of Federal Trade Commission’s “Red Flags Rule” to CPAs

The American Institute of Certified Public Accountants filed a lawsuit in the U.S. District Court for the District of Columbia seeking an injunction barring the Federal Trade Commission from applying its so called Red Flags Rule, which would impose onerous and unnecessary requirements on AICPA members. The FTC’s Red Flags Rule was designed to help … Continue reading

AICPA Provides Tax Reform Principles to White House Panel

Barry Melancon, president and CEO of the American Institute of Certified Public Accountants, testifying before the President’s Economic Recovery Advisory Board at the White House October 16, called for comprehensive tax reform and revisions to the alternative minimum tax and estate and gift tax rules. “The dynamic American economy is rebounding slowly and, we believe, … Continue reading

Consumer Financial Protection Agency (CFPA)- H.R. 3126

Earlier this month, House Democrats introduced their own scaled-back version of the new consumer protection agency proposed by President Obama. The legislation was first introduced in April by U.S. Rep. Ed Perlmutter (D-Colo.), and U.S. Rep. Frank Lucas (R-Okla.), members of the U.S. House Financial Services Committee. The legislation is broadly written and would include … Continue reading

Video: Chair Ron Seigneur Gives a Professional Issues Update

Using the FASB Accounting Standards Codification

July 1 was a landmark day for the accounting profession as the Financial Accounting Standards Board (FASB) Accounting Standards CodificationTM (ASC) became the authoritative source of nongovernmental accounting literature (in addition to Securities and Exchange Commission pronouncements). The FASB ASC completely changed the presentation of GAAP, profoundly affecting how standards are researched and referenced now. … Continue reading

Tax Preparer Registration May Not Be the Answer

Internal Revenue Commissioner Doug Shulman announced on June 4, 2009, in congressional testimony before the House Ways and Means Oversight Committee that the IRS plans to make recommendations by the end of the year to ensure that tax preparers adhere to high ethical standards. At the hearing on the tax filing season and 2010 IRS … Continue reading