December 2000

Membership Input Needed on New Credential

New York State Society of CPAs members should check their mailboxes, because in early January the Society is sending out an important survey about the need for a new professional credential.

In response to a recommendation by the Furtherance Committee in late November, the Society’s Executive Committee approved the polling of members on the issues underlying the proposed international business credential being developed by the American Institute of CPAs.

According to Furtherance Committee Chair Victor Rich, the Society’s recommendations to AICPA Council will be based on members’ answers to this survey. Members are encouraged to respond to the survey at their earliest convenience.

“Cognitor” is the proposed name for the credential, also known as XYZ. The proposed credential would be available to professionals from a number of disciplines, including accounting, law, and engineering.

At its October meeting in Las Vegas, AICPA Council approved a resolution to continue developing the credential. However, concerns raised by state delegations including California, Illinois, and New York helped pave the way for Council to accept a substitute resolution from the Ohio delegation. The substitute resolution called for the AICPA to prepare a business plan that would include market research results, financial projections demonstrating viability, and an analysis of student enrollment implications.

The proposed global credential has stirred up a great deal of interest among Society members, many of whom have expressed concern over how it would affect their practices.

“The results of this survey will give us information on how members in all parts of the state and in all areas of practice react to the need for an additional credential,” Rich said. “We will be able to provide the AICPA Council with some clear direction on how New York CPAs feel.”

The AICPA may authorize a ballot to the AICPA membership during the group’s spring meeting. NYSSCPA expects to have its comments and questions for AICPA Council ut the Society’s legislative efforts, please contact Dennis O’Leary, the Society’s government affairs director, at doleary@nysscpa.org.