My son thinks my job is to “attend meetings all the time,” and sometimes I think he is right. After the past two weeks of “meetings,” I finally had a chance to reflect on what I heard.
From our town hall meetings to a specific legislative / regulatory update for MACPA members, to the AICPA Board of Directors (I was there representing the state CPA societies) to the AICPA CPE Advisory Committee and most recently our managing partner summit, here are some of the top issues facing our profession right now. These are the eight big issues as I see them:
- Fin 48 for private companies (accounting): Act now to help address this!
- IFRS and private company reporting (accounting)
- FASB codification (accounting): See our town hall resource center for related resources.
- Fair value accounting / audit issues (auditing)
- A-133 Single Audit Act, pending changes from the most recent PCIE report (auditing)
- Tax preparer responsibility / More Likely Than Not (tax): Progress is being made, thanks to the AICPA.
- Uncertain tax positions (FIN 48 / IFRS) (tax audit)
- 120 – 150 hour debate for CPA exam educational requirements (regulatory)
We have been covering these in our town hall / professional issues updates and will continue to monitor and work on them on your behalf.
The one you can impact immediately is the delay of FIN 48. We just heard that the FASB will be considering this at its upcoming board meeting on Oct. 1. If you want to join us in calling for the FASB to give private companies a break (or at least more time), write your letters and send them via e-mail to director@fasb.org and reference FASB Interpretation No. 48, “Uncertainty in Income Taxes” in the subject line. Our managing partners and members attending our town hall meetings have all expressed serious concerns about this issue.
More resources:
- See our letter to the FASB supporting the recommendation by the Private Company Financial Reporting Committee to delay effective dates of Fin 48 for Private Companies
- MACPA’s town hall / professional issues resources
- MACPa’s IFRS resource center (MACPA members only)