Current Issue / June 2009

• Biggest Changes in SSARSs Since 1978 Proposed to Better Serve Small Businesses, Their CPAs and Financial Statement Users
• AICPA Analysis of Comment Letters to SEC on IFRS Roadmap Shows Issues with Proposal
• CPAs Continue to Prepare for IFRS as SEC Reviews “Roadmap”
• Non-SEC Issuer Entities Subject to SEC Independence Rules
• Renew Your AICPA Membership to Continue Receiving Valuable Benefits
• CHAIR’S CORNER
• SOP 09-1 Issued on Performing AUP Engagements that Address XBRL-Tagged Data
• New Guide Helps CPAs Decide Whether to Register as Investment Advisers
• Economic Sentiment Turns Cautiously Optimistic Among CFOs and CPA Executives as Pessimism Eases, Neutrality Rises
• Annual AICPA/Harris Interactive Survey Results Released
• AICPA Comments to IRS on Information Reporting of Customer’s Basis in Securities Transactions
• IASB Concludes 2007-2009 Annual Improvements
• Find AICPA on Social Networks; Financial Literacy Volunteers Can Share Information Through Twitter

Featured News

CHAIR’S CORNER

By Ernest A. Almonte, CPA, CFF, CITP
Chairman, AICPA Board of Directors

This column addresses two important developments in accounting standards that are happening over the next month. The first one is that the three Financial Accounting Standards Board Staff Positions on fair value measurements and impairments become effective June 15. The new FSPs are in response to tremendous public controversy over the FASB’s mark-to-market accounting rules as they related to unusually distressed markets. Secondly, on June 3 the FASB voted to approve release of the FASB Accounting Standards Codification^TM as the authoritative source of nongovernmental accounting standards (besides Securities and Exchange Commission guidance). Starting July 1, the GAAP hierarchy and structure, as you know it, will change significantly.
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