Tag Archives: May 2010

Panel Begins Standards Discussion

State Board Report May 2010 The need for private company accounting standards has been an issue for many years, Financial Accounting Foundation (FAF) President Teresa Polley observed as the AICPA/FAF/NASBA Blue Ribbon Panel on Standard Setting for Private Companies (BRP) kicked off their discussions on April 12 in New York City. “A confluence of events,”…

Colorado Adopts 150-Hour Requirement

State Board Report May 2010 Colorado Governor Bill Ritter, Jr., signed into law HB10‐1236 on April 21, which sets at least 150 hours of college education including a baccalaureate as a requirement for becoming a CPA. The new law also: rescinds education in lieu of experience, in connection with the 150 hour requirement; conforms experience…

President Costello Announces Retirement

State Board Report May 2010 NASBA President David A. Costello, CPA, has announced he plans to retire as of January 1, 2012. He told the NASBA Board of Directors at their meeting on April 23 that he actually plans to “re‐fire” rather than “retire.” In addition to serving as resident and CEO of NASBA since…

HI Requires Peer Review of HI Attest Work

State Board Report May 2010 Overriding the veto of Governor Linda Lingle, the Hawaii legislature on April 30 passed a mandatory peer review law which requires “a peer review every three years on the firm’s Hawaii attest work” for “every firm, including the Hawaii offices and Hawaii engagements of foreign or multistate firms.” Although the…