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1. Making a positive impact  

BY Ken Tysiac
As Tommye E. Barie, CPA, begins her year as AICPA chair, the profession is undergoing tremendous change.Complexity, technology, globalization, and rapid evolution of standards continue to alter the way business is done and what CPAs need to know to help their clients’ businesses succeed, while protecting the public interest.The AICPA has embarked on a number of high-impact initiatives aimed at improving the quality of audits of private entities, expanding diversity and inclusion at all levels of the profession, and revolutionizing learning and professional development.

2. Making manager: The key to accelerating a career in public accounting   CPEDirect

BY Chris Baysden
Jessica Kober, CPA, knows the challenges that young accountants are going through as they try to carve out a career in public accounting. “Public accounting is a very humbling field,” said Kober, 30, who works in the Long Beach, Calif., office of Windes Inc., a CPA firm with about 150 employees.Young accountants, even those who may have been star students in college, will have a lot to learn and must take plenty of constructive criticism to heart.

3. COSO’s ERM framework to undergo update   WebExclusive

BY Ken Tysiac
A well-known framework for risk management is scheduled for another update.The Committee of Sponsoring Organizations of the Treadway Commission (COSO) announced Tuesday that it is undertaking a project to update its Enterprise Risk Management—Integrated Framework, which debuted in 2004.Organizations use the framework to help them manage uncertainty, consider how much risk to accept, and improve understanding of their opportunities to increase and preserve value.The update is being undertaken to improve the framework’s content and relevance in the context of an increasingly complex business environment.

4. Reducing unnecessary complexity remains a key focus of FASB   WebExclusive

BY Ken Tysiac
Taking unnecessary cost and complexity out of the U.S. financial reporting system has been a primary objective for Russell Golden since he became FASB’s chairman in July 2013.FASB plans to continue its efforts to reduce complexity—while maintaining usefulness of reporting to financial statement users—in the coming years, Golden said Tuesday during a speech at the AICPA fall Council meeting in Boston.Recent FASB efforts at simplifying financial reporting have included:Expanding the scope of Private Company Council (PCC) issues to include discussion by FASB of public company applicability in areas such as accounting for development stage entities—which resulted in

5. Examine clichés in approach to innovation   WebExclusive

BY Neil Amato
Spot-and-react strategies are better than no strategies at all, but organizations should have a “rebellious instinct for change” in approaching innovation, entrepreneurship expert Luke Williams said. Williams, speaking Monday at the AICPA’s fall Council meeting in Boston, said entities should challenge their common practices in order to be leaders in disruptive change.

6. How to deliver successful diversity and inclusion results and benchmark your progress   WebExclusive

BY Ken Tysiac
As leaders in the accounting profession come to understand the business case for diversity and inclusion, they often have a similar quandary. “The next natural question is, ‘So what do I do about it?’ ” said Kenneth Bouyer, CPA, chairman of the AICPA National Commission on Diversity & Inclusion and EY Americas director of Inclusiveness Recruiting.

7. How to deliver successful diversity and inclusion results and benchmark your progress   WebExclusive

BY Ken Tysiac
As leaders in the accounting profession come to understand the business case for diversity and inclusion, they often have a similar quandary. “The next natural question is, ‘So what do I do about it?’ ” said Kenneth Bouyer, CPA, chairman of the AICPA National Commission on Diversity & Inclusion and EY Americas director of Inclusiveness Recruiting.

8. Council vote conforms resolution in AICPA code with revised UAA attest definition   WebExclusive

BY Ken Tysiac
Representatives at the AICPA fall Council meeting Sunday voted to approve changes to the "Council Resolution Concerning the Form of Organization and Name Rule" of the AICPA Code of Professional Conduct that will conform the code to the recently revised definition of attest in the Uniform Accountancy Act (UAA).

9. SEC filed record number of enforcement actions in fiscal year 2014   WebExclusive

BY Ken Tysiac
With the help of new investigative approaches—and data and analytical tools—the SEC filed a record 755 enforcement actions totaling $4.16 billion in disgorgement and penalties in fiscal year 2014, the securities regulator announced Thursday.The totals for the 2014 fiscal year, which ended in September, are preliminary figures. The SEC filed 686 enforcement actions totaling $3.4 billion in fiscal year 2013, and 734 enforcement actions totaling $3.1 billion in fiscal year 2012.More than 135 parties were charged with violations relating to reporting and disclosure in fiscal year 2014.

10. Cool tech for CPAs   WebExclusive

The latest from Inspector Gadget, aka David Cieslak, CPA.CITP, CGMA.
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