[CPASF1]

i took my first accounting class in 2012 and the importance of dodd frank has been mentioned in every single accounting, law, and ethics class i have taken since then. it’s like a huge part of my accounting life now as well as the cpa exams and now i see articles today saying that it will be repealed! dodd frank regulations protects investors and most importantly whistleblowers to maintain the integrity of our profession. am i overreacting or will this really be a huge hit to cpa’s? isn’t that why there is a new ethics requirement being introduced to the cpa licensure requirement to increase the integrity of our profession. wouldn’t the repealing of dodd frank basically counteract that?

[ckimble22]

Listen, we're gonna make America Great. That's it. Bigly. Believe me. Belllllllieve me. Dodd-Frank will be gone so fast, it'll make your head spin. Believe me. It's that simple. Believe me. Regulations are horrible, they're terrible, horrible and horribly rigged, terribly.

[ckimble22]

Believe me

[mckan514w]

CPASF1- I think you are overreacting to this and further think that it will affect the accounting profession way less than you think. The main ethics component of CPAs stemmed more from SOX than it did Dodd-Frank, and while Dodd-Frank was enacted with the best of intentions it is a beast that in reality has been hampering and hamstringing our economy. I have worked in the financial industry both pre and post Dodd-Frank and have seen first hand the way that the lending and credit markets in particular have swung from one end of the spectrum to the other. The biggest problem that I see with DF is it went to far in regulations that were needed especially in the lending arena. I do not expect that you will see a full repeal, however I do expect that you will see a lot of the more restrictive provisions dismantled which will be good for the overall economy and markets.

and they ask me why I drink...

FAR- 61-next time I'll ask for lube instead of a calculator
REG-75- Never been so happy to see such a low grade
BEC- 8/11
AUD- 9/2

[Anonymous]

Isn't Dodd-Frank more about financial services industry (banks etc.) and not much about accounting? *scratches head*

Either way, ethics and morals are something that people have to have, regardless of the rules. I've seen plenty of people do things they shouldn't – in accounting – while “following the rules” (or simply in spite of the rules 😐 ), but I've also seen people choose not to do things they could cause it was unethical. Any ethical component of Dodd-Frank that isn't still in effect after changes (whether it's a complete repeal, then a new bill with certain parts carried forward, or just a repeal of certain parts) can still be practiced. Accounting was mostly a self-regulating industry until the last 10-15 years. For the most part, it self-regulated to do things correctly. Then you had Enron, WorldCom, etc., and rules began to be handed down from outside the industry. I'm not trying to express an opinion on whether it's good or bad for their to be outside rules, cause my opinion won't matter at all for what happens. 😛 However, I am trying to say that accountants can still carry on the ethical obligations of Dodd-Frank even if the whole thing is repealed. Could be that the AICPA would make it part of their code of conduct instead, or something like that.

But…given that Dodd-Frank is pretty much specific to banks and such, and given that I don't (anymore) work at a bank and don't provide accounting services to a bank, I'm not too concerned about the effect that repealing Dodd-Frank would have on my work.

[Over_It]

@Kimble I love you

[jeff]

It's not going to be on the 2017 CPA Exam, for what that's worth.

Jeff Elliott, CPA (KS) | Another71 | NINJA CPA | NINJA CMA | NINJA CPE

[SaveBandit]

Dodd Frank was like six pages in the Reg book – that is hardly a huge part of the CPA exam. It also sounds like you were misguided as to its importance within accounting.

4 for 4

FAR 85
AUD 94
BEC 86
REG 90

[Skynet]

Is Dodd Frank the guy on “Everybody Loves Raymond”?

[Author]

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