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AccountingWEB Weekly Insight
Amidst a certain amount of controversy, the AICPA and the Chartered Institute of Management Accountants have launched a new designation for global management accountants, the CGMA (Chartered Global Management Accountant). The designation is available to members of both organizations. The credential is to be issued based on experience rather than specific education and an examination. Jeffrey Thomson, Institute of Management Accountants president, recently told AccountingWEB, "We have some serious questions about the designation," and he questioned the length of the grandfathering period and the fact that AICPA members qualify without passing a test.

Gail Perry, CPA
KPMG Repair Regulations Survey Tax Execs Unsure of Business Impact
Tax executives are unsure what impact the IRS's recently released "Repair Regulations" might have on their businesses, but they expect the new rules to be more difficult to administer or comply with in practice, according to results of a survey conducted by KPMG LLP, the audit, tax, and advisory firm.
CGMA: Global Management Accounting Designation Launched by AICPA and CIMA
In a joint venture, the AICPA and the CIMA have launched a new global accounting designation Chartered Global Management Accountant (CGMA) that recognizes the unique skills of professional management accountants working in business.
IASB Chairman Expects SEC to Approve IFRS
Speaking at a seminar in Moscow on IFRS, Hans Hoogervorst, Chairman of the IASB, said that he expected the IASB and the FASB to make progress on their remaining convergence projects in the coming year. Hoogervorst also predicted that the SEC would eventually approve IFRS for US companies.
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