Page 1 |
Previous | 1 of 138 | Next |
|
This page
All
Subset
|
JANUARY 1970
AICPA distributes pattern language for incorporation laws to state societies
In anticipation of the approval by members of the proposal to change Rule 4.06 of the Code of Professional Ethics to permit corporate practice, and in response to requests for assistance from state CPA societies, the committee on state legislation has prepared pattern language which would provide statutory authorization for practice in the corporate form and for the regulation of such practice by state boards of accountancy. This language for incorporation laws, which will be issued this month to legislative chairmen of state societies, has been added to the committee’s Form of Regulatory Public Accountancy Bill and, as such, will conform to that bill.
The language also conforms to the seven characteristics of a professional corporation or association established in a resolution approved by Council on May 6, 1969 (see The CPA, July-Aug.69, pp. 10-11 for the text of the resolution) .
One of these characteristics requires liability insurance or capitalization in sufficient amounts to protect the public. In an addition to the resolution approved by Council on October 4, the level of insurance coverage or capitalization was set at $50,000 per stockholder/officer and professional employee to a maximum of $2 million (see The CPA, Nov.69, p.4). The Council resolution specifies other characteristics under the headings of name, purpose, ownership, transfer of shares, directors and officers, and conduct.
Pattern language for use in states with other forms of accountancy laws has also been prepared.
Interim report on the cost concepts research study is published
The Stanford University professors conducting an Institute-sponsored study of cost concepts have just issued their interim report entitled Cost Concepts and Implementation Criteria. The purpose of the project is to specify cost information concepts and implementation criteria which can be used as general guidelines in the selection of the appropriate method for cost determination.
At present an effective process for developing such cost information concepts, and criteria for implementing them, does not exist. The purpose of this interim report is to develop and test the research method by which the selection problem can be researched.
The project was begun in July 1969; final publication is scheduled for April 1971. As explained in the report’s introduction, the interim report is "necessarily tentative. Our main concern at this point is to establish a conceptual basis which can be used to analyze problems of cost (continued on page 8)
Object Description
| Title | CPA, 1970 |
| Author | American Institute of Certified Public Accountants |
| Subject |
Accounting -- Societies, etc. Accounting -- Periodicals |
| Abstract | The following pages were not included in the bound volume used for scanning: May, pages 5, 6; July-August, pages 5 , 6. These were probably advertising inserts. |
| Date-Issued | 1970 |
| Source | Originally published by: American Institute of Certified Public Accountants |
| Rights | Copyright and permission to reprint held by: American Institute of Certified Public Accountants |
| Type | Text |
| Format | PDF page image with corrected OCR scanned at 400 dpi |
| Digital Publisher | University of Mississippi Library. Accounting Collection |
| Date-Digitally Created | 2012 |
| Language | eng |
| Identifier | cpa 1970 |
