Accounting
AICPA News – Nov. 29, 2021
AICPA News is a round-up of recent announcements from the Institute.
Nov. 30, 2021
AICPA News is a round-up of recent announcements from the Institute.
Association of International Certified Professional Accountants welcomes new International Sustainability Standards Board
The Association of International Certified Professional Accountants (the Association), representing AICPA & CIMA, welcomes the creation of the new International Sustainability Board (ISSB) as a means for developing consistent, reliable, and comprehensive global sustainability standards to create purposeful, resilient organizations and a more sustainable future. The Association also believes this move will enable a necessary evolution for corporate reporting standards and ensure that corporate reporting remains fit for purpose in the post-pandemic world.
AICPA Applauds Congress for Bipartisan Efforts to Provide Tax Relief to Businesses Unable to Maintain Inventory During Pandemic
The American Institute of CPAs (AICPA) is applauding efforts by Congress to provide tax relief to businesses that have been unable to maintain inventory during the pandemic. The AICPA, along with the National Automobile Dealers Association (NADA), has endorsed a bipartisan letter to the Department of the Treasury led by Representatives Dan Kildee (D-MI) and Jodey Arrington (R-TX) and signed by 91 House Members. The letter urges Treasury to provide tax relief for businesses using the last-in, first-out (LIFO) inventory accounting method who cannot maintain inventory due to the global supply chain interruptions during the pandemic and allow them to replace their inventory over a three-year period.
Cosigners of the letter include:
Democrat Members: Dan Kildee (MI), Jake Auchincloss (MA), Cindy Axne (IA), Joyce Beatty (OH), Donald Beyer, Jr. (VA), Sanford Bishop (GA), Earl Blumenauer (OR), Suzanne Bonamici (OR), Brendan Boyle (PA), Anthony Brown (MD), Julia Brownley (CA), Matt Cartwright (PA), Jim Cooper (TN), Lou Correa (CA), Angie Craig (MN), Charlie Crist (FL), Madeleine Dean (PA), Peter DeFazio (OR), Antonio Delgado (NY), Debbie Dingell (MI), Michael Doyle (PA), Dwight Evans (PA), Vicente Gonzalez (TX), Josh Gottheimer (NJ), Brian Higgins (NY), Chrissy Houlahan (PA), Sara Jacobs (CA), Marcy Kaptur (OH), Derek Kilmer (WA), Ron Kind (WI), Raja Krishnamoorthi (IL), Ann Kuster (NH), Brenda Lawrence (MI), Kathy Manning (NC), Lucy McBath (GA), Betty McCollum (MN), Joseph Morelle (NY), Frank Mrvan (IN), Tom O’Halleran (AZ), Jimmy Panetta (CA), Chris Pappas (NH), Bill Pascrell Jr. (NJ), Scott Peters (CA), Dean Phillips (MN), Kathleen Rice (NY), Deborah Ross (NC), C.A. Dutch Ruppersberger (MD), Tim Ryan (OH), Mary Scanlon (PA), Kurt Schrader (OR), David Scott (GA), Brad Sherman (CA), Greg Stanton (AZ), Haley Stevens (MI), Tom Suozzi (NY), Eric Swalwell (CA), Dina Titus (NV), Norma Torres (CA), Lori Trahan (MA), Juan Vargas (CA) and Marc Veasey (TX).
Republican Members: Jodey Arrington (TX), Mark Amodei (NV), Tom Emmer (MN), Ron Estes (KS), Drew Ferguson (GA), Michelle Fischbach (MN), Chuck Fleischmann (TN), Jim Hagedorn (MN), Bill Huizenga (MI), Chris Jacobs (NY), David Joyce (OH), John Joyce (PA), Mike Kelly (PA), Young Kim (CA), Darin LaHood (IL), Doug LaMalfa (CA), Doug Lamborn (CO), David McKinley (WV), Carol Miller (WV), John Moolenaar (MI), Alexander Mooney (WV), Mike Rogers (AL), David Schweikert (AZ), Jason Smith (MO), Lloyd Smucker (PA), Pete Stauber (MN), Michelle Steel (CA), Jackie Walorski (IN), Brad Wenstrup (OH), and Roger Williams (TX).