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Letter to ABV Holder Regarding Council's Vote

Tuesday, October 23, 2018   (0 Comments)
Posted by: Amy Spencer
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A letter was sent yesterday to all ABV holder regarding Council's vote and the profession's commitment to the valuation profession's future and the ABV credential. 

Here is the letter from Sue Coffey:

You may be aware of the dialogue in the profession regarding the AICPA governing Council’s May vote to expand eligibility of the ABV credential to qualified valuation professionals who do not have a CPA license. I want to let you know that on Sunday, after a robust panel discussion exploring all viewpoints on the issue and an open forum in which all meeting attendees were invited to participate, Council reaffirmed its decision from May.

During the panel, Council members heard from ABV credential holders who feel strongly that expanded access would dilute the credential and create confusion in the market place. They also heard from those who strongly believe that expanded access would benefit ABV holders and the profession and enhance public protection.

Council members heard about work that has been done since May in response to comments and issues raised by the ABV community. Four AICPA committees supporting the valuation community thoroughly evaluated what was expressed and continued their assessment of the best direction for the credential and the best interest of the profession and public. After their analyses, a majority of members on each of the four committees reaffirmed their conviction in the decision to expand access. Additionally, the National Accreditation Commission and the AICPA board earlier this month substantially increased entry and continuing experience requirements to ensure the quality of the professionals in the valuation area. Many within the community expressed that this would be a necessary step.

On Sunday, Council was asked to consider a motion to suspend the program to allow time for additional input. Council voted down the motion, allowing the expanded access program to proceed with the higher requirements that are in effect. The August 16 issue of FVS News featured an
article about the benefits of enabling the broader valuation community to follow the profession’s requirements, standards, ethics and training.

Given your passion for the profession and the valuation community and your commitment to protecting the public, I wanted to let you know about these developments. We appreciate the open and respectful dialogue among committed professionals and understand it’s essential to share viewpoints in a conducive environment.

You can read more about Council’s decision from this Journal of Accountancy
article. To learn more about rigorous requirements for earning the ABV, visit the credential’s eligibility requirements webpage. If you would like to share comments or questions with the valuation committees, please send an email to FVS@aicpa.org. If you have questions for me, please feel free to contact me directly.

Sincerely,

Susan S. Coffey, CPA, CGMA
Executive Vice President – Public Practice


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