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.

PODCAST

What’s next for potential CPA licensure changes

A new model proposed by NASBA and the AICPA is designed with an eye on the future for newly licensed CPAs. The AICPA's Carl Mayes, CPA, provides background on the project and a look ahead to 2020.

VIDEO

What RPA is and how it works

Robotic process automation is like an Excel macro that can work on multiple applications, says Danielle Supkis Cheek, CPA. RPA can complete routine, repetitive tasks such as data entry, freeing up employee time from lower-level chores.