The VSCPA Board of Directors has adopted a resolution in support of the American Institute of CPAs’ (AICPA) proposal to create a new association with the Chartered Institute of Management Accountants (CIMA) that would advance the entire accounting profession while preserving the existing AICPA and CIMA membership bodies. The AICPA is asking members to vote on the proposal in a membership ballot that closes June 16.
“This proposal is about leadership,” said VSCPA President & CEO Stephanie Peters, CAE, adding that the proposal has received support from 52 state CPA societies. “The initiative is about evolving to meet the challenges of an increasingly complex world. It’s about staying ahead of evolving trends and forces of disruption so that the profession remains relevant far into the future.”
The VSCPA sought out the diverse perspectives of its entire Board of Directors and Executive Committee in making the decision. The Board includes members from across the accounting industry — Big Four, regional firm, small firm, government, corporate finance and education — and VSCPA leadership sought opinions from each contingent. The VSCPA held two meetings to discuss the proposal, with AICPA Senior Vice President Lawson Carmichael and former AICPA Board of Directors (and VSCPA member) Nancy Bagranoff, CPA, present to lend their input.
Today, the accounting profession is vibrant. Enrollment in accounting programs is at an all-time high, thanks in large part to the work of the state societies and the AICPA to build the pipeline. The CPA stands strong, with a full 88 percent of business decision makers saying that CPAs add value to their organizations and 84 saying they would have more confidence in a job done by a CPA. But the marketplace is changing rapidly, and our profession is affected by the same technological, demographic and international trends reshaping the work of our clients and our employers.
“The AICPA and CIMA have worked together for a long time to advance our common goals,” said Lisa Germano, CPA, chair of the VSCPA Board of Directors. “The combined association will better position CPAs to address current and future needs by creating and capitalizing on efficiencies to more quickly seize opportunities while maintaining the membership bodies of the individual organizations.”
Through this proposal, the AICPA and CIMA would maintain their respective membership bodies while integrating operations to deliver a stronger voice for the entire profession — both public and management accounting. The new association would represent more than 600,000 current and next generation accountants, providing a stronger defense against onerous regulations that are increasingly originating overseas — mandatory audit rotation in Europe is one example. With members in 91 percent of the world’s countries, the AICPA and CIMA would also have a broader platform to reach the next generation of talent and to explain all the career opportunities that accounting can unlock.
AICPA members would receive all the same benefits they have today and through the new association have access to even more resources and education opportunities to better serve their clients, firms and employers. Meanwhile, the AICPA would remain steadfast in its commitment to working collaboratively with the state societies to promote, protect and grow the CPA and focus on core services such as audit, tax and financial reporting.
Members have two ways to vote. The fastest is to access their personal and confidential ballot link sent from the third-party “AICPA Independent Tabulator” the week of April 18. If that link is not immediately accessible, visit www.directvote.net/aicpa to enter or retrieve your unique voting credentials.
For more information about the proposal and to hear the perspective of others, visit www.aicpa.org/horizons.