When the new Uniform CPA Examination is launched on January 1, 2011, changes in content, format, and structure will be introduced. These changes will require the current passing score to be re-examined. The process to do so will include convening four panels of CPAs — one for each examination section — to prepare the groundwork for the passing score decision by the AICPA Board of Examiners. A new passing score determination is necessary in conjunction with the new examination to ensure that legally defensible CPA Examination pass/fail decisions continue to be made in protection of the public interest.

The AICPA and the Financial Accounting Foundation (FAF), with support from the National Association of State Boards of Accountancy, have formed a blue-ribbon panel to explore the future of standard setting for private companies, including whether separate, standalone accounting standards for private companies are needed. The FAF is the parent organization of the Financial Accounting Standards Board (FASB). The panel is expected to make recommendations this fall.

The proposal issued Tuesday would apply only to companies with total assets over $10 million, and which have a financial statement prepared under FASB Interpretation No. 48, Accounting for Uncertainty in Income Taxes. It would not apply to individuals.