“I n times of stagnant markets the public does not feel a vital interest in security markets, but when there are sharp rises and falls people who have investments or may have investments become aroused, and then comes the request for explicit information for the guidance of investors and demand for the amelioration of any conditions which may be adverse to the general welfare. There was a time not many years ago when every stock exchange maintained a sort of top-lofty attitude. There was a feeling, although perhaps not openly expressed, that the public, if the public objected, could be damned. But that time has gone. There may be an individual financial house here and there which still labors under the delusion of autocracy, but for the most part people, whether in finance or business, are beginning to find out that there is a common level of things and that to that level all will ultimately return. The committees which are to be appointed will not bring about perfection. [Editor’s note: The writer evidently refers to committees being appointed at that time by the American Institute of Accountants and the New York Stock Exchange to work on problems relating to investors, exchanges and accountants.]

They will probably, like most committees, fall somewhat short of the great expectations which accompany their birth. But if, as is to be hoped, the committees selected by the two organizations are strong and truly representative of the best, it is not too much to expect that they will bring about substantial benefits. They will no doubt devise plans for presenting the public with that sort of information to which the public is entitled and has not always had. Questions of technical accounting which have a bearing upon the valuation of securities should emerge from joint conferences of the two committees answered partly, if not completely. A stock exchange is supposed to be in a sense a purely mechanical clearing house without sentiment or partiality. An accountant, if he is really an accountant, stands in an equally impartial position. He is supposed to present facts irrespective of the effect of their presentation. These two impartial agencies, on the one hand, and the extremely partial agencies which are responsible for the issuance of securities, on the other, should be able to strike a mean and afford protection to the people who have money to invest or even to those who feel an urge to gamble in the purchase and sale of securities. Everybody knows that the number of investors has increased within the past twenty years to a point which is altogether amazing. The investing public which was originally a small section of the nation has spread to include folk in all walks of life. Men, women and even children engaged in gainful occupations find themselves in a position to spare from their earnings something for storing away against the rainy day. Most of them, unfortunately, incline to the speculative rather than the permanent form of investment, but, whatever be their chosen medium or method, they are entitled to have placed before them complete information in a way which they can understand. There have been repeated efforts to effect the desired reformation, but most of them have accomplished nothing and all of them, of which we have knowledge, have died away. This new attempt to bring about better conditions may follow the same path but at the beginning it looks like something which will have good and lasting effect.”

Connie A. Brezik, CPA/PFS, was named winner of the 2004 AICPA Distinguished Service Award in January at the Personal Financial Planning (PFP) Technical Conference in Puerto Rico. Brezik, who earlier headed the committee that plans the annual conference, is a former member of the AICPA’s PFP Executive Committee, PFP Member Services Task Force and Member Retirement Committee. Both Worth magazine and Accounting Today identified her three times as one of the nation’s most prominent financial advisers. Her firm, Asset Strategies Inc., has offices in Scottsdale, Arizona; Avon, Connecticut; New York City; and Casper, Wyoming.

Also at the conference, the Institute introduced an improved version of its PFP Web site ( www.aicpa.org/pfp ), which offers continually updated guidance for CPA financial planners providing investment planning, insurance and risk management, personal income tax planning, disaster preparedness and recovery, retirement and estate planning and elder care services. While AICPA members have access to certain of the site’s resources, only PFP section members can use them all. To enroll in the section, go to www.cpa2biz.com or call 888-777-7077. The site also includes information on practice management and members’ responsibilities to the public, a conference calendar, Webcasts on practical topics, listings of relevant state society events and a database of all CPAs holding the PFS designation so consumers can locate a practitioner near them.

The AICPA and Accountemps are accepting applications for two $2,500 scholarships to be awarded in the fall of 2005. Applicants must be AICPA student affiliate members majoring in accounting, finance or information systems in full-time undergraduate or graduate programs and must have completed the equivalent of 30 semester hours and achieved a 3.0 grade point average. A committee of Accountemps and AICPA representatives will select recipients on the basis of scholastic achievement, leadership, future career interests, letters of recommendation and an essay. Applications, which must be received at the AICPA by April 1, can be downloaded at www.aicpa.org/download/nolimits/become/ships/accountempsaicpa_app.pdf .

Because the Institute’s fiscal year 2004–2005 billing cycle is ending, it’s urgent that members who have not paid their AICPA dues do so immediately. Membership benefits include discounts on products and other valuable resources, as well as professional guidance and support during this time of unprecedented regulatory change. Members who haven’t received an AICPA renewal notice in the mail can pay their dues by phone at 888-333-5110 or by logging on at www.aicpa.org/about/dues.htm . Those not registered online should have their AICPA member number at hand. It consists of the last eight digits on the top line of their Journal of Accountancy mailing label.