The American Institute of Public Accountants reported this week that 47 percent of small- to medium-sized CPA firms believe the economy will begin to recover in the fourth quarter of 2009. Ten percent of firms believe the economy is already improving. This comes from the 2009 CPA Firm Top Issues Survey.
“The majority of CPAs in small- and mid-size firms counsel businesses on financial matters, so it is encouraging that they believe recent signs of economic improvement will continue,” said James Metzler, AICPA vice president for small firm interests.
The CPA firms surveyed reported that the biggest issues confronting them as a …read more

The American Institute of Certified Public Accountants Monday announced revisions to the Certified Information Technology Professional (CITP) credential at the AICPA Tech+ Conference in Las Vegas. The CITP credential, launched in 2000, recognizes accounting professionals who combine IT expertise with the unique skill set of a CPA.
Due to dramatic changes to the environment in which CPAs work since the credential was created, the AICPA is enhancing the CITP credential to concentrate on information technology expertise relating to audit and attest services and financial data components, analysis and reporting. CPAs with the credential will provides assurance to financial information or insight …read more

The American Institute of Certified Public Accountants (AICPA) has announced it support for the Global Accounting Alliance (GAA). This coalition of the world’s leading accounting bodies provide recommendations for improving financial reporting worldwide, including the recent report, "Getting to the heart of the issue – Can financial reporting be made simpler and more useful?"  
Our worldwide economies are becoming more and more interdependent. Barry Melancon, President and CEO of the AICPA states:
"As policymakers pursue a more coordinated, global approach to regulation and market support, we in the accounting profession are continuing a dialogue on how to reduce complexity in …read more

It’s official, the U.S. Securities and Exchange Commission has approved final rules requiring companies to submit Financial Statements in the interactive financial data format XBRL with their SEC filings beginning with their quarterly June 2009 filings for the largest companies, and within three years for all public companies.
The American Institute of Certified Public Accountants (AICPA) supports the move to XBRL, stating the tagged data system will provide investors and other users of financial information easier access to more transparent data in company reports.
“We are grateful to SEC Chairman Chris Cox for his great leadership with this proposal to enhance transparency …read more

Last month the American Institute of Certified Public Accountants (AICPA) participated in a forum hosted by none other than His Royal Highness the Prince of Wales (that’s Prince Charles!) on “Accounting for Sustainability: Decision-Making and Reporting in a Resource-Constrained World.”  The forum was held December 17th in London at the Royal Family residence at St. James’s Palace.
Fancy!
Prince Charles established Accounting for Sustainability in 2004 to research and develop systems that will help companies and non-profits alike account more accurately for the social and environmental costs of their activities. 
Barry Melancon, AICPA president and CEO, who attended the forum says:
“The global accounting profession …read more

Despite cutbacks in many industries, the job outlook for Certified Public Accountants remains strong. The majority of CPA firms surveyed as part of the 2008 National Management of Accounting Practice survey reported continued strong growth over the past two years.
The survey, which was conducted by the American Institute of Certified Public Accountants and the Texas Society of Certified Public Accountants, revealed a 10% increase in average net client fees per partner .
James C. Metzler, CPA, AICPA vice president, small firm interests states:
“CPA firms continue to do well. Clients go to CPAs to help them weather a troubled economy, and banks …read more

Earlier this month the American Institute of Certified Public Accountants (AICPA) partnered with InvestmentNews to provide and interactive tool to get your financial questions answered. “Ask the CPA” is an online discussion forum where readers can post their questions. CPAs with the Institute’s personal financial specialist (CPA/PFS) credential will respond. But time’s running out. The forum will run through December 31, 2008.
Image Credit: NewChaos, Flickr