The AICPA's governing Council met on Oct. 18-19 in Chicago where it elected Robert Mednick as chair of the AICPA Board of Directors for 1996-97, and Stuart Kessler of New York as vice chair. In addition, Council elected the following individuals to three-year terms as directors: James Castellano of Missouri, Jerry L. Esselstein of Ohio, Dan H. Hanke of Texas, Susan W. Kline of Indiana, Paul Kolton of Connecticut as a public member of the board, and Robert A. Peterson of California.
In other actions, Council:
- Authorized the creation of an accreditation in business valuation program (see below).
- Discussed in breakout-group format questions relating to the work of the AICPA Special Committee on the Regulation and Structure of the Profession.
- Received the report of the Assurance Services Special Committee.
- Presented the AICPA Gold Medal for Distinguished Service to Bert N. Mitchell and Mahlon Rubin.
- Heard a presentation from Bill Gates of Microsoft on the future developments in the technological arena and their impact on the profession.
More on the ABV Designation
To earn the Accredited in Business Valuation designation, a candidate must take a written examination. Eligibility to sit for the written examination requires that the candidate:
- Be a member in good standing of the AICPA and hold an unrevoked CPA certificate or license issued by a recognized state authority.
- Provide evidence of 10 business valuation engagements that demonstrate substantial experience and competence.
To maintain the accreditation, each credential holder shall:
- At the conclusion of every three-year period submit documentation demonstrating substantial involvement in five business valuation engagements.
- Complete 60 hours of related CPE during the same three-year period.
The first examination is expected to be administered in Fall 1997. Candidates should expect that practical experience will be needed to pass the exam. Several programs are available to reinforce candidates' basic understanding of fundamental valuation concepts and theory. One such program is the eight-module, 64-hour curriculum contained in the Business Valuation Certificate of Educational Achievement program. The program covers all the key aspects of business valuations, from basic theory and practice to data research and report writing. An advanced level CEA program will be available in mid-1997.
A list of frequently asked questions on the ABV accreditation program with a form to complete and return so the AICPA can provide you with more information as it develops is available on the faxback system; dial 201/938-3787, select document no. 491.
