New AICPA chair sees compromise on IFRS, challenges to accounting pipeline.(Membership)

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"When we are done, I think IFRS will be a little bit more roles-based and the U.S. will be a little bit more principles-based," said Emie Almonte, CPA, the newly elected AICPA chair. "Both sides are going to have to give a little and compromise." Almonte joined The Ohio Society's Council of Leaders and Executive Board at their fall meeting and shared his thoughts on the major issues facing the profession, including International Financial Reporting Standards (IFRS).

"At one time, we were a principles-based system. Over time, with our country's litigious environment, it has evolved into a rules-based system. The CPA profession will have to rely …