Las Vegas-In contrast to the glitzy bonhomie that has become the signature of this town, the American Institute of CPAs' Fall Meeting of Council was nearly all business as attendees were given progress reports on a dizzying number of pending issues, such as International Financial Reporting Standards, sweeping financial regulatory reform and the rising importance of sustainability.

During the two-day confab, themed "One World" to highlight the growing internationalization and connectivity of the profession, members of the institute's governing council were also briefed on the organization's efforts on such front-burner measures as tax patent legislation and preparer registration, the proposed creation of a consumer financial protection agency, and private company reporting standards.

The fall confab also saw Robert Harris, managing director at the Vero Beach, Fla., firm of Harris, Cotherman, Jones, Price & Associates, become the 97th chairman of the AICPA, as he assumed the reins from outgoing chair Ernie Almonte. Harris is the first Florida member to chair the institute.

During a luncheon keynote, Harris challenged the institute's membership to rally behind what he described as "sea changes" and emphasized the need for younger CPAs to become involved in the profession. "We must set a course around, and sometimes through, uncharted waters," he said. "Thinking globally is no longer a luxury. It is a necessity. International Financial Reporting Standards are coming to America. In today's environment, you can't have a stock offering accounted for in Boston differently than it's accounted for in Beijing or Belgium."

Harris said that although the timeline for IFRS may be uncertain, and the phase-in may take years, the CPA profession must be ready in terms of education and preparedness.

Harris, who has referred to the economic downslide as our "Financial 9/11," said that reform rules for financial institutions are needed, but also ones that "balance entrepreneurial spirit with fiduciary responsibility."

With regard to the "triple bottom line" of sustainability, the new chair said that it adds two considerations to a company's traditional bottom line of economic viability - "social responsibility and environmental stewardship." He explained that sustainability gives CPAs the opportunity to advise companies on strategies to reduce their environmental footprint, as well as "developing systems to capture information related to sustainability."

Toward that end, the conference featured a videotaped address by the Prince of Wales, who called on the CPA profession to assume a leadership position to develop the tools and information necessary to "embed" sustainability issues effectively in their daily operations. "Who better to take the lead and set an example than the accountancy profession, which is in many respects the engine room of the corporate world and, indeed, government?" he asked.

IFRS AND OTHER STANDARDS

Institute president and chief executive officer Barry Melancon gave conference-goers a 90-minute "state of the institute" recap detailing a number of measures emanating from Capitol Hill that will impact the CPA community.

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