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U.S. Congress - Federal Legislation

  • H.R. 3855, Accounting STEM Pursuit Act
    The bill establishes the accounting profession as a Science, Technology, Engineering, and Math (STEM) career pathway and supports long-standing efforts to create more diversity in the future accounting workforce.

    Click here to read letters to Congress.

Nebraska Legislature - Interim Study Resolutions
Interim study resolutions are introduced by state senators and committees in order to examine public policy issues in-depth during the interim.

  • LR116:  Interim Study to Review the Credentialing Requirements in the Public Accountancy Act in Furtherance of the Purposes of the Occupational Board Reform Act
    The Banking, Commerce, and Insurance Committee of the Legislature will conduct an interim study to carry out the purposes of this resolution. The committee will make a report of its findings, together with its recommendations, to the Legislative Council or Legislature.
    Click here to send comments online for LR116.
     
  • LR178:  Interim Study to Solicit Input From Nebraskans Regarding Funds From the Federal American Rescue Plan Act of 2021
    The purpose of this interim study is to solicit input from Nebraskans into how funds from the federal American Rescue Plan Act of 2021, Public Law 117-2, would best be utilized and which funds the State of Nebraska should apply for. Nebraska will receive significant dollars from the federal government to help Nebraska recover from the impact of COVID-19 on the economy, public health, education, state and local governments, individuals, and businesses. Public input will include, but not be limited to, experts in the public and private sectors, the Governor, state agencies, governmental subdivisions, and the general public.

    A hearing has been scheduled for October 7, 2021.

    Click here to send comments online for LR178.
     
  • LR179:  Interim Study to Examine Funding Mechanisms in the American Rescue Plan Act of 2021
    The purpose of this resolution is to study the funding mechanisms in the American Rescue Plan Act of 2021, Public Law 117-2, that are available to provide services and benefits to the people of the State of Nebraska.

    A hearing has been scheduled for October 7, 2021.

    Click here to send comments online for LR179.
     
  • Click here for a complete list of the Nebraska Legislature's Interim Studies.


Exposure Drafts

The AICPA issues a variety of exposure drafts to solicit input on its standards-setting activities that include the areas of Auditing & Attestation; Preparation, Compilation & Review; Peer Review; Personal Financial Planning; Professional Ethics; and Tax. 

Exposure Draft:  New Approach to Quality Management Proposed by ASB
The AICPA Auditing Standards Board (ASB) is proposing the creation of a new quality management section in the AICPA Professional Standards. The proposal would supersede Statement on Quality Control Standards No. 8 and SAS No. 122, as amended, Section 220, Quality Control for an Engagement Conducted in Accordance With Generally Accepted Auditing Standards.

The standards the ASB is proposing:

  • Include a new, proactive, risk-based approach to quality management systems within firms.
  • Are designed to improve the scalability of standards because the risk-based approach promotes a system tailored to the nature and circumstances of an individual firm and its engagements.
  • Are based on the International Auditing and Assurance Standards Board’s quality management standard.
  • Use the terms “quality management” instead of “quality control,” and “engagement quality review” instead of “engagement quality control review.”

Read more in the Journal of Accountancy.

Click here to view the Exposure Draft.

Click here to send comments via email through August 31, 2021

Click here to view all Exposure Drafts.