Academic journal article Journal of Accountancy

Bills Fall Victim to Adjournment

Academic journal article Journal of Accountancy

Bills Fall Victim to Adjournment

Article excerpt

Many bills of importance to the accounting profession died in the waning hours of the 102nd Congress. While bills opposed by the American Institute of CPAs were defeated, legislation supported by the Institute became trapped in the traditional end-of-session morass confronting Congress at adjournment. The following is a wrap-up of what happened.

Taxation. Twice this year the AICPA succeeded in having tax provisions to correct the workload compression problem and to amend the 1991 estimated tax rules included in major tax bills passed by Congress. President Bush vetoed the first bill in April and vetoed the second measure in November.

The bills also included provisions supported by the Institute dealing with simplification, amortization of intangibles and taxpayers' rights.

Liability. Securities reform legislation introduced in August in the House and Senate, while pertaining only to federal securities suits, would set a precedent by requiring judgments against codefendants to be based on their proportionate contributions to claimed losses rather than on their ability to pay most or all of the entire judgments.

Because the bills were introduced so late in the Congress, it was known they would not be considered this year. However, their introduction lays the groundwork for reintroduction and consideration in the next Congress. Enacting the bills is at the top of the profession's legislative agenda.

Auditor responsibilities. The House passed legislation introduced by Congressman Ron Wyden (D-Oregon) that would expand the auditor's role in auditing public companies. …

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