Welcome to AICPA Insights, the official blog for the AICPA. AICPA Insights features posts from AICPA staff on a variety of topics affecting the accounting profession, the AICPA and its members.

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In the News: Private Company Standards are Coming

The big accounting news this week was the Financial Accounting Foundation’s Wednesday announcement that it was creating a body to set differences in U.S. generally accepted accounting principles, where appropriate, for privately held companies. The private company standards set by the new Private Company Council might make it easier for the roughly 28 million privately held companies in the United States to follow certain accounting standards.

The AICPA announced its support for the Private Company Council on Wednesday shortly after the news broke.

Barry Melancon, CPA, CGMA, president and CEO of the AICPA, spoke about the developments in a video to members.

“With the news announced today by the FAF, we recognize and appreciate that the FAF has taken solid steps in the right direction regarding the Private Company Council. The AICPA is encouraged by this approach and awaits more of the details of the FAF decision.  We look forward to continuing to work together to effect meaningful changes in U.S. GAAP for private companies and the users of their financial statements,” said Melancon,

Celebrating 125 Years of Professional Pride

This year, the profession is proudly celebrating a major milestone: the AICPA’s 125-year anniversary. We are one of the few professional organizations to reach this landmark birthday. I believe we got here because the profession’s core values—integrity, objectivity and competence—have made CPAs the most trusted financial professionals and will continue to do so. Those values have remained constant since 1887, and they will serve us well in the 21st Century.

Reaching 125 years of age deserves recognition, so we kicked off our celebration of that achievement with a special Council meeting in Washington, D.C., earlier this month. Since the Institute plays an important role in educating and influencing policymakers, the gathering began with more than 400 representatives of the AICPA and governing Council visiting their legislators on Capitol Hill to reinforce our important thought leadership role. We talked with congressional leaders about two public interest initiatives launched in honor of the occasion.

Shine a Light on What Taxes You Pay

Every year, politicians, economists, tax practitioners and others talk about making changes to our federal and state tax systems. Some of the proposed changes are more fundamental – the adoption of a consumption tax, for example. Other proposals, on the other hand, call for varying degrees of modification to the existing system, such as adding or expanding tax incentives to encourage savings, modernizing the international tax rules, or making procedural changes to improve compliance.

In a presidential election year, and at a time when our country faces unprecedented levels of debt and extraordinary amounts of governmental-operating deficits, taxes will continue to be one of the most pressing issues for public discourse. Have you heard any of the candidates mention the “T” word lately? We all know, however, that talking about taxes in this environment takes a lot of political courage.

And The Survey Says... Increasing Demand for Forensic Accounting

Infographics may be the rage these days, but I still like good old-fashioned statistics, data points and most of all, survey results. Maybe it's because I spent a lot of time watching Family Feud as a child, but when I look at survey results the voice in my head announces ‘and the survey says…’

If 100 CPAs across the country were asked ‘what is the fastest growing area in accounting,’ it is highly likely that forensic accounting would be one of their top answers. Backing up what many in the profession have long suspected to be true are the latest results from the AICPA Forensic and Valuation Services Trend Survey: and the survey says that forensic accountants are seeing a noticeable increase in demand for their services.

When Opportunities Abound, Follow Your Passion

When should you make the transition from public accounting to business and industry? That’s the question Dan Griffiths tackles in his latest blog post on ThisWaytoCPA.com, the AICPA’s hub for college students, CPA candidates and newly-minted CPAs. Touching on the core skillset that public accounting provides a young professional, Griffiths makes the argument that opportunities exist in all areas of business. What’s important is that CPAs pursue the opportunities they are most passionate about.