One CPA pays
homage to another
Institutes new vice-chairman takes
AICPA Names Castellano Vice-Chairman
At its fall meeting, the AICPA governing council elected James G. Castellano vice-chairman of the Institutes board of directors for 200001. He is a former council member and had also served an earlier term on the board.
Castellano is a member of the CPE executive committee and, as vice chairman, a member of the finance committee. He previously served as chairman of the AICPA committees on management of an accounting practice (199597), future issues (1990) and technical issues (198485).
Castellano is managing partner of Rubin, Brown, Gornstein & Co. LLP in St. Louis.
Council Votes to Continue Developing Global Credential
By a large margin, the AICPA governing council at its fall meeting approved a resolution to further pursue the establishment and promotion of a global professional designation. To that end the resolution advocates including other international bodies and state CPA societies in new and ongoing development activities.
In the resolution Council expressed confidence that obtaining the new credential will better position CPAs as strategic business advisers capable of providing a broad array of services in the new economy.
Further, Council said, the AICPA should hold rights in the United States to administer and award the designation and should consider establishing a separate entity or affiliate to be the member organization for U.S. credential holders.
To ensure members are kept informed and can participate in development, Council instructed the Institute to design and implement a credential information and feedback program. The AICPA also will prepare financial projections that demonstrate the credential projects financial viability, along with market research results and an analysis of how the designation could affect student enrollment in accounting programs.
Harvey Coustan Wins Dixon Award
Harvey Coustan, former partner-in-charge of Ernst and Youngs national tax practice division, is this years recipient of the Arthur J. Dixon Memorial Award. The annual awardthe highest given by the accounting profession in the area of taxationwas presented by the Institutes tax division at the AICPA national conference on federal taxes in Washington, D.C.
Coustan currently is an assistant professor in taxation at DePaul University, having retired from the firm in 1998. He serves on the AICPA council and on the Illinois state societys board of directors.
The award, established in 1981, honors outstanding CPAs in the tax area. Dixon was chairman of the AICPA tax executive committee from 1977 to 1980 and posthumously won the first award named in his honor.
Institute Issues Updated Guidelines for PFS Credential
The AICPA has revised requirements for the personal financial specialist (PFS) credential, which it established in 1987 for members committed to personal financial planning as a practice discipline. Until recently, members were evaluated based on business experience and examination. Now, they will also be evaluated in a new arealifelong learning.
Lifelong learning includes both traditional methods such as continuing professional education courses and nontraditional ones such as self-directed reading and research. Advanced degrees such as a JD or MBA, professional writing credits, conference presentations or participation on personal financial planning association committees will count towards earning the credential.
PFS candidates will be assessed using a point system (mirroring that for the AICPA certified information technology professional), with a total of 100 points being required to qualify for the credential.
On January 1 the Institute launched an online PFS application-cum-assessment tool at http://pfs.aicpa.org .
Videos Earn Top Honors
Two video productions created by the AICPAs multimedia group recently were recognized for excellence by the Aurora Awards, a competition for independent film and video producers.
The groups opening video for the 1999 AICPA fall Council meeting, titled Welcome to the New Millennium, won platinum and best in show awards for its depiction of changing perspectives and perceptions that have contributed to a new image of CPAs.
Another of the groups videos, AICPA Top Ten Technologies 2000 Highlightsa review of the latest technological trends affecting CPAswas awarded a gold medal.