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.


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.