Academic journal article Journal of Accountancy

Costello Is New NASBA Executive Director

Academic journal article Journal of Accountancy

Costello Is New NASBA Executive Director

Article excerpt

David A. Costello, a member of the American Institute of CPAs since 1966 and, most recently, the executive director of the Tennessee State Board of Accountancy, became executive director of the National Association of State Boards of Accountancy in September.

One issue of concern to the accounting profession, and one on which he expects NASBA will continue to focus during his tenure, is reciprocity, Costello said. "We would like to see the states recognize the qualifications of CPAs from each other's jurisdictions on a consistent, uniform basis.

"Adoption of principal parts of the proposed Uniform Accountancy Act, a joint and evolving project of the AICPA and NASBA, is a giant step in the right direction," he said. "Although the act is being finetuned, a number of states have adopted significant portions of it."

NASBA also is concerned with tort reform, Costello said. "This is important for the states, which are in the process of deciding issues of privity and proportionate liability and how accountants' liability is affected by statutes of limitation, forms of practice and punitive damages. …

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