AICPA

More States Weigh in on Proposed Global Credential

Two more states have been heard from regarding their position on the AICPA's proposed global business credential, formerly referred to as "XYZ" and recently named Strategic Business Professional (IISBP).

It's Time to Vote: Download XYZ Ballot from Internet

Members of the AICPA are encouraged to cast their votes on the controversial global business credential that, if enacted, will be referred to as Strategic Business Professional (IISBP). Ballots were mailed last week, along with an accompanying letter.The AICPA letter explains that members of the AICPA council recently voted to support a change in the AICPA Bylaws which would grant authority to the CPA organization to create a new organization on behalf of IISBPs.

California CPA Society Recommends Voting 'NO' on XYZ

The California CPA Society (CALCPA) Council met last week and, among other topics, discussed its support or lack thereof for the AICPA's proposed global business credential, referred to until recently as "XYZ" and now called IISBP or Strategic Business Professional.Presentations for and against the proposed credential were given by Barry Melancon, AICPA President and CEO, and Kendall Wheeler, CALCPA board/council member, respectively.Council members then voted 13% in favor of the credential, 3% neutral, and 84% opposed.

NC CPA Association President Says: 'Vote NO on XYZ'

William H. Watson, Jr. the President of the North Carolina Association of CPAs, has sent a heartfelt letter to all members of the association emphatically asking them to vote "NO" on the issue of the AICPA's proposed global business credential, recently named Strategic Business Professional (IISBP).The letter points to what Mr. Watson feels is misleading information accompanying the AICPA ballot, due to be received this week by all of the AICPA membership.
Community News

FASB Chairman Ed Jenkins to Retire in June

Edmund L. Jenkins, Chairman of the Financial Accounting Standards Board (FASB), has announced his intention to reetire at the end of his term on June 20, 2002.Mr. Jenkins has been a tireless advocate for the profession through several positions, culminating in 1997 with his election to his current post as Chairman of the FASB. His 38 year career at Arthur Andersen was highlighted in 1991-1994 when he served as Chairman of the AICPA's Special Committee on Financial Reporting that became known as the "Jenkins Committee." Mr.

New York CPAs Vote Against XYZ At AICPA Council Meeting

CPAs representing the New York State Society of Certified Public Accountants (NYSSCPA) voted against a resolution supporting the controversial global credential at the Fall Meeting of the American Institute of Certified Public Accountants (AICPA) Council here.A rare written ballot was approved 157 to 62 by those Council members voting of 265 total Council members, giving the green light to a general membership vote at the end of October that will decide the fate of the controversial designation."NY CPAs voted against the resolution loudly and clearly because our members oppose this crede

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.

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