Current Issue / December 2008

• Court Ruling on Business Patents Leads AICPA to Continue Seeking Legislative Ban on Tax Strategy Patents
• SEC Releases for Public Comment Roadmap for U.S. Issuers’ Transition to IFRS
• Highlights of AICPA Governing Council’s Fall Meeting
• AICPA Auditing Standards Board Approves to Ballot for Exposure Suite of Clarified Risk Assessment Standards
• Auditing Standards Board Releases Two Clarified Exposure Drafts for Comment, Revises Auditing Interpretation
• Exposure Draft of Proposed Statement on Standards for Accounting and Review Services Released for Comment
• IASB and FASB Seek Comments on Financial Statement Presentation
• AICPA, Ad Council Launched New “Feed the Pig” Public Service Announcements on Nov. 20
• CPA Firms Experience Continued Growth, According to Biannual Survey
• AICPA Names Arthur J. Dixon Memorial Award Winner; Highest Honor in Tax Area

Featured News

IFRS Quarterly Webcast Series - IFRS 101: The Essentials

To help members get ready for IFRS, the AICPA is offering a free Webcast on Dec. 12. A first in a series, the IFRS Quarterly Webcast Series — IFRS 101: The Essentials, will cover the background and history on IFRS convergence efforts, the proposed roadmap, a summary of critical differences between IFRS and U.S. GAAP, and how all these changes will affect your firm or company. Friday, Dec. 12, 2:00 – 4:30 pm, EST. FREE (when not claiming CPE). Register now.

Members’ Acceptance of IFRS Growing as Recent SEC Action Demonstrates Eventual Switch from GAAP

Results of a survey conducted this fall among AICPA members shows 55% of CPAs at firms and companies nationwide now say they are preparing for adoption of International Financial Reporting Standards, an increase of 14% from the 41% who were preparing for change according to an Apr. 2008 survey. Still, 65% of survey respondents said they have some knowledge of IFRS but need to learn more. On Aug. 27, the Securities and Exchange Commission voted to propose a roadmap for IFRS adoption for U.S. public companies. The roadmap was released on Nov. 14 with a comment deadline of Feb. 19, 2009. Read the press release and the survey results.