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."

You may like these other stories...

In a letter sent to Congress last week, the American Institute of CPAs (AICPA), the Virgin Islands Society of CPAs (VISCPA), and the Guam Society of CPAs (GSCPA) sought clarification regarding net investment income tax (NIIT...
The American Institute of CPAs (AICPA) on Thursday released a discussion paper seeking input from CPAs, regulators, financial statement users, and others in the profession on how better audit performance of private entities...
Recently, there has been a lot of buzz about the future of continuing professional education (CPE). The American Institute of CPAs (AICPA) created a task force on the Future of Learning with an accompanying fancy website. In...

Already a member? log in here.

Upcoming CPE Webinars

Aug 26
This webcast will include discussions of recently issued, commonly-applicable Accounting Standards Updates for non-public, non-governmental entities.
Aug 28
Excel spreadsheets are often akin to the American Wild West, where users can input anything they want into any worksheet cell. Excel's Data Validation feature allows you to restrict user inputs to selected choices, but there are many nuances to the feature that often trip users up.
Sep 9
In this session we'll discuss the types of technologies and their uses in a small accounting firm office.
Sep 11
This webcast will include discussions of commonly-applicable Clarified Auditing Standards for audits of non-public, non-governmental entities.