SORRY LADS & LASSIES: NO COGNITORS HERE.

• Position: American Institute of Certified Public Accountants - Brief Article

Three of the original eight members of the international task force to create a new global business professional designation (known recently as XYZ and "cognitor") have dropped out. Institutes of Chartered Accountants in Scotland, Ireland, England and Wales backed out of the global-designation initiative.

"The Institute has concluded that there is insufficient market demand for an all-embracing qualification of the sort proposed and that the business plan is unviable," states Grenville Johnston, president of the Institute of Chartered Accountants, Scotland.

At the fall AICPA Council meeting, the council approved a substitute resolution which supports the new...