AICPA

AICPA Council Votes to Support Global Credential

The governing Council of the American Institute of Certified Public Accountants (AICPA) overwhelmingly supported, by a vote of 157 to 62 (71.7 percent), the development of the proposed new global credential at its fall meeting this week.The member referendum, which will be mailed October 29, 2001, asks members to vote on a change to the AICPA bylaws that would explicitly recognize the Institute's authority to create a new, self-funded organization to grant an interdisciplinary global credential in the United States, on behalf of the International Institute of Strategic Business Professional

AICPA Elects New Chairman

James G. Castellano has officially begun his term as Chairman of the Board of Directors of the American Institute of Certified Public Accountants (AICPA), replacing Kathy G. Eddy. The AICPA has approximately 340,000 members comprising CPAs in business and industry, public practice, government, and education.Mr. Castellano assumed the one-year AICPA leadership post at the Institute's Fall Council meeting this week in Miami. In his inaugural remarks, Mr.

CPA2Biz May Ease Restrictions on State Associations

The original plan for state CPA association partnership with the AICPA's for-profit Web site, CPA2Biz, called for a 10-year commitment with an automatic 10-year renewal and a hefty fine for leaving the fold. In addition, participating states would transfer ownership of certain affinity programs to CPA2Biz.

NJ CPAs Reaffirm Opposition to "XYZ" Credential

The New Jersey Society of Certified Public Accountants (NJSCPA) Board of Trustees has, with an overwhelming majority, voted to reaffirm its opposition to development of a global business designation, as proposed by the American Institute of CPAs.

Accountants Provide Humorous Alternatives for 'XYZ'

The AICPA has spoken, and the official new name for the proposed global business credential is Strategic Business Professional, which will be shortened to IISBP.

Texas CPAs Don't Support Global Credential

The proposed global business credential has little support among Texas certified public accountants according to the results of a new survey conducted by the Texas Society of Certified Public Accountants (TSCPA).Proposed by the American Institute of CPAs (AICPA), the national organization representing CPAs, this designation would recognize business professionals for their mastery of global business knowledge.In a statistically valid survey of TSCPA members, more than 46 percent said they don't support the proposed global business credential.

Grant Thornton Backs CPA2Biz in Lawsuit

Earlier this week, BDO Seidman filed a lawsuit against the American Institute of Certified Public Accountants, CPA2Biz, and Shared Services LLP, alleging unfair business practices and restraint of trade. The lawsuit, which lists 93 separate complaints, seeks, among other things, to enjoin the defendants from continuing the operation of the AICPA's for-profit Web portal, CPA2Biz. Chicago-based accounting firm and CPA2Biz auditor Grant Thornton has joined the dispute by siding with the AICPA in this matter.

Indiana CPAs Support Global Credential

CPAs in Indiana are highly supportive of the proposed interdisciplinary global business credential, the Indiana CPA Society has found, after concluding a series of 15 statewide professional issues update programs. Based on survey data from more than 1,300 Indiana CPAs, an overwhelming percentage have expressed their support for the concept.

XYZ's New Name - And the Winner is…

First it was Cognitor, which met with a strongly negative reaction. Then XYZ became the placeholder, while the AICPA came up with a permanent replacement. Now the decision has been made and it appears that this one is final.The new name for the proposed global business credential is Strategic Business Professional.

PA Institute of CPAs Opposes Global Credential

The Council of the Pennsylvania Institute of CPAs (PICPA) has voted to oppose the AICPA's proposed global business credential, formerly called XYZ and now called Strategic Business Professional (SBP).

BDO Seidman Files Lawsuit Against CPA2Biz

Chicago-based accounting firm BDO Seidman has filed a lawsuit against the AICPA, the AICPA's for-profit Web portal, CPA2Biz, and Shared Services LLC, a combination of the AICPA and state CPA societies that have licensed their members' data for use by the portal, alleging unfair business practices and asking that the portal be enjoined from further business.The essence of the complaint is an accusation of violation of federal antiturst laws in conspiring to give the portal unfair advantages in delivering products and services for CPAs to offer to their clients.

