March 1998 Vol. 185 No.3
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| March 1998 Vol. 185 No.3 | |
| Editorial Staff | Highlights | |
| Editor Colleen Katz Executive Editor Managing Editor Senior Editors News Editor Assistant Editors Contributing Editors Production Director Art Director Production Manager Production Editor Senior Production Associates Production Assistant Associate Publisher-Advertising Advertising Representatives Advertising Coordinator Editorial Offices Advertising Offices Classified Ads
| Letter from the AICPA PresidentCPAs In the Global Economy CPAs currently play a leading role in finance on the world stage, largely because of their integral involvement in the U.S. economythe worlds most coveted financial marketplace. As markets become more global, there are great potential benefits for the CPA. However, key to CPAs involvement is cooperation in international standard setting. Increasingly, in the interest of the world economy, CPAs and CAs around the world are seeking to iron out the differences that keep them from singing from the same songsheetor at least in close harmony. The World Congress of Accountants The recent World Congress of Accountants clearly demonstrated a groundswell of support for harmonization of standards. Numerous presenters at the Paris meeting spoke of the need for universal acceptance of international accounting standards. (See The 15th World Congress of Accountants: Service to the Public Is Primary,.) However, U.S. efforts in this area are getting mixed reviews. The world truly cherishes access to U.S. capital markets. Today, gaining that access requires use of or reconciliation with U.S. GAAP. Although some believe U.S. GAAP can become the international standard, much of the world is driving toward truly international standards. Currently, the SEC and the FASB, along with representatives from the AICPA, are working on the very complex issue of harmonizing U.S. GAAP with international standards. The IASC hopes to unveil a set of high-level core standards, which the SEC may be able to review in detail before 2000. Meanwhile, SEC Chairman Arthur Levitt, Jr., has been instrumental in bringing foreign companies to U.S. markets. The AICPA, as one of the largest accounting member organizations in the world, must help increase the U.S. CPA professions activities in resolving these vital issues. The most recent step in that direction is a report presented to the AICPA board of directors by Thomas W. Rimerman, a former chairman of the board who chairs the special task force on international matters. That groups report, which lays out a significant role for the U.S. CPA profession, also focuses the AICPAs attention on the benefits of world commerce, among other items; the potential effectiveness of international accounting, auditing and ethics standards; and the role of domestic standards. To achieve these desired results, the AICPA must work to effect changes in the international and national standard-setting processes, where appropriate, and to support activities where the U.S. public and economy can benefit. The world has come not only to our doorsteps but also to our boardrooms and desktops. For the sake of the international economyof which were all an integral partwe have no choice but to cooperate. We need to join our international colleagues in a new, common venuethe world economy. Its scope, along with the opportunities, can prove to be limitless. Sincerely, |
