American Institute of Certified Public Accountants (AICPA)


The AICPA represents the CPA profession nationally regarding rule-making and standard-setting, and serves as an advocate before legislative bodies, public interest groups and other professional organizations. The AICPA develops standards for audits of private companies and other services by CPAs; provides educational guidance materials to its members; develops and grades the Uniform CPA Examination; and monitors and enforces compliance with the profession’s technical and ethical standards.

Recent Developments – Past 90 days

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New Leases Accounting Standard—Learning and Implementation Plan
AICPA - 04/04/2016
New Leases Accounting Standard – Learning and Implementation Plan focuses on the guidance contained in the FASB Accounting for Leases ASU and provides a roadmap for understanding and implementation

AICPA and NASBA propose revisions to Uniform Accountancy Act and related model rules
AICPA - 11/02/2015
The AICPA and the National Association of State Boards of Accountancy (NASBA) have issued an exposure draft of Proposed Revisions to the AICPA/NASBA Uniform Accountancy Act and NASB Uniform Accountancy Act Rules. The ED proposes changes to the Uniform Accountancy Act (UAA) and the Model Rules to provide for the creation of a Retired-CPA status. Retired-CPAs would be permitted to perform certain volunteer, uncompensated services under the rules.

AICPA releases FAQs on the application of the independence rules to affiliates of employee benefit plans
AICPA - 10/06/2015
The AICPA published an updated frequently asked questions (FAQs) document to help members better understand how the definitions and guidance provided in Interpretation No. 101-18, “Application of the Independence Rules to Affiliates,” apply to affiliates of employee benefit plans subject to the Employee Retirement Income Security Act (ERISA). Interpretation No. 101-18, under Rule 101, Independence, provides guidance on which entities should be considered an affiliate of a financial statement attest client and, therefore, subject to the same independence provisions of the AICPA Code of Professional Conduct applicable to the financial statement attest client. The questions and answers in this document cover (1) plan affiliates, (2) exceptions in Interpretation, (3) difficulty in identifying affiliates of a plan, (4) affiliates definition, and (5) client affiliate interpretation. 

PEEC issues new interpretation on firm mergers & acquisitions and adopts revised definition of "affiliate"
AICPA - 09/14/2015
The AICPA's Professional Ethics Executive Committee (PEEC) has published a new interpretation titled Firm Mergers and Acquisitions to provide guidance to members in situations where independence with respect to an attest client may become impaired as a result of a firm merger or acquisition. In addition, the PEEC has adopted a revised definition of "affiliate" intended to clarify and provide guidance on how to treat multiple and multiemployer employee benefit plans under this definition. The new definition is effective on October 31, 2015.

AICPA issues white paper on the use of information technology in risk management
AICPA - 09/08/2015
The AICPA Assurance Services Executive Committee (ASEC) has released a white paper titled The Use of Information Technology in Risk Management. The white paper discusses how current trends in technology tools and risk applications can help to enhance the maturity of risk management overall.

AICPA issues Conceptual Framework toolkit for members in business
AICPA - 09/07/2015
The AICPA has issued a toolkit for members in business that can be used to guide members as they analyze relationships and circumstances that are not addressed by the AICPA Code of Professional Conduct.

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Exposure Drafts

AICPA Ethics Division proposes hosting services interpretation
AICPA - 05/16/2015
The AICPA’s Professional Ethics Executive Committee (PEEC) published an exposure draft of a proposed independence interpretation of the AICPA’s Code of Professional Conduct (Ethics Code), Hosting Services . The interpretation is intended to provide guidance to practitioners on providing hosting services to clients and describes certain hosting services which may impair independence.

Comments on the exposure draft are requested by July 18.

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PwC comment letters

PwC comments on the AICPA's proposed amendment to AU-C 700 
AICPA - 09/30/2015 
PwC supports requiring the PCAOB report layout and wording when referring to both PCAOB and AICPA standards.

PwC comments on proposed revision to the AICPA Trust Services Principles
AICPA - 09/16/2015 
PwC supports the proposed revisions to Trust Services Principles, and offers some recommendations for consideration.

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