A Summary of Points of View



A Summary of Points of View

Creating a NEW Credential We may need this type of credential 20 years from today, but not now This is a long-term strategy and to ensure we are first to market we must start now
  The Big 5 don’t need and won’t use this type of credential because the firms’ names are their brands Most CPAs have created successful personal brands, but the CPA brand is largely viewed as attest and tax
  Credential makes end run around regulatory system needed to protect public interest License restricts ability to stretch CPA brand to cover all services individual CPAs provide
  CPAs “do it all” already and don’t need other credentials to validate competencies outside those associated with the CPA license CPA/global business credential would signify depth of knowledge in finance plus breadth of knowledge across a broad range of disciplines
  The CPA brand provides all the clout a professional needs in today’s marketplace Market has been too slow to recognize true scope of profession’s services; 85% of CPAs don’t do audits
  Will confuse the market and ultimately diminish the CPA brand CPAs remain premier financial expert; research suggests credential helps emphasize strategic skills
  If the market doesn’t accept the new credential, the CPA will be undermined The proposed credential carries the risk, while CPA brand stays protected and intact
  CPAs are already too busy; they don’t have time to pursue and maintain other credentials The credential infrastructure would accommodate compressed schedules of today’s professionals
  AICPA is pursuing this credential to increase its membership numbers Credential holders would be members of new, separate institute and not of the AICPA
  The AICPA cannot afford to support both the CPA and the proposed credential AICPA will continue to support CPA brand; new global institute would support new credential
  If CPAs want a broader credential, they should get an MBA MBA quality differs based on university, does not require work experience or mandate CPA values
Admitting Other Professions Creates new sources of competition Competition already exists outside core services
  Professionalizes the competition and gives them leg up over CPAs CPAs set the rules by which all credential holders must abide (ethics, lifelong learning, etc.)
  If it is created, credential should be reserved only for CPAs Credential is not a rebranding of the CPA; it defines a larger professional services footprint
  Quality of credential holders will not be up to standards of the CPA profession Admission exam to be as psychometrically stringent as the CPA exam, but not focused on A&A
  CPAs already have ability to outsource to non-CPA or CPA firms and have extensive access to expert networks Creates unprecedented worldwide knowledge resource and networking opportunities, which may not be otherwise available to smaller firms
  Entry exam should be closed to all other professionals Preempts non-CPAs from creating new hurdles for CPAs and taking lead in strategic knowledge area
Spending Member Dues Detracts from other initiatives Development funds less than 2% of AICPA budget
  Most CPAs are not interested in obtaining the credential More CPAs are interested in credential than in any other AICPA accreditation now offered
  Funds being spent on the credential should be added to AICPA advertising campaign on behalf of the CPA profession AICPA ad dollars for CPA at all-time high, with $25 million for new recruiting program; R&D funds needed to build opportunities for tomorrow’s CPAs
  CPAs are less interested in the AICPA’s investment in long-term strategies than in immediate remedies to today’s challenges Research shows credential could significantly increase the number of students attracted to the CPA profession
  AICPA cannot afford to support CPA and new global credential Credential will be self-funded soon after launch and AICPA will have no ongoing obligations
Developing a Interdisciplinary Framework Sounds like jack of all trades and master of none Market demands strategists who can apply knowledge from multiple disciplines
  No one professional can know and do everything that’s required Candidates don’t have to know it all, but need an effective knowledge of other disciplines
Developing a Self-Funded Financial Structure No assurances that AICPA funds will not be needed in future to cover revenue shortfalls Global institute is designed to be self-funded soon after launch; AICPA not obliged to cover shortfalls
  Ability to self-support is questionable Strategic alliances/member fees will finance growth
  There is no hard evidence that market will accept the new credential Market data indicates businesses would pay premium to credential holders
  Risk of failure jeopardizes the financial future of the AICPA Once created, the new Global institute would assume funding responsibility and all financial risks


Preparing the statement of cash flows

This instructive white paper outlines common pitfalls in the preparation of the statement of cash flows, resources to minimize these risks, and four critical skills your staff will need as you approach necessary changes to the process.


Keeping you informed and prepared amid the COVID-19 crisis

We’re gathering the latest news stories along with relevant columns, tips, podcasts, and videos on this page, along with curated items from our archives to help with uncertainty and disruption.