New AICPA chair sees compromise on IFRS, challenges to accounting pipeline.

• Position: Membership

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"When we are done, I think IFRS will be a little bit more roles-based and the U.S. will be a little bit more principles-based," said Emie Almonte, CPA, the newly elected AICPA chair. "Both sides are going to have to give a little and compromise." Almonte joined The Ohio Society's Council of Leaders and Executive Board at their fall meeting and shared his thoughts on the major issues facing the profession, including International Financial Reporting Standards (IFRS).

"At one time, we were a principles-based system. Over time, with our country's litigious environment, it has evolved into a rules-based system. The CPA profession will have to rely on its core values as it moves--or rather returns--to a principles-based system," Almonte told the 50 OSCPA leaders in the audience.

When asked if there is an advantage to reporting in IFRS over GAAP, Almonte pointed out that "there won't be a drastic difference in the numbers--it's just the government deciding on whether to allow businesses to use it or not."

OPENING UP THE PIPELINE

Almonte, the auditor general of Rhode Island and the first CPA working in government to serve as AICPA chair, sees problems as well as potential with the current pipeline onto the accounting profession.

He noted that the profession is at a critical juncture--there is a bottleneck forming to...