Accounting


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Testifying before the House Financial Services Committee on behalf of the profession, AICPA President and CEO Barry C. Melancon backs reforms—including creating a new private-sector regulatory board—to restore investors’ confidence in the nation’s financial reporting system. And Chairman James G. Castellano, with other leaders of the profession, urges the Senate Banking Committee to support measures that would enhance audit quality and make corporations accountable for issuing accurate financial reports and being truthful with auditors. Meanwhile, FASB Chairman Edmund L. Jenkins addresses the prospect of greater government oversight of the standard-setting process in a position paper, The FASB’s Role in Serving the Public: A Response to the Enron Collapse ( www.fasb.org ), reiterating the importance to investors and the U.S. capital markets of preserving the board’s role as an independent, private-sector standard setter not subject to the political pressures a government body—such as the SEC—faces.

NEWS

IRS sets start date for tax season

The IRS announced that tax season will start in late January and that it will issue refunds to taxpayers despite the partial shutdown of the federal government.

PODCAST

Why CPAs can’t wait on automation tools

What do accounting firms waiting on others to develop AI, automation, and data analytics tools have in common with a baseball fan sitting in a stadium filling with water at an exponential rate? The answer could determine your firm’s fate.