posts on Legislative / Regulatory

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Proposed XBRL exemption returns. Make it go away.

Posted By: Bill Sheridan on September 14, 2014 in Legislative / Regulatory
UPDATE: As expected, the House passed H.R. 5405 on Sept. 16 by a vote of 320-102. You have to admire the determination of our elected officials. When they wrap their arms around a really bad idea, they simply will not let go. And they won’t let a little thing like common sense get in the way, either. Case in point: H.R. 5405. Also known as the “Promoting Job Creation and Reducing Small Business Burdens Act,” this proposed bill would, in part, exempt small public companies —...
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In memoriam: Longtime MACPA lobbyist George Manis dies at 85

Posted By: Bill Sheridan on August 19, 2014 in Legislative / Regulatory
CPAs in Maryland and beyond are mourning the loss of a true friend and advocate. George Nick Manis, best known to MACPA members as the co-founder of Manis Canning & Associates, the lobbying firm that has worked tirelessly with the MACPA to protect CPAs and their clients before Maryland’s General Assembly, died unexpectedly on Aug. 13 at the age of 85. “George’s knowledge of our state’s government and his savvy lobbying instincts were hugely important to our...
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AICPA panel urges firms to make sure they comply with out-of-state registration rules

The AICPA’s State Regulation and Legislation Team is urging CPA firms that perform attest engagements to make sure they are complying with out-of-state registration requirements. The recommendation comes as some state boards of accountancy are prompting out-of-state firms that operate in their states to ensure they have met the registration requirements. Here’s more directly from the AICPA: “The impetus for the renewed focus on this matter stems from a heightened focus by...
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SCOTUS delivers one class-action victory for CPAs … but not two

Posted By: Bill Sheridan on June 24, 2014 in Legislative / Regulatory
The Supreme Court has delivered a big victory to CPAs and the rest of the business world — though not as big as some would have liked. A unanimous SCOTUS ruling on June 23 gives more power to businesses to defend themselves against class-action lawsuits and could begin to curb the number of huge settlements that companies must pay in the wake of such lawsuits. The ruling deals specifically with a case involving Halliburton Co., one of the largest oil-field service companies in the world. A...
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Practitioners associated with Form 5500: Have you met your peer review requirements?

Note: The following article is reprinted with permission from the “CPA Now” blog, a publication of the Pennsylvania Institute of Certified Public Accountants. The AICPA is working on an initiative to make sure that all firms associated with certain Form 5500 filings that are required to have a peer review have gone through with the peer review and that the scope of the review was correct. So, if your firm has been associated with filing certain Form 5500s, you need to consider whether...

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