Academic journal article Journal of Accountancy

Protecting the Core, Progressing the Profession

Academic journal article Journal of Accountancy

Protecting the Core, Progressing the Profession

Article excerpt

I am proud to be a CPA and, to this day, still remember the joy I felt when I was awarded those three letters. Few people understand just what we go through for our designation and, as CPAs, we are fiercely protective of it.

But we also have a duty to progress it. That's how our profession, which came of age around the advent of the horseless carriage and the dawn of powered flight, remains so strong and vibrant more than a century later.

We must anticipate and prepare for the future. And for that reason, the Private Companies Practice Section (PCPS) Executive Committee, which advocates for CPAs in firms of all sizes, unanimously supports the proposal put forth in the AICPA membership ballot. It responds today to the realities we'll face tomorrow, positioning the profession for continued resilience and relevance.

Unlike the marketplace of our CPA predecessors a generation or so ago, business is no longer confined to our backyards. As borders shrink and regulators extend their reach, decisions made abroad will have a substantial impact on CPAs and their clients in the United States.

That's a key reason the AICPA is proposing to join forces with The Chartered Institute of Management Accountants (CIMA) to create a new association--while maintaining both existing membership bodies--to enhance the profession's clout at home and abroad.

The new association will integrate AICPA and CIMA operations to create an international organization dedicated to advancing both public and management accounting. It will have the voice of more than 600,000 accounting professionals, creating a powerful advocate to protect the public interest as regulation development becomes increasingly international.

It will also help us keep on top of emerging trends, with insight on international tax and business issues that affect a growing number of our clients with offices and supply chains overseas. …

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