CPA Practice Advisor - 22

AICPA NEWS
Financial Reporting
Executive Committee
Seeks Feedback

Deloitte Foundation Donates
$100,000 to Support Accounting
Ph.D Students

The AICPA's Financial Reporting Executive Committee (FinREC) has issued a
working draft of an accounting issue
for Insurance Entities and is requesting
feedback. The draft is related to the
implementation of FASB Accounting
Standards Update (ASU) No. 2018-12,
Targeted Improvements to the Accounting for Long-Duration Contracts.
The working draft (https://tinyurl.
com/y2rj52g9) discusses considerations
for application of FASB ASU 2018-12 to
all types of ceded reinsurance arrangements of traditional and limited payment
long-duration insurance contracts. ■

The Deloitte Foundation has donated $100,000 to the AICPA
Foundation in support of its efforts to help CPAs become college
professors.
The funding is earmarked for the AICPA Foundation's William (Bill) Ezzell Scholarship program, which annually provides a
one-time award of $10,000 to five outstanding accounting Ph.D.
candidates who demonstrate significant potential to become
mentors for the next generation of CPAs. The scholarship honors
the late Ezzell's passion for the profession and recognizes his
belief that the best way to encourage the next generation of
CPAs was to put educators in the classroom with relevant and
recent real-world experience.
The AICPA's Bill Ezzell Scholarship is available to CPAs in the
United States with at least three years of professional accounting experience and an undergraduate or master's degree in
accounting. Applicants must also intend to teach or conduct
research at an accredited university following the completion
of their Ph.D. program. ■

AICPA Awards
150 Scholarships
Exceeding $750,000
The American Institute of CPAs (AICPA) has
granted $764,500 in academic scholarships
to 150 students as part of the AICPA Legacy
Scholars program. The program helps students pay for college, easing their journey
to becoming CPAs. Funded by the AICPA,
the AICPA Foundation, and partners, the
Legacy Scholars program consists of six
distinct scholarships awarding between
$3,000 and $10,000 per student.
■■The complete list of 2020-21 recipients
can be found at www.ThisWaytoCPA.
com/alsrecipients/. The AICPA
anticipates offering scholarships for
the 2021-2022 school year. Students
interested in becoming one of the
AICPA's Legacy Scholars should review
the eligibility criteria and submit their
applications through www.thiswaytocpa.
com/scholarships starting on December
1, 2020. ■

YOUNG PROFESSIONALS PRESENTED
WITH 'STANDING OVATION' HONORS

HIGH SCHOOL ACCOUNTING STUDENTS
RECEIVE SCHOLARSHIPS

The AICPA recently honored eleven young CPAs for contributions to their
specialty area with the fifth annual Standing Ovation award, which recognizes
young CPAs who exhibit exemplary professional achievement in personal
financial planning, business valuation and forensic accounting, and information management and technology assurance.
The five recipients of the Personal Financial Planning (PFP) Standing
Ovation all hold the PFS credential. The 2020 PFP Standing Ovation recipients
are listed below in alphabetical order:
■■Nathan Byers, CPA/PFS, BMO Wealth Management, Madison, WI
■■Drew Digby, CPA/PFS, TrustCore, Brentwood, TN
■■Conner Kolodge, CPA/PFS, Cherry Tree Wealth Management, St Louis Park, MN
■■Shane Mason, CPA/PFS, Brooklyn FL, Brooklyn, NY
■■Joshua Morris, CPA/PFS, Strategic Financial Planning, Plano, TX
Six CPAs who hold the Certified Information Technology Professional
(CITP) specialty credential have been recognized for their contributions in
the area of information management and technology assurance. The 2020
IMTA Standing Ovation recipients are listed below in alphabetical order:
■■Phyllis Amdur, CPA/CITP, E*TRADE, Arlington, VA
■■Marisa Doras Bayoro, CPA/CITP, Tuba Group Inc., Dacula, GA
■■Julien Marais, CPA/CITP, KPMG, Cote Saint-Luc, Quebec
■■Dean Papadopoulos, CPA/CITP, KPMG, Forest Hills, NY
■■Jon Powell, CPA/CITP, Moore Colson CPAs & Advisors, Atlanta, GA
■■Kevin Wang, CPA/CITP, Warren Averett, LLC, Birmingham, AL ■

The AICPA Foundation granted $20,000 in academic scholarships to 10 high
school students who intend to major in accounting. The AICPA Foundation
High School Scholarship provides $2,000 to up to 10 students who have
taken Advanced High School Accounting and who intend to continue their
accounting studies at an accredited college or university.
Recipients of this year's scholarships, their high schools and the institutions they will be attending are:
■■Claire Andries, Waunakee Community High School, University of Wisconsin
- Madison
■■Sydney Cherney, Farragut High School, East Tennessee State University
■■Olivia Carol Demars, Meridian High School, Brigham Young University
■■Sarah Ferkler, North Caroline High School, University of Maryland
■■Alyssa Hadding, Warren Township High School, Illinois State University
■■Ryane William Hoffman, Manhattan High School, Kansas State University
■■Jack Andrew Horoho, Warsaw Community High School, Purdue University West Lafayette
■■Thomas Lutter, Lower Moreland High School, University of Delaware
■■Daniel Molyneaux, Kiski Area High School, University of Pittsburgh
■■Megan Wegner, Port Washington High School, University of Wisconsin Madison
The AICPA's ThisWayToCPA website educates college students about
the opportunities a career in accounting affords and provides them with
resources and guidance as they enter the profession. The AICPA also offers
many scholarship opportunities for accounting students throughout their
academic careers. ■

22

SEPTEMBER 2020 ■

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