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AICPA

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.

Italian Accountants Join 'XYZ' Initiative

The two leading accountancy bodies in Italy, the Consiglio Nazionale dei Dottori Commercialisti and the Consiglio Nazionale dei Ragionieri e Periti Commerciali, have joined in support of the AICPA's proposed global business credential.The two organizations represent more than 90,000 accountants in Italy.Italy represents the first European country to back the initiative.
Community News

BDO Seidman Joins Ranks of 'XYZ' Naysayers

The nation's sixth largest accounting firm, BDO Seidman, has denounced the controversial plan by the AICPA to launch a global business credential, tentatively called the 'XYZ' credential.The credential would provide certification to consultants and other financial professionals that provide a broad range of services.

Nebraska CPAs Vote 'No' to Proposed 'XYZ' Credential

Members of the Nebraska Society of CPAs were polled this summer regarding the AICPA's proposed global business credential, and the results are resoundingly negative.The Nebraska membership received a one-question survey that asked, "Should the Nebraska Society use its resources to support the AICPA's efforts to establish a new global interdisciplinary credential?" Over 25 percent of the membership returned the questionnaire and of those, 94.2% voted "No." In addition, nearly 250 of the 650 members who responded to the survey included written comments.As a result of the survey, the Board

Michigan CPAs Give Thumbs Up to Global Credential

The board of directors of the Michigan Association of Certified Public Accountants recently voted to support the AICPA's proposed global business credential, tentatively referred to as "XYZ." The proposed credential is expected to be voted on by the entire AICPA membership later this year.Last week, Kathy Eddy, chairman of the AICPA, participated in an open forum at AccountingWEB to explain the global credential and answer some questions on the topic.Previously, CPA societies from New York, Illinois, and

Morningstar Teams with CPA2Biz

Online investment resource, Morningstar.com, has joined the CPA2Biz family to provide stock quotes and mutual fund data to registered users of the AICPA's new Web site.Morningstar resources include a five-star rating system for assessing the features of mutual funds, as well as historical performance information on over 11,000 funds.

AICPA Chairman Makes the Case for a Global Credential

In a lively AccountingWEB discussion before a packed house, Kathy Eddy, Chairman of the AICPA, presented the AICPA's case for the concept of the proposed global business credential that will come to a vote before the entire AICPA membership next month.Ms.

What Do You Think About the 'XYZ' Credential? - Part II

The response to the Global Credential issue has been overwhelming. Below you will find the first 200 comments on the question "What do you think about the XYZ Credential?" For the most current comments, please go to the original story.

AICPA to Set Best Practice for Cheap Stocks

Three years after the project was initiated, the American Institute of Certified Public Accountants is now preparing to develop a report on best practices for addressing the practice of a company issuing cheap stock to its employees in the period just preceding an IPO.The SEC had requested the Institute address this issue, but the guidelines had been delayed due to disagreements among task force members. "The staff had high hopes this could lead to useful guidance addressing issues that preparers, auditors, and regulators face on a daily basis with respect to accounting for cheap stock.

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