IICPA logo  ®    International Institute of Certified Public Accountants
Currently operated by Michael Schemmann PhD CPA ICPA for the advancement of the accounting and finance professions serving
members on the worldwide web this


  About us — The International Institute of CPAs

The IICPA was founded by licensed public accountants and practicing accounting professor/s streaming on the internet as IICPA.com since December 2003 as an alternative forum (see Articles & Letters) for the worldwide enhancement of the profession, completely voluntary and free of any organizational restraints, governmental influences, interferences, and inhibitions.

IICPA was incorporated in the State of Delaware in the spring of 2008 for meritorious purposes. The forum is currently operated by Michael Schemmann, Dipl-Bw, MBA, PhD (Germany and California), CPA (Washington State), former Associate Professor and KPMG Chair of Accounting. Substantially all of the activities are for the benefit of professional accountants and teachers worldwide in discharging their duty to the public, and no part of the net earnings, if any, did or will inure to the benefit of any private shareholder within the meaning of IRC section 501(c)(7). See Purpose - Vision - Mission. — IICPA SuperGAAP trademark was filed in May 2008 (registered June 2009, USPTO #3642182).

Accounting is at the cross-roads. Historical financial statements issued and "certified" only months before the bankruptcy of Lehman Brothers on 15 September 2008 resulted in a near-collapse of the global financial system. The IICPA has published on matters of "fictitious bank accounting" and "accounting perversion" in the money paradigm that been avoided by both, educators and standard setters. While current practices require corrections, the IICPA's main initiative is in the direction of forward-looking financial statements and reports that embrace the future instead of the past.

Public accounting today is characterised by conformity. The accounting profession is a largely homogenous conformist body that promotes itself from within, dominated by two standard-setting bodies: the FASB, the Financial Accounting Standards Board in Norwalk, Connecticut, United States, and the IASB, the International Accounting Standards Board headquartered in London, England.

For over 500 years, accounting principles — under the reliability concept — are historical, that is "backward-looking", and have witnessed — if not caused by enabling the unlimited deposit-creation by private banks out of nothing — asset bubbles, financial crises and desasters including the Great Depression of the 1930s, the Savings & Loans crises of the 1980s, the Asian Financial Crisis of 1997, and now the virtually ongoing Global Financial Crisis triggered by BNP Paribas' suspension of redemption of three investment funds worth 2 billion euros on August 9, 2007, citing problems in the US sub-prime mortgage sector because it was "impossible to value certain assets" in an uncertain market. The social and financial losses are in the trillions of euros.

While criticism rises from monetary reform movements, including the Chicago Plan and Professor of Yale University Irving Fisher's (1936) lamentations, the standard setters and various public accounting bodies are unmoved, remaining fixated on accounting practices of the past and the sterile pronouncements of the two main bodies, the FASB and the IASB, protecting the interests of monetary financial institutes, steadfastly refusing and resisting change. The failures of accountants and national institutes to protect the public interest, failing to refuse to certifiy highly questionable bank financial statements causing the creation of asset bubbles, are seen as the main cause of last Global Financial Crisis of 2007 and beyond.

Forward-Looking Financial Reporting: The IICPA is seeking an answer to the problems of the status quo by developing a new set of forward-looking dynamic reporting standards, and the Federal Reserve, FDIC, OCC and OTS have been turning towards "Forward-Llooking Economic Assessments" by testing the solvency of the major U.S. banks. See Agencies to Begin Forward-Looking Economic Assessments (February 25, 2009) under the Supervisory Capital Assessment Program and Joint Press Release May 7, 2009.

A Convention. In essence, the art of accounting remains a convention based on double-entry bookkeeping creating a set of self-balancing accounts, as formalulated by the Franciscan monk and mathematician, Luca Pacioli, 1494 A.D., in his tract Summa de Arithmetica, Geometria, Proportioni et Proportionalita, promoting a method that gained fame as "Italian bookkeeping". De Computis et ScripturisVenetian Bookkeeping.

Auditing the Future: SuperGAAP. IICPA Committees are involved in seeking and developing a new set of financial accounting and reporting standards such as "Superimposed Dynamic Forward-Looking Generally Accepted Accounting Principles" SuperGAAP and build authoritative support for "prospective financial reports". Present GAAP is based mainly on historical values that may be irrelevant and unreliable, failing to report "fairly" the financial position of the enterprise which includes the future.

picture of Luca Pacioli
Fra Luca Pacioli, painting by Jacobo de Barbari (1495). Il Museo e Gallerie Nazionali di Capodimonte, Napoli.

SuperGAAP would not merely involve an audit and publication of past events, but also a complete set of forward-looking dynamic as opposed to the FASB's & IFRS's static financial reports, reviewed for reasonableness by a multi-disciplinary team of professional accountants and experts, eg. from the fields of engineering,

R&D, production, distribution, public administration and law, assessing the enterprise's ability to meet the opportunities and risks of the future.


As a matter of professional courtesy, the IICPA advises:

TRADEMARK NOTICE TO THE PUBLIC: The word mark and design "IICPA SuperGAAP" and "IICPA" are owned since 2003 and registered in 2009 by Michael Schemmann PhD CPA ICPA, as operator of the INTERNATIONAL INSTITUTE OF CERTIFIED PUBLIC ACCOUNANTS and used herein, but the aforementioned marks are separate and distinct from the word mark and/or design "AICPA" not used herein, which is registered by AMERICAN INSTITUTE OF CERTIFIED PUBLIC ACCOUNTANTS referred to immediately below.

FURTHER TRADEMARK NOTICE TO THE PUBLIC: The INTERNATIONAL INSTITUTE OF CERTIFIED PUBLIC ACCOUNTANTS is not associated, affiliated or otherwise connected in any way with AMERICAN INSTITUTE OF CERTIFIED PUBLIC ACCOUNTANTS CORPORATION D.C., 1211 AVENUE OF THE AMERICAS, NEW YORK, NEW YORK 10036 (United States of America).

The IICPA is not yet active in certain parts of Africa, in certain countries of the Middle East and other regions, and is not engaged in trade or business in the United States.
Website udated 2016-10-26