Sound Off: Accounting leaders address issues and offer opinions.
from the Atlanta Business Chronicle

1. What impact has the economy had on the accounting industry?

2. Now that the issue of mobility has basically been solved in the U.S., where are we in terms of international mobility?

3. What is one thing you would like to see changed in the current United States tax code?

Brad Dickson
Partner, Tarpley & Underwood P.C.

Impact: The practice of public accounting is a profession and a business. The most successful firms are high achievers in both. In a downward economy, clients value those professionals offering sound money-saving advice. Most firms have repositioned their service delivery to make this a priority. Firms with a concentrated client base in a specific distressed industries are becoming operational or financial workout specialists.

Mobile: National mobility was the result of tireless state-by-state legislative efforts supported by AICPA (American Institute of Certified Public Accountants) and the NASBA (National Association of State Boards of Accountancy). It is likely that international mobility will follow the same route with added input from the SEC and the International Accounting Standards Board, among others. In the meantime, the AICPA has made a strategic priority to increase the number of individuals holding CPA licenses abroad. That strategy includes the opening up of licensing to foreign individuals to further the U.S. CPA as the premier international accounting designation.

Tax: Three words and one number: simplify individual taxation, 55. The number refers to the Internal Revenue Code Section imposing the alternative minimum tax.

Dick Ingwersen
Partner, Gifford, Hilegass & Ingwersen LLP

Impact: The current economic environment is creating more risk to companies and, therefore, to their financial statements. The independent outside accountant has to be extra careful when giving an opinion on a company's financial statements. Risks need to be evaluated harder than in a normal economy.

Mobile: As of now, 45 states in the U.S. will allow CPAs from other states to practice in their jurisdiction without additional licensing and fees. Two big states (New York and California) have not adopted this. This mobility is a major step forward since there is so much multi-state business by today's companies. As the world gets smaller every day, the U.S is moving toward adopting International Financial Reporting Standards (as opposed to U.S. Generally Accepted Accounting Principles). Based on this, it is not inconceivable that sometime in the future there will be international mobility, but there would seem to be many more difficulties in implementing this as compared to the more homogeneous states in the U.S.

Tax: I would like to see the alternative minimum tax abolished. It is no longer serving the purpose for which it was enacted back in 1969.

John Barrack
Partner, Cherry, Bekaert & Holland LLP

Impact: While the economic downturn had dampening effect on the business we serve, it also created opportunities to assist our clients with acquisition strategies designed to eliminate weakened competitors and increase market share.

Mobile: Recent changes in the regulation of CPAs in the U.S. better reflect the current business environment. As global reporting requirements increase over the next few years, having an internationally recognized portable CPA credential would encourage the flow of data among nations and facilitate temporary practice in other countries.

Tax: I would like to see the Credit for Increasing Research Activities (R&D tax credit) become permanent. Since its enactment in 1981, the R&D tax credit has become a powerful and effective incentive for firms to increase research spending. The R&D tax credit fosters innovation, job growth and American competitiveness, contributing to a stronger economy and a higher standard of living for American workers.