BOARD CHAIR MESSAGE


President’s Message from Rome

I am composing this message from the 19th World Congress of Accountants in Rome, Italy. (I would have tweeted this, but since I only have one follower…).

Over 7,000 delegates from 135 countries are meeting to exchange views with other accounting and finance professionals from around the world, and to debate current issues and trends in the profession. The AICPA joint venture with the Chartered Institute of Management Accountants (CIMA) is the premier sponsor of this event and is using this opportunity to globally promote the CGMA credential. As a director of this collaboration, I recently participated in a board meeting in Rome before the Congress. And yes, the AICPA is picking up my tab.

In the U.S., almost 50,000 CPAs have signed up for the CGMA designation. After January 1, CPAs from the U.S. will be required to take a test to attain the CGMA. While I have skimmed the 32 page case study that will provide the basis for exam questions, I have not yet taken the practice test. I am curious, but I also have a low pain threshold. Remember, current CPAs with at least two years of experience in business and industry can waive the exam if they join prior to December 1. To view the full requirements, visit: http://www.cgma.org/BecomeACGMA/HowtoQualify/Pages/AICPA-Members.aspx

The CGMA is creating quite a buzz here in Rome. From educators to professionals in business and industry sponsoring the brand, it is getting a huge boost. The AICPA is doing a great job to provide videos and engaging panels with Fortune 50 Chief Executive and Financial Officers.  The launch of the Global Management Accounting Principles, a document produced by the combined efforts of the joint venture’s members is also being celebrated. The Principles support improving organizations’ management accounting systems and help the public and private sectors make better decisions, respond appropriately to the risks they face and protect the value they generate. For a copy of the principles, please visit the following website: http://www.cgma.org/Resources/Reports/Pages/GlobalManagementAccountingPrinciples.aspx

The wealth of resources and knowledge that this joint venture has produced is astounding. The U.K.’s version of the CGMA has a long history and recently the U.K. National Recognition Information Center explained that attaining the CIMA qualification (CGMA) was equivalent to a Masters Degree in the U.K. Within the next few years, the AICPA and CIMA will seek the same for the U.S. This credential is less than two years old and already boasts 140,000 members worldwide.  

Here at the Rhode Island Society, we look forward to what the future has in store for the education of CPAs in the states. We welcome all current CPAs in business and industry to join our network of professionals. The contacts that are made will provide a career of opportunities.

This is your Society,


Jim Morrison