Personal Financial Planning


In response to a Treasury Department request for comments, the AICPA National CPA Financial Literacy Commission encouraged the development of an education strategy for promoting universal financial literacy in the United States ( www.aicpa.org/financialliteracy/download/aicpa_comment_letter_11_04.pdf ) and emphasized the skills CPAs can contribute to such an effort. The Institute established the commission to lead the profession in improving Americans’ ability to understand and manage their finances.

The Institute published a series of Statements on Responsibilities (SORs) applicable to any member providing personal financial planning (PFP) services on a full-time, part-time or occasional basis. To help members understand this guidance, the AICPA is publishing a series of explanatory articles. One such article ( www.aicpa.org/download/pfp/work_with_adv.pdf ) focuses on SOR no. 2, Working with Other Advisors in a PFP Engagement, explaining its provisions and addressing compliance issues and practice opportunities for CPAs.

RESOURCES

Keeping you informed and prepared amid the coronavirus crisis

We’re gathering the latest news stories along with relevant columns, tips, podcasts, and videos on this page, along with curated items from our archives to help with uncertainty and disruption.

SPONSORED REPORT

Getting leases in line

ASC Topic 842 is a relatively simple standard that can mean profound changes for organizations with leases. This report examines what makes this standard challenging and describes new ways for CPAs to add value.