Leading members of the CPA/ABV community ask that you take a survey on the AICPA’s decision to open up the ABV credential to non-CPAs. The survey will be closed soon, so please make your voice heard on this important matter. You can take the survey if you click here.
Post-vote uproar: The AICPA Council (the group’s governing body) voted on May 22 to approve the opening up of the ABV credential to non-CPAs. An Open Letter signed by a number of prominent CPA/ABVs states that the change will dilute the credibility of the ABV credential, confuse the public, harm the reputation of CPAs, and impact “the financial well-being of current and future CPA/ABVs by assisting non-CPA appraisers to better compete with CPAs.” In addition, the letter takes the AICPA to task for not being transparent in the process because all stakeholders were not consulted prior to the change. What’s more, the signers of the letter believe that the AICPA Council “was not fully informed” about the background and implications of the change.
In a statement to BVR, the AICPA says the decision process was “open and transparent” and that there was widespread approval of the change all along the way. “This decision was brought to council after a multi-year, multi-committee process that included members and ABV holders from a variety of firm sizes, experience levels and valuation practice areas. It was done in accordance with due process and consideration and approval by the AICPA Board of Directors.”
CPA/ABV leaders seriously disagree with the AICPA’s stance, and they will continue to make their voices heard. The concern here is not only the ABV credential, but also other AICPA credentials for specialty services (CFF, CITP, and PFS) that are being considered for opening up to non-CPAs.