Happenings at April AICPA board meeting.

Here are some of the significant actions and events that took place at the AICPA Board of Directors' meeting on Apr. 3:

* AICPA President & CEO Barry Melancon and AICPA Washington office staff provided an overview of legislative and regulatory issues that could affect market and financial services regulation and their potential impact on the profession.

* The board approved for Council's consideration the proposed AICPA budget for the coming fiscal year (Aug. 1, 2009, through July 31, 2010), which provides for no member dues increases.

* The board heard an update on fair value standards in light of the Financial Accounting Standards Board's decision on Apr. 2 to issue new guidance on fair value measurements and impairments [three FASB Staff Positions were subsequently issued on Apr. 9, reflecting comments received during the exposure period]. Melancon said the profession remains committed to independent, private-sector standard setting and to implementation of those standards as effectively and efficiently as possible. The Institute issued a media statement supporting the FASB's independence and commenting on implementation issues relating to the final guidance. The AICPA plans to monitor and respond to potential challenges to members in this area, Melancon said. Read the comment letters sent on the proposals by the Accounting Standards Executive Committee and PCPS's Technical Issues Committee.

* The board heard an update of the AICPA strategic plan, including progress of various initiatives in light of changing economic conditions.

* Private Company Financial Reporting Committee Chair Judith O'Dell gave a presentation on the group's activities, including the status of its recommendations on key standards, including FIN 48 and FIN 46R. She discussed the alternatives for private company accounting if public companies adopt IFRS and the pros and cons of those...

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