AICPA provides information, resources on financial crisis and rescue plan.

PositionNews update

As this issue of The CPA Letter was finalized, the U.S. Congress was voting on a rescue plan that intended to stabilize the financial services industry and capital markets for the benefit of both Wall Street and Main Street. The AICPA urged Congress and regulators to craft a bipartisan rescue package that will restore liquidity to the market, increase economic growth and create jobs. The Institute also has been working with the media to inform the public and investors about the current economic situation so Americans can gain a greater understanding of the issues involved.

In addition, the Institute has been providing members with information, resources and tools to help them advise their employers and clients on business and personal financial planning strategies. Here are some of the AICPA's activities during the past two weeks.

* Two special issues of AICPA News Update. One explained that the Institute urged Congress to come together to help solve the nation's credit crunch and its fallout. Another recognized the disparate points of view among members regarding fair value accounting and pointed to an FAQ the AICPA developed on the subject (www.aicpa.org/mediacenter/fva_faq.htm).

* The Governmental Audit Quality Center issued an alert regarding the news that a short-term bond fund in which nearly 1,000 colleges and universities nationwide had invested was being terminated and that use of their funds was restricted as a result.

* The personal financial planning community stepped up to provide guidance, hosting a free Webinar on how to advise and communicate with clients during...

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