Inside AICPA.www.aicpa.org XBRL (EXtensible Business Reporting Language) A specification for publishing financial information in the XML format. It is designed to provide a standard set of XML tags for exchanging accounting information and financial statements between companies and analysts. stalwart Stalwart A description of companies that have large capitalizations and provide investors with slow but steady and dependable growth prospects. Notes: The annual gain that would be viewed as the norm for investing in stalwarts is about 10% to 12%. Harding is recognized ... Sever TO SEVER, practice. When defendants who are sued jointly have separate defences, they may in general sever, that is, each one rely on his own separate defence; each may plead severally and insist on his own separate plea. See Severance. replaces Kaplan on AcSEC ... IT designation leverages CPAs' technology and business skills ... Directory of member services Harding Recognized for XBRL Efforts The AICPA presented Wayne Harding, a vice president of Great Plains, with its Special Recognition Award at the Institute's Tech 2000 conference in Atlanta recently. Harding played a key role in the development of XBRL (extensible business reporting language), an XML-based specification that allows for the preparation and exchange of financial information across all electronic applications, including the Internet. Harding serves on the AICPA's information technology executive committee and the electronic business task force. New AcSEC Chairman The AICPA named Mark V. Sever, a partner of Ernst & Young LLP LLP - Lower Layer Protocol , as chairman of its accounting standards executive committee (AcSEC), effective October 2000. Sever, who is a current AcSEC member, succeeds David Kaplan David Kaplan is the name of:
SPECIAL REPORT IT Credential to Help CPAs Make Business Sense Out of Technology Aimed at CPAs involved in information technology, strategic planning Strategic planning is an organization's process of defining its strategy, or direction, and making decisions on allocating its resources to pursue this strategy, including its capital and people. , management and implementation, the new certified information technology professional Certified Information Technology Professional (CITP) is a Certified Public Accountant recognized for their technology expertise and unique ability to bridge the gap between business and technology. (CITP (Certified Information Technology Professional) A specialty credential awarded by the AICPA to its CPA members who excel in the provision of technology-related business services. ) designation the AICPA introduced in May was designed to leverage the CPA's abilities as a strategist strat·e·gist n. One who is skilled in strategy. Noun 1. strategist - an expert in strategy (especially in warfare) strategian market strategist - someone skilled in planning marketing campaigns and general business adviser. "Market research reveals that business owners and executives need impartial guidance in making strategic technology-related decisions," said Gary Boomer, founder and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. of Boomer Consulting and former chairman of the AICPA information technology executive committee. "Currently, no particular professional owns this space. This is where the CPA (Computer Press Association, Landing, NJ) An earlier membership organization founded in 1983 that promoted excellence in computer journalism. Its annual awards honored outstanding examples in print, broadcast and electronic media. The CPA disbanded in 2000. with the CITP accreditation will provide a valuable service." "The accreditation is squarely on target with the CPA Vision and the Institute's efforts to stretch the CPA brand and expand the market's perception of the CPA's expertise," said Dominic Tarantino, chairman of the AICPA national accreditation commission and a former board chairman. "CPAs holding the CITP designation will be instrumental in fostering the success of this program as they promote the credential to employers and clients." The program, which the IT executive committee will administer, is available to AICPA members with a wide range of skills in all disciplines. Business executives and IT professionals who were surveyed in focus groups identified these skills as necessary for IT-accredited CPAs: * Creative thinking and vision. * An understanding of project management. * Familiarity with IT and business processes. * Competence in technology. * Comprehensive business experience. * Ability to communicate clearly, appropriately and thoroughly. * Industry-specific knowledge and experience. * Unbiased perspective. * Proven track record. * Extensive and effective people skills. Those surveyed said they would be more likely to hire an IT professional who was also a CPA because they expected such an individual would outperform Outperform An analyst recommendation meaning a stock is expected to do slightly better than the market return. Notes: Exact definitions vary by brokerage, but in general this rating is better than neutral and worse than buy or strong buy. an IT professional who was not a CPA in business acumen, breadth of education and depth of experience. "More and more companies are turning to their CPAs to act as interpreters between them and computer service providers," said James Metzler, the current committee chairman and a partner in charge of marketing and information technology at Gaines, Metzler, Kriner & Co. "They are looking for Looking for In the context of general equities, this describing a buy interest in which a dealer is asked to offer stock, often involving a capital commitment. Antithesis of in touch with. a trusted business adviser who can provide stability and confidence in the volatile computer services Data processing (timesharing, batch processing), software development and consulting services. See service bureau, SaaS and ASP. marketplace" he said. "And they have an increasing need for technology services that will give them a competitive edge." CPAs who earn the CITP designation can assist clients and employers with a variety of information technology