AICPA Statement on FASB Decision

The Financial Accounting Standards Board (FASB) recently decided NOT to allow extraordinary treatment of financial statement items relating to the September 11 terrorist attacks.

Illinois CPAs Recommend 'No' Vote On XYZ

The Illinois CPA Society Board of Directors voted to strongly reaffirm their opposition to the AICPA’s proposed XZY global credential at their September 26, 2001 meeting. The Board also voted further to encourage Illinois members to support their position and to vote against the XYZ initiative should it come to a member ballot. The Board’s action was based on direct feedback from Illinois CPA Society members. In February 2001, a random survey of Illinois CPA Society members found that only one in four saw any value in the AICPA’s proposed global credential.

AICPA Extends Comment Deadline

The American Institute of Certified Public Accountants (AICPA) has extended the deadline for comments on the proposed AICPA Statement of Position (SOP), Accounting for Certain Costs and Activities Related to Property, Plant, and Equipment. The new deadline is extended 31 days to November 15, 2001.The Financial Accounting Standards Board (FASB) has also extended the comment deadline for comments on its Exposure Draft, Accounting in Interim and Annual Financial Statements for Certain Costs and Activities Related to Property, Plant, and Equipment.

New York CPAs Have Message for AICPA

The New York State Society of Certified Public Accountants (NYSSCPA) has passed a resolution encouraging its members who belong to the council of the American Institute of CPAs (AICPA) to oppose any attempt on the part of the AICPA to delay or rescind plans for a membership-wide vote on the proposed global credential, currently referred to as the XYZ credential.In addition, the NYSSCPA is calling for the AICPA to arrange for an independent firm to tally the votes on the XYZ credential.

AICPA Calls for Volunteers

Dear Financial Planning Practitioner: With the recent tragic events in New York City, Washington, DC and Pennsylvania still reverberating across this country, the AICPA’s Board of Directors, its staff and its members have been deeply affected. Included in the thousands of people affected by this tragedy, we are currently aware of many CPAs who worked in the World Trade Center and the immediate area. Thus, the AICPA wants to help all of the survivors and families of victims get through this crisis with our contributions and our expertise.
Education & Careers

Scholarship Winners Announced

Accountemps, the world's first and largest temporary staffing service for accounting, finance and bookkeeping professionals, and the American Institute of Certified Public Accountants (AICPA) have announced the winners of the 2001-2002 Accountemps/AICPA Student Scholarship.The two first-place recipients -- Kimberlyn Gall of the University of California, Santa Barbara, and Marisa Neste of Seattle Pacific University -- each received $2,500 toward their education.

AICPA Chair Answers Questions on 'XYZ' Credential

On August 22, 2001, AICPA Chairman Kathy Eddy participated in a live workshop at AccountingWEB, where she presented the AICPA's view of the proposed global credential, currently referred to as "XYZ." Many questions were raised during that workshop, however due to time constraints, not all questions could be answered. Unanswered questions were sent to Ms. Eddy, and Ms. Eddy has graciously prepared written answers to each of the questions raised.

France Gives Support to 'XYZ' Credential

French accounting organization, Conseil Superieur de l'Ordre des Experts-Comptables, has joined the United States and other international bodies in support of the American Institute of Certified Public Accountant's proposed global business credential, currently dubbed "XYZ."The organization represents nearly 18,000 accountants in France. Just recently the accounting organizations of Italy joined the initiative.

AICPA Responds to National Crisis

The American Institute of Certified Public Accountants has established a fund for victims of the recent national tragedy.The new fund, CPAs in Support, is designed to help CPAs, CPA firms, and others affected by last week's tragic events. In addition, the AICPA Benevolent Fund helps AICPA members and their families who are in financial difficulty as a result of serious illness, accident, death, and other major misfortunes.CPAs in need of assistance are encouraged to contact the AICPA's Dale Atherton at 201-938-3253. Ms.

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