AICPA

New York CPA Society Shuns AICPA's New Web Site

In a letter sent to all presidents and chairpersons of the nation's state CPA societies and institutes, Nancy Newman-Limata, the president of the New York State Society of CPAs, explains the reasons behind the New York society's intention not to sign an agreement to participate in the AICPA's new for-profit Internet portal, CPA2Biz.The agreement is an extension of a previous Phase I agreement offered by CPA2Biz. The original agreement expired May 31.

What Do You Think About the 'XYZ' Credential?

The "XYZ" Credential proposal was one of the most hotly debated issues in the profession. View Comments of AccountingWEB Members on this issue. View Comments Part 1 View Comments Part 2 View Comments Part 3(These pages may take more than 60 seconds to load.

AICPA Council Places XYZ Credential on Hold

WASHINGTON, D.C.

New York Accountants Nix AICPA's XYZ Designation

In a unanimous decision, the Board of Directors of the New York State Society of CPAs has voted against the global designation "XYZ" proposed by the AICPA, and is urging the Institute to drop the concept.

Illinois CPAs Give 'Thumbs Down' to XYZ Designation

The Board of Directors of the Illinois CPA Society has voted unanimously to oppose any further development of or investment in the XYZ credential, the financial credential that has been touted by the AICPA as the global designation of the future.The designation, which has been referred to as "XYZ" and "Cognitor," has met with obstacles on an international level as well.

Controversial 'Cognitor' Name Dropped by AICPA

Only the name has changed. The concept is still very much a reality - a new global financial expert that transcends the confining definition of a certified public accountant. Amid a sea of backlash from members of the profession objecting to the strange name, the AICPA has officially dropped the front-runner choice of cognitor as the designation for the global accountant of the future. "There is so much opposition" to the cognitor name, said Judith Trepeck, part of the management team of the global institute working to put this new designation into place.
Community News

IBM Pulls Negative Ad on AICPA Request

An article on the New York Society of CPAs web site reported that IBM is pulling a recent CPA-attacking ad, according to a statement released January 25, by the AICPA. IBM had planned on running an ad with the headline "This Tax Season, Tell Your CPA to Hit the Road". The AICPA said that it communicated directly with IBM's corporate office and IBM agreed to pull the ad.It is reported that IBM will send a letter of apology to AICPA President Barry Melancon, said the AICPA.

Some CPAs Not Taking 'Cognitor' Title Lightly

The AICPA believes that it is acting in the best interest of CPAs by recognizing that technology is reshaping the economy and the rules of the profession. Many professionals laugh at the sound of the name, "Cognitor," but the proposed new identifier for CPAs and other financial professionals is anything but funny to Michael Rosedale, founder of CPAdirectory.com, and others who object to the name and the concept for which it stands. "This is not a rebranding of CPAs," says AICPA senior vice president John Hunnicutt, who has debated Rosedale on this issue several times.

Microsoft, Thomson Invest in Cpa2biz

The controversial for-profit Web site that is in the works over at the AICPA has just announced what many have been speculating all along - that leading Internet technology and information solutions companies Microsoft and The Thomson Corporation are investors in the service.
Technology

PCPS 2000 Member Survey - Top MAP Issues

Partnering for CPA Practice Success (PCPS) has just received the results from its 2000 Member Survey. The survey was distributed to the full PCPS membership — about 6,500 firms.The goal of the survey was to gather information about management and practice issues facing firms in the profession.

AICPA's CITP Enhances Practice Development

AICPA's newest professional designation, Certified Information Technology Professional (CITP) distinguishes CPAs who are proficient in information technology, and enhances the CPA’s credibility as the premier provider of IT services among employers and clients. "Historically, management and financial staff often claim that they do not get what they need from IT for increasing the bottom line; or that the business does not get the promised return from their IT investment," says James Metzler, partner, Gaines Metzler Kriner & Co.

Adding Value To The Profession - Proposed Credential

The AICPA has prepared two documents "Adding Value to the Profession" and "The XYZ Concept" for professionals to download and review for free. "Adding Value to the Profession" - The Proposed Global Credential is an in-depth article on the new global professional credential written by William L. Reeb.
Technology

AT&T Glitch Supports Security as #1 Issue for CPAs

A mistake by AT&T that violated security to many of the telecommunications company's small business customers supports the finding that Information Security and Controls is the number one concern among the issues affecting the profession in 2001.Billing and account information for about 120,000 could be viewed by customers, according to the story on MSNBC.com.
Technology

AICPA Releases Top Technology Issues For 2001

Technological advances over the last ten years have become so interwoven with the accounting profession that it's hard to conceive how we could or can function without them. The AICPA just released the 2001 Top Ten Technology list."We're not surprised that security emerged as the most critical technology issue," said Alan Anderson, AICPA Senior Vice President - Technical Services.

SEC Chairman Arthur Levitt Stepping Down

For nearly eight years, Arthur Levitt has served as chairman of the Securities and Exchange Commission. Levitt announced earlier this week that he would step down before mid-February. Appointed through 2003, by President Clinton in July 1993, Levitt is the Commission's 25th chairman and has become the longest serving chairman on the Commission.

ERISA Liabilities for CPAs - Be Informed

ERISA legal requirements can rise up to bite an unsuspecting CPA at any time. In June of this year, the U.S. Supreme Court made it clear that CPAs and other service providers may face exposure under ERISA for various transactions with employee benefit plans, even though, in many cases, their actions seem innocuous.

Six FCG Members Honored by AICPA for Service

Six members of the Financial Consulting Group were honored earlier this month by the American Institute of CPAs at the Business Valuation Conference in Miami.Those chosen for the Hall of Fame and Volunteers of the Year were honored for their service to the profession. Hall of Fame inductees included James Hitchner, CPA/ABV, ASA of Phillips Hitchner Group, Inc.
Community News

AICPA, Big 5 PAC Contributions Lean to Republicans

Accounting firms were overwhelmingly on the Republican side during this year's elections, according to government statistics on financial contributions.Seven accounting political action committees (PACs) contributed about $4 million to election campaigns this past fall, and 64 percent of that money went to Republican candidates. This is based on a report issued by the Washington-based Center for Responsive Politics, a non-partisan group.Ernst & Young's PAC was the biggest giver, contributing $850,886, with $545,396 going to Republicans.

Newest POB Member has SEC Experience

The Public Oversight Board (POB) of the American Institute of CPAs' SEC Practice Section has elected Aulana L. Peters.Her appointment, effective Jan. 1, replaces Melvin R. Laird, who will retire this year. A partner with Gibson, Dunn & Crutcher LLP in Los Angeles, Peters brings with her extensive experience in many areas, especially SEC matters.

Missouri ED to Head up AICPA State Society Relations

Cynthia Lund, the former executive director of the Missouri Society of CPAs was tapped to take a vice president position at the American Institute of CPAsShe will officially be vice president of State Society Affairs and Strategic Planning, and will function as a liaison between the Institute and state CPA societies on various activities and projects.Previously, she also held positions with the Ohio Society of CPAs, the Ohio Bar Association and the AICPA.

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