News 

ASCPA Student Education Fund

To learn more about the Student Education Fund, please click here.

Economic Crisis Resource Center

AICPA IFRS Resources

Mobility Legislation

THE AICPA EXAMINATIONS TEAM IS SEEKING CPA NOMINEES TO SERVE ON CPA EXAMINATION PANELS

When the new Uniform CPA Examination is launched on January 1, 2011, changes in content, format, and structure will be introduced. These changes will require the current passing score to be re-examined. The process to do so will include convening four panels of CPAs - one for each examination section - to prepare the groundwork for the passing score decision by the AICPA Board of Examiners. A new passing score determination is necessary in conjunction with the new examination to ensure that legally defensible CPA Examination pass/fail decisions continue to be made in protection of the public interest.

Panel Nominees

The AICPA is seeking nominations for passing score panel membership. Nominees should be CPAs who:

  • have been licensed for between 3 and 5 years
  • have supervised entry-level CPAs during the past year
  • have NO affiliation with CPA Examination review courses, and
  • are willing to participate in an August 2010 two-day meeting in Chicago, IL at the expense of the AICPA.

The selection of panelists from among qualified nominees will be made to ensure broad representation from all segments of the profession and demographic categories. Panelists will be given training at the August meetings on their responsibilities as panel participants.

Submitting Nominations

Nominations may be submitted online at http://vovici.com/wsb.dll/s/4e5ag3f124 or the forms completed and returned by FAX to 609-671-2922. Or, the names and contact information of nominees may be sent by e-mail to passingscorepanel@aicpa.org The information collected about nominees will be used only for the purpose of selecting panel participants.

The deadline for submitting nominations is MARCH 31, 2010.

Provide Help to Haiti through AICPA's CPAs in Support of America Fund

CPAs have an extraordinary commitment to the public interest. One way the profession demonstrates this commitment is through CPAs' rapid response to offer assistance in times of need. If you would like to contribute to relief efforts for Haiti, consider the AICPA's CPAs in Support of America Fund, a 501(c)(3) entity. Tax deductible contributions will be accepted through March 15, 2010. The money collected will be donated on behalf of the profession. To pay by credit card, call 877.CPA.4ALL during regular business hours (9:00 a.m. to 6:00 p.m., ET). Checks should be made payable to CPAs in Support of America Fund, Inc. and mailed to: CPAs in Support of America Fund, Inc., c/o AICPA, 220 Leigh Farm Road, Durham, NC 27707. The AICPA thanks you for your support. Read the AICPA's statement regarding this effort to help Haiti's earthquake victims.

IASC Foundation Publishes Free Training Material for IFRS for SMEs

The International Accounting Standards Committee Foundation has published the first of its comprehensive set of training materials for IFRS for Small and Medium-Sized Entities (IFRS for SMEs). The training material is designed to assist companies and accountants in implementing the standard, as well as assist educators in teaching how to apply it. Once completed, the training material will consist of 35 separate modules-one for each section of IFRS for SMEs. The first 12 modules are now available without charge from the IASB Web site.

Holiday sales gain 3.6% with help from last-minute push
Overcoming severe winter weather in the Northeast, U.S. retail sales mounted a last-minute comeback during the holiday season, ending up 3.6% compared with last year, MasterCard Advisors' SpendingPulse said. Purchases of electronics and online shopping boosted sales. "People were more comfortable doing last-minute shopping online, especially with the bad weather," said Kamalesh Rao, director of economic research at SpendingPulse. Bloomberg

Credit crunch makes student loans harder to come by
The increasing costs of tuition is making it harder for students and their families to secure student loans. The credit crunch which hit would-be homeowners also is hurting people hoping to finance a college degree. Lenders are issuing tighter standards and implementing higher rates. The Washington Post

Stocks expected to finish decade with a strong week
Analysts were expecting stocks to have a strong showing in the final trading week of 2009. "Economic numbers have been good. It's been an ideal situation for equities as there aren't that many other alternatives. I think the smarter money is going into equities," said Alan Lancz, president of Alan B. Lancz & Associates Inc. Yahoo!/Reuters

U.S. GDP is set for 2.7% growth next year, Blue Chip finds
Bolstered by "steady, if unspectacular growth" in consumer spending, the U.S. economy is headed toward a 2.7% GDP expansion in 2010, according to the Blue Chip Economic Indicators group. Growth will be held back by sluggish improvement in exports combined with accelerating imports, the group said. "Although exports continue to grow, improving domestic demand and higher petroleum costs are producing even faster increases in imports," according to the Blue Chip survey. Reuters 

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 prevent identity theft and was promulgated under the Fair and Accurate Credit Transactions Act of 2003.

"We do not believe that there is any reasonably foreseeable risk of identity theft when CPA clients are billed for services rendered," said AICPA President and CEO Barry Melancon. "As trusted advisors, CPAs are personally acquainted with their clients and already adhere to strict privacy requirements governing identifying information."

