Why I’m Optimistic about the Profession’s Future

Making the case for the proposed AICPA/CIMA association

The American Institute of Certified Public Accountants has recently submitted a proposal with the Chartered Institute of Management Accountants to create a new partnership accounting, while preserving the bodies of members of the AICPA and CIMA. Some might say, "What is the need for" The profession is still well with key business leaders: 87 percent say that the protection of children are valuable to your organization, according to a survey, the number of graduates accounting States. UNITED is increasing. and the institute itself continues to grow in the composition, with the emphasis on services, benefits and promotional activities.

In general, the CPA profession seems to be doing well. and there is that perception - we are thriving.

The question, however, is not our strength at this time. It is the next year and a year later, and decades on the line. I live in a state of rabid hockey, Minnesota, and I'm sure many of you are familiar with the appointment of Wayne Gretzky: "I skate to where the puck is going, not where it was" no questions -. with the speed of the changes we see in business and our profession - the puck moves and you have to understand where it will end?

I'll give you my opinion on the proposal AICPA, CIMA. I represent the interests of small farms for the AICPA, but my ties with the profession that goes beyond the title to the door of my office. I found a small firm tax, audit and consulting for many years. My wife is a CPA who works in an office Top 500, and one of my daughters is a CPA with a small business. I have other family members who are accounting in business, industry and government. So in terms of trends and issues in accounting, I covered.

In my opinion, the AICPA has done a great job in the service of the US accounting profession. And will continue to do so regardless of the outcome of this proposal. But members of the AICPA in public accounting practices will be in a better position if the proposal beforehand. Here's why:

More international influence. For me, this is a critical point. In my small business, many customers had direct links to markets in Europe and Japan. Its international activity has a direct impact on our business to meet their financial needs and tax. The possibility that CPA firms small and medium enterprises to compete at home and abroad continues to grow, thanks to technology and specialization. So having a say in international accounting issues is essential.

But even companies who do not work outside the United States should be concerned to see their interests represented on the international scene. Our accounting standards can be the envy of the world, but do not exist in a vacuum. We have seen in the debate on the reconciliation of GAAP to IFRS that there are issues such as revenue recognition and lease accounting that have no easy resolutions. It is essential, however, that we are in conversation - sitting on the bench means binding rules may be more common abroad, and the impact of regulation we have here in the country.

The evolution of the firm services. Focus on the values ​​of the basic skills of management accounting and CPA are not antithetical embracing - are complementary and reflect what is happening in the market. small CPA firms, for example, that specialize in the CFO outsourcing, business process outsourcing consulting or other work have told me they often need some accounting management of their personnel to support these practices. The new partnership accounting reflects a pooling of forces.

improved resources. With technology, demographics and other forces, the business environment is changing rapidly. Overall, the AICPA and CIMA may be more effective and maintain member before these changes are focused on the market. They have more agility to anticipate and respond to trends in all areas of practice, providing the resources, vision and education that will help members to better serve customers and companies.

Continued emphasis on the importance of the CPA credential. It is important to remember that the new partnership would preserve the bodies of the two organizations. AICPA members still have represented their interests vigorously by the Institute in the United States, with initiatives such as improving the quality of the audit, the analysis of the practice of future learning and improvement of the CPA exam are still not stop. The AICPA will continue to be led by the APC and remain steadfast in their commitment to protect, promote and brand growth and pipe CPA CPA. AICPA members simply have additional membership in the organization CIMA no additional cost annually.

The joint venture is just the latest step in what the AICPA has done from the beginning: the expansion of resources, improving the quality of services that promotes the necessary change. There are ongoing initiatives for a wide range of APC and the quality of support and professional excellence. I am convinced the AICPA members who take the time to weigh the options will reach the same conclusion and vote "Yes" in the new international association.