View the story "AICPA Governing Council - Fall 2012 - Day 2" on Storify] AICPA Governing Council - Fall 2012 - Day 2 The second day of the fall meeting of the AICPA governing Council happened yesterday and featured a professional issues update from AICPA President and CEO Barry Melancon, CPA, CGMA.
Storified by Gregory Wright · Mon, Oct 22 2012 18:56:12
Day 2 AICPA Council getting ready to begin. Follow the news as it happens #AICPAGC12 http://pic.twitter.com/SMYutyeMJim Bourke
Mark Harris, chairman of the National Association of State Boards of Accountancy, kicked off the first day, providing an update on their activities.
Harris discussing now the #NASBA registry of CPE providers benefits #CPAs and the public #AICPAGC12Scott Bailey
NASBA’s Harris: http://CPAverify.com is a free database of licensing info, open to public. But only 38 states have joined #AICPAGC12JournalofAccountancy
CPAverifyCPAverify minimizes the need to check the website of each State Board of Accountancy individually to determine a CPA's license status. CP...
Barry Melancon then took the stage to provide his professional issues update.
Definition of attest expanding in the digital world, now incl: Confidentiality, privacy, controls... -Melancon #AICPAGC12Donny Shimamoto
Melancon: Talking about working together - AICPA, NASBA, State Societies, TAC = #CPA mobility see map: http://ow.ly/1P6FKC #AICPAGC12Tom Hood
PCAOB in aggressive regulatory mode…Firms committed to delivering on quality expectations. #AICPAGC12JournalofAccountancy
It's not looking to be a pretty tax season - still uncertainty regarding tax changes. Barry Melancon #AICPAGC12 Oh joy!!!Jacquelyn H. Tracy
Navigating the Fiscal Cliff? AICPA Can HelpAs tax practitioners, financial planners, or business executives, you expect frequent changes to the tax laws. But this is an extraordina...
Amazing how many times Barry is referencing "politics" as a key point of uncertainty for acct/tax issues #AICPAGC12Donny Shimamoto
RT @AICPA_JofA: Melancon: Working on issue of false tax refunds by identity theft -- a $5.2 +billion problem. #AICPAGC12McDonald&OsbornePA
Melancon - End of convergence project spells end of one-to-one FASB/IASB meetings #AICPAGC12AICPA MediaRelations
Potentially back to Big 8? Melancon says that M&A continues to be high among accounting firms #AICPAGC12Scott Bailey
2/3 of #CPA firms seeing year-to-year revenue increases--primarily in smaller/speciality firms #AICPAGC12Donny Shimamoto
Melancon: 88% of Fortune 500 cos and 91% Fortune 100 businesses have at least one CGMA #AICPAGC12JournalofAccountancy
AICPA CEO Barry Melancon "Cloud Computing Creating Opportunities for CPA's" #AICPAGC12Jim Bourke
There are over 60 CPAs serving in their state legislatures. Pretty cool! #AICPAGC12Jacquelyn H. Tracy
State CPA Lawmakers: Answering the Callaicpamultimedia
AICPA CEO Melancon "262,000 Delivered Sections of CPA Exam in Fiscal 2012 with 12,400 International Exam Sections Since 2011" #AICPAGC12Jim Bourke
98% satisfaction rate with CPA Exam takers...awesome! -Melancon #AICPAGC12Donny Shimamoto
Melancon: Canada has rebranded their accounting licensure to #CPACanada who are bringing mgmt and chartered accts #AICPAGC12Scott Bailey
Melancon: At 125 years, we have delivered on a promise to be reflective of our past and to look to the future. #AICPAGC12JournalofAccountancy
The CPA Profession - Founded in Trust, Forging Success #AICPAGC12 http://pic.twitter.com/Nkfc9F9ZJim Bourke
Following Barry, Billy Atkinson, chairman of the newly formed PrivateCompany Council, provided an update and answered questions about his plan for private company financial reporting standards.
Private Company Council (PCC) first meeting Dec 6 #AICPAGC12 http://ow.ly/eFoJjJournalofAccountancy
Atkinson: the PCFRC faced a headwind, but have laid the foundation for the hoped success of the #PCC #AICPAGC12Scott Bailey
Billy Atkinson - Chair of new FAF-PCC talks agenda of Fin48, fair value, VIEs, pensions, Impairment #AICPAGC12Tom Hood
Uncertainty in how long before new #PCC will be able to provide new standards for private companies per BIlly Atkinson #aicpagc12 @FICPADeborah Curry
Shortly thereafter, David Morgan, chairman of the FinancialReporting Framework for Small and Medium-Sized Entities Task Force, and RobertDurak, AICPA Director of Accounting Standards, presented their plans for the FRF-SME.
Durak: This framework (FRF-SME) will address reporting issues that have vexed SMEs for years. #AICPAGC12JournalofAccountancy
FRF for SMEs to simplify fin rpting by focus on historical cost, simplified principles, and only relevant disclosures #AICPAGC12Donny Shimamoto
Latest FAQs on #FRF-SMEs http://ow.ly/1P6TGW Morgan: simpler, more stable, historical cost basis, no impairment testing or OCI #AICPAGC12Tom Hood
Day 2's guest speaker was Paul Stebbins, executive chairman of the World Fuel Services Corporation, who presented on the priority of fixing the U.S. national debt.
You cannot credibly project power, if your financial house is not in order. Stebbins-The priority of fixing our national debt #AICPAGC12Jacquelyn H. Tracy
Stebbins: $0.42 of every federal dollar is borrowed, half of that is owned over seas (mainly Japan/China) #AICPAGC12Scott Bailey
Fixing our national debt: it isn't a party issue, it's a citizen issue -- Paul Stebbins. @fixthedebt #AICPAGC12Maureen Dingus
Stebbins: there are 350,000 CPAs out there - we could use you in DC #AICPAGC12 #cpasrock http://ow.ly/i/12ZIGTom Hood
What's at Stake? A CPA's Insights into the Federal Government's Financesaicpamultimedia
Paul Stebbins explains the fiscal cliff, if nothing happens by December the country will once again hit the debt celing. #AICPAGC12Jeannine Birmingham
The AICPA also presented awards for public service to Johnny Hudson and the CPA firms Reznick Group andBell & Company.
Johnny Hudson accepts his AICPA Public Service Award for Individuals at AICPA Fall Council meeting #AICPAGC12 http://pic.twitter.com/AKoR01h4Jim Bourke
Four CPAs Receive #AICPA Sustained Contribution Award http://owl.li/eG7hD #AICPAGC12AICPA MediaRelations