AICPA Elects New Chairman, Releases XBRL Draft
The American Institute of CPAs (AICPA) elected William F. Ezzell, as its new chairman for a one-year term, succeeding James G. Castellano. In his inaugural speech, Mr. Ezzell, a partner at Deloitte & Touche, announced that "restoration" will be the theme of his chairmanship.
As examples of matters that need restoring, Mr. Ezzell points to the need for a restoration of the accounting profession's reputation among the communities it serves and a renewed sense of shared purpose and core values within the profession and the AICPA.
If accounting is to continue as a profession, Mr. Ezzell notes, all accountants must share an unwavering commitment to their code of ethics, a distinct and evolving body of knowledge, a sense of duty to the public interest, standards of excellence, and a common sense of purpose.
As if to emphasize the AICPA's commitment to restoration, the Institute joined together with the XBRL-US domain working group in steps designed to restore the transparency of financial reporting. The two organizations released a "public working draft" of the XBRL taxonomy framework for U.S. reporting.
XBRL (eXtensible Business Reporting Language) is a standards-based method that allows users to prepare, publish in a variety of formats, exchange and analyze financial statements and the information they contain. CPAs are encouraged to review the draft taxonomies to help ensure they accurately represent the required financial statement disclosures.