AICPA News: November 2019

Bea Sanders/AICPA 2019 Teaching Innovation Award

·   Winner: “Junkyard Planet: Teaching Managerial Accounting with a Sustainability Theme,” Stephanie Grimm, University of St. Thomas.

·    Honorable Mention: “Data Analytics Projects for Introductory Accounting Using Excel, Tableau, and Power BI,” Wendy Tietz, Kent State University, Tracie Miller Nobles, Austin Community College and Jennifer Cainas, University of South Florida.

George Krull/Grant Thornton 2019 Teaching Innovation Award

·    Winner: “Blockchain: Bridging the Profession-Education Gap with Instructional Scaffolding,” Ethan Kinory, Rutgers Camden, State University of New Jersey, Kimberly Church, University of Missouri-Kansas City and Sean Stein Smith, Lehman College.

Mark Chain/FSA 2019 Teaching Innovation Award

·    Winner: “Integration in Accounting Curriculum: Leading by Example,” Mahendra Gujarathi, Bentley University.

·    Honorable Mention: “Benchmark Ratio Analysis Using One’s Own College: A Service-Learning Project for The Governmental and Not-For-Profit Accounting Course,” Mary Michel, Manhattan College.

AICPA Thanks House Sponsors o FSN Resolution

The AICPA has announced its strong support for the bipartisan H. Con. Res. 68, the Fiscal State of the Nation resolution introduced by Representatives Kathleen Rice (D-N.Y.) and Andy Barr (R-K.Y.) with 102 additional co-sponsors.

AICPA believes that the consolidated federal financial statements and the Government Accountability Office (GAO)’s audit report provide valuable information on the financial condition of the federal government, but obstacles remain that the government has not yet overcome, preventing the GAO from rendering an opinion on the federal consolidated financial statements.

AICPA Submits Recommendations to IRS on Sec. 965 Reforms

The AICPA recently submitted comments to the Internal Revenue Service (IRS) regarding administrative relief for Section 965 Elections and Transfer Agreements of the Tax Cuts and Jobs Act (TCJA).

The AICPA recommends that Treasury and the IRS:

1. Provide a process to obtain relief for late filed or incomplete elections under sections 965(i) and 965(h) upon the triggering event of a section 965(i) election;
2. Allow reasonable cause or section 9100 relief for late filed or incomplete transfer agreements under section 965(i)(2); and
   
3. Provide a process to obtain relief for late or incomplete elections under section 965(h).

High School Accounting Students Receive Scholarships

The AICPA Foundation granted $20,000 in academic scholarships to 10 high school students who intend to major in accounting, providing $2,000 to up to 10 students who have taken an advanced high school accounting course with teachers participating in the AICPA’s Accounting Program for Building the Profession (APBP).

Recipients of this year’s scholarships, their high schools and the institutions they will be attending are:

·    Claire Andries, Waunakee Community High School, University of Wisconsin – Madison

·    Sydney Cherney, Farragut High School, East Tennessee State University

·    Olivia Carol Demars, Meridian High School, Brigham Young University

·    Sarah Ferkler, North Caroline High School, University of Maryland

·    Alyssa Hadding, Warren Township High School, Illinois State University

·    Ryane William Hoffman, Manhattan High School, Kansas State University

·    Jack Andrew Horoho, Warsaw Community High School, Purdue University – West Lafayette

·    Thomas Lutter, Lower Moreland High School, University of Delaware

·    Daniel Molyneaux, Kiski Area High School, University of Pittsburgh

·    Megan Wegner, Port Washington High School, University of Wisconsin – Madison

The AICPA Foundation will again be offering scholarships for the 2020-2021 school year, with details through StartHereGoPlaces starting on December 1, 2019.