In Search of a Successful Future.

• Author: WATERS, SUSAN B.
• Position: Accountants - Brief Article

Debate on issues such as XYZ serves as a catalyst to change

"May you live in interesting times."

This old Chinese greeting alludes to the two-edged sword of change-a dual reality of opportunity and threat fused by a single phrase. It seems an apt admonition to us as the profession struggles to identify itself as it moves into the 21st century.

I was originally attracted to CalCPA and this profession by the energy many CPAs dedicate toward seeking a future that is responsive to the current economy, good for business and individual clients, and that maintains high ethical standards and values. The profession's adherence to these ethical standards and values have earned CPAs the title "trusted professional."

These are truly interesting times for the profession and I welcome the opportunity to be part of the search for a rational and successful future.

CHANGING ROLE OF CPAs

Some of the hottest professional issues that CPAs contend with today include the decreasing number of candidates for the CPA exam and license, as well as the changing roles of CPAs. As a result, on the national level, the AICPA seeks to define the future CPA practice as one that encompasses the many business services that CPAs already provide such as financial planning, technology consulting, business plan development and human resource consulting.

The AICPA leadership believes that the CPA license can form a platform from which CPAs may launch into these other services. They also believe that the CPA designation, or brand, cannot be stretched to include the expanded services, thus the current debate on the XYZ designation (XYZ is used as a placeholder for an, as yet, undetermined name).

Advocates propose to license XYZ under intellectual property laws and keep the designation private, rather than include this expanded concept within a changed CPA license. The advantages of this approach are: future changes in practice will not require legislative change on a state-by-state basis, therefore ensuring future flexibility; and the Opportunity to promote global awareness and recognition of the XYZ designation.

PLANNING FOR THE FUTURE

Perceptions of XYZ among CPAs are mixed, as last month's California CPA cover story demonstrated. Still, I congratulate the AICPA for its farsighted approach to planning for the profession's future.

More than most professional organizations that I have observed in my career, the institute is looking at changes in the environment in which their...