{"id":9246,"date":"2010-10-19t14:07:13","date_gmt":"2010-10-19t18:07:13","guid":{"rendered":"https:\/\/48e130086c.nxcli.net\/?p=9246"},"modified":"2024-11-19t21:35:01","modified_gmt":"2024-11-20t02:35:01","slug":"new-aicpa-chair-sees-surge-in-demand-for-cpas","status":"publish","type":"post","link":"\/\/www.g005e.com\/2010\/10\/19\/new-aicpa-chair-sees-surge-in-demand-for-cpas\/","title":{"rendered":"new aicpa chair sees upsurge for cpas"},"content":{"rendered":"

new regs, new oversight to drive new demand.<\/strong><\/p>\n

paul v. stahlin, the newly elected 2010-11 aicpa chairman said in his inaugural speech that the u.s. is emerging from a period of economic turmoil that has \u201cdriven demand for new business practices, new regulations, new oversight and new solutions.\u201d<\/p>\n

\u201cwe as cpas have the unique ability to make sense of a constantly changing complex world,\u201d stahlin said.\u00a0 \u201cemployers, our clients and our country turn to us to make sense of the most complex developments in business and regulation.\u00a0 we best understand how a business ticks.\u201d<\/p>\n

<\/embed><\/object>
\nfive things to keep you awake at night,\u00a0 from the incoming aicpa chairman:<\/em><\/strong> in this 12-minute video, stahlin outlines his views of the profession\u2019s \u2014 and the institute\u2019s \u2014 biggest challenges and opportunities. [originally posted here<\/a>]
\n<\/em><\/p>\n

via aicpa<\/em><\/p>\n

stahlin said during the next year he will lead the profession in taking a fresh look at how the profession\u2019s core purpose and values can most effectively address the changing trends.\u00a0 he said the cpa vision project, which the profession undertook in 1996, concludes in 2011.\u00a0 the cpa vision project was a profession-wide initiative that provided an opportunity for cpas to define their future, both for themselves and the people and organizations they serve.\u00a0 it is time, he said, for cpas across the country to recreate their future taking into account current economic, market, technological and regulatory conditions.<\/p>\n

\u201clet me underscore that our core purpose and values will not change,\u201d stahlin said.\u00a0 \u201cintegrity, objectivity, independence and the ability to make sense of a complex and changing world should guide us as we work to seize the future.\u201d<\/p>\n

stahlin spoke about some of the issues he expects the aicpa to be involved with during the next year.<\/p>\n

\u201cmuch of our washington focus this year will be on tax \u2013 including the irs tax return preparer registration,\u201d he said.\u00a0 \u201cwe\u2019ve raised critical questions and have succeeded in protecting cpas from unnecessary and duplicative testing and cpe.\u00a0 we continue to ask for additional guidance on extending similar treatment to non-signing preparers.\u00a0 preventing confusion among consumers remains a priority as well.\u201d<\/p>\n

\u201cone of the most important accounting issues we will face during the next year is private company financial reporting,\u201d stahlin said.\u00a0 \u201ci have prepared financial statements for 25 years as a financial executive. i have reviewed financial statements in the capacity of an auditor.\u00a0 now as a user, i review up to 15 sets of financial statements a week at loan-committee meetings.\u00a0 what i have seen is that too much of the content in private company financial statements prepared using u.s. generally accepted accounting principles is not relevant to the owner, not relevant to the user and not relevant to the preparers.\u201d<\/p>\n

stahlin said that while there are about 15,000 companies registered with the u.s. securities and exchange commission, there are more than 29 million private businesses.<\/p>\n

\u201ctraveling across the country, i hear both public practice and business members clamoring for changes in their reporting requirements.\u00a0 it has become evident that the needs of private companies are quite different from the needs of public companies.\u201d<\/p>\n

currently, a blue-ribbon panel, formed by the aicpa, the financial accounting foundation, and the national association of state boards of accountancy, is considering how accounting standards can meet the needs of private company financial statement users.\u00a0 final recommendations are expected by the end of this year.<\/p>\n

regarding international accounting standards, stahlin said the aicpa has advocated for a single set of worldwide standards for many years and that the aicpa will continue to work closely with the sec on adoption of international financial reporting standards.<\/p>\n

\u201cwe once considered international standards a convenience,\u201d he said.\u00a0 \u201ctoday they are a necessity.\u00a0 more and more of our members routinely have international business dealings.\u00a0 there are many businesses in the u.s. today with less than $20 million in sales that have a vendor, a supplier, or a customer \u2013 and sometimes all three \u2013 located outside the united states.\u201d<\/p>\n

he said the aicpa will launch a new ifrs certificate program that will demonstrate knowledge and competency in applying ifrs and that beginning in january questions about ifrs will be included on the cpa exam.<\/p>\n

\n

about paul v. stahlin<\/strong><\/p>\n

stahlin has a lengthy history of service to the aicpa. from 2001 to 2004, he served on the special task force on services to members in industry.\u00a0 he chaired the aicpa audit committee from 2007 to 2008 and has served on the strategic planning, compensation and finance committees.\u00a0 he served on the board of directors from 2006 to 2008.<\/p>\n

he is regional president of skylands community bank in chester, n.j.\u00a0 skylands is a member of fulton financial corp.\u00a0 stahlin has an extensive career in banking, having served as executive vice president and chief financial officer of fleet credit card services and corporate controller of summit bancorp.\u00a0 he began his career in public accounting, including six years with price waterhouse & co.<\/p>\n

stahlin was president of the new jersey society of cpas from 1999 to 2000.\u00a0 he is currently chair of the audit committee of the somerset medical center board of trustees and is immediate past chair of the montclair state university foundation\u2019s board of trustees.\u00a0 his community-board service is extensive.<\/p>\n

stahlin graduated from montclair state university with a b.s. in accounting and resides in montgomery township, n.j., with his wife, nonny.\u00a0 they have four daughters.<\/p><\/blockquote>\n","protected":false},"excerpt":{"rendered":"

new regs, new oversight to drive new demand. paul v. stahlin, the newly elected 2010-11 aicpa chairman said in his inaugural speech that the u.s. is emerging from a period of economic turmoil that has \u201cdriven demand for new business … continued<\/a><\/p>\n","protected":false},"author":17,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_relevanssi_hide_post":"","_relevanssi_hide_content":"","_relevanssi_pin_for_all":"","_relevanssi_pin_keywords":"","_relevanssi_unpin_keywords":"","_relevanssi_related_keywords":"","_relevanssi_related_include_ids":"","_relevanssi_related_exclude_ids":"","_relevanssi_related_no_append":"","_relevanssi_related_not_related":"","_relevanssi_related_posts":"","_relevanssi_noindex_reason":"","footnotes":""},"categories":[5,9],"tags":[1031,570],"class_list":["post-9246","post","type-post","status-publish","format-standard","hentry","category-outlook","category-strategy","tag-regulation","tag-strategy"],"acf":[],"yoast_head":"\nnew aicpa chair sees upsurge for cpas - 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