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. The still unnamed "XYZ" designation, formerly referred to as "Cognitor," has come under increasing scrutiny recently from a number of organizations and state societies, but the AICPA has so far vowed to move ahead with the concept.
The New York decision, by one of the largest CPA Societies representing almost 30,000 CPAs, comes on the heels of a similar decision by the 25,000 member Illinois CPA Society on March 14.
A survey of the membership of the New York Society earlier this year pointed out little support for channeling time, money and resources into a global designation which would be available to non-CPAs. The survey uncovered the fact that the more people knew about the XYZ designation, the less inclined they were to support the concept.
"Our members are saying loud and clear that they want talent and resources to be invested in the CPA credential and not in a new credential that will be available to our competitors," NYSSCPA President P. Gerard Sokolski said. "We urge the AICPA leaders to listen to their constituents."