Spring Council Highlights 


AICPA Members Visit Congress on Behalf of the Profession

AICPA News Update

May 19, 2015 - Volume 22 No. 23

 

EDITOR'S NOTE

 

The AICPA governing Council's spring 2015 meeting took place this week in Washington, DC, and focused on how the profession will adapt, innovate and evolve for continued relevance. AICPA and state CPA society leaders from each of the 50 states and U.S. territories attended the meeting. Highlights of the meeting are outlined below.

 

 

Spring Council Edition

AICPA Members Visit Congress on Behalf of the Profession
AICPA Council members visited lawmakers on Capitol Hill to discuss topics affecting the profession, including ongoing problems with IRS service during busy season, permanent tax relief for victims of natural disasters, cash accounting and mobile work force legislation.

Council Adopts Resolution Calling for a Bipartisan Forum to Improve IRS Service
The sharp decline in IRS service led to a tax season in which practitioners and taxpayers faced record-long telephone hold times, often getting disconnected in the process. The unprecedented poor level of service prompted the AICPA governing Council to approve a resolution that “urges policy makers to create an objective, bipartisan forum” to offer recommendations to transform the IRS into a “modern-functioning, evolutionary and respected federal agency.” The resolution also outlines six principles, such as stakeholder engagement and empowered oversight, to guide the process. 

AICPA Governing Council Approves Two New Fair Value Measurement Credentials
Fair value measurements make up a significant portion of the balance sheet for some entities, and regulators continue to express concerns around the quality, consistency and transparency of those measurements. As these measurements are audited by CPAs and relied upon by the investing public and others, the AICPA has moved to address regulator concerns and protect the public interest by agreeing to create two new fair value measurement credentials, one for businesses and intangible assets and the other for complex financial instruments. For more information, read this press release. Watch for more information on the availability of the new fair value measurement credentials.

The Profession Through the Eyes of Students and Young Members
AICPA Vice Chair Elect and current member of the AICPA Board of Directors Kimberly Ellison-Taylor led a panel consisting of accounting students and young AICPA members. Panelists shared their unique perspectives on the accounting profession and how workforce and marketplace trends, as well as changing expectations of younger generations, are evolving and may look very different in the future.

From Accounting Major to CPA: A Look at the Pathway to Becoming a CPA
The AICPA recently commissioned a study of accounting graduates and CPA licensure candidates to better understand their behaviors and attitudes along the pathway to becoming a CPA. Overall, the research revealed that from high school to college to the workplace, the strongest forces determining whether students and candidates move forward to sit for the CPA Exam are environmental and experiential. Key findings include:

  • Perception of the CPA brand is very strong among both CPA Exam sitters and non-sitters. 
  • The university environment drives the passion for taking the CPA Exam.
  • An encouraging employer/work environment can propel and sustain the commitment to take the CPA Exam and become a CPA.

Growing Recognition of CGMA within the Employer Market
Arleen Thomas, CPA, CGMA, AICPA Senior Vice President—Management Accounting and Global Markets, highlighted the CGMA employer recognition program, which raises awareness of the CGMA designation among business decision makers. Hear from Kathy Waller, CPA, CGMA, and EVP and CFO of Coca Cola, on how the CGMA designation broadens the skill set of her team, challenging them to beat the status quo.

AICPA Strategic Plan Includes Ensuring Vitality of the Profession
Tim Christen, Vice Chairman of the AICPA Board of Directors, and Lawson Carmichael, AICPA Senior Vice President of Strategy, People & Innovation, reviewed key AICPA Council member insights from the Regional Council meetings in March. The discussion highlighted key takeaways on what excites and concerns members the most about the accounting profession, as the AICPA develops its three-year strategic plan. Discussion also focused on further collaboration with AICPA strategic partners, including state CPA societies and the Chartered Institute of Management Accountants (CIMA).

AICPA Honors Accounting Professionals for Commitment to Service
The AICPA awarded 2014 Public Service Awards to an individual and a firm. Terry Murphy, CPA, received the award for individuals. Murphy has volunteered at Detroit area public schools since 1993. DiSanto, Priest & Co. received the award for CPA firms. DiSanto, Priest & Co., part of The Bentley Group, have a philanthropic arm dedicated to supporting local charities.

 

 

 

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