needs, which include selection and installation of computing hardware and software, monitoring and updating of systems and advice on upgrades. Additional IT services may encompass data processing data processing or information processing, operations (e.g., handling, merging, sorting, and computing) performed upon data in accordance with strictly defined procedures, such as recording and summarizing the financial transactions of a operational and control review, accounting systems evaluation, IT training and assessment, long-range information systems selection, and Web site design and development. The accreditation covers all the major areas in which an IT professional might work, including the following: * IT strategic planning. * Information systems management. * Systems architecture. * Electronic business. * Security, privacy and contingency planning. * Systems development, acquisition and maintenance. * Systems auditing/internal control. * Databases and database management. * Trends--emerging technologies and business processes. Objectives and benefits The CITP program has four goals: * To achieve public recognition of the CPA as the preferred IT professional in the business community. * To promote IT-accredited members' services through the creation of a CITP expertise database and through development of appropriate marketing materials. * To enhance the quality of IT services members provide. * To create economic benefits for AICPA members in the form of business opportunities in public practice and enhanced career progress for CPAs employed in business and industry, education, government and other areas. The designation distinguishes CPAs with IT competence and provides several forms of support. Practice building. CITP holders will receive free membership in the AICPA information technology membership section, which will help them stay abreast of IT issues, trends and developments. CITP designees will also have access to the CITP Information Center Web site, which contains products and services of special interest. Promotional materials. Designation holders will receive marketing support in the form of a resource kit with camera-ready advertisements, a speech, PowerPoint presentation, press releases, sample client newsletters, testimonials, white papers and advice on dealing with the media. They also will receive a logo developed for the use of CITP designees as well as a certificate and lapel pin A lapel pin is a small pin often worn on the lapel of a dress jacket. Lapel pins can be purely ornamental or can indicate the wearer's affiliation with an organization or cause; for example, American Flag lapel pins became very popular in the United States, especially among to identify themselves as a "CITP. CPA." In addition, each CITP will be listed on a national personnel database. Requirements The AICPA will grant the CITP designation to anyone who is an AICPA member in good standing and who also * Holds a valid and unrevoked CPA certificate. * Pays a $500 fee, which covers initial accreditation and materials. * Submits a written statement of intent to continue to comply with all the requirements for reaccreditation re·ac·cred·i·ta·tion n. 1. The process of reviewing the accreditation of an institution. 2. Renewal of accreditation status. and payment of an annual renewal fee. * Qualifies under the point system (detailed below) by accumulating at least 100 verifiable points. The point system IT accreditation is on a "point system," designed to allow both new and seasoned CPA IT professionals to enter the program. It is based on business experience, lifelong learning Lifelong learning is the concept that "It's never too soon or too late for learning", a philosophy that has taken root in a whole host of different organisations. Lifelong learning is attitudinal; that one can and should be open to new ideas, decisions, skills or behaviors. and an examination. There are minimum requirements for both the business experience and lifelong learning areas; the examination is required for those who do not achieve sufficient points through experience and lifelong learning. Business experience requirement. To be awarded the CITP designation, candidates must earn a minimum of 15 points in business experience in the three years preceding the application date for certification. They must complete an online application that evaluates their technology experience. A maximum 25 points is awarded for each year of 800 or more hours of experience. Examples of such experience include the following: * Managing the control, security, implementation or business application of IT systems, applications or networks. * Advising or instructing on the management, use, security, control or implementation of IT systems, including the analysis of issues, identification of options and recommendation of solutions. * Assessing internal technology skills and training requirements. * Assisting in the development of standards and policies (for example, for e-mail, Internet, virtual office, operating systems Operating systems can be categorized by technology, ownership, licensing, working state, usage, and by many other characteristics. In practice, many of these groupings may overlap. and front and back office applications A front office application is any software that has a direct relation to customers. In turn, a back office application has no such direct relation. Examples ). * Auditing aspects of either existing IT systems or implementation of new IT systems. * Facilitating the development of a strategic technology plan, a technology budget and a disaster recovery plan. * Teaching of information technology and information systems courses. * Giving instruction on the implementation of IT systems, including the analysis of an issue, identification of options and recommendation of solutions. Lifelong learning. To be awarded the CITP designation, candidates must earn a minimum of 30 lifelong learning points within the three-year period preceding the application date for certification (with at least 5 points earned each year). The program was designed to help people maintain their competency by requiring them to update