Just three short months ago, IGAF Worldwide had Bill Freund, the former Chief Economist of the NYSE as a speaker. He was one of our best rated speakers - ever. But, just 90 days ago, the current financial meltdown was not a predicted outcome for even this recognized expert.
So what does all of this mean for accountants and associations?
Firstly, members are going to demand that association events provide insight on the new environment for business as a result of the credit meltdown.
Secondly, as issues of governance, risk and control trickle down from the Fortune 500 to SMEs, (small and medium sized enterprises) associations need to be educating members on how to deliver services to clients in these areas.
Thirdly, associations will need to be assisting their members in working with clients on the financing of business expansion now that typical credit streams have dried up to a trickle.
The AICPA is urging congress to ' keep working until a viable solution is found,' while providing little input on what might consitute a 'viable solution.' The AICPA-affiliated Center for Audit Quality is however lobbying against the suspension of 'mark to market' accounting rules.
Associations of independernt accounting firms, which have little or no lobbying capability, are (like much of America) sitting on the sidelines watching the process unfold. As the rule changes (if any) and changed focus within the coporate world occur, these associations may have to alter their service offerings to members in order to remain relevent.