AICPA News – Dec. 2023

• Transforming the profession through innovation and embracing technology, including Generative AI;
• Expanding accounting education and global opportunities for the Chartered Global Management Accountant (CGMA) designation and US CPA licence;
• Attracting and inspiring future generations to audit, tax, and finance controller roles.

In addition to the Association’s November Board meeting, AICPA & CIMA hosted the DACH Engagement Conference in Munich. The program includes The Future Role of Finance – The Shift to Value Creation panel discussion. Among the panelists offering insights and guidance are Sarah Ghosh, FCMA, CGMA, Co-Chair of the Association of International Certified Professional Accountants and CIMA President, Utz Schaeffer, Director of the Institute of Management and Controlling, WHU – Otto Beischeim School of Management, Raymond Gann, ACMA, CGMA, Founding Member of the Accountants Group in Germany (AGIG), and Deniz Alkan, Associate Partner at Page Executive.

AICPA Recognizes 11 Outstanding Contributors to Forensic and Valuation Fields at Annual Conference

AICPA recently honored the contributions of 11 finance professionals during the 2023 AICPA & CIMA Forensic and Valuation Services Conference held in Las Vegas in November. AICPA, as part of the Association of International Certified Professional Accountants (together as AICPA & CIMA), hosts this annual conference to provide the profession with cutting-edge information on new technology and quality networking opportunities.

Each year, AICPA recognizes volunteer contributions to the practice and profession. The awards spotlight significant contributions to the advancement of the fields of forensics accounting and business valuation. This year, Natalya Abdrasilova and Howard Silverstone were named as Volunteers of the Year, while nine young finance professionals received the Forensic and Valuation Services (FVS) Standing Ovation award.

2023 Business Valuation Volunteer of the Year – Natalya Abdrasilova, CPA/ABV

Natalya has been working in the public accounting arena for twenty years, providing forensic, valuation, litigation, and tax services across various industries and testifying on a variety of valuation and litigation matters. Currently, she is a Director of Valuation and Litigation Services at Boyle, Deveny & Meyer, PC in Missoula, MT.

2023 Forensic & Litigation Services Volunteer of the Year – Howard Silverstone, CPA/CFF

Howard has nearly 40 years of professional experience, serving as a forensic accountant in both the United States and the United Kingdom, where he holds the titles of U.S. CPA and Chartered Accountant (England and Wales). He is currently a director with forensic and investigative accounting firm Forensic Resolutions, Inc. in Westmont, N.J.

Standing Ovation Program

The Standing Ovation Program recognizes young professionals holding the Certified in Financial Forensics (CFF) or Accredited in Business Valuation (ABV®) specialty credentials who have exhibited exemplary personal achievement. The recipients in this year’s class were honored during the AICPA & CIMA Forensic and Valuation Services Conference.

The 2023 list of FVS Standing Ovation recipients is in alphabetical order below:

• Katie Brown, CPA/CFF — Huselton, Morgan & Maultsby, P.C., Dallas, TX
• Nathan Dean, CPA/CFF/ABV — FTI Consulting, Inc., Los Angeles, CA
• Christopher Draney, CPA/CFF — BRG, Alpine, UT
• Rachel Gillilan, CPA/CFF — Red Bike Advisors, Wilmington, NC
• Jackson Jewkes, CPA/ABV — Lone Peak Valuation Group, Lehi, UT
• Robert J. Nowlin, Jr., CPA/CGMA/CFF/ABV — Ankura Consulting Group, LLC, Chicago, IL
• Trevor Shaw, CPA/CFF/ABV — Withum, Princeton, NJ
• Scott Sievers, CPA/ABV — The McLean Group, McLean, VA
• Christopher Wenrich, CPA/ABV — Wilke CPAs & Advisors, LLP, Pittsburgh, PA

In addition to forensic accounting and business valuation represented by the FVS Section, the Standing Ovation Program also recognizes young finance professionals who exhibit exemplary professional achievement in the areas of Personal Financial Planning (PFP) and Technology Advisory Services).

Business partners or managers are encouraged to submit applications on behalf of nominees, and applicants may self-nominate with an accompanying letter of recommendation from a partner or manager. Standing Ovation nominees must be 40 or younger, and nominations may be submitted on the AICPA & CIMA website.

Nominations for the 2024 Most Powerful Women in Accounting awards are now open

Nominations for the 2024 Most Powerful Women in Accounting awards are now open. The award, presented by the AICPA & CIMA Women’s Initiative, led by Mandy Gallagher, lead manager, together with CPA Practice Advisor, recognizes women leaders who have made significant contributions to the accounting and finance profession in the calendar year 2023 only.

The award, now in its twelfth year, was created by CPA Practice Advisor, and is jointly administered by the AICPA & CIMA and CPA Practice Advisor to promote and support the success of women leaders as part of its broader mission of sustaining the profession. Candidates are nominated by their peers, and selections are made by a group of independent judges using the following criteria. The candidate:

• Plays an active role in innovation and excellence within her organization, with that role carrying over and also being visible to the accounting profession at large. Examples include creating and/or overseeing new programs for modernization, enhancing productivity, improving profitability;
• Is a top leader in the accounting profession or in an organization that serves the accounting profession, and her leadership has had demonstrable effects during 2023;
• Acts a mentor, sponsor and/or role model, and someone who stands out in her ability to encourage and help those around her thrive and flourish. This includes attention to inclusivity and supporting and inspiring others within the profession;
• Contributes to the future of the profession, is influential, and has a positive and visible impact on the accounting profession through writing, speaking, educating, and any other ways of extending herself beyond her own organization; and,
• Represents the accounting profession through participation in her community and outside organizations.

