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State Board Report

March 2014

“No ordinary business minds” is the marketing slogan of the six institutes of chartered accountants that banded together a year ago to promote the work of their combined 310,000 professionals. Speakers at the February 27, 2014 annual meeting of the Association of Chartered Accountants in the United States (ACAUS) were told the marketing program is going well and there are hopes that more of the 32 institutes of chartered accountants worldwide will be brought into the program. It was noted that the Institute of Certified Public Accountants of Singapore had changed its name this year to the Institute of Singapore Chartered Accountants. Speakers also commented on the merging of professional bodies, not only in the formation of the Chartered Professional Accountants of Canada, but also the ongoing merger of the New Zealand Institute of Chartered Accountants and the Institute of Chartered Accountants Australia.

ACAUS President Mark Coles said that reciprocity is high on the list of the society’s priorities. He commented that progress is being made on developing mutual recognition agreements covering chartered accountants. The NASBA/AICPA International Qualifications Appraisal Board has established agreements with the chartered accountant bodies in Ireland, Canada, Australia and New Zealand, and others have been under consideration for years. ACAUS Executive Director Michael Dexter-Smith and ACAUS Board Member David Freeman met with NASBA President Ken Bishop, Executive Vice President Colleen Conrad, and Vice Presidents Ed Barnicott and Daniel Dustin in Nashville in October.

Addressing the ACAUS New York reception on February 27, which included attendees of the meeting of the International Federation of Accountants, NASBA President Bishop pointed out that just as the chartered accountants have called for increased clarity in financial reporting, NASBA has been urging more transparency in standard setting. He commended the chartered accountants for the high quality of their work and their desire to forge global ties.

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