Congress Passes Financial Regulations Bill

On Thursday afternoon, July 15, the Senate passed the Dodd-Frank Act (the new name of the “Wall Street Reform and Consumer Financial Protection Act”) on a vote of 60-39.  On June 30, the House of Representatives passed the bill by a vote of 237-192, so now both chambers have passed the same bill that came out … Continue reading

Supreme Court Considers Constitutionality of PCAOB

U.S. Supreme Court justices heard oral arguments this week that challenge the fundamental structure of PCAOB and the constitutionality of the appointments process. Through their questioning, several justices suggested that the PCAOB lacks the presidential oversight required under the Constitution for executive branch agencies. Read more at npr.com.

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

Red Flags Enforcement Postponed

The Federal Trade Commission is delaying its enforcement of its “Red Flags rules” until June 1, 2010. Here’s the link for further information: http://www.ftc.gov/opa/index.shtml

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

GASB Releases Statement No. 56

The Governmental Accounting Standards Board (GASB) issued GASB Statement No. 56, Codification of Accounting and Financial Reporting Guidance Contained in the AICPA Statements on Auditing Standards. GASB 56 incorporates accounting and financial reporting guidance previously only contained in the American Institute of Certified Public Accountants (AICPA) auditing literature into the GASB’s accounting and financial reporting … Continue reading