“The Most Powerful Women in Accounting awards is a wonderful opportunity for peers to nominate and celebrate the achievements of women who they feel are trailblazers in this profession,” said Crystal Cooke, director of diversity and inclusion at AICPA & CIMA.

“It is our privilege at CPA Practice Advisor to participate in the selection process for the Most Powerful Women in Accounting each year,” said Gail Perry, editor-in-chief at CPA Practice Advisor. “Recognizing them with this award honors and highlights the women who are leading the profession, forging new paths, and setting examples for others to follow.”

The nomination period for the 2024 Most Powerful Women in Accounting awards will run from Nov. 13, 2023, through Jan. 15, 2024. The selections will be announced at AICPA ENGAGE 2024, held in Las Vegas from June 3-6.

Individuals can nominate themselves or others here.

AICPA Tax Executive Committee Approves Revised Tax Standards Following Comment Period

In August 2022, the American Institute of CPAs (AICPA) released proposed revisions to the Statements on Standards for Tax Services (SSTSs) for public comment. The AICPA’s Tax Executive Committee (TEC) reviewed and adopted the updates to the SSTSs on May 18, 2023; the updated standards will be effective on January 1, 2024.

The AICPA SSTSs serve as the ethical framework for tax professionals and are enforceable tax standards for AICPA members. The standards were updated to keep pace with the evolving tax profession. The goals of the revisions to the SSTSs were to ensure that the standards are better aligned to reflect the current state of the tax profession and to address the emerging needs of today’s members.

The revised tax standards include:

• A new structure to organize the SSTSs by type of work performed
• Three new standards on:
  • Data protection – This standard was added for members to adopt reasonable safeguards to protect taxpayer data, both in electronic format and otherwise.
  • Reliance on tools – In today’s tax practice environment, members rely on technology to provide services. Members need a standard that protects members by defining when they may reasonably rely on tools of all types used in the performance of tax services.
  • Representation of clients before taxing authorities — The original standard was focused on compliance services. Since that time, tax practices have expanded into a variety of services including tax representation services. With the growth in these services, a separate standard for tax representation services was needed.

Additionally, the existing Interpretations and FAQs have been updated to reflect the reorganization of the revised tax standards with updated citations.

This alignment is intended to assist members in applying standards to specific tax practice situations and to help them understand the scope and expectations of these standards.

AICPA Recognizes Three Tax Experts at 2023 Fall Tax Division Meeting

The American Institute of CPAs® (AICPA®) recognized three prominent Tax Division members during this week’s 2023 AICPA & CIMA National Tax & Sophisticated Tax Conference and Fall Tax Division Meetings. Michael P. Dolan, JD, and Edward S. Karl, CPA were presented with the Arthur J. Dixon Award and Brian D. Myers, CPA, received the Jonathan Horn Distinguished Service Award. These recipients have stood apart from their peers throughout their careers and contributed valuable expertise to further strengthen the profession.

Michael P. Dolan, JD and Edward S. Karl, CPA – 2023 Arthur J. Dixon Award

Michael P. Dolan, JD, was presented with the Arthur J. Dixon Award. He is retired from KPMG LLP’s Washington National Tax – Practice, Procedure & Administration group where he previously served as the National Director of IRS Policies and Dispute Resolution. Prior to joining KPMG, he served as IRS deputy commissioner and served as acting IRS commissioner. Dolan served as chair and member of the IRS Practice and Procedures Committee for many years, and as a member of the E-Signatures Task Force.

Edward S. Karl, CPA was also the recipient of the Arthur J. Dixon Award this year. He is the retired vice president of Tax Policy & Advocacy at AICPA. Karl held various positions with the AICPA for close to 40 years and served as the staff liaison for multiple committees, task forces and technical resource panels during that time. He served for seven years as a member of the AICPA Personal Financial Planning Services Standards Review Task Force and was extremely involved as an observer on the Circular 230 Revision Task Force and on the Statements on Standards for Tax Services Revision Task Force.

Brian D. Myers – 2023 AICPA Jonathan Horn Distinguished Service Award

Brian D. Myers, CPA, a partner at Crowe LLP, was awarded the Jonathan Horn Tax Division Distinguished Service Award to recognize his above and beyond efforts and contributions this past year to the AICPA Tax Division. Myers served as a member of the AICPA’s State and Local Taxation Technical Resource Panel (SALT TRP) and the Tax Division’s SALT Deduction Pass-Through Entity Tax (PTET) Task Force.

Myers is being recognized for the immense time and effort he put in this past year on behalf of the AICPA and profession, including developing and updating multiple resources for AICPA members and state CPA societies, serving as the liaison between the TRP and other state tax organizations, and his analysis of proposed PTET legislation. Myers also presented two sessions at the 2022 National Tax and Sophisticated Tax conference.