AICPA gets out of standards-setting business. (AICPA News).

To achieve the mutual goal of creating principle-based U.S. accounting standards, the AICPA, in cooperation with FASB, has agreed to stop issuing statements of position and focus on industry-specific accounting and auditing guidance.

The AICPA, through its Accounting Standards Executive Committee, the technical committee authorized to speak on behalf of the AICPA regarding financial reporting matters, will continue its work on industry-specific accounting and audit guides to help the financial statement preparer community and CPAs in public accounting, and will consider ways to provide frequent updates to the A&A guides via electronic communications.

Through AcSEC, the AICPA will continue to develop comment letters for FASB and the International Accounting Standards Board on proposed new standards and help members who serve the public interest put rules into practice. AcSEC also will continue to advocate on behalf of AICPA members who serve investors and the financial reporting community to ensure that FASB undertakes the necessary projects and efforts to improve financial reporting.