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In the News: AICPA Provides Minority Accounting Scholarships, IFRS Decision Delayed

Theresa YeboahDeanna White of AccountingWEB recently spoke to Theresa Yeboah, a Georgia State University student who was awarded the scholarship three consecutive years, about the impact the AICPA’s Minority Accounting Scholarship has had on her education, as well as her plans for the future. "I have benefited tremendously from the scholarship," said Yeboah. "The scholarship helped me to pay for school and my expenses so I did not have to work so much and could focus my attention on my studies and activities, like Beta Alpha Psi. It gave me more time to devote to my dream of becoming a CPA."  This fall, Yeboah was one of 78accounting students from 36 states across the country awarded the AICPA Scholarship for Minority Students. Recipients are selected based on academic achievement, a demonstration of leadership and volunteerism, and an overall commitment to becoming a CPA. The 2012-13 Minority Scholarship application deadline is April 1, 2012.


The Triangle Business Journal covered the results of the AICPA’s Fourth Quarter Economic Outlook Survey. The article notes that optimism about the economy’s prospects for 2012 is growing among the nation’s senior-level CPA financial executives, but the overall mood remains downbeat. According to the poll, uncertainty surrounding the U.S. economy was cited as the top challenge for business and industry going forward, followed by regulatory burdens and employee and benefit costs. On the positive side, 59 percent of CPA executives said they expect their businesses to expand at least a bit in the next 12 months, and plans for IT, other capital expenditures and training are at their highest level since the third quarter of 2007. IT spending is projected to lead the pack with a 2.7 percent increase, and marketing expenses are also expected to pick up as businesses seek expansion, according to the survey.

A great deal of news came out of the AICPA’s SEC-PCAOB Conference, held earlier this week in Washington, D.C. Perhaps the most important news was actually an announcement by the SEC that there is ‘no news’ on a possible incorporation of  International Financial Reporting Standards in the U.S. Business Insider reports that James Kroeker, the SEC’s chief accountant, said that they will need ‘a few additional months’ time to produce a final report.’ His full remarks are available on the SEC’s website. While there remains uncertainty surrounding the potential adoption of IFRS, a recent AICPA survey found that a majority of CPAs support allowing public companies the option to adopt IFRS. What do you think the SEC should decide? Have you or your company taken any steps to prepare for IFRS?



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