AICPA Media Center


Press Releases (View All)
	12/31/08 - AICPA Applauds SEC Staff Recommendation Against the Suspension of Fair Value Value Accounting AICPA applauds SEC staff recommendation against the suspension of fair value accounting. 12/17/08 - U.S. SEC Releases Final Rule Mandating Companies to Report Financial Statements Using XBRL, Interactive Data Format The SEC Dec. 17 approved final rules requiring companies to submit financial statements in XBRL format.

Hot Topics
	Fair Value, Mark-to-Market Accounting
AICPA in the News (View All)
	AICPA Vice President of Taxation Tom Ochsenschlager hosted the U.S. Small Business Administration’s year-end tax chat on Dec. 10. He answered a variety of tax questions that are top-of-mind for small business owners. Included were questions about unemployment insurance taxes, the alternative minimum tax, conversion of a regular IRA to a Roth IRA, and sale and expensing of assets. Link SEC Chairman Christopher Cox, speaking at the Dec. 8 AICPA SEC-PCAOB Conference attended by 2,200 in Washington, D.C. drew coverage from the Wall Street Journal, Associated Press, Thomson-Reuters, Bloomberg, Dow Jones, the Journal of Accountancy, InvestmentNews, FinancialNews, and CFO magazine among others. Google found 154 media pick ups of the news the SEC will not suspend Fair Value accounting rules and instead will make recommendations to the independent Financial Accounting Standards Board. CFO.com picked out this key quote: "Accounting standards aren't just another financial rudder to be pulled when the economic ship drifts in the wrong direction," said Cox. "Instead they are the rivets in the hull, and you risk the integrity of the entire economy by removing them." Link Financial Week said Cox gave a vote of confidence to the FASB, saying that while the role of accounting standards and accounting professionals is being challenged in the current economic crisis, “we must continue to protect the independence of the accounting standard-setting process.” Link AP and Reuters noted Cox said the SEC found a consensus among investors that mark-to market accounting is a meaningful measure of assets. Still, Cox said, standards "have to keep pace with the real world," so modifications to the current rules may be needed. Link AICPA Accounting Standards Executive Committee Chairman Jay Hanson appeared on CNBC’s “Closing Bell” with Maria Bartiromo and Dylan Ratigan on Dec. 8, debating the SEC’s mark-to-market accounting study with Ed Yingling, president of the ABA. High-powered communications consultants said Hanson came across the tube as very knowledgeable and reasonable about a complicated, emotionally-charged financial issue. As the national director of accounting at McGladrey & Pullen, LLP, Jay reviews and coordinates complex international SEC filings. Link

	Media Relations Contacts
	Reporter Resources Survey and research data, event calendars and other essential background information
	About the AICPA
	AICPA Video Highlights
	Useful Links
	Leadership Communications Executive speeches, Power Points and other messages
	Reporter Registration Sign Up to Receive AICPA Press Releases
	Initiatives in the Spotlight Concise summaries on the major professional issues and AICPA initiatives
	FAQ's