AICPA Board of Directors Adopts Resolution Emphasizing Need to Reduce Federal Debt 

    Published December 20, 2012

    The Board of Directors of the American Institute of CPAs on Nov. 9, 2012 voted to adopt a resolution expressing support for two non-partisan movements to promote fiscal responsibility and sustainability.

    Expressing concern about the growing federal debt and its impact on the long-term fiscal health of the United States, the Board adopted a resolution underscoring the need to put America on a better economic path and supporting two non-partisan efforts, the Campaign to Fix the Debt and the Comeback America Initiative.

    The AICPA signed onto a Dec. 4, 2012 open letter sponsored by Fix the Debt from America’s business leaders calling on President Obama and Congress to fix the unsustainable national debt and develop a plan for long-term economic growth.  The letter appeared as an ad in Politico, a publication targeted to Capitol Hill policy makers.

    Earlier this year, the AICPA developed What’s At Stake? A CPA’s Insights into the Federal Government’s Finances, a resource calling attention to how and why the financial sustainability of our nation is at stake. The AICPA intends to update the video after the financial statements of the U.S. federal government are released in early 2013. 

    The AICPA shared the Board resolution with state CPA societies.  See the Nov. 12, 2012 Journal of Accountancy article for more information.

    The resolution follows:

    Board Resolution Regarding AICPA Support for Certain Non-Partisan Initiatives and Public Policies to Promote Economic Certainty


    WHEREAS, The AICPA is very concerned about the growing federal debt and its impact on the long-term fiscal health of the United States; and

    WHEREAS, The CPA profession has a long and deep commitment to the public interest and a history of advising businesses and individuals regarding decision-making on financial, tax and operational matters; and

    WHEREAS, Navigating the complexity of the uncertain economic environment is difficult for businesses and individuals; and

    WHEREAS, The AICPA has developed What’s At Stake?, a resource to call attention to how and why the financial sustainability of our country is at stake; and

    WHEREAS, The AICPA believes that fiscally sound public policy is a key component in promoting certainty for American businesses and will lead to enduring economic growth; and
     
    WHEREAS, The AICPA recognizes that America faces significant financial challenges that need to be addressed to promote fiscal responsibility and believes the United States government should operate on a sustainable budget and should address its current debt crisis; and
     
    WHEREAS, The non-partisan movements Campaign to Fix the Debt and Comeback America Initiative align with the AICPA's goals of putting America on a better fiscal and economic path by promoting fiscal responsibility and sustainability; now
     
    BE IT RESOLVED, That the AICPA shall continue to seek ways to advocate for reduced complexity for American businesses and individuals; and

    BE IT FURTHER RESOLVED, That the AICPA shall inform its members about the Campaign to Fix the Debt and the Comeback America Initiative; and

    BE IT FURTHER RESOLVED, That the AICPA shall also share this resolution with state CPA societies, and shall encourage state CPA societies to promote fiscal responsibility and consider involvement in the Campaign to Fix the Debt and the Comeback America Initiative.




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