PEEC issued an exposure draft of a new ethics interpretation under Rule 101, Independence (AICPA, Professional Standards, volume 2, ET section 101.01) ( ). The proposed interpretation defines the terms financial interest , direct financial interest and indirect financial interest and provides guidance on their practical application. Comments are due June 17, 2005.

The AICPA Professional Ethics Executive Committee (PEEC) in 2004 adopted three ethics rulings—two new and one revised—that address members’ responsibilities when outsourcing services to third-party service providers. They are effective for all professional services rendered on or after July 1, 2005, except for those performed pursuant to agreements in existence on June 30, 2005, and completed by December 31, 2005. The standards are available at .


6 key areas of change for accountants and auditors

New accounting standards on revenue recognition, leases, and credit losses present implementation challenges. This independently-written report identifies the hurdles that accounting professionals face and provides tips for overcoming the challenges.


How tax reform will impact individual taxpayers

Amy Wang, a CPA who is a senior technical manager for tax advocacy at the AICPA, answers to some of the most common questions on how the new tax reform law will impact individual taxpayers.