Institute Briefs Congress on Its Financial Reporting Innovations

Melancon tells House of AICPA financial reporting advances

AICPA President and CEO Barry C. Melancon testified at a March hearing of the House Financial Services Subcommittee on Capital Markets, Insurance and Government Sponsored Enterprises regarding two AICPA-launched initiatives—extensible business reporting language (XBRL) and enhanced business reporting (EBR)—that are key elements in a new financial reporting model much needed by the economy, capital markets and investors. “Today, investors, lenders and other users of financial information need to make decisions much faster and more often based on what is currently happening and what may happen in the future, in addition to what has occurred solely in the past,” he said. Also testifying were U.S. Chamber of Commerce Senior Vice-President David Hirschmann, Securities Industry Association President Marc E. Lackritz and Financial Executives International President and CEO Colleen Cunningham.

SPONSORED REPORT

Cybersecurity threats proliferating for midsize and smaller businesses

This report details how SMBs can properly protect private information from breaches, design and implement a cybersecurity policy, and create safeguards for training and education.

QUIZ

News quiz: Senate health care bill in the spotlight

Reports related to the Republican bill to repeal many provisions of the PPACA, other tax issues, and the giant AICPA ENGAGE Conference offered a diverse reading list for June. See how much you know about recent news with this short quiz.