The Electronic Accountant is reporting that the AICPA is finalizing plans to massively restructure itself into three business divisions - one of which would be an Internet portal that would be positioned as an IPO.
The divisions would include:
- A corporation co-owned with the State CPA Societies to focus on membership services and administration;
- The traditional AICPA professional association focusing on regulatory, standard setting and ethics activities;
- A publicly held for-profit Internet portal tentatively called CPA2Biz.com shaped after WebMD that would offer education, news, information and job matching services.
Reaction to yesterday's report is already mixed, and will likely stir up significant controversy as word of the proposed restructuring filters down through the membership.
Additional details on the restructuring are not yet available, and the final plan will have to be approved by the AICPA ruling council, perhaps later this year.