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Heroes or Scapegoats? Accountants in the Crisis November 17, 2009 Ernie Almonte, CPA/CFF/CITP Past Chairman (2008-09) AICPA.

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Presentation on theme: "Heroes or Scapegoats? Accountants in the Crisis November 17, 2009 Ernie Almonte, CPA/CFF/CITP Past Chairman (2008-09) AICPA."— Presentation transcript:

1 Heroes or Scapegoats? Accountants in the Crisis November 17, 2009 Ernie Almonte, CPA/CFF/CITP Past Chairman (2008-09) AICPA

2 Fair Value

3 Regulatory Reform Broker-Dealer Regulation Consumer Financial Protection Agency Investor Protection Act International Financial Reporting Standards

4 Economic Crisis and Recovery Center 70,000 Unique Visitors 175,000 Page Views 70,000 Unique Visitors 175,000 Page Views

5 Audit Quality Centers Communicating with Members & Federal Agencies Monitoring Congressional Activity Assisting Members with Financial Statement Audit Implications Subprime Mortgage Crisis Investment Portfolio Risk Pension Underfunding Fair value requirements 403(b) Plan liquidity, freezes & terminations

6 Role of Accountants

7 Despite Recession, Moving forward CPAs Continue to Serve as Trusted advisers Objective experts Advocates for the public good Advocacy successContinued leadership in financial literacy, IFRS, PCFRRecord enrollments & graduatesCPA reputation high

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