AICPA

A state Senate bill that would allow for CPA cross-border practice mobility in New York and is based on the model legislation, Uniform Accountancy Act (UAA) Section 23, moved out of a Senate committee May 24 and is on the Senate floor for a third reading.

The implementation of new identity theft protection rules by the Federal Trade Commission that were scheduled to go into effect today have, instead, been delayed for the fifth time, this time to Dec. 31, 2010.

Regulatory agency actions and updates for May 5, 2010:

GAO:

• Report: Multiple Factors Could Have Contributed to the Recent Decline in the Number of Children Whose Families Receive Subsidies
• Report: Challenges for Ensuring Income throughout Retirement
   

FINRA:

The achievements of NYSSCPA member Sidney Kess, the author of numerous books and a speaker at countless events and workshops, will be remembered for years to come through the creation of an award named in his honor.

Regulatory agency actions and updates for March 11, 2010:

A dearth of Ph.D. professors of accounting casts a pall on what would otherwise be deemed good news for the profession: this year has seen a significant increase in enrollment in accounting programs at colleges and universities nationwide.

The problem: accredited accounting programs typically require roughly 50 percent of full-time accountancy faculty have a doctoral degree, and as enrollment spikes, there must be a corresponding increase in Ph.D.s.

This hasn't materialized.

The AICPA is seeking nominations for CPAs interested in sitting on one of four panels that will re-examine the passing score of the new Uniform CPA Examination, CBT-e, which launches on Jan. 1, 2011.

The AICPA filed a has filed a lawsuit seeking an injunction barring the Federal Trade Commission (FTC) from applying its so-called "Red Flags Rule" to CPAs.

“We do not believe that there is any reasonably foreseeable risk of identity theft when CPA clients are billed for services rendered,” AICPA President and CEO Barry Melancon said in a statement. “As trusted advisors, CPAs are personally acquainted with their clients and already adhere to strict privacy requirements governing identifying information.”

David A. Lifson, past Society president and chair of its Tax Reform Committee, has received the 2009 Arthur J. Dixon Memorial Award from the Tax Division of the American Institute of Certified Public Accountants (AICPA), the accounting profession's highest award in the area of taxation. The annual award memorializes Arthur J. Dixon, a CPA with an outstanding record of service to the tax profession and to the AICPA Tax Division.

The number of accounting graduates continues to rise, according to an AICPA report. More than 66,000 people obtained bachelor’s and master’s degrees in accounting during 2007-08, the most since the AICPA began tracking the data in 1972, representing a 3.5 percent rise over 2006-07.

Will there be jobs waiting for the recent graduates? The study reports that hiring has declined overall as a result of the economy, but midsize to large regional firms (50-200) reported an increase in hiring new accountants. Hiring started off strong, but tailed off by 2007-08 as the economy worsened, according to the report.