Council approves moving forward with exploring GAAP for private companies.Here are some of the more significant actions and events that took place at the governing Council meeting May 23-24: * A resolution passed to proceed with working with the Financial Accounting Standards Board Financial Accounting Standards Board (FASB) Board composed of independent members who create and interpret Generally Accepted Accounting Principles (GAAP). to evaluate potential changes to GAAP GAAP See: Generally Accepted Accounting Principles GAAP See generally accepted accounting principles (GAAP). for privately held, for-profit companies, as recommended by the Private Company Financial Reporting Task Force. The resolution directs the AICPA AICPA See American Institute of Certified Public Accountants (AICPA). to work with the Financial Accounting Foundation and the FASB FASB See: Financial Accounting Standards Board FASB See Financial Accounting Standards Board (FASB). to identify and implement a process that would evaluate, where appropriate, potential changes in recognition, measurement and disclosure differences from current GAAP as applied by public companies. * With Council's approval, the PCPS acronym returned to its original meaning: Private Companies Practice Section. The Council also affirmed the section's core purpose of making practicing CPAs and their firms successful. * The launch of the 360 Degrees of Financial Literacy for Women program was announced (see page 3). In addition, an update was provided on the AICPA and Ad Council moving forward with a national public service advertisement campaign on financial literacy. That effort will work to educate consumers about the importance of sound money management. * Image research that showed the profession continues to be held in high esteem by business decision makers, executives and investors was discussed (The CPA (Computer Press Association, Landing, NJ) An earlier membership organization founded in 1983 that promoted excellence in computer journalism. Its annual awards honored outstanding examples in print, broadcast and electronic media. The CPA disbanded in 2000. Letter, June). * The 2004 AICPA Public Service Award for Individuals was given to Kathryn A. Forbes for her significant contributions to her community. As the American Red Cross American Red Cross: see Red Cross. national chair of volunteers, Forbes supports more than one million volunteers. She served as vice chair and audit committee chair of the National Board of Governors, managing the unprecedented donations of one billion dollars after the terrorist attacks of Sept. 11, 2001. * Lewis, Hooper & Dick, LLC was conferred the 2004 Public Service Award for Firms. One of the largest firms in Kan., LHD has shown a strong commitment to public service since 1955. It rewards employees for service to the community, raises money for the American Cancer Society American Cancer Society, n.pr established in 1913, this national volunteer-based health organization is committed to the elimination of cancer through prevention and treatment and to diminishing cancer suffering through advocacy, scholarship, research, , and provides support and funds for local schools, among other things. * Charles H. Smith Charles H. Smith may refer to:
* Council approved the Institute's proposed operating budget for fiscal year 2005-2006. |
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