Interested in the Standard Setting Process?
MACPA Task Force Gets Firsthand Information

Do you ever wonder if anyone from Michigan sends in comments on exposure drafts for accounting standards? The answer is: yes. In fact, the MACPA has a task force specifically designed for that purpose.

“Participation on this Task Force is one of the most professionally beneficial volunteer activities with which I am involved,” explains Duane Reyhl, CPA. “I receive firsthand knowledge of standards as they are being written and can offer input as standard-setting bodies develop positions.”

Reyhl chairs the MACPA Accounting and Auditing Standards Task Force – a task force that is currently seeking new members.

What does the Task Force do? After identifying a relevant issue, a Task Force member volunteers as a “team leader” to summarize the history of the issue, contact the appropriate standard-setting body to obtain their preliminary views, and prepare a summary to educate Task Force members. This process takes place before the Task Force considers whether to issue a formal comment letter.

Why does the Task Force prepare comment letters? A comment letter is a vehicle for Michigan CPAs to voice constructive suggestions about proposed standards before those standards are finalized.

“We only issue a formal comment after soliciting views from a cross-section of the MACPA membership; but it is the preliminary discussions of the issues that truly benefits us all,” Reyhl adds.

The Task Force examines exposure drafts issue by the Financial Accounting Standards Board (FASB), AICPA Auditing Standards Board and Accounting and Review Services Committee as well as other standard-setting bodies. If you are interested in more information about the Accounting and Auditing Standards Task Force, contact MACPA Volunteer Services Assistant Coordinator Sara Ward at (248) 267-3711 or sward@michcpa.org.

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