AICPA | AccountingWEB


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,, 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.

U of Mississippi Becomes THE Library to the Accounting Profession

The largest and most prestigious accounting library collection in the world - that of the American Institute of Certified Public Accountants (AICPA) - has arrived at the University of Mississippi (UM) to be housed permanently in the John Davis Williams Library.Last week, officials from the New York-based organization presented the collection of 125,000 items to University officials on the Oxford campus. Participating were Jay Rothberg, AICPA Vice President - Office of the CEO, and Dr. Gary J. Previts of Case Western Reserve University, a member of the AICPA Foundation Board of Trustees.

We Are Cognitors

By Ronald J. Baker, Daniel D. Morris and Justin H. Barnett - Founders, VeraSage InstituteIf Columbus had an advisory committee he would probably still be at the dock–Justice Arthur Goldberg, 1908-1990Engage in this thought experiment: The following individuals go to some omnipotent body, such as a governmental industrial planning board similar to Japan’s Ministry of International Trade and Industry (MITI), with an idea for introducing a new product or service into the marketplace: 

AICPA Attends Conference

Representatives of the AICPA attended a conference with participants from more than 20 accountancy organizations around the world wherein the major topic was to find ways in which the participating organizations could coordinate efforts to produce assurance, consulting, and information technology services to the business community.The conference was held last week in London and was hosted by the Institute of Chartered Accountants in England and Wales (ICAEW).

AICPA Announces Plan for Vote on 'XYZ' Credential

This past spring, at its council meeting, the AICPA decided to put plans on hold for the controversial 'XYZ' credential until feedback could be obtained from the organization's membership.This September the AICPA plans to announce the official name for the credential, and soon after the fall council meeting, a national ballot will be offered to all members of the AICPA, wherein members can cast their vote on the fate of the credential.The AICPA has indicated its intention to abide by the results o

AICPA Releases Statement on Auditing Standards

The American Institute of Certified Public Accountants (AICPA) has released an exposure draft on auditing standards that is significantly more detailed that the current SAS No. 41. The new statement, if approved, will replace SAS No. 41.The AICPA is soliciting public comments on the exposure draft now through August 27.

Illinois CPA Society Takes Stand on CPA2Biz

The Illinois CPA Society has expressed concerns about its involvement in the AICPA's new for-profit Web site, CPA2Biz. Participating societies are expected to sign an agreement that is causing some controversy among the various CPA groups. Currently, state societies are being asked to sign an interim agreement, referred to as the Phase 1 Agreement, which will run for the period July 1, 2001 through December 31, 2001.

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



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