This committee is appointed annually by the FICPA President and serves as a technical resource for the Accounting and Auditing Section. This section of the A&A Section website contains links to documents of interest.

For more information about the APAS, contact Paul Brown, FICPA Director of Technical Services brownp@ficpa.org.

APAS Committee Objectives:

• To study, review and comment on exposure drafts and research bulletins promulgated by authoritative accounting and auditing bodies in accordance with the FICPA Communications Policy.
• To discuss issues related to experiences with recently enacted standards.
• To study and review, as requested, proposed rules of the Board of Accountancy and to report a recommended position to the FICPA Executive Committee.
• Seek input from appropriate FICPA committees and sections regarding exposure drafts and research bulletins that might affect a specialized industry or group.
• To seek input from or provide assistance to other state CPA societies and professional accounting groups regarding matters affecting accounting principles and auditing standards.
• To prepare and submit A & A related technical articles for inclusion in Florida CPA Today/Florida CPA Netlink.
• To assist members in keeping current on developments in accounting principles and auditing standards by preparing and disseminating technical information.

Outstanding Exposure Drafts

FASB / EITF

• Consolidation (Topic 810): Accounting for the Difference between the Fair Value of the Assets and the Fair Value of the Liabilities of a Consolidated Collateralized Financing Entity – January 10, 2012
• Foreign Currency Matters (Topic 830): Parent’s Accounting for the Cumulative Translation Adjustment upon Derecognition of Certain Subsidiaries or Groups of Assets within a Foreign Entity or of an Investment in a Foreign Entity – January 10, 2012
• Invitation to Comment, Disclosure Framework – comments due November 16, 2012

AICPA

• Financial Reporting Framework for SMEs – comments due January 30, 2013

PCAOB

• None

IASB

• Comprehensive Review of the IFRS for SMEs – comments due November 30, 2012

Exposure Draft Responses

Financial Accounting Standards Board (FASB)

• EITF – Statement of Cash Flows (Topic 230) NFP Entities – Classification of the sale of securities - July 16, 2012
• EIFT 12-C - July 19, 2012
• Proposed Liquidation Basis - Aug. 1, 2012
• Disclosures about Liquidity and Interest Rate Risk - Aug. 17, 2012

International Accounting Standards Board (IASB)

• IFRS 2012-1 rev - Aug. 31, 2012