The Red Flags Rule has been repeatedly delayed and most recently was blocked by court order on Oct. 30 insofar as it would apply to lawyers and law firms.  It requires financial institutions and credit card companies to develop and implement programs to detect and respond to activity that may signal identity theft. In the FTC's interpretation, the rule would apply to public accountants only because CPA firms typically bill clients for services rendered, thus technically qualifying as a "creditor."  Public accountants do not provide financial services that would typically create identity theft risks for clients.

The AICPA's complaint, filed by law firm Fried, Frank, Harris, Shriver & Jacobson LLP, alleges that the FTC is exceeding its congressionally granted powers under the 2003 law by interpreting its Red Flags Rule to apply to accountants.  The AICPA's complaint alleges that the FTC has acted arbitrarily, capriciously, and contrary to law by failing to articulate a rational connection between the profession of public accounting and identity theft. The FTC failed to explain how the manner in which public accountants bill their clients in the normal course of business constitutes an extension of credit. The FTC further failed to identify any legally supportable basis for applying the rule to accountants.   

The AICPA's lawsuit follows an Oct. 30 order by U.S. District Court Judge Reggie B. Walton in an earlier, similar lawsuit by the American Bar Association seeking to enjoin the FTC from applying its Red Flags Rule to practicing attorneys. Judge Walton granted the ABA's motion in a partial summary judgment, holding that the FTC had exceeded its authority by interpreting the term "creditor" to include attorneys engaged in the practice of law. That same day, the FTC issued a press release announcing that it was delaying enforcement of the rule until June 1, 2010, a decision welcomed by the AICPA.

 "The FTC made the right move in delaying implementation of the Red Flags Rule and we certainly still appreciate the commission's continuing consideration of our request for a CPA exemption," Melancon said.

A copy of the complaint filed by Fried Frank is available at http://www.aicpa.org/download/news/2009/AICPA-Complaint.pdf

 

Events 

2010 CPE Courses Preview

Upcoming Events

May, 2010
  • May 12-13, 2010
    Thirtieth Annual Accounting and Auditing Conference (AA-30)-AA
    16 CPE Credit Hours
    Branson, MO Big Cedar Lodge
    Provided by Accounting Principles and Auditing Committee
    Course Fee - $520

    Early Discounted Course Fee - $490
    Member Discounted Fee - $320
    Early Discounted Member Fee - $290
    Register Now
  • May 19-20, 2010
    How to Conduct a Review Under the AICPA Practice Monitoring System (HCRPM-S)-AA
    16 CPE Credit Hours
    Little Rock ASCPA Conference Center
    Presented by J. Mason Andres
    Course Fee - $615
    Early Discounted Course Fee - $580
    Member Discounted Fee - $435
    Early Discounted Member Fee - $405
    Additional AICPA Discount- $30
    Register Now
  • May 20, 2010
    Audits of 401(k) Plans (AFKP-ID)-AA
    8 CPE Credit Hours
    Little Rock ASCPA Conference Center
    Provided by AICPA
    Course Fee - $345
    Early Discounted Course Fee - $315
    Member Discounted Fee - $245
    Early Discounted Member Fee - $215
    Additional AICPA Discount- $30
    Register Now
  • May 21, 2010
    AICPA Advanced Course: Overview of the AICPA Peer Review Program Standards (ADPRT-S)-AA
    8 CPE Credit Hours
    Little Rock ASCPA Conference Center
    Presented by J. Mason Andres
    Course Fee - $325
    Early Discounted Course Fee - $295
    Member Discounted Fee - $225
    Early Discounted Member Fee - $195
    Additional AICPA Discount- $30
    Register Now
  • May 21, 2010
    Form 990: AICPA's Answer to Unlocking Tax Complexities (EO-F990-S)-TX/GOV
    8 CPE Credit Hours
    Little Rock ASCPA Conference Center
    Presented by Charles C. Owen
    Course Fee - $325
    Early Discounted Course Fee - $295
    Member Discounted Fee - $225
    Early Discounted Member Fee - $195
    Additional AICPA Discount- $30
    Register Now
  • May 24, 2010
    Educator's Conference (EC-7)-OT
    6.5 CPE Credit Hours
    Little Rock ASCPA Conference Center
    Provided by ASCPA
    Course Fee - $50  

    Register Now
  • May 28, 2010
    AICPA's Annual Update for Controllers (SKSB-ID)-MS
    8 CPE Credit Hours
    Springdale Jones Center for Families
    Provided by AICPA
    Course Fee - $375
    Early Discounted Course Fee - $345
    Member Discounted Fee - $275
    Early Discounted Member Fee - $245
    Additional AICPA Discount- $30
    Register Now

 

 

 

 

 

 

 

 

 

 

 

 

The ASCPA is pleased to offer a newly formed Health Insurance Plan for Members. Please click on this link for more information and to get a quote.

Regions Insurance offers a Health Insurance Plan for Individuals. Please click on this link for more information and to get a quote.