December 2009 Of Interest

It’s Time to Get Down to Business, By Consultant, Steve Erickson

Consultant Steve Erickson shares his insight on recurring themes discussed at partner retreats this year, and possible solutions to some of the hard strategic questions being contemplated.

AICPA Opposes Attempt to “Undermine” FASB’s Independence

AICPA President and CEO Barry Melancon sent a letter to the leadership of the House Financial Services Committee to state that the Institute is “strongly opposed” to any legislation that would “undermine the independent accounting standard process as currently carried out by the Financial Accounting Standards Board (FASB).” (Journal of Accountancy)

House Panel Eases Threat to FASB Independence

The House Financial Services Committee on Thursday removed language from an amendment to the proposed Financial Stability Improvement Act (FSIA) (H.R. 3996) that would have given a new systemic risk regulator power to oversee FASB standard-setting activities. (Journal of Accountancy)

AICPA Files Suit Challenging Identity Theft Rule

According to the Journal of Accountancy, the AICPA filed a lawsuit on Tuesday seeking to bar the Federal Trade Commission from applying its so-called Red Flags Rule to CPAs. The Institute says the rule, which is designed to help prevent identity theft, would “impose onerous and unnecessary requirements on AICPA members.”(Journal of Accountancy)

Defined Benefit 401k(s) Set to Make Their Debut

Small business owners have plenty of options to choose from when it comes to a qualified retirement plan for the company. It can range from a Savings Incentive Match Plan for Employees (SIMPLE) to a Simplified Employee Pension (SEP) to a 401(k). But now there’s a new kid on the block.

Survey: Leading Practices in Succession Planning

KPMG and WealthStar AllianceSM are conducting an online CPA survey titled: Leading Practices in Succession Planning. The survey will focus on understanding the leading practices used by CPA firms to manage future leadership transitions – everything from talent development to ownership transfer. Survey results will be published in early 2010. Each survey participant will receive a copy of the findings. Click here to participate in the survey.

Strategic Moves

De-Merger of HR Practice For The Bonadio Group

Sikich Co. Continues Expansion with Acquisition of Decatur, Ill. Firm

Rotenberg Meril Solomon Bertiger & Guttilla Merges In Torchia Foster

Armanino McKenna Acquires F.T. Andrews Tax and Accounting Practice

Meyers Norris Penny Continues Growth With Latest Acquisition

Two Moore Stephens Firms Join Forces to Create A New Top 100 Firm

Johnson Lambert & Co. Expands Into The Atlanta Marketplace

People In The News

Moore Colson Names New Managing Partner