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AICPA Names Top Developments for Nonprofit CPAs

With nonprofit Certified Public Accountants still facing challenges stemming from the 2008 financial crisis, the American Institute of Certified Public Accountants (“AICPA”) has pinpointed significant developments that reflect such obstacles. At its Not-for-Profit Industry Conference last Thursday, the AICPA noted the following current happenings: The Financial Accounting Standards Board’s proposal that enhances financial reporting disclosures will be issued as an exposure draft later this year. Consistent organization policies on gifts and ethics must be implemented. Younger nonprofit donors need more details on where their contributions are being spent. To offer performance information, several nonprofits are testing quarterly earnings calls. The. Read More.

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Accounting Profession Faces Challenging Future

Speaking at the American Institute of Certified Public Accountants’ (“AICPA”) spring Council meeting last week, AICPA Senior Vice President of Strategy, People & Innovation’s Lawson Carmichael stated that the accounting field, CPAs and businesses they serve will have to adapt to various challenges in the coming years. As part of his remarks, Carmichael shared how the profession will be impacted, and asked Council members to offer insight on the risks and opportunities that could be presented. Trends identified that could affect accounting services include firms focusing more on growth and talent management than cost-cutting, recruiting and retaining talent, globalization, emerging. Read More.

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AICPA and NASBA Release New UAA Edition and Model Rules

The Seventh Edition of the Uniform Accountancy Act (“UAA”) and the UAA’s Model Rules were recently issued by the American Institute of Certified Public Accountants (“AICPA”) and National Association of State Boards of Accountancy (“NASBA”). Created by both organizations, the UAA helps deliver an identical approach to the regulation of accounting. Certified Public Accountants (“CPA”) must follow accountancy laws in licensing jurisdictions that oversee the practice of public accounting. The UAA’s Seventh Edition includes: An extended definition of “attest” in UAA Section 3, Definitions. The updated attest meaning states, “any examination, review, or agreed upon procedures engagement to be performed. Read More.

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AICPA’s Task Force to Boost CPA Professional Development

After spending the last year reviewing education trends and current innovations, the American Institute of Certified Public Accountants’ (“AICPA”) Task Force on the Future of Learning revealed its strategies to enhance the professional development of Certified Public Accountants (“CPA”). Cherry Bekaert’s own Jonathan Kraftchick participated in this project. Announced at its meeting last week, the task force released recommendations based on the following themes: Innovate and Experiment; Ignite a Passion for Learning; and Make Learning Personal; and Measure What Matters. Per the task force’s co-chair, and AICPA senior vice president and COO Anthony Pugliese, the focus on these themes will. Read More.

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