On May 18, 2016, the 265-member governing council of the American Institute of Certified Public Accountants (AICPA) approved the creation of two new credentials in the area of fair value measurement.
Unlike previous specialty credentials awarded by the AICPA, the new fair value credentials will be available to both CPA’s and non-CPA’s who meet the requirements set by the AICPA National Accreditation Committee. One of the new credentials will focus on the valuation of intangible assets while the other will cover determination of the fair value of financial instruments.
In taking these steps, the AICPA has recognized that a practitioner with generic CPA credentials may not have the necessary knowledge and/or experience to perform the specialized work addressed in the new credentials.
This is particularly the case in the area of financial derivative instruments. In other jurisdictions such as the UK and India, specific credentials for management of derivative instruments have been in use. Worldwide, the Chartered Alternative Investment Analyst Association (CAIA) has employed a curriculum which places heavy emphasis on both derivatives and intangible assets.
Details on the new AICPA credentials will become available later in 2016.
June 29, 2016