Two major insurance agents' associations are calling on the American Institute of Certified Public Accountants (AICPA) to reconsider a proposal relating to the accounting of commission income under the Generally Accepted Accounting Procedures
Under the new rule, the retained earnings of the acquired credit union must be measured under generally accepted accounting procedures
Accountant Mike Ricioli, Moss Adams, LLP, explained the differences between "Generally Accepted Accounting Procedures
and Tax Reporting," and when each is appropriate, with his colleague Sandy O'Shea.
The report contends that Fannie, a government-sponsored enterprise (GSE), has misapplied generally accepted accounting procedures
``I'm aware that we are living through a time that merely complying with (generally accepted accounting procedures
) may not be enough,'' Mr Parsons said.