President Bush signs into law bill giving CPAs exemption from Gramm-Leach-Bliley annual notification requirement.

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In a major, hard-fought victory for the profession, President Bush on Oct. 13 signed into law the Financial Services Regulatory Relief Act of 2006 containing a provision that exempts CPAs from the Gramm-Leach-Bliley Act's annual privacy notification requirement. The exemption became effective on that date.

Upon Congress passing the bill in Sept., AICPA President and Chief Executive Officer Barry Melancon said, "This is wonderful news and a win for both CPA practitioners and their clients. The disclosure statements are often confusing to clients and they are expensive and time-consuming for CPAs to prepare."

Melancon said that the AICPA had worked with lawmakers since enactment of the Gramm-Leach-Bliley Act to achieve the change, which was possible because CPAs are certified or licensed by state boards of accountancy and are already subject to state laws and regulations that prohibit disclosure of nonpublic personal information without the...