After floating the proposal roughly one year ago, the American Institute of CPAs has approved the creation of the Certified in Financial Forensics credential, a new designation that will include expertise in a range of areas such as bankruptcy and insolvency, computer forensics, economic damages, family law, fraud investigations and litigation support.Approval for the credential — which will be the fourth offered by the institute, joining the Personal Financial Specialist, the Accredited in Business Valuation and the Certified Information Technology Professional — was approved at the annual meeting of Spring Council here.

In addition to approval of the CFF credential, the institute also outlined plans to simplify the plethora of auditing standards and eliminate any that had no clear objective, and passed a resolution to recognize the International Accounting Standards Board in London as the international accounting and financial reporting standards-setter.

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