New York Accountants Nix AICPA's XYZ Designation | AccountingWEB

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."

Wait, there's more!
There's always more at AccountingWEB. We're an active community of financial professionals and journalists who strive to bring you valuable content every day. If you'd like, let us know your interests and we'll send you a few articles every week either in taxation, practice excellence, or just our most popular stories from that week. It's free to sign up and to be a part of our community.
Premium content is currently locked

Editor's Choice

WHAT KIND OF FIRM ARE YOU?
As part of our continued effort to provide valuable resources and insight to our subscribers, we're conducting this brief survey to learn more about your personal experiences in the accounting profession. We will be giving away five $50 Amazon gift cards, and a $250 Amazon gift card to one lucky participant.
This is strictly for internal use and data will not be sold
or shared with any third parties.