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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

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.

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