december2021 - 33

AICPA NEWS
AICPA News is a round-up of recent
announcements from the institute.
FORENSIC AND VALUATION
PROFESSIONALS HONORED
The American Institute of CPAs (AICPA) recently honored the contributions
of nine CPAs during the 2021 AICPA Forensic and Valuation
Services Conference held in Las Vegas.
Antonella Puca, CFA, CPA/ABV, CEIV, Lynda Schwartz, CPA,
CFF, CGMA, CFE, and David Zweighaft, CPA, CFF, CFE, were named
Volunteers of the Year, while six young CPAs received the Forensic
and Valuation Services (FVS) Standing Ovation for significant contributions
in their practice areas and their communities.
VOLUNTEERS OF THE YEAR
Each year, the AICPA FVS Section recognizes volunteers who have
contributed greatly to the practice and profession. Schwartz and
Zweighaft are recipients of the 2021 Forensic & Litigation Services
(FLS) Volunteer of the Year, while Puca is the Business Valuation
Volunteer of the Year.
" Antonella, Lynda, and David have been instrumental in advancing
the interests of the forensic and valuation services area, " said
Barbara Andrews, director of forensics and technology advisory
services for the AICPA. " From providing thought leadership and
professional understanding to helping create new standards and
credentials, their commitment cannot be understated. "
STANDING OVATION PROGRAM
The Standing Ovation Program recognizes young CPAs holding
the Certified in Financial Forensics (CFF) or Accredited in Business
Valuation (ABV) specialty credentials who have exhibited exemplary
personal achievement. The recipients in this year's class, who were
honored during the AICPA Forensic and Valuation Services Conference,
were recognized for their efforts to advance their fields, including
volunteering at a variety of nonprofit organizations, speaking to
local CPA groups, serving as volunteer experts to legal organizations
and guest lecturing in college accounting classes.
" It's an honor to recognize this outstanding class of 'Standing
Ovation' recipients who continue to go the extra mile to advance the
profession and serve their communities, " said Eve Simpson, director
of valuation services for the Association. " They have offered their
time to benefit their communities and the profession in a variety of
ways that embody the spirit of volunteerism that the accounting
profession is known for. "
The 2021 list of FVS Standing Ovation recipients is in alphabetical
order below:
■ Shivam Jadeja, CPA, ABV, BKHM, PA, Winter Park, Fla.
■ Courtney Lee, CPA, CFF, Berkeley Research Group, Washington, D.C.
■ Benjamin Kincaid, CPA, CFF, Carr Riggs & Ingram, Freeport, Fla.
■ Jason Schellhaas, CPA, ABV, Malcolm M. Dienes, LLC, Metairie, La.
■Matthew Krofchick, CA, CFF, Krofchick Valuations, Toronto
■ Adam Hansberger, CPA, ABV, Eric J. Fernandez and Co., West
Dundee, Ill. ■
AICPA HIGHLIGHTS ISSUES WITH
CORP PROFIT MINIMUM TAX
The AICPA submitted a letter to Congressional
tax-writing committee leadership
highlighting some key issues with the
corporate profits minimum tax being
considered as part of the reconciliation
legislation negotiations.
The corporate profits minimum tax
is a minimum tax based on 15 percent
of adjusted financial statement
(book)
income rather than recognized income.
The proposed corporate minimum tax
would operate much like the corporate
alternative minimum tax (AMT), requiring
corporations to calculate taxes, first on
taxable income and then again on book
income based on adjusted financial statements
that include current value of assets,
and pay the higher of the two.
Imposing tax according to adjusted
financial statement income takes the
definition of taxable income out of Congress's
hands and puts it into the hands
of industry regulators and others. There
are key differences between adjusted
financial statement income and taxable
income, including the idea of materiality.
The AICPA is recommending that Congress
further consider and clarify the rules
associated with the Senate proposal surrounding
implementing a minimum tax on
corporate book income, as this will likely
be complex and have many significant and
potentially negative implications.
" Public policy taxation goals should
not have a role in influencing accounting
standards or the resulting financial
reporting, " the AICPA states in the letter.
" Independence and objectivity of accounting
standards are the backbone of our
capital markets system. " ■
AICPA Honors Bel Needles
with Gold Medal of Distinction
The AICPA has announced Belverd (Bel) Needles, CPA, CGMA, Ph.D., as the recipient
of the 2021 AICPA Gold Medal Award of Distinction.
The Gold Medal is the highest honor granted by the AICPA. Since 1944, it has
been bestowed upon CPAs whose influence on the accounting profession has
been especially notable. Jack Finning, CPA, CGMA, and chair of the AICPA Awards
Committee, presented Needles with the award during the virtual fall meeting of
AICPA's governing Council.
" Bel has had a tremendous impact on the profession that spanned the length
of his impressive career, " said Finning. " His work as an educator and volunteer
with the AICPA and the Illinois Society of CPAs has positively influenced countless
students on their journey towards earning their CPA and entering the profession. "
Needles has spent more than 40 years at DePaul University, where he was
one of the founding Directors of the School of Accountancy and currently serves
as EY Distinguished Professor of Accountancy. He was the key driver of adding
Management Information Systems (MIS) to the Accountancy curriculum and the
establishment of the School of Accountancy & MIS. He developed the first combined
150-hour undergraduate and graduate program in Illinois in response to the new
CPA requirement. His influence on global accounting and finance students endures
through his textbooks and publications in leading journals. Today, he is a founding
Principal of Needles & Powers, Inc., which provides educational resources
and programs to Fortune 1000 corporations, consulting firms and investment
companies. ■
DECEMBER 2021 ■ www.CPAPracticeAdvisor.com
33
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