The AICPA and the CPA profession as a whole receive significant ‘ink’ each year, ranging from daily newspapers with large circulations to niche blogs with a few hundred readers. To help you keep track of it all, CPA Profession in the News is a short wrap-up highlighting a few interesting and informative articles about the CPA profession.
The Times Daily in Alabama spoke with Mackey McNeill, CPA/PFS, and member of AICPA’s Financial Literacy Commission, about preparing college students to handle the responsibility of managing their own money. Without an understanding of the impact of their decisions, young adults can easily fall victim to overwhelming credit card debt and get behind on their student loan payments. McNeill says that one of the best ways to avoid that outcome is to begin teaching children about money long before they leave for college. “Our patterns about money are set before college, so if your kids are savers or spenders, you'll know before then; however, that doesn't mean you can't become better aware of the behavior and make difference choices,” she said.
Continue reading "In the News: Financial Literacy, Mobility, CPA Exam" »
Jimmy Williamson, CPA, and member of the AICPA’s financial literacy commission spoke to the Contra Costa Times for an article about the Consumer Financial Protection Bureau. The CFPB, designed as a one-stop place for consumers to file complaints about financial products, is currently only handling credit card complaints. “Like any new federal agency it takes time for it to get its wheels rolling," said Williamson. “It's designed to help consumers make better financial decisions, if they are borrowing money for a home, if they are getting a credit card, those kinds of things. It's designed to improve transparency.”
Continue reading "In the News: Financial Literacy, Mortgage Interest" »
This week’s post comes from Palm Beach, Florida, where I’ve been attending the AICPA & CPA/SEA Interchange 2011 conference the past few days. It’s been a great experience learning about the issues impacting the profession, including informative forward-looking presentations from Barry Melancon, CPA, president and CEO of the AICPA and Paul Stahlin, CPA, AICPA chairman. It was wonderful to have the opportunity to meet so many of my colleagues from the state CPA societies around the country and learn about the projects they’ve been working on.
Now, on to the news.
Continue reading "In the News: Debt-Ceiling, College Tuition, EDGE" »
Paul Stahlin, CPA, AICPA chairman, wrote an editorial titled ‘One-Size GAAP’ Does Not Fit All for The CPA Journal, a New York State Society of CPAs publication, on the need for differences in accounting standards for privately-held companies. Stahlin highlights the recommendations of the Blue Ribbon Panel on Private Company Financial Reporting, including the creation of a separate board with standards-setting authority under the Financial Accounting Foundation’s oversight and changes and modifications to existing U.S. GAAP, where appropriate, for private companies.
Continue reading "In the News: PCGAAP, Protecting Elderly Clients" »
Accounting Today reports that the AICPA wrote to the IRS offering to help develop the IRS exam for registered tax return preparers by leveraging the AICPA’ s experience with the Uniform CPA Exam. AICPA Tax Executive Committee Chair Patricia Thompson wrote “we believe the examination should address problems faced by tax return preparers that might arise in the preparation of basic Form 1040 returns, including coverage of basic self-employment income.” Thompson noted that the IRS exam should have questions related to ethical responsibilities of tax return preparers and be updated annually to reflect the most current tax laws and regulations.
Continue reading "In the News: IRS Tax Preparer Exam, Same-Sex Filings" »