their technology knowledge and skills. The following categories of lifelong learning are eligible for a maximum of 70 points: * CPE (Customer Premises Equipment) Communications equipment that resides on the customer's premises. CPE - Customer Premises Equipment . Self-study or group study courses in topics relevant to the body of knowledge. * Traditional course work. Approved courses at an accredited accredited recognition by an appropriate authority that the performance of a particular institution has satisfied a prestated set of criteria. accredited herds cattle herds which have achieved a low level of reactors to, e.g. university or college in topics relevant to the body of knowledge. * Nontraditional learning methods. On-the-job training; mentoring; self-directed reading of professional journals, technical bulletins and releases; research projects; and Internet research--all relevant to the body of knowledge. The following category is eligible for a maximum of 30 points: * Presenting. Instructors receive credit for both preparation and presentation. The following category is eligible for a maximum of 25 points: * Other certifications. Ten points are awarded for each approved technology-related certification received or renewed during the past three years. The following category is eligible for a maximum of 15 points: * Writing. Writers of published articles, books or CPE programs will be given credit for their research and writing time if their endeavors increase professional competence. Examination. Applicants who do not have sufficient points in business experience and lifelong learning must take a computer-based examination which will test for professional competency in IT core areas. The passing score for the examination is 75 and is worth 40 points. The key to passing the exam is the candidate's broad-based knowledge in IT-related services. Self-study review courses, as well as a live training course, will be offered to members who want to brush up to paint, or make clean or bright with a brush; to cleanse or improve; to renew. See also: Brush on their technology knowledge before the exam. Rollout dates Applications will be accepted starting in August, and the first examination is slated for November for those members who do not have the required number of points. More information is available on the Web at http://citp.aicpa.org. Information kits are available by email at citp@aicpa.org. CASE STUDY How the Point System Works CPA Jane Smith is interested in obtaining the CITP designation. She applies for the designation by completing the online assessment tool. A summary of her business experience, lifelong learning and examination credits follows. Smith worked for three different employers during the initial three-year period. The first year, as an internal auditor Internal auditor An employee of a company who analyzes the company's accounting records to that the company is following and complying with all regulations. at J&J Industries, she was involved in technology-related services approximately 150 hours, earning 5 points in business experience. While at J&J, she got her designation as a certified information systems auditor from the Information Systems Audit & Control Association, which earned her 10 lifelong learning points. In the second year, Smith switched jobs to work as a senior manager in Alliesam CPAs, where she logged 300 hours in technology-related services, earning 15 points in business experience. During this period, she enrolled in a course, "Structured Business Information Systems," at a local university for three semester hours Noun 1. semester hour - a unit of academic credit; one hour a week for an academic semester credit hour course credit, credit - recognition by a college or university that a course of studies has been successfully completed; typically measured in semester hours earning 15 lifelong learning points. She also attended two technology-related conferences, for 24 CPE hours, which earned her 8 more lifelong learning points. In the third year, ABC ABC in full American Broadcasting Co. Major U.S. television network. It began when the expanding national radio network NBC split into the separate Red and Blue networks in 1928. Software Consultants hired Smith as a project manager; there she provided 600 hours of technology-related services, earning 20 points in business experience. She also received her MCP (1) See Microsoft certification. (2) (MultiChip Package) A chip package that contains two or more chips. It is essentially a multichip module (MCM) that uses a laminated, printed-circuit-board-like substrate (MCM-L) rather than ceramic (MCM-C). designation from Microsoft for 10 lifelong learning points. At the time she was reading a technology-related trade publication, an hour each month for a total of 12 hours or 4 lifelong learning points. In addition, Smith spent 6 hours mentoring a new employee on the proper disaster recovery procedures See: explosive ordnance disposal procedures. to follow, earning 2 more lifelong learning points. In summary, over the three years, Smith earned 40 points in business experience and 49 points in lifelong learning for a total of 89 points, falling short of the 100 points needed for the designation. However, she passed the computer-based examination, which gave her 40 points, bringing her total points to 129 and thereby earning her the CITP designation. Nancy Cohen cohen or kohen (Hebrew: “priest”) Jewish priest descended from Zadok (a descendant of Aaron), priest at the First Temple of Jerusalem. The biblical priesthood was hereditary and male. is a technical manager in the AICPA information technology division. She is an employee of the American Institute of CPAs and her views, as expressed in this article, do not necessarily reflect the views of the AICPA. Official positions are determined through certain specific committee procedures, due process and deliberation deliberation n. the act of considering, discussing, and, hopefully, reaching a conclusion, such as a jury's discussions, voting and decision-making. DELIBERATION, contracts, crimes. . |
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