American Institute of Certified Public Accountants (AICPA)

Website: www.aicpa.org

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



Select News Releases

AICPA seeks comments on private-entity audit improvement efforts
AICPA - 08/07/2014
The AICPA released a discussion paper seeking input on its Enhancing Audit Quality initiative, a major effort to coordinate resources and further improve audits of private entities, which are defined as non-SEC registrants, including not-for-profits, employee benefit plans and governmental entities.

AICPA issues revenue recognition primer for audit committees
AICPA - 07/24/2014
The AICPA issued a new Financial Reporting Brief which provides an overview of the new FASB revenue recognition standard and highlights questions that audit committee’s should be prepared to ask management about how the new revenue recognition standard will affect the entity’s revenue recognition policies and ensure that management is prepared to adopt the standard.

AICPA releases white paper "Re-imagining Auditing in a Wired World"
AICPA - 07/08/2014
The AICPA Assurance Services Executive Committee's (ASEC) Emerging Assurance Technologies Task Force released a new white paper to offer insight into what the future reporting and auditing systems might resemble and how technology could be used to transform auditing.

AICPA issues roadmap to understanding new revenue recognition standards
AICPA - 07/08/2014
The AICPA issued a new Financial Reporting Brief that provides a roadmap to understanding the new FASB and IASB revenue recognition standards issued in May 2014. The Financial Reporting Brief reorganizes the guidance contained in FASB ASC 606, Revenue from Contracts with Customers, to follow the five step revenue recognition model along with other guidance impacted by this standard. Additionally, it highlights differences between FASB ASC 606 and IFRS 15, Revenue from Contracts with Customers, and provides reference to applicable examples in the implementation guidance.

AICPA issues updated Code of Professional Conduct
AICPA - 06/10/2014
The AICPA has published its revised Code of Professional Conduct, which includes all official releases through April 30, 2014. The Code provides guidance and rules to all members in the performance of their professional responsibilities. The updated Code is effective on December 15, 2014 (early implementation permitted).

AICPA and NASBA publish seventh edition of the Uniform Accountancy Act
AICPA - 05/20/2014
The AICPA and NASBA have published the seventh edition of the Uniform Accountancy Act (UAA). The UAA is designed to advance the goal of uniformity, protect the public interest, and promote high professional standards. The revisions update the definition of attest and allow for CPA firm mobility across state borders.

AICPA issues new technical Q&As related to PCC accounting alternatives
AICPA - 04/22/2014
The AICPA has published new technical questions and answers (Q&As) to provide nonauthoritative guidance regarding the modification to the accountant's compilation or review report when a client adopts a Private Company Council (PCC) accounting alternative that results in a change to a previously issued report, and to the auditor's report when a client adopts a PCC accounting alternative that results in a change to a previously issued report.

AICPA issues new Q&A on conflict minerals reports
AICPA - 04/22/2014
The AICPA Conflict Minerals Task Force has published a new questions and answer (Q&A .13) that addresses attributes of a conflict mineral report (CMR) that facilitate an independent private sector audit (IPSA). Accompanying the Q&A is a CMR depiction exhibit.

AICPA issues auditing interpretations related to the new GASB pension standards
AICPA - 04/14/2014
The AICPA has published the new auditing interpretations to assist plan and employer auditors who are auditing entities that have implemented the new GASB pension standards, GASB Statements No. 67 and No. 68. GASB Statement No. 67 is effective for financial statements for periods beginning after June 15, 2013. GASB Statement No. 68 is effective for financial statements for fiscal years beginning after June 15, 2014.

PEEC adopts new definition of "those charged with governance"
AICPA - 04/8/2014
The AICPA Professional Ethics Executive Committee (PEEC) has adopted a new definition of 'those charged with governance' in ET section 92 of the AICPA Code of Professional Conduct. The objective of the new definition is to more closely align the definition with the Auditing Standards Board (ASB), International Standard on Auditing (ISAs), and International Ethics Standards Board for Accountants (IESBA) definitions and related guidance. The new definition is effective the last day of the month that it appears in the Journal of Accountancy, which is anticipated to be April 30, 2014.

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Proposed rules

PEEC seeks comments on proposed interpretation concerning a breach of an independence interpretation
AICPA - 06/16/2014
The AICPA's Professional Ethics Executive Committee (PEEC) is exposing for comment revised ET section 91, Applicability, and new Interpretation No. 101-20, “Breach of an Independence Interpretation,” under Rule 101, Independence, which is intended to provide guidance to members in public practice concerning a breach of an independence interpretation. [Comments due - September 16, 2014]

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