| Letter from Arleen R. Thomas, CPA, CGMA |
"RoboCop," XBRL help SEC target reviews
The Securities and Exchange Commission is employing a predictive accounting quality model they call "RoboCop" that incorporates eXtensible Business Reporting Language, or XBRL, to analyze filing data and flag reports for review. In her blog, Arleen Thomas, CPA, CGMA, Senior Vice President -- Management Accounting at AICPA, looks more closely at this process and what it means for companies filing financial statements. AICPA Insights
(5/14)
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AICPA Chairman Caturano: Getting ready for a sea change in GAAP
The Financial Accounting Standards Board is finalizing its approaches to revenue recognition, leases and financial instruments, major changes that will affect practically all companies in the U.S. This post by Richard J. Caturano, CPA, CGMA, chairman of the Board of Directors for the AICPA, highlights the status of each standard and assures CPAs that the AICPA will provide tools and resources to help them learn about and implement the changes. AICPA Insights
(5/2)
Proposed lease accounting standard may be challenged by business groups
A detailed draft of an international lease accounting standard that would require U.S. companies to include long-term leases on their balance sheets is expected to be released by the Financial Accounting Standards Board and the International Accounting Standards Board this month. Regulators say the proposal's complexity may threaten its chances of approval, as it already faces resistance from business groups, including a coalition led by the U.S. Chamber of Commerce. Reuters
(5/2)
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Accounting Changes: Chronicles of Convergence, Crisis, and Complexity in Financial Reporting Join Bob Herz for his remarkable journey through 40 years in the accounting profession. The former FASB Chairman and Accounting Hall of Fame inductee was a leader on the forefront of financial reporting during a time of unprecedented challenge for accounting, auditing and financial reporting. Accounting Changes chronicles an extraordinary record of service to the accounting profession. > Order Now |
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Report: Risk management oversight presents challenge to audit committees
A report issued last week by the Center for Audit Quality, affiliated with the AICPA, along with the Federation of European Accountants and the Institute of Chartered Accountants in Australia flagged risk management as a top concern for companies' audit committees. The report summed up a roundtable discussion on global issues affecting governance and audit committees, and made recommendations to promote best practices. CGMA Magazine
(5/7)
Other News
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Coming Soon: XBRL US GAAP Certificate Program:
This new online training program from the AICPA and XBRL US builds the skills you need to create high-quality XBRL financials. Learn at your own pace as you gain in-depth knowledge to produce the highest quality XBRL-formatted financials — quickly and efficiently. Visit cpa2biz.com/XBRLCertificate
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Internet sales tax passes in Senate, but may bog down in House
The Senate on May 6 approved a measure to require consumers to pay sales tax for online purchases, but supporters fear anti-tax sentiment in the House of Representatives will kill the bill. Retail critics such as eBay want to raise the exemption for small businesses, which the Senate bill defines as those with less than $1 million in online sales. MarketWatch
(5/6)
Other News
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| Leadership Lessons and Tips |
3 key strategies help finance execs handle increased demands
New regulations and increasing complexity are demanding additional attention from finance executives even as they try to meet a growing need for their services as strategic partners in their companies. Read about three tactics organizations are using to help finance departments meet the rising demands they face. CGMA Magazine
(4/24)
5 tips for the perfect presentation
Handled properly, presentations present excellent opportunities to portray yourself in a positive light and build your profile in the organization. Here's a quick checklist on how to perfect your performance. CGMA Magazine
(4/29)
How to grade your team's performance
Measuring the performance of your company's finance department can be a challenge. This article suggests using metrics such as the balanced scorecard method of performance management, instituting an incentive program and working with team members to help them maximize their potential. Proformative.com
(4/25)
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CFOs should have their heads in the cloud
Company finance chiefs must balance the benefits of cloud technology against its risks. In particular, CFOs should be on top of issues such as terms of service, unauthorized use of cloud-based tools and programs, and acceptable-use policies for these services. CFO.com
(5/1)
Other News
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Last day for nominations: AICPA Outstanding CPA in Government Awards
Nominations for the Outstanding CPA in Government Impact Award and AICPA Outstanding CPA in Government Career Contribution Award can be submitted by members, state CPA societies, federal, state or local government agencies or other professional associations. The Nomination deadline for both awards ends today. Nominate an outstanding CPA today!
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Integrated Reporting: The Next Step in Corporate Reporting webcast
Join us May 20 to learn about the key principles of Integrated Reporting and how it could impact your organization. We will discuss the International Framework Consultation Draft, including highlights from the more detailed topical background papers -- including Business Model, the Capitals, and Materiality. We will also hear about the experiences of companies making the transition to Integrated Reporting and have an opportunity to ask questions to a company participant and IIRC technical staff. Register today.
Register today for the AICPA Not-for-Profit Industry Conference
This conference will be held June 20 to 21 in Washington, DC, and deals with the challenges facing nonprofit practitioners and financial executives today. You'll find out the latest information on the impact of tax, management, auditing and accounting issues pertaining to NPOs. Register today!
Find practical solutions for doing business in China in this new conference
The new AICPA Conference on Doing Business in China, to be held May 30 to 31 in Washington, DC, will focus on providing strategic thinking, expert insights and practical solutions for doing business in China. This intensive one and one-half day seminar will feature renowned speakers and a full agenda of sessions to provide the latest on business trends evolving in China. Register today!
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Not everything that is faced can be changed. But nothing can be changed until it is faced."
-- James Baldwin, American novelist, essayist, playwright and poet
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| About the AICPA and Business, Industry & Government |
The
American Institute of Certified Public Accountants
is the world’s largest member association representing the accounting profession,
with nearly 386,000 members in 128 countries and a 125 year heritage of serving
the public interest. Members in business, industry and government make up a
significant portion of the AICPA's membership. The AICPA provides financial
professionals practicing in business, industry and government with the tools
and resources needed to move their organizations forward. Through a joint venture
with the Chartered Institute of Management Accountants, it has established the
Chartered Global Management Accountant designation to elevate management
accounting globally. |
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